AN ASSESSMENT OF THE EFFECTS OF URBAN INFRASTRUCTURE ON RESIDENTIAL PROPERTY RENTAL VALUE IN MASAKA

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AN ASSESSMENT OF THE EFFECTS OF URBAN INFRASTRUCTURE ON RESIDENTIAL PROPERTY RENTAL VALUE IN MASAKA

ABSTRACT

This project titled “An Assessment of the Effects of Urban Infrastructure on Residential Property Rental Value in Masaka” is aimed at assessing the effects of urban infrastructure on residential property rental value in Masaka, to achieve this aim the following specific objectives shall be pursued: to identify the types of residential properties, to identify the types of infrastructure available in the study area, to access the adequacy of the infrastructure and to analyse the relationship between infrastructural facilities and property value. The researcher adopted the use questionnaire to collect data from the research population which consists of tenants, landlords, property developers and real estate firms that resides in Nasarawa town. The use of tables, percentages and descriptive statistical tools were used to analyzed the data. The results of analysis indicates that the availability of urban infrastructure positively affect the rental value of residential property this is shown clearly in the rental values of properties located in rural areas where there are no infrastructures and those found in urban areas where infrastructures such as electricity, portable water, medical centers etc are found.

CHAPTER ONE

1.0       INTRODUCTION

1.1       BACKGROUND OF THE STUDY

Investments in infrastructural facilities do contribute immensely to the population growth of metropolitan cities of a nation. Good quality roads, railways, airport, educational institutions, security of life and properties and hospitals are essential for the smooth running of the economic sectors in a developing world. In many countries and for many years, economists, planners and surveyors have tried to provide answers to why economic growth is faster in some regions than others and why some cities grow faster than others.

With the availability of major investments in infrastructure of any city, there would be automatic population increase that would influence massive property development. It has been argued by Ogunba (1999) and Ighalo (1986) that rural-urban migration, rising purchasing power and demographic factors such as changes in the average family size are contributory factors to urban growth. Nigeria with 5.3 percent growth rate has a population of 140 million and it is one of the countries with the fastest rate of urbanization in the world . One of the greatest challenges of successive governments in Nigeria had been the need to provide adequate housing to its teeming population.

Unfortunately, the level of deficiencies and the degree of deterioration of infrastructure in Nigerian urban centres is becoming more alarming and worrisome due to the inability of the public sector to meet up its social responsibilities to the people. The problems of deteriorated infrastructure are particularly pronounced in the old, indigenous core areas of the cities while the non-availability of infrastructure is peculiar to the outer spontaneous settlements that accommodate the low-income population. This led to the prevalence of a generally unwholesome and unhygienic environment in most Nigerian cities that pose a greater danger to the health of the inhabitants.

The effects of infrastructural deterioration and their non-availability on the quality of lives notwithstanding; Floyd and Allen (1998) have reiterated their importance in the local development process. Thus, concluding that infrastructure development or the lack of it is often used as a policy tool to encourage or discourage growth. However, this study focuses on the analysis of the effects of infrastructure on property development. It is an attempt to determine the influence of infrastructural provision on the rent al value of residential properties based on the underlying view that improved infrastructural facilities would enhance the rent al value of residential

Ascertaining if and how much infrastructure development can affect the residential property rental value can enable policy makers to adopt appropriate measures in real estate development. There is insufficient empirical literature on determinants of real estate asset values in Nigeria except reports and business journals that focus on trends, prices, demand, supply and mortgage rates in the real estate sector. Hence this study will assess the effects of urban infrastructure on residential property rental value in Masaka, Nasarawa State.

1.2       STATEMENT OF THE PROBLEM

The needs and important of urban infrastructural cannot be underestimated since investment in infrastructure is well connected to all factors of economic development. This always includes an increase which is always offset by increasing opportunities and income to the general vicinity. The closer a residential area, is to new infrastructural projects, the higher the increase in its value. However, the reverse relationship is also true as failing in infrastructural investment is closely related to hold that, decaying or neglecting infrastructure is a major determent of economic decay and recession. The problem therefore is that, this important and significant relationship between urban infrastructures and property value has not being properly identified thereby resulting in neglect in terms of infrastructural investment especially in the study area.

 1.3       AIM AND OBJECTIVES

The aim of this study is to carry out an assessment of the effect of urban infrastructure on residential property rental values in Masaka, Nasarawa State.

In order to achieve this aim, the following objectives are critically pursued:

1. To identify the types of residential properties
2. To identify the types of infrastructure available in the study area.
3. To access the adequacy of the infrastructure
4. To analyse the relationship between infrastructural facilities and property value.
5. To appraise the problems of residential properties in Masaka

 1.4       RESEARCH QUESTION

            Below are research question derive from the objective listed above.

1. What are the types of residential properties in the study area?
2. What are types of urban infrastructure available in the study area?
3. What is the adequacy of urban infrastructure in the study area?
4. What are the relationship between urban infrastructural facilities and property value?
5. What the problems associated with urban infrastructural facilities and residential property in Masaka?

1.5       SIGNIFICANCE OF THE STUDY

Similar studies in the past have revealed the poor state of our urban infrastructure and its consequential effect on property value with much emphasis on the relationship that exist between infrastructure and property value. However the income generation capacity of infrastructural provision to the public authorities through high rental values, rates and taxes has been neglected. This study is therefore necessary to assist public authorities in putting more efforts in infrastructural investment and as well take full advantage of the income that can be generated from such investment.

1.6       SCOPE AND LIMITATION OF THE STUDY

The research work is confined to the study of the Impact of urban infrastructural facilities on residential rental problem in Nasarawa. It deals with rental value of residential properties such as single room, two bedroom flats and three bedroom flats which are the common types of residential properties found in the study area. The work activities however, will cover the provision of road network within a period of 2010-2015.

1.7       OPERATIONAL DEFINITION OF TERMS

Residential Properties: Oxford advanced learners dictionary defined residential properties as properties suitable for living in, consisting of houses rather than factories, or offices.

Property: Property is by property dictionary as anything that is owned by a person or entity, which be divided into “real property” and personal property.

Infrastructure: This is seen as a wide range of economic and social facilities crucial to creating an enabling environment for economic growth and enhances the quality of life, Nubi (2002).

Value: Value is basically the worth of a thing which depend largely on the basis of assessment and unit of measurement.

Property Value: property value according too Millington (1981) is the money obtainable from a person willing and able to purchase property when it is offered for sale by a willing seller, allowing for reasonable time for negotiation and with the full knowledge of the nature and uses which the property is capable of being put.

  1.8      HISTORICAL BACKGROUND OF THE STUDY

Masaka is a town in Nasarawa, central Nigeria. It is a district of Karu Local Government Area, Nasarawa State and is among the towns that forms the Karu urban area, a conurbation of towns under Karu Local Government Area of Nasarawa State. urban area developed following the expansion of administrative and economic activities of Abuja, the capital of Nigeria, into the urban areas surrounding.

Masaka is a town in New Karu local government area of Nasarawa state. It is a very big town offering hospitality for people living at the outskirt of Abuja. It is bounded by some towns and villages and provides access to different places within Nasarawa state and to Abuja. From this place, one could go to Keffi, or Marababa and Nyanya.

It is a place that has rapidly developed within a short time largely due to its proximity to Abuja, the capital city of Nigeria. Many people working in Abuja cannot afford to live inside the central area of Abuja because the cost of living is high, hence they people prefer to stay at the outskirts of Abuja in other to be able to afford the cost of transportation and others; Masaka among other towns such as Marababa, Karu, Nyanya, Apo etc are places that people prefer to live while working in Abuja than within the central area of Abuja.

It is highly populated and there are so many businesses in diverse areas. People working in Abuja can easily get taxis to work within this area. Areas bounding  Masaka include: Area 1, Angwan Soja, Gwandara and Kodape.

Though this area is a busy town and the population is overwhelming, there are other basic social and economic facilities needed which are in shortage.It is still in need of electricity as most of the areas have their electrical power being shared in which one area might have light for two days and then the power is taken for another two days and vice versa. This issue of electricity distribution has been like this for years. Sometimes, some areas may not even have light for months

This place became populated immediately after the destruction of houses in Abuja when Nasir El-Rufai was the Minister of FCT, this made people to relocate to this area. Another scarce resource is water, especially during the dry season as wells become dried up and people would have to resort back to buying of water from truck pushers. Even though it is a populated area, it does not have high incidence of social vices compared to other similar areas like Mararaba and Nyanya; but even with the population and the heavy business activities that goes on in this area, there is no single commercial bank and hence the people would have to go to Mararaba or Nyanya to carry out banking transactions and even a single ATM machine cannot be found in this large business area.

While coming from Keffi, the road is well tarred and has two lanes which help to reduce the traffic congestion often experience especially on Friday, the Market day and business activities are often intensified coupled with the fact that the market is by the Nasarawa/Abuja high way.

Weather condition could be harsh sometimes especially around March, April and May when the weather becomes so hot and humid that one can even be sweating while bathing. It can become so serious that some people who cannot afford to fuel their generators will turn to sleeping outside within their compounds on  varenders in order to grace the little fresh air and to be able to sleep.

The nature of soil in most parts of this area is mostly loamy soil with few areas having sandy soil. Because of the nature of the soil,  residents often have farms by the outskirts especially for those that do not have Office Jobs. This is reflected  by the crops sold in the Market where a certain part of the market is dedicated for the sale of Crops such as cereals, canes, legumes, tubers, vegetables and fruits which are mostly grown within and around this area.

The Market is every Friday of the week and people from all over Nasarawa state come to buy and sell. In fact, some people from Jos do bring in eggs, cabbage, potatoes etc mainly from markets such as the Farin Market and Terminus Market and then buy some items in order to go and sell in Jos such as Yams and groundnuts. It is indeed a vast market with all kinds of items for sell. The only downside of this market is the unavailability of even a single commercial bank or even an ATM machine.

 The need for environmental sanitation should be taken seriously by the environmental sanitation board of Nasarawa state because most populated areas without strict sanitation often serve as breeding grounds for outbreak of diseases such as cholera. In fact, heaps of refuse can be seen in some communities and it becomes worst during the rainy season when the Market area becomes so muddy that some areas become water logged.

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