THE IMPACT OF SLUM ON VALUE OF RESIDENTIAL PROPERTIES IN LAGOS (AJEGUNLE)

 SOLD BY: Excellent Project| ATTRIBUTES: Title, Abstract, Chapter 1-5 and Appendices|FORMAT: Microsoft Word| PRICE: N3000| BUY NOW |DELIVERY TIME: Within 24hrs. For more details Chatt with us on WHATSAPP @ https://wa.me/2348055730284

THE IMPACT OF SLUM ON VALUE OF RESIDENTIAL PROPERTIES IN LAGOS (AJEGUNLE)

ABSTRACT

This research examines the impact of slum on value of residential properties in Lagos with particular interest in Ajegunle. The aim of this project is to examine the impact of slum on residential properties in Lagos with particular interest in Ajegunle with the following specific objectives: to identify the causes of slum on rental property values in the study area, to evaluate the impact of slum on residential property value in Ajegunle – Lagos State, to establish whether slum environment makes investment in real estate and property market transactions a viable venture. The researcher make use of survey design methodology, this allow the researcher to make use of questionnaires, personal observation and interview for data collection. The researcher also make use of tables, simple percentage and descriptive statistics for data presentation and analysis. The findings of the research shows that slum have a significant impact on residential properties in Ajegunle. Based on the findings of the research, the following recommendations are put forward; there is a big necessity for the presence of slum in this area to be reorganized in order to reduce the increase of slum in the area and then planning policies has to be formulated so as to prevent future occurrence. More so, drainages and urban renewal should be employed in the area, thereby demolishing dilapidated structure and also a mandatory remodernization of the old structures should be encouraged. The roads should be tarred and alternative routes created in order to open up the area.

CHAPTER ONE

1.0 INTRODUCTION
1.1 Background of the Study
Most housing decay and deterioration comes in various forms and their existence is more evident in densely populated parts of the city. Some of the characteristics of slum include inadequate and deficient facilities, obsolete buildings, filthy environment, etc. Much concern was been shown about the problems of the slum areas particularly on the level of decay exhibited by such areas and the plight of the low income households which dwell in them, this put lives and health of the residents in danger.

Slums are home to the poorest of urban populations in Africa. The houses inhabited by slum dwellers are mostly decrepit, overcrowded, in neighbourhoods that are prone to flooding and beset with poor sanitation and shortage of potable water. Urbanization refers to specific changes in the structure and distribution of urban population as well as in size and character of a settlement. Slums are easily formed in areas experiencing rapid urbanisation without commensurate increase in the provision and maintenance of housing and infrastructure. Slums have been conceptualized as a group of buildings or an area characterized by overcrowding, deterioration, insanitary conditions, or absence of basic and essential facilities like potable water, drainage system, schools, health facilities, recreational grounds, post office, among others. Slums generate spontaneously and are in some cases, a direct result of the prevalence of poverty experienced by the inhabitants of cities. Slums, which are regarded as an element of urban decay, also result from congestion in overcrowded cities where poor immigrants seek to settle for just any available accommodation irrespective of quality (Simon, 2010).
The concept of residential property value is a term that is associated with real estate investment. The main motive for these types of investment is for creating financial optimum returns on both and land property. There exist numerous factors limiting this types of investment among which is the growth of numerous slums around our planned cities. According to Okoye (1977), slums area are characterized by separate discrete structures and are mainly occupies by the lowest income group in the major urban centers in Nigeria which are growing in population and size in a haphazard manner over the years. The over grown and over sized cities are continuously faced with enormous problems of housing, water supply, health and education as a result of planning authorize failing to take the necessary steps to control developments according to new plans.

Simon (2010) defines slums as a group of building or an area characterized by over crowding, deterioration, unsanitary or absence of amenities or facilities such as portable water, drainage system, schools, health facilities, recreational ground, access road etc. these conditions endangers the health, safety and moral of its inhabitants that also affects the value of land negatively. The above negative impact of slums necessitated this research, which at the end of the study an attempt will be made to provide possible solutions to the numerous problems.

1.2 Statement of the Problem
Ajegunle experienced a large rapid population growth because of the influx of people from different part of the country as a result of the development from the colonial era, hence houses constructed of hands materials sprang up all over the settlement. Thus, the area is crowded with poor housing structures most disorderly located. The settlement has now grown and developed in an unplanned manner resulting in the deterioration of the values of the property and social status of the estate environment. Slums are characteristics of urban sprawl occasioned by leapfrog development. Slums is an area that is characterized by overcrowded deteriorating environmental aesthetics, absence of infrastructure and facilities such as portable water, drainage system, schools, health facilities, and recreational ground e.t.c. Lagos state – Ajegunle in particular is a residential unit that has a semblance of these characteristics. The residential properties are discrete structures that are occupied by lowest income group, residential occupancy rate and overcrowded environment, with poor accessibility. It is against these problems that this study seeks to examine the impact of slum on residential properties in Lagos (Ajegunle).

1.3 Aim and Objectives
The aim of this project is to examine the impact of slum on residential properties in Lagos with particular interest in Ajegunle.
To achieve this aim, the following objectives will be pursued:
a. To identify the causes of slum on rental property values in the study area.
b. To evaluate the impact of slum on residential property value in Ajegunle – Lagos State
c. To establish whether slum environment makes investment in real estate and property market transactions a viable venture.
d. To recommend the best and possible strategy towards eradicating the slum in the study area and hence increase residential properties value

1.4 Research Questions
To achieve the stated objectives the following research questions will guide the researcher:
a. What are the causes of slum on rental property values in the study area?
b. What are the impact of slum on residential property value in Ajegunle – Lagos State?
c. What are the environmental impacts of slum on investment in real estate and property market transactions?
d. What the best and possible strategy towards eradicating the slum in the study area and hence increase residential properties value?

1.5 Significance of the Study
The study tends to identify the nature of slum in the study area, possible causes and effects on rental values of residential properties in the area in order to aid relevant authorities to tackle the problem and enhance benefits of real estate property market in the area.
The study is expected to form the basis for further research work on the effect of slum on residential property value. The research work will be of immense benefit to the following professionals or persons, the estate surveyors and valuers who are mainly concerned with the development and management of all kinds of landed properties.

This project, in addition, it will enlighten to the general public and even the government on the influence of slum on residential properties value.

1.6 Scope and Limitations of the Study
This study will covers Ajegunle a suburb of Lagos state with a particular reference to the impact of slum on value of residential properties.
Limitations
Limitations of this study include time, financial constraint, lack of sufficient relevant data which the research would have used to give a sufficiently new approach to this form of study.

1.7 Definition of Terms
1. Slum: The Merriam-Webster’s Collegiate Dictionary (2003) defined a slum as “a densely populated usually urban area marked by crowding, dirty run-down housing, poverty, and social disorganization”.
2. Blight: A Blight area may be defined as area where existing structure, facilities and utilities are substantially impaired or arrested, it can also be referred to as physical deterioration of building and properties.
3. Infrastructure: it can be defined as the basic physical and organization structure needed for the operation of a society or enterprise e.g. water supply road , power grids e.t.c
4. Slum Upgrading: this means raising the status avidity, value or condition of a neighborhood or aspects of the city centre or any unwholesome and unsanitary part of an urban area.
5. Residential: this can be defined as block of flats or bungalow duplex e.t.c in an area of a town suitable for living and consisting of houses rather than factories or office.
6. Property: Property in a technical legal term means “a unit or object whether tangible or intangible upon which interest is created and over which control or right of ownership is exercised by the owner of interest.
7. Rental Value: Is the maximum amount which Is property will let in the open markets at any giving time.
8. Values: The term value means the worth of something or how much something is worth in money or other goods for which it can be exchanged.

1.8 Background of the Study Area
Ajegunle is a cosmopolitan city in Lagos State. The history of Ajegunle dates back to the 19th century. And it is interesting to know that the word Ajegunle which literally means This is where my wealth inhabit is a near boundary coinage adopted to represent the geographical land mass of the modern day Ajeromi-Ifelodun Local Government and Ifelodun LCDA in Lagos State. The irony of this is that Ajegunle community inside Ajeromi-Ifelodun Local Government has only 15 Streets.
Ajegunle a neighbourhood located in the heart of Lagos, Lagos State, Nigeria. It is located in the Ajeromi-Ifelodun local government area of Lagos. It has produced notable footballers and musicians, among whom are Samson Siasia, coach of Nigeria’s Olympic Team, Biodun Obende who plays in Finland, former Watford striker Odion Ighalo.,[1] former Super Eagles defender Taribo West and Emmanuel Amuneke, former African Footballer of the Year.
Ajegunle’s uniqueness lies in the fact that it is a concentration of all the many ethnic groups in Nigeria. It is bordered on the west by Apapa Wharf and Tincan, two of Nigeria’s biggest sea ports through which over 70 percent of imported goods come into the country. The community, popularly known as “AJ city” or simply “AJ”, was subject to the ijaw/ilaje conflict that became an inspiration for the album CRISIS released in 1999/2000 by African China.
Ajegunle was brought to limelight by the popular musician Daddy Showkey in the late 1990s. Ajegunle as the name implies in Yoruba language where the name was derived from means a place where riches dwells. In other words, a land with raw and untapped treasures (talents).

REQUEST FOR PROJECT MATERIAL

For the complete research material visit our CHECKOUT PAGE or fill the request form below:

Thanks for your interest in the research topic we will reach out to you as soon as possible.