THE CONTRIBUTION OF URBAN INFRASTRUCTURE TO RESIDENTIAL REAL ESTATE INVESTMENT IN AWKA, ANAMBRA STATE

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THE CONTRIBUTION OF URBAN INFRASTRUCTURE TO RESIDENTIAL REAL ESTATE INVESTMENT IN AWKA, ANAMBRA STATE

ABSTRACT

This project titled “The contribution of Urban Infrastructure on Residential real estate investment in Awka, Anambra State” is aimed at assessing the effects of urban infrastructure on residential real estate investment in the study area, 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 analyze 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 Awka the capital of Anambra state. The use of tables, percentages and descriptive statistical tools were used to analyze 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

An important barometer for measuring an urban areas functionality, liveability and development is its physical infrastructure. The efficiency of any urban area depends largely on the provision of efficient infrastructural facilities and services (Babarinde, 1998). Okusipe (1999) posited that apart from being a major pointer to environmental quality urban infrastructure is a critical agent for the socio-economic development of any urban area. He further asserted that urban infrastructure plays an important and indispensible role in economic, social and environmental aspects of life of an urban setting. It has tremendous impact on the quality of urban life. It is a key developmental asset of any country in that it provides the backbone for industrial concerns located within an urban area to effectively and efficiently drive their production processes.

Urban infrastructure cover a wide spectrum of services and facilities, namely; electricity, water, roads, walkways, waste disposal systems, communication, primary health facilities and services, schools and housing. These are more often provided by the government. Where urban infrastructure is adequately provided and efficiently managed productive and profitable land uses are usually attracted towards the area. These uses out bid/out compete less productive uses through better rent offers. This competition for locations with good urban infrastructure usually results in an increase in land and property values, either sales or rentals (Harvey 1993). This study therefore examines the contribution of urban infrastructure to residential real estate investment in Awka, Anambra 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 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 examines the contribution of urban infrastructure to residential real estate investment in Awka, Anambra state. In order to achieve this aim, the following objectives are critical:

1. To identify the types of infrastructure available in the study area.
2. To examine the level of urban infrastructure in the study area.
3. To analyse the effects of urban infrastructure on residential property value in the study area.
4. To make appropriate recommendation on the way forward.

1.4       RESEARCH QUESTION

            Below are research question derive from the objective listed above.

1. What are the types of urban infrastructure in the study area?
2. What is the level of urban infrastructure in the study area?
3. What are the effects of urban infrastructure on residential property values in the study area?

1.5       JUSTIFICATION 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 contribution of urban infrastructure to residential real estate investment in Awka, Anambra state. 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       DEFINITION OF TERMS

Some of the key words used in this work and their meaning as contain and used in the research are:

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).

Property: Fraister (1993), stated that properly is the subject matter of ownership that anything which belongs to a person going to exclusive right to enjoy a thing. Example being land and building, real properties, denotes interest and right inherent in the owners of the physical real estate. This cluster of right which could be made the subject of a real activities “title” that signifies the lawful right of possession.

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

Awka (Igbo: Ọka)^[2] is the capital city of Anambra State, Nigeria. The city was declared capital on 21 August 1991, after the creation of Anambra and Enugu state, which moved the capital from Enugu to Awka (an administrative center since pre.-colonial times). The city has an estimated population of 301,657 as of the 2006 Nigerian census, and over 2.5 million as of a 2018 estimate. The city is located at199.1 kilometres (123.7 mi), by road, directly north of Port Harcourt in the centre of the densely-populated Igbo heartland in South East Nigeria.^[3]

The West-East Federal highway links Lagos, Benin City, Asaba, Onitsha, and Enugu to Awka and several local roads link it to other important towns such as Oko ,Ekwulobia, Agulu, Enugwu-Ukwu, Abagana and Nnewi.

Strategically, Awka is located midway between two major cities in Northern Igboland, Onitsha and Enugu, which has played a significant role in its choice as an administrative center for the colonial authorities and today as a base for the Anambra State government.

“Awka has a certain kind of aura about it, because it was the place of the blacksmiths that created implements which made agriculture possible.” – Chinua Achebe

Awka is one of the oldest settlements in Igboland, established at the centre of the Nri civilisation, which produced the earliest documented bronze works in Sub-Saharan Africa, around 800 A.D., and was the cradle of Igbo civilisation at large.

The earliest settlers of Awka were the Ifiteana people, the name Ifiteana roughly translating into ‘people who sprouted from the earth.’ The people, themselves, were renowned as farmers, hunters and adept iron workers, all of whom indigenously inhabited the banks of the Ogwugwu stream, in what is now known as the Nkwelle ward of the city.^{[citation needed]}

The deity of the Ifiteana was known as Ọkịka-na-ube, or the god renowned for the spear, and the Ifiteana were known as Ụmụ-Ọkanube, or “worshippers of Ọkanube,” eventually shortened to both Ụmụ-Ọka and simply Ọka (Awka when written in its anglicised form).

In ancient times, Awka was populated by elephants, insofar that a section of the town was named Ama-enyi, with a corresponding pond, Iyi-Enyi, used for elephants to gather to drink. The elephants were hunted for their prized ivory tusks (okike), which were kept as a symbol to the god Ọkanube in every Awka home, with hunting medicine stored in the hollow of the tusk.

Over time, the town became known for metal working and its blacksmiths were prized throughout the region for making farming implements, dane guns and such ceremonial items as Oji (staff of mystical power) and Ngwuagilija (staff of Ozo men).^[5]

During pre.-colonial times, Ọka became famous as the Agbala oracle, specifically a deity that was said to be a daughter of the great long juju shrine of Arochukwu. The oracle, which Chinua Achebe used as inspiration in his book Things Fall Apart ^[6]), was consulted to whenever disputes (far and wide) occurred, until it was eventually destroyed by colonial authorities, in the early part of the twentieth century.

Before the inception of British rule, Ọka was governed by titled men known formally as Ozo and Ndichie, who were accomplished individuals in the community. They held general meetings, known as Izu-Ọka, at either the residence of the oldest man (Otochal Ọka) or a place specially designated by the titled men. He was the Nne Uzu, or ‘master blacksmith,’ irrespective of whether or not he actually knew the trade, as the only master known to Ọka was the master craftsman, the Nne Uzu.

In modern times, Awka has adopted the republican system and is currently administered by the Awka South Local Government Area. However, it still preserves its traditional systems of governance with the respected Ozo-titled men often consulted for village and community issues and a paramount cultural representative, the Eze Uzu, who is elected by all Ozo-titled men by rotation among different villages to represent the city at state functions.

Awka should not be confused with Awka-Etiti which is a town in Idemili South local government area that is often mistaken for the main capital