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
1.5.1
HISTORICAL
BACKGROUND OF THE STUDY AREA
1.6
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
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
intention
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.
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”
1.6 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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