TABLE
OF CONTENTS
CHAPTER
ONE
1.0
INTRODUCTION
AND BACKGROUND
1.1
GENERAL INTRODUCTION
1.2
STATEMENT OF PROBLEM
1.3
AIM AND OBJECTIVES OF THE STUDY
1.4
SCOPE OF THE STUDY
1.5
LIMITATION OF THE STUDY
1.6
STUDY AREA
1.6.1
HISTORICAL BACKGROUND OF THE
STUDY AREA
1.7
DEFINITION OF TERMS
CHAPTER
TWO
2.0
LITERATURE
REVIEW
2.1
HISTORICAL BACKGROUND OF PROPERTY
VALUE
2.2
GENERAL PRINCIPLE OR PROPERTY VALUE
2.3
PROBLEM ASSOCIATED WITH PROPERTY
VALUE
2.4
METHODS OF PROPERTY VALUATION
2.5
CONCEPT OF LOCATION
CHAPTER
THREE
3.0
RESEARCH
METHODOLOGY
3.1
INTRODUCTION
3.2
SOURCES OF DATA COLLECTED
3.3
METHODS OF DATA COLLECTION
3.4
SAMPLING TECHNIQUES
3.5
SAMPLE SIZE
3.6
METHOD OF DATA ANALYSIS
CHAPTER
FOUR
4.0 DATA
PRESENTATION
4.1 INTRODUCTION
4.2 LAND
USE PATTERNS IN THE STUDY AREA.
4.3 TRENDS
IN REAL PROPERTY VALUED WITHIN THE CASE STUDY
4.4 TABLE
II
4.5 TABLE
3
4.6 TYPES
OF PROPERTIES
4.8 EFFECT
OF INSTITUTION ON POPULATION.
4.8.1 EFFECT
OF ESTABLISHMENT OF THE INSTITUTION ON HOUSING DEVELOPMENT
4.9: LAND
VALUE BEFORE THE ESTABLISHMENT OF THE INSTITUTION
CHAPTER
FIVE
5.1 SUMMARY
OF FINDINGS
5.2 CONCLUSIONS
5.3 RECOMMENDATIONS
REFERENCES
CHAPTER
ONE
1.0
INTRODUCTION
AND BACKGROUND
1.1
GENERAL
INTRODUCTION
A well located product can often survive economically
even if development is poorly planned and managed. A project that is not well
located may fall even though it has the best planning and management and even
design, Cassidy (2005). Today, many investors in real estate have no regret for
taking a wise decision in site section while many still regret choice of bad
location.
The relative location of a parcel of land
is what determines it value. Thus, the relative location made is the
combination of the spatial proximity or a plot of land to other parcel of land
and linkages between them (Harsh 2000). In the course of studying the effect of
location on property value accessibility cannot be isolated.
Accessibility in this word considers the
time and convenience of getting to a place. This refers to the nature of the
road network i.e. rough, smooth undulating to other use wise. All these
inquires have been observed in order to make alteration where necessary and
avoid future occurrence, hence considering the work in respect of the effect of
location of tertiary institution on property value.
1.2
STATEMENT
OF PROBLEM
This project critically examines or gives
an understanding of the effect of location on property value. These projects
also gives an understanding on how to choose or to locate a suitable site for a
property and adequately to know the present property value so as to have a
fruitful business and allows the people in the institution have a befitting and
credible knowledge and accommodation
Some estate surveyor find it difficult to
know the value of a property in some selected area. So in these cases, some research
topics have been treated by scholars to the effect of location on property
value. These dissertation as therefore aimed at bringing to limelight the fact
that property value is an important aspect of utilizing a property through
which enormous problem of valuation could be tracked if necessary attention is
given appropriately.
1.3
AIM
AND OBJECTIVES OF THE STUDY
The aim of this study is to analyse the
effect of location of tertiary institution on property value.
Objectives
The objectives of the study are: -
i)
To examine the effect of location of
tertiary institution on property value
ii)
To determine the value of development in
the study area
iii)
To assess different types of property
within the study area
iv)
To determine the level of property value
before and after
v)
To suggest and recommend possible solution
to the effect caused by location on property value
1.4
SCOPE
OF THE STUDY
This project topic deals with the effect
of location on property value but the scope of the study shall be restricted to
a tertiary institution which is Al-hikmah University, Ilorin and its
surroundings.
1.5
LIMITATION
OF THE STUDY
Though, it is the intention of this
research to present a comprehensive study on this subject matter, nevertheless,
the following constraints to limit this laudable intension
i.
Un-co-operative attitude of the respondent
in granting interviews and filling of questionnaires
ii.
Insufficient textbooks in relation to the
work for the purpose of literature review
iii.
Financial constraint which directly and
indirectly affect the information and data used
iv.
Short time required in producing and
completing the dissertation notwithstanding the above short comings,
everything’s possible to ensure a comprehensive dissertation was undertaken.
LOCATION
PLAN
1.6 STUDY
AREA
Ilorin is the present day capital of Kwara
state in the north central region of the federal Republic of Nigeria. It is a
pre-dominantly Islamic city with people of diverse culture who have come
together to live as one in peace and harmony. The entire Ilorin community
comprises of five local government area namely- Ilorin west, Ilorin south,
Ilorin East, Asa and Moro Local Governments. These local government areas are
all under the entity known as Ilorin Emirate.
Ilorin community was discovered in the 18th
century by the Duo of Afonja-Are-Onakakanko, a Yoruba warlord and sheik Alimi
and Islamic scholars.
These heroes of Ilorin arrived Ilorin at
different times and in different circumstances. However, after so many internal
and external wars which further polarized the camp of both men and made them
suspicious of each other, and eventual confrontation ensured and Alimi defeated
Afonja. Sheik Alimi extended a hand of friendship to other hanlets nearby and
formed a larger community within a common belief and destiny, which he headed,
that community is now known as a testimony of the unity of the people.
Ilorin is one of the largest cities in
Nigeria and is the capital of Kwara state. As of year 2009, it had a population
of 847,882 people. 18th January 2013, the population of Ilorin,
Nigeria increases to 958,693 according to the Geonjaves geographical database,
Ilorin. It enjoys an undulating relief interspersed with scattered hills
1.6.1
HISTORICAL
BACKGROUND OF THE STUDY AREA
Al-hikmah university, Ilorin Nigeria was
established in 2005 by the Abdul-Raheem Oladimeji Islamic Foundation (AROIF)
Nigeria, the university came into existence via the granting of operating
licenses to run as a conventional private university by the federal government
of Nigeria; license no 010 on the 7th of January 2005. It commenced
academic activities during the 2005/2006 academic session with 70 students
spread across the three (3) take off colleges: humanities, management sciences
and natural sciences.
By the beginning of the 2012/2013 academic
session, Al-hikmah University could showcase four (4) colleges with the
addition of college of education, and a student population of about three
thousand (3000). Al-hikmah University stands out among Nigeria University with
a well-articulated mission of promoting both academic and moral excellence for
the good of Nigeria nation in particular and for furthering the course of
humanity in general. The overall goal of the university is summed up in its
motto “learning for wisdom and morality”
1.7
DEFINITION
OF TERMS
There are some relevant terms used in this
topic which includes: -
i) Property:
a property can be defined as any physical or tangible entity which is owned by
a person or a group of people or an entity like a corporation. Depending on the
nature of the property a owner of a given property has the right to consume,
sell, rent, mortgage, transfer, exchange or destroy it. “McKay, John P (2004)”
uses of property
ii) Institution:
an institution can be defined as an establishment, foundation or organization
created to pursue a particular type if endeavor such as banking by a financial
institution (G. M. Hodgson (2006)
iii) House:
can be defined as a place of residence or refuge, when it refers to a building,
it is usually a place in which an individual or a family can live and store
personal property such as single family “detached home” or an apartment
(Stanchack, John (2000), Civil war, geographical handbook.
iv) Location:
the term location and place in geographical are used to notice and or identify
a point of an area on the earth’s surface or elsewhere. The term “Location”
generally implies a higher degree of certainly then “place” which often has an
ambiguous boundary relying more an human and social attributes of place
identify and sense of place than and geometry. (Gersmeh, P. (2008)
“Introduction to land property”
v) Value:
the word value as been defined by different scholar, justice bodies was quoted
to have said that value is a word of many meanings. Banbright, (1937) said that
value is been to define the importance of business and economic undertakings.
It implied the capacity of a commodity to satisfy want, it can also be related
to political, social and religious issues
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