Posted: 2022 | Pages: 102 | Format: MS Word | Chapters: 1-5 | Others: Questionnaires & References

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CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Buildings are likened to living organisms as they pass through different phases in life. They could live for a few days, few months and few years and even last for centuries depending on how they are being constructed, managed and maintained. The rate of property development today in Nigeria has remarkably increased. This is because of the restructuring of Nigeria’s economy. Though the cost of building new houses is very exorbitant and has considerably reduced the expected returns, there seem to be many investors with enough capital who are willing and able to invest in property. Thus new structures spring up every day while most of the existing ones are neglected. Both public estates are developed with a view to preserve the social and economic infrastructure which have been on a profit making basis.

Private estates on the other hand are developed with a view to satisfy the owner’s personal motives which in most cases is profit maximization. It has always been the ambition of every citizen to own landed property, be it a thatched hut, iron sheets shed, or an ultra-modern house from which to collect rent or simply to have a roof over his head, this amongest other reasons is why landed property ownership is regarded as a great success and achievement and this mentality has greatly influenced investment in real estate altogether. However, with land becoming scarce, the competitive land use has caused the price of land to rise, there by making the development of high rise buildings (commercial or residential) more attractive or investment especially in cities and urban areas. Other factors apart from the scarcity and high value of land which gives rise to the development of high rise buildings includes, the technological advancement in items such as elevators and central air conditioning system. The creation of more and more strata types of developments has resulted in the need of professional property development (Andrew, 2003), Also, with high cost of building materials and high cost of borrowing, investors who cannot afford putting up another structure due to its capital intensive nature, have now shifted emphasis to maintain what already exists.

Shelter has been universally accepted as the second most essential human need after food. However, a school of thought now believe that since christains can fast for 40 days, property has become the first need since one cannot survive under sun for one day.

Chukwujiekwu (2010:22), Property in all its ramification is more than a mere shelter, since it embraces all infrastructural facilities and services that make a community on neighborhood a liveable environment. Good property development is essential for human dignity and self fulfillment. In essence, property development provides the physical framework and environment in which the economic, social, cultural and aesthetic values of man and society are released, enriched and integrated. Property development impacts on physical, social and mental and productivity of man irrespective of his socio-eceonomic status and color. “He is not a man who does not own his own property”. “If at the age of 40 one does not have a house of his own, then he is already on the grip of poverty”.

Chukwujiekwu(2010:22)“Landlessness connotes voicelessness”, “if you are a tenant and eat the best food on earth proporting to be a rich man, people will know you are in penury the day the Landlord would eject you. But if you eat only biscuit in your own house, you are not exposed to harassment of the Landlord” (Umeh 1986). Therefore, there is no responsible government, organization or institution that can afford to neglect the housing needs of its workers or people. The problem of property development in Nigeria are enormous and complex, exhibiting regional, urban and rural differences. In most of our urban centres, the problem is not only restricted to quantity but as well as quality of available housing. Thus, there is shortage of decent housing in our urban centres.

The scenario is slightly different in the rural areas where the problem is primarily that of quality of property and inadequancy of infrastructural facilities like roads, drainage, portable water, power supply.etc.

Another important characteristic of both urban and rural areas in Nigeria is the dominance of low income group. It has been estimated that over seventy percent (70%) of the country’s population fall within this category.

Against this background, arose the need to examine the prospects and challenges of private property development in Enugu urban.