INVESTIGATION INTO THE PROPERTIES OF STABILISED LATERITE BLOCKS
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INVESTIGATION INTO THE PROPERTIES OF STABILISED LATERITE BLOCKS
ABSTRACT
Property is a collection of rights whose worth is established by the interaction of several elements classified as accessibility, environment, neighbourhood, and property features. This study investigates the relationship between infrastructure and property value in the Agege neighbourhood of Lagos.
To meet the research aims, questionnaires were distributed to two groups of respondents: estate firms and residents of Lagos’ Agege Local Government Area.
The first section contains the respondent’s demographic information. The sample was recruited from Agege inhabitants and estate firms in the surrounding area, including Ikeja and its environs.
The acquired data were evaluated using normal statistical methods such as tables and charts, and the results were interpreted using percentages. For this study, 120 copies of the research questionnaire were distributed,
90 copies to residents and 30 copies to estate firms, of which 93 copies were retrieved and evaluated, 70 copies from people and 23 copies from estate firms in selected locations.
CHAPITRE ONE
INTRODUCTION (1.0)
1.1 BACKGROUND TO THE RESEARCH STUDY
Infrastructure is critical to the well-being of both developed and developing countries, and its relevance to economic growth and development cannot be overstated. It is one of the fundamental facilities and systems that serves a country, city, or region, including the services and facilities required for the economy to function.
It is commonly used to describe technical structures such as roads, bridges, tunnels, water supply, sewers, electrical grids, telecommunications, and so on, and is defined as “the physical components of interconnected systems providing commodities and services essential to enable, sustain, or improve societal living conditions.”
Infrastructure development has an impact on the housing industry and is one of the determinants of property value in the housing subsector. Housing is one of man’s most basic requirements,
and it has a significant impact on an individual’s health, welfare, and productivity. Housing must be sufficiently equipped with functional infrastructures in order to have these effects.
The state of infrastructure is a veritable measure and assessment indicator of the status of any spatial, particularly metropolitan system. The effectiveness of any type of human activity system, especially an urban area, is heavily reliant on the availability of efficient infrastructure and services (Babarinde 1998).
The importance, as well as the quality and coverage of infrastructural facilities, have a significant impact on living standards, property values, and economic growth. Its importance in the proper operation of a city cannot be overstated.
Infrastructures, according to Fox (1994), are those services generated from a collection of public works usually given by the public sector to boost private sector production and enable for home consumption. According to Nubi (2002), infrastructure is the collection of all facilities that enable a city to function effectively.
Infrastructure investment has been linked to all aspects of economic development by Janet Rivers and Michael Heaney. This usually always involves an increase in property values, which is not an issue because the increase is always compensated by increased possibilities and incomes in the surrounding area.
The greater the proximity of a residential neighbourhood to new infrastructure improvements, the greater the increase in value. Furthermore, Rivers and Heaney discovered that a lack of infrastructure investment is directly associated to a drop in property values. They even argue that deteriorating or neglected infrastructure is a primary cause of economic deterioration and recession.
Infrastructure has played a vital role in supporting and sustaining rapid expansion in all sectors of the world’s economy, including the housing-property subsector, particularly industrialised countries where infrastructures are well constructed and given top attention.
Properly built infrastructure can also make growth more inclusive by sharing its benefits with impoverished people and communities, particularly by connecting distant areas, small and landlocked countries, and developing countries to major business centres.
In the developing world, there is also a link between infrastructure development and property value. In Nigeria, for example, where the federal government has embarked on massive infrastructural development in all regions of the country after years of neglect,
every sector of the economy has experienced an unprecedented boom in patronage as well as an increase in the value of properties in areas with high infrastructural development.
Professor M.A. Adebayo of the University of Lagos discovered significant links between property valuations, economic development, and infrastructure development. As a result of the remarkable efforts made by the slate government, properties in the state command the highest value in the country.
Lagos is the commercial capital and ranks first in terms of infrastructural development. Not only is there a link between public investment and local housing values, but people are obviously willing to pay more for a house or company if they know there is, or was, significant public investment in the region.
1.2 STATEMENT OF THE PROBLEM
This project investigates the relationship between infrastructures (roads, electricity, water, drainage facilities, and waste disposal systems), the effects of these infrastructures on property value and cost, and how key players such as estate firms and residents of the Agege area are affected.
Because of the public sector’s incapacity to satisfy its social responsibilities to the people, the level of neglect of infrastructural development over the years, as well as the defective and deteriorating status of the few accessible,
is growing more alarming and worisome. The availability and incapacity of infrastructure amenities can have a positive or negative impact on proper value and cost.
1.3 RESEARCH QUESTION
1. What is the current infrastructure in the research area?
2. What is the level of infrastructure demand in the research area?
3. How willing are people in the research area to pay for certain infrastructure?
4. How much do these infrastructure projects affect the value of residential property in the study area?
1.4 GOAL AND OBJECTIVES
This study aims to determine how much value is added to residential property as a result of various infrastructure projects in the study area.
However, the goals are as follows:
1. To investigate the current infrastructure in the research region.
2. Determine the level of infrastructure need in the study area
3. Determine the readiness to pay for certain infrastructure in the research area.
4. Determine how this infrastructure affects the value of residential property in the research region.
1.5 THE SIGNIFICANCE OF THE STUDY
The property market is a highly dynamic and complex industry with several components, institutions, socioeconomic, and historical characteristics. This study looked at the impact of infrastructure facilities on property as well as the issues of infrastructure development in the Agege district of Lagos.
In addition to the foregoing, the study will serve as a resource for students, scholars, and other researchers. Furthermore, this research will raise awareness among individuals, professionals, investors, communities, and society at large on how specific infrastructure influences residential property values.
Aside from the contributions to knowledge, the research would go a long way towards enabling mass property evaluations and guiding property investors on areas of potential return on investment. The research would also be useful to the government in determining the kind of infrastructure to be given in specific places.
The study will advise investors on where to invest while taking into account available infrastructure. As a result, it will be important to the following group.
This research will benefit property owners and inhabitants in the study area by giving adequate information on infrastructure availability and state.
This research will be beneficial in developing regulatory guidelines for infrastructure reform.
It will aid infrastructure providers in planning and budgeting resources and allocating them to places where they are most required.
1.6 STUDY OBJECTIVES
This project will assess the relationship between infrastructure and property value in the Agege neighbourhood of Lagos. Telecommunication infrastructure, drainage/sewage infrastructure, portable water supply, electricity, health facilities, educational infrastructure, sanitation, and solid waste disposal system are examples of various infrastructure.
As a result, the purpose of this research is to determine how much this infrastructure contributes to the value of residential property in the study region. It will also look at the issues of infrastructure development in an attempt to increase the value of homes in the Agege region of Lagos.
1.7 DEFINITON OF TERMS
Infrastructure refers to the basic infrastructure and systems that serve a country, city, or region, including the services and facilities required for its economy to function.
HOUSE: A building that serves as a home for people or other species, ranging from simple residences such as nomadic tribes’ crude huts to complex constructions made of multiple systems.
HOUSING: The shell or structure of a home. It is typically referred to as the social challenge of ensuring that individuals of society have a place to live, whether it is a house or another type of residence, lodging, or shelter.
URBANISATION: The movement of people from rural to urban locations.
REAL PROPERTY: Any subset of land that has been legally defined and enhanced via direct or indirect human labour, including structures, wells, dams, and so on.
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