The Effect Of Location Of Tertiary Institution On Property Value (A Case Study Of Al-Hikmah University)

Project and Seminar Material for Estate Management

The Effect Of Location Of Tertiary Institution On Property Value (A Case Study Of Al-Hikmah University)


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: –

  1. To examine the effect of location of tertiary institution on property value
  2. To determine the value of development in the study area
  3. To assess different types of property within the study area
  4. To determine the level of property value before and after
  5. 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

  1. Un-co-operative attitude of the respondent in granting interviews and filling of questionnaires
  2. Insufficient textbooks in relation to the work for the purpose of literature review
  3. Financial constraint which directly and indirectly affect the information and data used
  4. 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

1.5.1 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


Chapter Five


5.0 Summary of Findings, Conclusion and Recommendation

5.1 Summary of Findings

The research carried out on the effect of location of tertiary on property value with case study of AL-HIKMAH university, having summarize which comprises both positive and negative are hereby noted. It was discovered that ;

  1. The establishment and location of the institution within the area has greatly assisted in opening up the area and hence, hastened its rapid development
  2. That, the location of the institution has tremendously helped to highlighting and improving the social economic, cultural and historical future of the area and as such impressing upon the area in the scheme of things in AL-HIKMAH university as a whole.
  3. That, physical development of the area in the term of improved accessibility resulting from increasing real property development and real property value has considerably been enhanced. And, this is attributed to the location of the institution within the area.
  4. That, commercial activities such as trading operating, cyber cafe (internet services) & business centre, and professional services in the area have increase and improved due to concentration of higher population of student in the area.
  5. That the relationship between the levels of institutional development and residential property values is a very strong one. For instance, it has been revealed from the research that the astronomical improvement or increase in the value of various categories of residential properties in the area was brought about either directly or indirectly, as a result of the establishment and location of the institution within this locality.
    And negatively it was found.
  6. That, the rate of crime, juvenile delinquency and other social maladies have increased considerably consequence upon the location of the institution (AL-HIKMAH) within this neighborhood
  7. There is now serious shortage of residential accommodation in the area and the few available real properties. Especially, residential are commending exorbitant rental as a result of the fact that demand are by far outweighed by supply which will eventually leads to overcrowding if care is not taken.

5.2 Conclusions

The purpose of the research work has been to assess and determine chiefly, the profound effects which the establishment of the institution (AL-HIKMAH University) within the area, have had in residential property values. In the area as a whole. It also intended to appraise its socio-economics (both positive and negative) on the quality of lives of the area

And from the summaries of findings of this research work. The positive impacts of the establishment and location of this institution with the neighborhood outweigh and the negative effects. Some recommendations have been made which if adopted are carefully implemented would help eliminate or at least mitigate the negative effects.

This again will not only enhance the quality of life, but also guarantee the safety, good health and conveniences of both the present and future people within this neighborhood of case study in particular.


5.3 Recommendations

Having considered the fats summarized above and supports the law of government’s revocation of land for overriding public interest cap 167 of act 1958. The following recommendations are therefore made:-

  1. Government should make sure that the acquire land are fully and property utilized for the purpose for which the land as been acquire, to avoid a crisis from the acquired land.
  2. For effectiveness and efficiency of valuation of various property. There is need for the employment of adequate professionally qualified value (i.e.) qualified estate surveyor and valuer and other professional that can aids effectiveness of property development.
  3. Appropriate legislation such as a law that will prohibit or discourages environmental degradation, conflict, misuse and disuse of property (land) needs to be enacted.
  4. Allotees who fail to develop their plots within the statutory period should have their rights of occupancy revoked.
  5. There should be effective implementation of government regulations on development control and proper monitoring of such programme.
  6. There should be a sound enlightment program for the public on the effect and importance of property value to the people and their properties and the nation at large. So that people will maintain and manage their properties.

The Effect Of Location Of Tertiary Institution On Property Value (A Case Study Of Al-Hikmah University)


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The Effect Of Location Of Tertiary Institution On Property Value (A Case Study Of Al-Hikmah University)


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