Effect Of Slum On Property Values

Project and Seminar Material for Estate Management

Effect Of Slum On Property Values


Abstract


The aim of this study is to examine the impact of slum on the value of residential properties in Nigeria. The study was conducted in the cross rivers state of Nigeria. A total of 133 respondents participated in the study. The primary data was gathered through the use of questionnaires from the sampled population selected for this study. Slums are regarded as a form of urban decay which is a direct result of the prevalence of poverty experienced by the inhabitants of cities. The secondary data were gathered by means of a questionnaire. It is conceived that at the completion of the study, the findings will be of great benefit to the everyone residing in cross river state to have an understanding of the impact on the property value in the state; the study will also be beneficial to the users of the social media on delivering adequate information to the international scene.


Chapter One


Introduction

1.1 Background of the Study

Slums are home to the poorest of urban populations in Africa. The houses inhabited by slum dwellers are mostly decrepit, overcrowded, in neighborhoods that are prone to flooding and beset with poor sanitation and shortage of potable water. Slums are easily formed in areas experiencing rapid urbanization without commensurate increase in the provision and maintenance of housing and infrastructure. Slums have been conceptualized as a group of buildings or an area characterized by overcrowding, deterioration, insanitary conditions, or absence of basic and essential facilities like potable water, drainage system, schools, health facilities, recreational grounds, post office, among others. Slums generate spontaneously and are in some cases, a direct result of the prevalence of poverty experienced by the inhabitants of cities. Slums which are regarded as an element of urban decay, also result from congestion in overcrowded cities where poor immigrants seek to settle for just any available accommodation irrespective of quality. The overwhelming negatives notwithstanding, there are some positive aspects to slums. In recent years, some environmentalists and organizations such as the United Nations Population Fund suggested that despite the poor living conditions, slums are positive both environmentally and socially. Because slums are characterized by very high density of housing, itโ€™s environmental impact is smaller than that of dispersed rural communities. Furthermore, the fertility rate of new slum dwellers is below the replacement rate; this mitigates dangers associated with overpopulation that results from manpower-intensive subsistence agriculture, and frees up arable land for the nature, or more efficient industrialized agriculture. Slum dwellers also appear to have vastly better opportunities for getting jobs, starting small businesses and climbing out of poverty than rural inhabitants. Nigeria is ranked as one of the countries with high slum prevalence. The proliferation of shanty dwellings, squatter settlements and slums in most of our cities in Nigeria including the cross rivers state which is the being focused on in this study. However, it has been asserted that the presence of slum increase the rate of crime in the area thereby affecting the value of the residential property (Omole, 2010). The prevalence of slum in Nigeria has significantly affected the value of residential properties in the affected areas. This value is determined by the prices of the residential property or by the value of rent per a period time that is collected on them. However, the researcher will find out the impact of slum on the value of residential property in Nigeria.


1.2 Statement of the Problem

The process of urbanization which means specific changes in the distribution and structure of population as well as in a size and character of a settlement, their network or system, has many sided relationship with slums formation. The rapid rate of urbanization witnessed in the last century has produced more slums in the major cities of the world, particularly in developing countries where thousands of rural people move into the major cities at large proportion. Presence have slum is believed to have been a major cause of organized crime in the society. The researcher will investigate the impact of slum on the value of residential properties in Nigeria.


1.3 Objectives of the Study

The main objective of the study is to ascertain the impact of slum on value of residential properties in Nigeria. However for the successful completion of the study, the following sub objectives were put forward by the researcher:

  1. To examine the impact of slum on value of residential property in cross rivers state.
  2. To identify the causes of slum formation in cross rivers state.
  3. To examine the relationship between slum formation and the value of residential properties.
  4. To evaluate the degrees of health effect that can be caused when the residential properties in cross river state are being overcrowded.

1.4 Research Question

For the successful completion of the study, the following research questions were formulated:

  1. How can the impact of slum on value of residential properties in cross rivers state be examined?
  2. What are the causes of slum formation in cross rivers state?
  3. What is the relationship between slum formation and the value of residential properties?
  4. How can the degrees of health effect that are caused when the residential properties in cross river state be evaluated?

1.5 Research Hypothesis

  • HO: Formation of slum does not have impact of value of residential properties in cross rivers state.
  • H1: Formation of slum does have impact of value of residential properties in cross rivers state.

1.6 Significance of the Study

It is conceived that at the completion of the study, the findings will be of great benefit to the everyone residing in cross river state to have an understanding of the impact of slum on the value of residential properties in the state; the study will also be of great benefit to the users of the social media on delivering adequate information to the international scene.

It is conceived that the study will also be of great importance to researcher who are in need of information on similar field. Finally, the study will also be of great importance to lecturers, teacherโ€™s students and the general public.


1.7 Scope and Limitation of the Study

The scope of the study is the impact of slum on value of residential properties in Nigeria. However, the study has some constrained and limitations which are:

(a) Availability of Research Material:

The research material available to the researcher is insufficient, thereby limiting the study.

(b) Time:

The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.

(c) Finance:

The finance available for the research work does not allow for wider coverage as resources are very limited as the researcher has other academic bills to cover.


1.8 Definition of Terms

Impact

To have a strong effect on someone or something.

Slum

A slum is a house or a neighborhood that is in poor condition and that is generally considered unsafe and not nice to live or be in.

Value

The regard that something is held to deserve; the importance, worth, or usefulness of something.

Residential

A residential area is made up of houses and apartment building.

Properties

A building or buildings and the land belonging to it or them.


Chapter Five


Summary, Conclusion and Recommendation

5.1 Introduction

It is important to ascertain that the objective of this study was to evaluate the effect of slum on property values.
In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of the effect of slum on property value.


5.2 Summary

The primary purpose of this study is to examine the effect of slum on property value. Other secondary objectives guided the collection of primary data. A review of existing literature on the subject of property value as well as slum effect was presented in chapter two. This review explored important issues relating to the concept of property valuation, the classification of the functions of the property valuer. Beside the secondary data, a primary data was gathered through the use of questionnaires from the sampled population selected for this study. A total of 133 respondents contributed to the findings of this study.


5.3 Conclusion

Development is the inevitable destiny of our cities. Sustainable development is a big jump in order to have a world that not only gives services but it can also maintain itself. Slums is the side effect of unsustainable development started in the last decades. Due to its hysteresis effect, even if we remove the factor and develop the planners view point, we can still see Slums in big cities. Ignoring the problem does not solve the problem.


5.4 Recommendations

The researcher recommends that government should make more facilities for those who have not migrated yet in their original places. And for those who already live in the Slums, the government should legalize them and find better ways of living for them to tackle their problems. The solutions mentioned in this article are based on social justice, human values, avoiding ready prescriptions, people surveys, longterm and big plans beside instant solutions.


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