Posted: 2023 | Pages: 78 | Format: MS Word | Chapters: 1-5 | Others: Questionnaires & References

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CHAPTER ONE

1.0    INTRODUCTION

1.1    BACKGROUND OF THE STUDY

Residential property development is an aspect of Estate Development.  The BBC Advance Learners Dictionary defines Estate as a large piece of land owned by one person of a group of persons.  It also defines it as a piece of land developed for building, be it housing, industrial etc.  Legally it is defines it also as a person’s possessions such as property, money etc.

However, in the context of this study, it includes any interest in landed property giving rise to a measure of control. 

The trend of development among states created I n the 1976’s leaves much to be desired.  A trip to the headquarters of those states conveys a disappointing report since shelter (accommodation) seemed not only neglected by the authorities in those states but does not take a central position in their programme of action.  It is just during the fourth republic that action seems to have started.

Housing in its ramifications is more than mere structures since it embraces all the social services and utilities that go to make a community or a neighborhood a habitable environment.  The problem of housing in Nigeria is enormous and complex, exhibiting apparent and marked regional differences. In most of our urban centers, the problem is not restricted to quantity but also to the quality of available housing units and the environment.  A case in point is Akure that attained the status of a capital territory in 1976 on attainment of this status in 1976 came all the reactions or effect associated with a capital city.  Foremost in this regard is the acute demand for accommodation for residential and administrative activities.  The demand for residential properties was such that it was impossible for the private developers who incidentally were presently solely involved in property development to cope with.

Apart from the flaring effect of poor capital outlay, acquisition of potential land for development by individuals was another major constraint.  These made the private developers’ attempts at solving the housing problem very difficult securing just land take a long process due to the present of bureaucracy and other associated problems in obtaining governors consent as provided by the land use Decree of 1878 now Act.

The above situation was not too apparent on Akure during the seventies as land for development was available and affordable to would-be-developers.  In the eighties however, there is an improvement in general financing.  The problem of this study is to examine the trend of Residential property development in Akure since its attainment of state capital status in 1976.