Download complete project materials on The Study of the Trend of Commercial Property Development from chapter one to five
ABSTRACT
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The importance of commercial property development in nation’s building and growth cannot be overemphasized as commercial property remains of the nation effective revenue generation in property investment.
Development and value are two concepts that can be examine jointly for better understanding of the nature of the property market within a particular neighborhood.
The author is consideration of this examined commercial property development and value in Kaduna State. The author gathered relevant data tailored toward achieving author’s aim of appraising the trend in property development and causes of growth in rental value of commercial properties in Kaduna.
These data were collected through personal interview questionnaire administration and reference to past related projects. During the course of data analysis,
it was discovered that the problems facing property development and value in Kaduna include land acquisition, high cost of land, continuous rising cost of building material, lack of adequate financial institution and other related problems.
In an effort of solving the identified problems the author recommended that the government should supplement private developer in providing commercial property, strengthening existing means of generating fund, making land available at a moderate price and other related solutions.
CHAPTER ONE
BACKGROUND OF THE STUDY
Real Estate Development involves putting land into more profitable uses by construction of building, alternation of existing one to enhance efficiency in their presence to meet changes in taste and demand.
Development may also take the form of a positive conversation of immovable properties like land, farmland, building and any structured erected on land from lower use to higher use.
The development of commercial properties is usually triggered off by an increase in size of the number of users which makes the demand for properties positive.
A boom in the economy of the country is another important factor for instance in the early 1970’s during the era of oil boom.
The emergence of emergency contractors, clearing and forwarding agencies and a host of other users of commercial properties made the demand for commercial properties to rise in the Kaduna metropolis.
If one may ask “why does real estate management take place” the answer is not far-fetched over time changes in size and composition of the population, the relative incomes of different groups, attitude towards accommodation,
the rate of growth of economic activities, method, transportation and techniques of production and distribution brings about changes in demand for real estate development as the existing structure wears out or becomes less suitable to present use.
This development takes place in order that land or land and building can be used for a new purpose, or that a former use can be carried out more intensively or efficiently.
The significant impact of commercial property development in the economic, social and physical development of any capital city is worth nothing and assessing.
Creation of Kaduna state in 1976 has made Kaduna to experience series of dramatic physical and socio-economic development with the establishment of many industries, ministries and palatals all of which have influence on the growth of property development and values in the city.
It is therefore not worthy that demand for commercial properties in the state capital for both public and private uses has risen considerably over years. This phenomenon has necessitated improvement of commercial properties in the growing city.
STATEMENT OF PROBLEMS
Commercial properties have has a profound impact on the physical structure of such towns in Nigeria.
The effect of the properties on those cities has been subject to research work for researchers, hence the need to undertake similar step to study the impact that such developments having and will be having on town which is one of the oldest state capital in Nigeria.
A good deal of development is happening into area of commercial reality especially in Kaduna, but for the most part, commercial real estate as an investment of often an after buildings which have new fallen into over developed commercial neighborhoods, market buildings, shops and retail frontages.
Kaduna does not have a strong commercial estate in areas like business parks, ware housing and raw offices buildings. However, this is changing slowly. Against the premise raised the study.
AIM OF THE STUDY
The aim of this is to examine commercial property development in Kaduna metropolis, to examine the effect of such development and their values.
OBJECTIVES OF THE STUDY
- To identify the commercial property development in Kaduna Metropolis.
- To identify the trends in rental value of commercial property
- To identify the constraints associated with commercial development in Kaduna Metropolis
- To identify the prospect in commercial property development
RESEARCH QUESTION
This dissertation looks into the commercial property development and values in Kaduna with the aim of providing solution to the following questions.
- What are the commercial properties in Kaduna Metropolis?
- What are the trends in rental values of commercial properties?
- What are the constraints associated with commercial property development in the study area?
- What are the prospects in commercial property development?
SIGNIFICANT OF THE STUDY
This study is intended to analyze the trend in the development of commercial properties and value Kaduna it is hoped that the outcome will form a guide for investors in commercial properties that see the state as a possible base and those of them who were skeptical about investigating in commercial properties in the study area.
SCOPE
Kaduna as a city has a large commercial property spread all over the city kaduna comprise of two local government for the purpose of this study, the area embracing the two local government will be studies.
However, a random sampling will be employed since it is almost impossible to sample all the properties within the study area.
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