Posted: 2023 | Pages: 69 | Format: MS Word | Chapters: 1-5 | Others: Questionnaires & References

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ABSTRACT

The research work examines the issue of real Estate development in Nigeria with emphasis on the problems and prospect of mortgage finance and its effect in real Estate development finance in Nigeria particularly the federal capital Territory (F.C.T). The description research method and the case study approach were adopted and used in examining the problems and prospect of mortgage finance as a major source of real Estate development in Abuja urban centre to tackle the real Estate needs in the F.C.T Abuja the survey and case study research to determine the research design, stratified sampling technique were used for the sampling and statistical table with simple percentage were used for method of analysis. Based on the findings, the researcher made recommendation that the problem of mortgage finance can be limited if the mortgage Institution can expand their services and enhancing their public perception of them and conclude that mortgage finance can be made available if PMIS will be committed to their mandate, which is to mobilize finance to support real Estate development.

CHAPTER ONE

1.0     INTRODUCTIONS

1.1     BACKGROUND OF THE STUDY

Before independence, Nigeria was the rule of the British Government which was the country’s colonial master. Nigeria got independence in 1960 and become a Republic in 1963, the leaders of Nigeria started planning the country and introduced what was known as indigenization of these foreign companies like John Holt Company, eventide etc. And this reduced the number of foreign expatriates who were heading some of these corporations.

Nigeria economic basic was agriculture and development was concentrated mainly within the capital territory and the regional headquarters until 1970’s when the pollution of oil became the major economic base of the country. Contacts upon contract were signed with foreign and indigenous firms to construct houses, bridges and expressway. The local peasants who are the major producers of our agricultural product saw their lives in the rural area as debased and so flooded the urban centers. This had effect of swelling the urban population and creating real estate problems and there was overwhelming demand for categories of accommodation because of these reasons, real estate development became relatively propounded in the urban centre than in the rural communities.

As a result of these problems, the public and private sectors of the country economy became more involved in real estate development for accommodation purposes. The capital requirement for real estate development are large, they continue to increase due to the inflation, technological change and increase in the size of the estate. The need to secure land, building materials and other resources made prospective investors as well as policy maker ask with increasing concerns how to acquire capital needed for a viable estate operation.

The solution to this came in different ways and one of these ways is by the way of mortgage. Mortgage transaction for real estate development finance particular in Abuja is not an exception to this situation hence this research has been selected to concentrate on Abuja urban centre.

As the world population migrates from rural to urban area, shelter then becomes a matter of expediency this can not be done without finance, and finance of real estate development is the largest demand on credit market in the country. It is the most crucial of the problem facing development in developing country. It is against the above scenario that there become the needs to embark upon this research.