TENANCY LAWS, MULTIPLE TAXATION AND RESIDENTIAL HOUSE RENTS IN LAGOS

TENANCY LAWS, MULTIPLE TAXATION AND RESIDENTIAL HOUSE RENTS IN LAGOS

chapter One

Foreword

1.1 Research background

Lagos State is Nigeria’s commercial hub and the country’s most active and expensive rental market, with tenants in highbrow areas paying high prices for apartments, while similar apartments in low- and middle-income areas require money. In addition to high demand and low supply, there are factors responsible for these high rents, according to Akinlade (2014), the Lagos rental law and multiple taxes are pushing up residential rents in Lagos. Given that Lagos is home to more than 21 million people and housing is a major challenge for its huge population, the state government enacted a rent law in August 2011, allowing new tenants to pay 1 Annual rent, for permanent tenants he demands six months rent.

Akinlade (2014) explains that the law to pay one year’s rent deterred investment in rental housing and raised rents to new levels, and in many places in Lagos landlords now pay two years’ rent. He added that he is collecting for one year. He further explained that multiple taxes have forced developers to pay for land, plans and permits, environment, communities and taxes. Government subsidized land access is a moneybag battlefield in Lagos. The permitting of the plan will take forever, but the government says he will take a month or two.

Federal housing policies have not been good enough for developers. Accessing credit from banks is nearly impossible for a developer, and the lucky developer who manages to get a loan offer has to find her 150% more security in the bank. Bank loans have an interest rate of 25%, which is fatal to a developer’s business plan (Collins, 2003).

Other reasons for high rents include federal land sales in Lagos, high exchange rates for importing building materials, high prices for local building materials, high fuel costs as evidenced by transportation costs and generators, and labor. High cost, poor design. Maximize property size.

The three decades since Latif Jakande ruled Lagos from 1979 to his 1983 saw a shortage of public housing. Jakande was the last governor of a state to successfully implement and implement a large-scale rental housing policy. For 30 years, successive governments have ignored this need for Lagos residents. Jakande also produced a report on Nigeria’s housing shortage, which in 2010 he estimated at 16 million and by 2020 he is projected to reach 20 million.

According to Affe (2008), it is fair to the people that the state is responsible to them and provides them with a meaningful life. This highlights why the Lagos State government has introduced land use fees to generate income for the maintenance of existing infrastructure and the deployment of new infrastructure. In line with this, researchers examine rental laws and the impact of multiple taxation on apartment rents in Lagos State.

1.2 Problem Description

Lagos State is steadily evolving into a multi-core metropolis that generates numerous real estate submarkets. Nonetheless, housing rents are unusually high, especially in areas usually considered more attractive, such as Ikoyi, Victoria Island, Lekchiaxis, Ikeja, Apapa, Isare Eko and Amwo Odofin. However, researchers believe that the surge in housing rents in Lagos State is caused by several factors, including the rental laws and compound taxation introduced by the Lagos State government. Examine the impact of tenant laws and compound taxation on residential rentals.

1.3 Purpose of the survey

The purpose of this research is to:

1. A study of the impact of land lease laws on residential rents in Lagos State.

2. A study of the impact of compound taxation on residential rental rates in Lagos State.

3. Identify other factors that determine rent in Lagos State.

1.4 Research question

1. How does the Tenancy Law affect apartment rentals in Lagos State?

2. What is the impact of multiple taxation on residential rentals in Lagos State? 3. What factors determine rent in Lagos State?

1.5 Hypotheses

E:
Rental laws and compound taxation do not affect apartment rentals in Lagos State.

C:
Rental laws and compound taxation affect housing rents in Lagos State.

1.6 Importance of research

The significance of this research is as follows.

1. The results of this study will educate the public about how rental laws and compounded taxation have affected housing rents in Lagos State. At the same time, he will also provide guidance to policy makers and the Lagos State Government on how to checkmate issues related to individuals or entities paying more than one type of tax.

2. The findings of this study also serve as a resource base for other scholars and researchers interested in doing further research in this area at a later date and, when applied, provide some degree of new explanation for the subject. increase.

1.7 Scope/Limitations of Investigation

This study looks at rental laws and multiple tax issues in Lagos State and identifies their implications for housing rents.

Research restrictions

Financial Constraints – Insufficient financial resources tend to prevent researchers from obtaining relevant materials, literature, or information and efficiently conducting data collection (internet, questionnaires, and interviews). Time Constraints – Researchers will be engaged in this study and other academic studies simultaneously. As a result, less time is spent on research work.

References

Monkey M (2008). Land use fee:
Fasola seeks the help of his volume surveyor. Saturday Punch, 51:
1411 at www.punchontheweb.com,

Collins C (2003). infrastructure. Advanced English Dictionary, 41h ed. London:
Harper Collins Publishers.

Akinlade IE (2014). Real estate appraisal and appraisal. Owerri:
Bonn Publishing. Lagos State Gazette, Nigeria. Government of Lagos State, Nigeria. Lagos State Printing Company, lkeja. LSPC 566/72001/50034: