our traditional society, the need for shelter is mainly met through the first
alternative that is owner occupation. Actually, it talks about agency practice
and the of the agents duty towards the principal known as the landlord and his
analysis the agency practice in Enugu in researcher carried out a research work
around Enugu and got information and contribution from professionals Estate
surveyors and non-professional through questionnaires. The project also
highlighted the various methods of data presentation and analysis.analysis and
interpretation of the data collected by the researcher in the course of carrying
out the research. In conclusion these factors determine the increase or
decrease in rent charged by landlords. From this, it is not possible to say
that the agent of a property is the exact agent charged on the property because
there are several factors that can affect agency charged.
TABLE OF CONTENTS
OF THE STUDY
STATEMENT OF PROBLEM
AIM AND OBJECTIVES OF THE STUDY
OF THE STUDY
OF THE STUDY
OF THE STUDY
OF RELEVANT TERMS
LEGAL MEANING AND CLASSIFICATION OF
MEANING OF PROPERTY FOR APPRAISAL
2.1.3 NATURE OF PROPERTY
CLASSIFICATION OF PROPERTY FOR
CONCEPTS OF RENT 2.2.1 DEFINITONS
FORMS OF RENT
THEORY OF RENT
COMMERCIAL PROPERTIES AND RENTS
TYPES OF COMMERCIAL PROPERTIES
2.4 RESIDENTIAL PROPERTIES
TYPES OF RESIDENTIAL PROPERTIES
/ RESEARCH DESIGN
DESCRIPTION OF THE STUDY AREA
SAMPLE SIZE AND SAMPLING TECHNIQUE
SOURCES OF DATA COLLECTION
FOR DATA COLLECTION
OF DATA COLLECTION
METHOD OF DATA ANALYSIS
DATA PRESENTATION AND ANALYSIS
PRESENTATION OF BASE DATA
AND ANALYSIS OF RESEARCH QUESTIONS
RECOMMENDATION AND CONCLUSION
1.1 BACKGROUND TO THE STUDY
is a basic necessity in life. An individual can satisfy this need by either
occupying his own (owner's occupier) property or renting another person's
property. In our traditional society, the need for shelter is mainly met
through the first alternative that is owner occupation. With the emergency of
urban centers', the situation has changed. Many people are no longer about to
own property because of the difficulty in the acquisition of land and the high
cost of building construction. Therefore, they are left with the alternative of
renting other people's properties in order to satisfy their need for shelter.
Consequently two classes of urban resident have emerged, the landlord and the
tenant under this arrangement the tenant pays to the landlord a certain amount
of money in consideration for his use of the landlord's house. This amount is
popularly known as rent.
the civil war the Nigeria that is 1966 to 1970 many landed properties in the
urban areas of the former Eastern Region of Nigeria, including Enugu, were
destroyed. Consequently, there was a sharp decline in the supply of landed
properties after the war. Furthermore, the post - civil war period witnessed an
unprecedented number of the rural population trooping into the urban centres
due to the conspicuous prosperity brought about in the urban area by the oil
boom. This resulted to high demand for the existing limited supply of landed
properties. Consequent upon these, rent for landed properties increased
trend has continued with the effect that "the average worker is paying 30%
to 40% of his salary as rent" (Oshadiya, 1985). Thus the increase in rents
on the properties has led to the variation of rent on properties.
urban area due to location advantage (for example prime location) which some
properties offer above others for commercial and residential uses, rent tend to
very on account of the type of use which a property can offer.
STATEMENT OF PROBLEM
of economic properties has been a difficult concept to understand. Although the
primary objective of commercial properties is the derivation of financial
gains, while that of residential properties is for habitation, shelter and
comfort, the demand for land is a reflection of the profitability or utility
derivable from its use. The greater the benefit to be obtained from a
particular use, the higher the rent that the user will be willing to pay for
appear to be wide ranging differences in the levels of rent passing on
residential and commercial properties in Enugu and Nigeria generally.
research is seeking among other things to find out the causes of agency
practice in commercial and residential properties in Nigeria, Ogui New Layout
and G.R.A as a case study.
AIM AND OBJECTIVES OF THE STUDY
main aim of this research is to examine the reasons for agency practice in
commercial and residential properties with a view to provide tool to be used in
catching issues related to rent on these properties in Enugu and Nigeria generally.
To achieve the standard goal, the following objectives are to be pursued;
To identify the level of
rents for commercial and residential properties in the study area.
To ascertain and examine
the factors influencing the rents being commanded by these properties.
To determine or examine
whether the income of prospective buyers/tenants affect their decision to
To ascertain if there is
disparity in agency practice for residential and commercial properties in the
To find out the agency
practice between commercial and residential properties?
1.2 RESEARCH QUESTIONSS
What is the level of rent
for commercial and residential properties in Ogui New Layout and G.R.A
respectively between years 2002-2004?
What are the factors
influencing rents passing on those commercial and residential properties.
Does the income of
prospective buyers/tenants affect their decision to acquire properties?
Is there any disparity in
the agent or rent passing on residential and commercial properties in the study
Amongst properties put
for Commercial and Residential use, which is on a higher agency practice?
1.3 SIGNIFICANCE OF THE STUDY
finding of this study will be of benefit to the following groups;
tenants who are charged rents based on different reasons, especially when the
properties are of the same nature (physically). This will again enable the
investors not only to understand how occupier thinks, but also why and the
things they consider before acquiring properties for certain uses.
the generality of the public can now understand the reason why the rents being
commanded by these properties have to differ.
this research work will help to determine the factors influencing, commercial
and residential properties which is an essential pre-requisite to successful
development as well as stimulating interest in the students to carryout out
further research on the topic.
1.4 SCOPE OF THE STUDY
study covers a period of three years (2002 to 2004) and it is restricted to
selected properties (Residential and commercial) comprising blocks of flat and
tenements in Ogui New Layout and G.R.A, Enugu.
1.5 LIMITATIONS OF THE STUDY
this work met with some hindrances during the stage of data collection. The
issue of rent passing on a property (residential or commercial) is usually
regarded as classified information, which is not easily disclosed to people
particularly researchers. This was largely suspected to be the reason why some
Estate surveyors, property owners, tenants, Estate firms, property companies
and even Estate agents who were approached through oral interviews, discussions
and visitations found it rather difficult to reveal essential information
despite every explanation that the exercise is strictly for academic purposes,
a good number of them, still nursed the fear that it may be for property rating
and taxation purposes.
was also the problem of logistics occasioned by the society. The researcher
worked with a very light budget throughout the period of study as the frequent
and repeated visits to relevant persons and offices entailed quite some money.
Moreover, also recall that some of the interview respondents were not
co-operative as they kept on playing to the gallery as a means of avoiding
supplying the required information. On a general note however, the researcher
ensured that these bottle - necks never affected the findings of this study
since the success far outweighed the hindrances as enumerated.
1.6 OVERVIEW OF THE STUDY
one treats the introduction of the project work. Chapter two deals with
literature review, chapter three treats the research methodology, chapter four
is on data presentation, analysis and interpretation and chapter five deals
with findings recommendation and conclusion.
1.7 DEFINITION OF RELEVANT TERMS
The universal dictionary of the English language (1971) defined rent as the
regular payment made for the use of land or buildings that belongs to someone
else. The Economist defined rent as "the revenue from land resources that
the value of its marginal services rendered in a productive process"
summary therefore, the word rent is that fixed periodic payment made by a
tenant to his landlord for the exclusive possession and use of leased property.
PROPERTIES: According to the High Court, the Court of Appeal and the
Supreme Court, property is the right to possession, enjoyment and disposition of
all rights and things subject to ownership.
is therefore a legal right expressing the relationship between a person, the
owner and his possession of the thing owned.
RESIDENTIAL PROPERTY: according to Kilpatrick
(1999) is a land use in which housing predominates, as opposed to industrial
and commercial areas. Housing may vary significantly between, and through,
residential areas. These include single-family housing, multi-family
residential, or mobile homes.
COMMERCIAL PROPERTY: According to Malys
(2012), this refers to buildings or land intended to generate a profit, either
from capital gain or rental income. It includes office buildings, industrial
property, medical centers, hotels, malls, retail stores, farm land, multifamily
housing buildings, warehouses, and garages. In many states, residential
property containing more than a certain number of units qualifies as commercial
property for borrowing and tax purposes.
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