Posted: 2020 | Pages: 66 | Format: MS Word | Chapters: 1-5 | Others: Questionnaires & References

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ABSTRACT

 This work attempts to identify the impact of land speculation on property values in Awka, Anambra State. Awka was made the capital of the new Anambra State after the state creation by the federal Government of Nigeria in 1991. With this development, Awka and it’s surburbs recorded geometrical population growth without corresponding increase in landed property investment. The resulting high demand for residential and commercial properties are yet to be met even till date. This resulted in high property values which is even worsened by the activities of land speculators and estate agents. The major aim of this study is to assess the impact of land speculation, whether negative or positive as well as recommend possible solution on how to discourage completely this practice. Data for study are collected through interviews, questionnaires and field observations while the data were presented in tabular form and analysed using simple percentages. This researcher work also adopted the survey research method and finding the population of the study, the stratified random techniques was used to access the population of study. The research revealed that as a result of the activities of land speculators and estate agents, the rise in the values of land and landed properties in Awka and it’s surburbs were arbitrary. There are also high cost of property development. Property developers also created artificial scarcity in the supply of landed properties. Most indigenes are reluctant to sell or lease their land to developers. The study therefore recommends among others, that government and agencies should ensure careful implementation of Land Use Act, through acquisition of land and sub-sequential development and allocation or sale of such land or landed properties to the interested public to check the skyrocketing land values in Awka and it’s surburbs.

CHAPTER ONE

1.0 INTRODUCTION

        That land is the material or raw material with which man was made and to which man must return needs no debate.  Of its title. The historical background of the impact of land speculation on property values started from the making of Awka as the capital of Anambra in 1991 by the federal government of Nigeria. Before Awka was made the  capital, Awka was just a fairly big town of it’s own, without all the attribute of urban town. It was after the creation of this state that things took a new dimension especially landed properties.

        Land is a free gift of nature- given resources that are quantitatively constant and on which social and economic structures of any society stem from. Land provides man with shelter, supplies him food and raw materials and even at death, it is to land that man will return. The declaration of Awka as state capital in 1991 by president Ibrahim Babangida, the property market in Awka took a new dimension. There was excessive increase in property values which attracted land developers. There was an arbitrary rise in the values of land as well as high cost for property development.

The creation of new state introduces population growth, developers, new ministries that are to build, undeveloped land to be developed, some new schools to build and other social amenities for relaxation of man. These rush embarked upon to the new state; made it easier for land speculators to invade Awka.

         In Nigeria today, different types of  land ownership that continues to exist  since the enactment of the Land Use Act gives rise to destruction of land speculation. These enactments also intend to eradicate the impression given by land speculators