TRENDS IN RENTAL VALUE OF RESIDENTIAL PROPERTY IN AN EMERGING STATE CAPITAL. (A CASE STUDY OF OSOGBO, OSUN STATE)

ABstract

 

This study examined the volatility and outlook of real estate values ​​due to population growth and urbanization. This shows that there are many factors that determine the evolution of residential real estate rental values. These factors include property location, changes in construction costs, changes in national conditions, and changes in population. These examine areas of study for residential real estate rental value trends in Osogbo. This has increased tremendously, and this has resulted in great improvements in the socio-economic life of the Osogbo people.Chapter 1 provides detailed and comprehensive information on the research and its background. In addition, aims and objectives, study validity, study scope, study methodology, and limitations were discussed. Chapter 2 is based on a literature review in which the conceptual framework of residential performance was discussed in practice. In Chapter 3, these are based on the research methodology of the research area. Chapter 4 covered data presentation and analysis using questionnaires and face-to-face interviews as sources of data or information gathering. Chapter 5 provided a summary of results, recommendations, conclusions, and references. table of contents

front page i

Certification II

Devotion III

confirmationiv

overview

chapter One

1.0 Introduction

1.1 Research background

The value of property is subject to the same economic laws as the value of other goods and services. Therefore, the value of real estate, like the price of commodities on the market, is related to the laws of supply and demand. Other underlining factors that guide the housing market in the study also deserve highlighting. Values ​​are values ​​and subjects that are exchanged. The monetary value that accrues to the lower value is an inverse function of the demand value. For a long time, especially during the oil boom years, the real estate market in the area was sluggish as people preferred construction to renting and leasing. Because the construction cost was cheap. However, over the last ten years, rental values ​​have gradually changed in the real estate market in the study area.

The nature of this change is the focus of this project, the concept of value of property factors affecting property values, and other related topics.

A chart was created to show the different factors that may contribute to changes in home values ​​and the monumental change in rental values ​​year-to-date.

Osun was proclaimed as a province by President Ibrahim Babaginda on the 6th anniversary of its broadcast on 27 August 1991. This state is one of the newly established Nigerian states in 1991, the others being Abia, Kebbi, Kogi, Delta, Jigawa, Enugu, Yobe and Taraba. I have. Prior to that, the state was part of the Old West Region, which later became part of the Old Oyo State, eventually becoming the state it is today. Most of today’s towns and villages in Osun State are like the country itself

The provincial capital is Osogbo and there are a total of 30 local government councils. Major cities in Osun State include Osogbo, Ilesa, Ile Ife, Ede, Ilaorangan and Egibo. The state has a total area of ​​86,002 square kilometers and borders Kwara to the north. Oyo to the west, Ogun and Ondo to the south, and Ekiti to the east.

According to 1991 national statistics, the state’s population was 1,144,907 males and 1,193,663 females. The population density is 233 people, the total population in 2006 is 3,423,535 people, the population density is 379 people, and the current population density is 4,000,000 people.

Before the establishment of the state capital, the population was small, but after the establishment of the state capital, the population increased, and many environmental, economic and development changes occurred, leading to the introduction and growth of banks and industries. Due to the expansion and expansion of the state, rental values ​​bring about significant changes in physical and economic activity in Osun state. The state was endowed with abundant natural resources such as gold, clay, limestone and granite.

The entire state has a tropical climate and the local natural vegetation is a type of lowland rainforest.

Owa Laorooye (Laro) and Oguntimehin (Timehin) were both co-founders, he came from his Ipole, home of the first settlers around 1650 and he around 1700 respectively. Timehin was a great hunter. During several expeditions to the Osun Forest, he discovered the Osun River, which never runs dry all year round. The presence of the Osun River and other physical features of the area impressed Timehin. Returning to Ipole (about 12 kilometers from the Osun River, which had a severe shortage of water), he informed Owa Raoroiye of his adventures.

1.1 Purpose of the survey

The purpose of this study is to examine the evolution of residential real estate rental values ​​since the founding of Osun State.

1.3 Purpose of the survey

Identifying the various factors involved in the development of residential real estate rental values
Survey of rental values ​​of residential properties in the surveyed area.
Identify a variety of issues that are countering the performance of residential real estate in the study area.
Provides recommendations and conclusions.
1.4 Research Justification

In attributing rental values ​​to groups of real estate, the future productivity levels of real estate become a concern. One of the biggest concerns developers have is the feature level of rentals. A small balance of predictions can have a big impact on the success or failure of a project. As a guide to the viability of the development plan, it is important that the level of income generated from the property should be high.

Decisions that affect characteristics must be considered. But before doing this, it is necessary to consider the conditions that will arise in the future. Current rentals as an investment are primarily aimed at meeting the owner’s equipment requirements.

Residential real estate is more or less dynamic in nature, so looking at historical real estate trends in the market can be a useful guide for investors, as well as the state as a whole. This allows both public and private developers to see how the project fits into future developments across low-growth urban areas.

The study of property values, especially residential property development, is of great importance to property management. Understanding trends in real estate values ​​is very important for valuation purposes or valuation. This is because it provides a good guide and can be used to predict state or local government revenue generation and more. Understanding rental value trends for real estate, especially residential real estate, in most cases also helps determine the net present value of a property in the near future. Got.

1.5 Scope of investigation

Essentially, the project proposes looking at the evolution of domestic residential real estate rental values. Real estate is owned by the government, but the government gives a profit to those who develop the property. Each landlord who pays the company annual lease payments now rents out his property for years.

This project critically examines the factors and forces involved in changing residential real estate rental values. 1.6 Survey method

During the course of this research, data and other important materials were collected by:

Citations of related books and journals
Oral interviews related to the study were conducted in the study area.
Field survey of the study area.
1.7 Research Limitations

The biggest problem we faced was that Osogbo is a vast area and many real estate research and appraisal companies are relatively close to each other, so we had to move from one company to another,

 

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