1.0 `INTRODUCTION 2.1 BACKGROUND OF THE STUDY
The trend in property development is not however unconnected with the increased awareness in making the highest and best use of land resources among competing uses.
According to Balowe (1978) the term ``land`` often mean different things depending upon the content in which it is used and the circumstances under which it is considered.
Land takes a fundamental significance as a commodity in daily use for multi-various purpose over the years; it has influenced and continues to influence the daily lives of Nigerians as expressed in social, economic and political organization of various communities in Nigeria.
However, the property market is an economic mechanism rationing land between
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This dissertation attempts to provide answers to the above questions with a view to attract the above reactions of the New Town Development Authority, Property Developers, Estate Surveyors, Land Owners and Tenant towards a better understanding of the dynamics of land use and value in a fast growing city like Lagos. 2.3 PURPOSE OF THE STUDY
As stated earlier, the purpose of this study is to proffer solution to the problem outlined in section 1.2 above and in doing so; I shall critically examine the genesis and impact of change in use in property values in low density layout (Admiralty Way Lekki Phase1).
I shall examine how transfer of land to its most profitable use is often frustrated by factors such as: a) The imperfect knowledge of buyers and sellers of the use to which the given property can be put. b) The importance of adequate zoning area for commercial activities within government estate c) The time- absorbing and costly process of seeking and acquiring new locations. d) The cost and legal complexity of acquiring properties e) The monopoly power of Town Planning and New Town Development Authorities.
In conclusion, I shall establish if the ever increasing incidence of change in use should be encouraged by government. 2.4 SIGNIFICANCE OF THE STUDY
The outcome of this study is expected to create awareness for Lagos state Government through New Town Development Authorities and
Being an inter-reliant and intricate process that involves numerous stakeholders from many disciplines each phase of the property development process needs the influence of one or more key stakeholders. These actors include but are not limited to landowners, developers, public sector & government agencies, planners, contractors and financial institutions as a result property development could also be seen as the coordination of these processes, stakeholders and actors. Ultimately not every development is the same and therefore may need different combinations of actors and processes.
“The reasonably probable legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value”.
certain amount of land. This land was then valued at a price and depending on that price the
The country of Nigeria has many challenges that it faces in regards to social and environmental sustainability. Some of the issues that the population of Nigeria must face include resource depletion, population size, food, and climate change. Although Nigeria is comparatively ill-equipped to tackling these issues domestically, there are some promising developments that can lead one to optimism regarding the future of the country; especially with assistance from the developed world.
An easement is defined as the enforceable interest in land in which another person may benefit or use others land for a particular activity in a positive (permitting some activity) or negative (preventing some activity). Rights of way, rights of light and air, rights of water and drainage and rights to support of a building by an adjacent building or land are all examples generally used easements. Land estate owners are responsible to define and limit the right of the land for use, as the easement runs through the land. Easements are recorded on the title of the land affected as they are not natural rights and must be created using express agreements between the owner of the two parcels of
The no purchase option in the socio-economic section had suggested that the economic use of the land be on assumption. Also that there were no figures to determine the economic impact; however, if assumptions were made to the economic use there should be at least theoretical figures to develop an economic impact. The tax revenue for the county is also assumed to stay the same; however, if the land was to be developed by a private citizen the value of the land would increase and in turn the tax levy (Brooks, 2006). In the EA prior to the socio-economic assessment it is suggested that the tax revenue could increase due to development (Vinkey, 2006) in contradiction with each other.
Economically, new land expansion is always viewed as beneficial. When companies or industries look to build new factories or houses, their end goal is always to make a profit. However, individual advancement in this case has to be sacrificed for the greater good of the rest of the stakeholders. For example, mining industries and residential lots
There are a magnitude of distinctive concerns that a purchaser would have regarding the property in question. First of all, since the purchaser would want to change what the property is being used for, the one would need to know that they can make the necessary changes to the operation of the land and that
Investors from outside sub-Saharan Africa are continually purchasing land from local farmers. This practice is causing challenges for the indigenous people who depend on the land for their livelihoods. Certainly, land grabbing is a major challenge for African countries due to the increasing interest among these foreign investors who show increasing interest since the global food crises in 2007-08 (Kachika, 2008). “Generally, countries short of agricultural land supply are looking elsewhere, particularly to Africa, in order to meet their agricultural needs” (Kachika, 2008). Furthermore, a high demand for bio fuel feedstock has many investors seeking land throughout Africa.
Powerful international corporations and foreign investors often buy land off of countries in Africa and South America to repurpose and use as farmland for cash crops, factories, or biofuel production. These sales are made possible by the chief executives of these countries who are all too willing to give up chunks of land for sums of money offered by these rich corporations and investors. However, with these deals come some major issues. On top of the replacement of small subsistence farmlands by large-scale cash crop farms or businesses, the rights of locals in the areas being bought and sold are often neglected and these people face injustices and mistreatment by these deals and corporations.
There are three major types of property valuation methods and selection of the appropriate method according to the condition of the property is the most important precondition to reach at the most accurate value of the property. Regarding this condition, 4(80%) of the expert respondents reacted as there was no consideration of the alternative method in Gimbi town during expropriation. From this response, the researcher approved that there was no concept of valuation methods. Here, what should be understood is that, they use the idea that says current cost or market price as
Ten years later, Jim realised that the property value surrounding his area has increased significantly. Jim then considers checking what options he had that could increase his profit by selling his three hectares land. During his attempt to seek options that could maximise his profit, an estate agent, a town planner and an architect advised Jim that he should make new footpaths and roads, then subdivide his three hectares land and build new ten town houses by which he could sell them.
This report uses the application of direct sales comparison approach to derive the site value for the subject property. There are sufficient sales of vacant lots within 3 miles of the subject property. Seven suitable vacant lot sales were selected and analyzed to estimate indicated subject’s lot value (table_ 1). The analysis uses a per sq. ft. unit in valuing the site. The vacant lots were sold March to October of 2013. Lots attribute such as lot size, lot shape, topography, Resource Protected Area (RPA), zoning which is density of development allowed per acre of land, and traffic patterns were analyzed. The report used the Fairfax County digital maps of property, resource protected area, and topography maps. In addition, aerial photography data was used to determine the level of traffic in areas surrounding each lot.
Prathamesh Muzumdar, Illinois State University, Normal, USA Abstract The research explores the subject of zoning effect on price value of a house in a certain designated zone. Zoning is defined as a land under planned use. This results in price value of the land. As the area of the land decreases an increase in price occurs. This research does not specify the magnitude of a certain unit by which a housing price will increase or decrease but it estimates the housing option value. This research helps the policy makers to improve long term policy decisions. This research will showcase zoning effects on
Since there is limited intervention possible for these densely and ill-structured suburbs of Accra like Jamestown, Chorkor and Bukom, it is very important that for the now developing areas, measures will be taken to forestall such inconveniences to the society in the future. With the goal of a middle income status in mind, the government can undertake the building of a model town like Abuja in Nigeria where the overall structure will be supervised and developed by the town and country planning authority. The other alternative is for the government to direct the owners of lands- especially stool lands, to make provisions for structures like schools, clinics, community centres, etc.