Posted: 2022 | Pages: 101 | Format: MS Word | Chapters: 1-5 | Others: Questionnaires & References

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ABSTRACT

The spate of residential property development in Lekki is on the increase since the early 90’s immediately after the slum clearance exercise undertaken by the Lagos state Government. This is evidenced by the numerous estates springing up in Lekki consisting mainly of sophisticated duplexes and bungalow building’s that have replaced nearly all the older buildings thereby making Lekki the toast of the rich and highly placed politicians in Lagos. This study is aimed at analyzing the trends of residential property development over the last 10 years.

In other to achieve this, four research question were put forward. To collect data for the study, a survey research method was adopted. A sample size of 832 comprising residents of the area, Estate surveyors and Valuers and other professionals in the study area were chosen using stratified random sampling technique. Data gathered from 722 respondents represented 86. 77% of the distributed questionnaires were presented in Frequency tables. To capture the views of the selected respondents, carefully constructed questionnaires were issued out and oral interviews conducted. The responses of these respondents together with other data collected from other sources such as Newspaper, Magazines, and Textbooks have been presented in tables. 

Analytical tools such as percentage and mean were used to analyze the data collected. One of the major findings of this study is that most of the houses are owner occupied and intending tenants will rather buy or sell than rent residential houses in Lekki leadings to the preference for more expensive duplexes in place of the older block of flats. Thus government should enact practicable housing polices to fund the available mortgage homes and encourage the use of local building materials in order to provide affordable houses for everybody.

CHAPTER ONE

• INTRODUCTION

Residential property development is the improvement of land or existing real estates in order to create residences. Throughout of the United States, property development forms that foundation of many daily activities and this is no difference from what is obtained in Nigeria. Residential property development encompasses a wide array of procedures, ranging from the acquisition and development  of raw land, to the renovation and lease or sale of developed land .In order to fully plan residential property development,  a large number of things must be taken into account :environmental  aspects ,governmental regulations and zoning laws, to name but a few.

1.1     BACKGROUND OF THE STUDY

Real estate has continued to play a significant role in man’s evolution. It is not a coincidence that food, shelter and clothing believed to be the three essentials that sustain mankind, have linkage to land. Food grows out of land, clothing is made largely from what grows out of land, while shelter is affixed to it, indeed, whether in ancient times or today’s modern system, land forms a platform for economic activities and constitutes a significant index for man’s wealth. It is therefore not difficult to understand why there is a lot of demand for land.

Residential land use, among the various competing urban land uses, is the largest consumer of land in urban areas. Lagos which is the most popular urban area in Nigeria and the commercial nerve centre of Nigeria saw the influx of people who came to do business in the city as such there was need for them to reside in Lagos in other to save transportation cost and easy accessibility.

These economic, social and political activities have helped fashion the geography of Lagos. The decision to make Lagos the capital city together with the boom in economic activity and the co-habitation of people from different socio- cultural background have made Lagos a complex city that it has become today. The difference in jurisdictional area within the city, associated varying level of resources and supply to different services differentiate the city along many socially related lines Today, it can be said that Lagos has both low-grade residential area and high- grade residential area. Lekki which happen to fall in the high –grade residential area consist mainly of reclaimed land produced by the reclamation exercise undertaken by the government. Lekki houses most of the rich people in Lagos. Even in the past these area were still occupied by the rich. Thus these areas were adorned with neatly built houses. But today those neatly built houses have become outdated and most of them have been replaced by new designs of building which are in line with modern technological standard, these newly constructed buildings, houses the highly placed individuals in political, oil, telecommunication, entertainment and banking sector. Thus these evident shift or change in the types of building in the past in Lekki Visa- Vis today’s building types is a reflection of the workings of modern –day trend and not ‘’class” things as is being said by some residents of Lagos. It is therefore against the above background that this study sets to analyze the trend in residential property development in Lekki.