IMPACT OF SLUM ON VALUE OF RESIDENTIAL PROPERTIES IN NIGERIA: A CASE STUDY OF CROSS RIVER STATE

IMPACT OF SLUM ON VALUE OF RESIDENTIAL PROPERTIES IN NIGERIA: A CASE STUDY OF CROSS RIVER STATE

chapter One

Foreword

1.1 Research background

Slums are home to some of Africa’s poorest urban dwellers. The homes of slum dwellers are mostly dilapidated, overcrowded, and located in areas prone to flooding, poor sanitation, and scarcity of drinking water. In areas of rapid urbanization, slums easily form without a corresponding increase in housing and infrastructure development and maintenance. A slum is conceptualized as a group of buildings or areas characterized by overcrowding, deterioration, unsanitary conditions, or lack of basic and essential facilities such as drinking water, sewers, schools, medical facilities, recreational areas, and post offices. Slums arise spontaneously and in some cases are a direct result of increasing poverty among urban dwellers (Olotuah, 2006). Slums, considered a factor in urban decay, also stem from overcrowding in overcrowded cities, with poor immigrants willing to take whatever housing is available, regardless of quality. Despite overwhelmingly negative aspects, slums also have positive aspects. In recent years, some environmentalists and organizations such as the United Nations Population Fund have suggested that slums are both environmentally and socially positive, despite the poor living conditions. Because slums are characterized by very high housing densities, their environmental impact is lower than that of dispersed rural communities. Moreover, the birth rate of new slum dwellers is below the replacement rate. This reduces the danger of overpopulation resulting from labor-intensive subsistence agriculture and frees up farmland for natural and more efficient industrial agriculture. Slum dwellers also appear to have far more opportunities than rural dwellers to find jobs, start small businesses, and escape poverty (Akinyode, 1998). Nigeria is one of the countries with high slum prevalence. Slums, squatters, and slum prevalence in most cities in Nigeria, including Cross Rivers State, the focus of this study. However, it has been argued that the presence of slums increases the crime rate in the area, thereby affecting home values ​​(Omole, 2010). The proliferation of slums in Nigeria has had a major impact on residential property values ​​in the affected areas. This value is determined by the value of the residential property or the value of the rent per period charged on it. However, researchers will look at how slums affect home values ​​in Nigeria.

1.2 Problem Description

The process of urbanization implies certain changes in the distribution and structure of populations, the size and characteristics of settlements, their networks or systems, and is in many ways related to the formation of slums. Rapid urbanization over the last century has created more slums in the world’s major cities, especially in developing countries where thousands of rural residents are mass-migrating to large cities. Slums are considered to be the main source of organized crime in society. Researchers study the impact of slums on residential real estate values ​​in Nigeria.

1.3 Purpose of the survey

The purpose of this research is to:

1. A study of the impact of slums on home values ​​in Cross Rivers State.

2. Identify the causes of slum formation in Cross River State. 3. Exploring the relationship between slum formation and housing value

1.4 Research question

1. What is the impact of slums on home prices in Cross Rivers State?

2. What causes slums to form in Cross River State?

3. How are slum formations and housing values ​​related?

1.5 Hypotheses

E:
The formation of slums will not affect the value of residential real estate in Cross Rivers State.

C:
The formation of slums is impacting residential real estate values ​​in Cross Rivers State.

1.6 Importance of research

The significance of this research is as follows.

1. This study educates stakeholders in the housing sector, urban and regional planning, and property management on the causes and characteristics of slums and their impact on rents and prices that determine the value of these homes. 2. This research activity also serves as a resource base for other academics and researchers interested in further research in this area. If applied, it would, to some extent, provide a new explanation for the subject.

1.7 Scope/Limitations of Investigation

This study on the impact of slums on housing property values ​​in Nigeria looks at the formation of slums in Cross Rivers State and their impact on housing rents, land rents, land purchases, security, etc.

Research limitations

Financial Constraints – Lack of funding tends to prevent researchers from obtaining relevant materials, literature, or information and efficiently conducting data collection (internet, questionnaires, and interviews).

Time Constraints – Researchers will carry out this research in parallel with other academic research. As a result, less time is spent on research work.

1.8 Definition of terms

Urbanization:
Refers to specific changes in the structure and distribution of urban populations, the size and characteristics of settlements

Slam:
Dirty and crowded city streets or areas populated by very poor people

References

Akiyode, B.F. “Evaluating Community Improvement Programs (CIP) in Developing Countries: