Trends In Rental Value Of Residential Property In An Emerging State Capital

Trends In Rental Value Of Residential Property In An Emerging State Capital

Abstract

This study examined the change and prospects of values appreciation on parcels, which is due to population increases urbanization. This has shown that there are numerous factors that determined trends in rental value of domestic parcels. These factors include position of the property, changes in structure costs, the public situation change, change in population. These examine the study area of the trends in rental value of domestic property in Osogbo increased extensively and this has brought about a great enhancement on the socio profitable life of the people at Osogbo. Chapter one, contains a detailed an broad information of the study and its background. The end and ideal, significance of the study, compass of the study, exploration methodology and limitation were also bandied. Chapter two is grounded on the knowledgeable review in which the generality frame workshop of the trend in domestic property value was really bandied. Chapter three, these grounded on exploration methodology of the study area. Chapter four, bandied about the donation of the data and the analysis of data using questionnaire and particular interview as a source of collecting data or information. Chapter five bandied summary of findings, Recommendation, conclusion and References.

TABLE OF CONTENT

CHAPTER ONE

preface

Background of the study

Aim of study

ideal of study

Significance of the study

compass of the study

exploration Methodology

Limitation of the study

CHAPTER TWO

Abstract frame

Concept of value

Types of value

Domestic property

Types of domestic property

Rent

Types of rent

Real Estate and request

The real property request

Characteristics of real property

Determination of rental value of property

Price determination in property request

Factors affecting property values.

CHAPTER THREE

exploration Methodology

Sources of data

system of gathering data

exploration instruments

system of data donation and analysis

CHAPTER FOUR

Data donation and analysis

Factors that responsible for the trends in rental value

CHAPTER FIVE

Summary of findings, recommendation, and conclusion.

Summary of findings

Counteraccusations of findings

Recommendation

Conclusion

References

excursus

Chapter One

Preface

Background Of The Study

As far a real estate is concerned, value goes with the same profitable laws as values of other goods and services. thus, value of real estate relates its base to the law of demand and force just as price of commodity in the request. The other italicizing factors that guide domestic property request in the study shall also be stressed. Value is the worth of and composition in exchange. The plutocrat worth that will accrue to the lower will be and inverse function of the value of demand, long time age especially in the days of oil painting smash, the property request of the area was dull because people prefer to make than to let or lease because erecting cost was cheap. But, in the decade the property request of the study area has endured gradational changes in rental value.

The nature of this change is the focus of this design, the conception of values of property factors affecting property values and some other affiliated motifs will be treated

colorful factors that can being about changes in domestic property values and a graphical representation was made which showed a monumental changes in their reimbursement values when compared the present time.

Osun came state in August 27th 1991 in the sixth time anniversary broadcasting of President Ibrahim Babaginda. The state was one of the Nigeria new countries created in 1991 others are Abia state, Kebbi state, Kogi state, Delta state, Jigawa state, Enugu state, Yobe state and Taraba state. Before this time, the state was part of old western Region and latterly came part of the Old Oyo state before it eventually came a state moment. utmost of the municipalities and townlets in Osun State of moment are as the country itself

The state capital is Osogbo with a total number of thirty original government councils. Among the major municipalities in Osun state are Osogbo, Ilesah, Ile- Ife, Ede, Ilaorangun and Egigbo among others. The state has a total land of 86002 square kilometers and share boundary with Kwara in the North. Oyo in the west, Ogun and Ondo in the South and Ekiti in the East.

The public figure of 1991 put the state population as manly and womanish. With the population viscosity of 233 and in 2006, the total population is with the population viscosity of 379 and the current population viscosity is.

Before the commencement as the state capital doesn’t harbor important number of people but since the commencement as the state capital the number of people increased and numerous terrain, economics and development changes passed hence, the preface of banks and diligence spring up which lead to the growth and expansion of the state, the rental value increases to a great change to the physical and profitable conditioning in Osun State. The state was blessed with abundant deposited of natural coffers similar as Gold, Clay, Limestone and Granite.

The state expansion of tropical climate while the original natural foliage is the tableland rainforest types.

Owa Laorooye( Laro) and Oguntimehin( Timehin) bothco-founders came from Ipole, the original grange of the foremost settlers, around 1650 and 1700.

Timehin was a great huntsman. He’d frenetic e several peregrinations to the Osun timber during which he discovered Osun River whose water noway dried throughout the time. The presence of Osun River and other physical features of the area impressed Timehin. Back at Ipole( located some 12 kilometers from Osun River and which had been passing acute water deficit), he informed Owa Laorroye of his adventure, discovery and conviction that if they shifted their residence to the area, the problem of water deficit would be answered. After due consideration, Laro, Timehin and their people left Ipole to settle along Osun River.

Legend has it that when a tree fell into the major Swash, a voice complained and contended. Spirit of the timber you have broken all my dyeing pois move power from then so that you may prosper. Aro and Timehin were said to have replied in fear Osogobo ode o, which restate into the spirit of the timber sorry. The two men believed the voice to be that of the Osun goddess. From that day, the settlers called their residence Osogbo which was perfected to OSOGBO. The spot where Osun River is worshipped moment was where Osogbo people first settled. Following the Osun goddess complaint and Advice, the first settlers Oba Larooye and Timehin and their people moved overhead as directed to where the first major palace in Osogbo is now positioned.

Aim Of The Study

The end of study is to examine the trends in the rental value of domestic parcels since the creation of Osun state.

Objects Of The Study

To identify colorful factors that responsible for trends in rental value of domestic parcels

To examine the rental value of domestic parcels in the study area.

to identify colorful problems militating against the performance of domestic parcels in the study area.

To make recommendations and conclusion.

Defense Of The Study

In attributing any rental value to any set of property the unborn position of productivity of the property have came a thing of significance. So one of the effects to which the inventors are most sensitive is the point position of reimbursement. A small quantum of the balance in vaticination can have great effect in the success or failure of a design. This as a companion to viability of a development scheme, it’s important that point situations of income generated from the property must be largely granted.

In doing this, decision which affects the point has to be taken into consideration. But before this can be done, it’s necessary to make allowance for condition that would show ahead. Since current reimbursement on investment as substantially aims at meeting point requirements of the proprietor.

Domestic property in its nature is more or less dynamic therefore a study of once trends of the property in the request would serve as a useful guidelines to the whole state be it investors. This enable public as well as private inventor know how their scheme fit into unborn development of thesub-growing civic area as a whole.

The study of trends of property values most especially domestic property is of great significance to the estate operation profession. An understanding of trends on property value is great significance for their being assessment purpose or valuation.

This is because it provides a good companion and it can be used for projecting similar effects as profit generation, either for the state or original government. An understanding of the trends in rental value of a property, particularly domestic property, in utmost cases it can also be used to determines the capital value of the property in the nearest future and also the factual rent to be taken by the landlord, could be determined if an accurate trend can be got.

Compass Of The Study

principally, the design propose to examine the trends in rental value of domestic property within the state. Although the estate belongs to the Government which ahs vested interest into the individualities who developed the separate property. The separate landlords who pay the pot an periodic ground rent now lets out their property for over times

In this design a critical examination will being made on the responsible factors and forces causing changes in rental value of domestic parcels.

Exploration Methodology

During the course of this study, data and other important accoutrements were collected in the following ways,

Reference to applicable books and journals

Oral interview in connection with the study was carried out within the study area.

Field check of the study area.

Limitation Of The Study

The major problem we encountered was that Osogbo is a large area with numerous estate surveyor and value establishment, position at relating short distance from each other as had to affect to touring from one establishment to another and also some of the estate surveyors and values weren’t willing to answer the oral interview conducted because of their tight schedules.