Browsing by Author "Wahab, Muktar Babatunde"
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Item ANALYSIS OF CONSTRAINTS TO VALUATION ACCURACY FOR DIFFERENT PURPOSES IN LAGOS AND ABUJA, NIGERIA(Faculty of Environmental Sciences, Kaduna State University, Kafancha Campus, Nigeria, 2020-10) Wahab, Muktar Babatunde; Ibuoye, Adegboyega Ayodele; Adeogun, Adekunle Sunday; Durosinmi, Wasiu AyobamiAccuracy of valuation exercise for various purposes has been universally emphasized in this current dispensation and as a matter of fact, it has been given a world-wide recognition by the World Bank, which encouraged the preparation of valuation list. The need to close the wider gap between the market value and valuation figure necessitated this study. The study firstly these factors have contributed to valuation inaccuracy and variance. The study utilized reports of valuations on properties submitted to some selected banks to establish valuation variance by comparing the actual market sales (AMS) and valuation figures of the valuation firms to establish valuation inaccuracy. The study selected 100 and 150 estate surveying and valuation firms with more than 10years experience in property valuation, through simple random sampling from Abuja and Lagos. The study further selected 15 banks that constantly requesting the valuation opinions of the selected firms in Abuja and Lagos. The result of analysis of variance (ANOVA) confirmed that there was significant valuation variance among the estate surveyors and valuers (F-ratio at 4.73, p-value at 0.42) and result of t-test showed that the mean difference between AMS and valuations (at p-values less 0.05) was significant. The result of factor analysis(FA) employed further revealed ten (10) the most emphasized groups of factors that contributed about 92.43% variance in determining accuracy of valuation. The study therefore recommends that all the stakeholders in property assessment and valuation exercises should address the most emphasized factors by adhering strictly to lay-down provisions of the profession and principles without compromise in order to achieve accuracy. Keywords: valuation accuracy, variance, inaccuracy, valuation constraints, factor analysisItem EFFECT OF GREEN SPACES ON RENTAL DECISION IN IKEJA METROPOLIS, LAGOS STATE(Faculty of Environmental Design, OAU, Ile- Ife, Nigeria., 2018-09-12) Ola, Olumide Samson; Wahab, Muktar Babatunde; Sule, Abas Iyanda; Durosinmi, Wasiu Ayobami; Dodo, Zakari Usman; Onyekere, Nwanyieze ChisomGreen space is an important environmental amenity in urban areas. Its presence can make the environmental a more pleasant place to live, work, spend leisure time, and thus make substantial improvements in individual well-being. This survey-based study investigates the relative contribution of green space to rental decision of residential property in Lagos. The survey was conducted among resident estate surveyors and valuers in Ileja, Lagos metropolis, using a random sampling technique with a well-structured questionnaire to gather data from 143 respondents conversant with the terrain. The data was subjected to Cronbach’s alpha reliability test to measure internal consistency, the result revealed a high level of internal consistency among the respondents at 0.80 (80% reliability). The data was further analyzed using mean analysis, relative importance index (RII) and chi-square test. The outcome of the survey revealed that provision of green a pace contributes significantly to rental decision. It is therefore recommended that a policy to enforce the inclusion of green space by housing developers and individual landowners should be put in place, while sensitizing the residents on the importance of green space in life sustainability.Item EXAMINATION OF HOUSING INVESTMENT PERFORMANCE IN ABUJA, NIGERIA.(School of Environmental Technology, Federal University of Technology Minna, Niger State, Nigeria., 2016-05-10) Wahab, Muktar Babatunde; Durosinmi, Wasiu Ayobami; Mustapha, Adamu; Olatunji, I.A; Ajayi, Michael Tolu AdeyemiHousing investment performance is an examination of total return from an invested capital in real estate market, vis-à-vis an associated market risk. The incessant failure of real estate investment is attributed to the lack of feasibility and viability forecast on future of investment and poor analysis of past and present market situations. The objective of the paper is to examine the performance of housing investment return with a view to determining the quantum of risk to be taken to earn an expected return and to establish the most secured investment market. The literature has revealed that the failure of most investment is due to poor analysis of economic and market conditions. The research concentrates on the analysis of Abuja property investment market with view to examining the returns from different real estate sub-markets. The research employed descriptive analysis (standard deviation, coefficient of variation and sharpe ratio) and ANOVA to analyze the data collected through systematic method of sampling. The result of analysis of variance showed a statistically significant difference in returns on investment, at p-value of 0.00013 less than 0.05 level of significant. The results of residential investment performance across three locations in Abuja showed high volatility in Maitama and Wuse residential submarkets at 4.81% and 4.04% respectively, and Gwarinpa market is less volatile at 1.41%. Gwarinpa market showed a stable return on the investment at 6.7% and 6.6% for arithmetic and geometric means respectively. Therefore the research concludes that Gwarinpa residential market exhibited steady and stable return on the basis of average returns, less volatile and performed better on the basis of risk-to-reward ratio than any other submarket at 0.21. Maitama submarket is described as the most risky and volatile submarket at 4.8% standard deviation.Item INSTITUTIONAL BARRIERS TO SUSTAINABLE URBAN HOUSING DEVELOPMENT IN LAGOS(Parvenu Technologies, 2020) Wahab, Muktar Babatunde; Ola, Olumide Samson; Durosinmi, Wasiu AyobamiThe twenty-first century has been defined as the urban century characterised by more than half of the world’s population living in towns and cities. The demographic movement to the majority of urbanised states is expected to be reached before (WUP 2005) and in Africa not before 2030. The trend, however, is clear with ‘the urban’ continuously outgrowing ‘the rural’ in terms of housing infrastructure and amenities. In the next two decades, cities in the developing world will absorb 95% of urban growth (UN-Habitat, 2006). Moreover, the rapid rates of urbanization have led to the growth of megacities of over 10 million in developing countries. In 1975, there were three megacities in the world: Tokyo, New York and Mexico City. In 2005, there were 20 such cities, 16 of which were located in the developing world (WUP 2005). Nigeria is the most urbanized and largest population of black in sub-Sahara Africa. In its last official census in 1963, Nigeria’s population was 55.6 million. In 1973, it was estimated to be 79.7 million; in 1983, 90 million and in 1986 close to 106 million, in 2006 it was 160 million and currently Nigeria population is estimated to be 180 million. All of this population resides in a land area roughly equal to California and Arizona combined. Urban areas represent less than 10% of the land area of the country, yet accommodate 28% of the population. The urban growth rate is 3 to 5 times greater than the rural growth rate (Okaye, 2009). Throughout the country of Nigeria, the annual urban growth rate is estimated to be between 6 and 10% (Olotuah & Bobadoye, 2000; Oladunjoye, 2005). However, Nigeria has a large and ever-increasing housing deficit which stood at approximately 8 million housing units in 1991 and 12-14 million housing units in 2007 and, also a more recent estimate puts the figure even higher at 16-17 million housing units (Akeju,2007; Aikhorin, 2008). At an average cost of N2.5 million per housing unit, Nigeria would require N35 tri ck of adequate political will by the government to deal with the housing problem (Akomolafe, 2007llion to fund a housing deficit of 14 million housing units. The situation is worsened by the high incidence of corruption in all other relevant sectors of the Nigeria economy and the la). Consequently, the 21st Century Nigeria Inherited a serious problem of inadequate housing, resulting from many years of neglect, underdeveloped housing finance system, limited supply of long term funds, low household income levels, high unemployment, high inflation rate, high interest rate on mortgages, high cost of land and building materials, poor planning and poor implementation of housing policies and programmes, existence of administrative bottlenecks That make the processing and securing of approvals for building plans, certificate of occupancy and other necessary government permits very difficult, and the unmitigated corruption in the allocation government land within the frame work of the Land Use Act, cap. 202 LFN 1990 (Ogwu, 2006; Onyike, 2007). However, Nigeria at large has an ever-increasing housing deficit which stood at approximately 8 million housing units in 1991 and 12-14 million housing units in 2007. Another estimate puts the figure even higher to be between 16-17 million housing units (Akeju, 2007; Aikhorin, 2008; Sombo, 2007; Uroko & Akintola, 2008). On the basis of an average cost of construction, N2.5 million per housing unit, Nigeria would require N42.5 trillion to fund a housing deficit of 17milllion housing units. Therefore, the need to substantiate the effort of government by private housing sector to augment the deficit is therefore bedevilled by institutional barriers and further handicapped the effort of private bodies and individuals to make up the deficit. The aim of this paper is to examine the various institutional barriers confronting private housing development and how they stand as challenges to private housing developers and finally to identify the ways forward toward achieving sustainable urban housing development.