EFFECT OF SLUM ON PROPERTY VALUES
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EFFECT OF SLUM ON PROPERTY VALUES
ABSTRACT
The purpose of this dissertation is to assess the effects of slum on property values in Aguowa via Trans-Ekulu and confirm that slum is to blame for the area’s poor property values. According to the study, the occurrence of slums was caused by rural migration to urban regions and a lack of original planning in the area.
This book is divided into five chapters. The first chapter covers the introduction, problem statement, purpose of study, limitation and delimitation, background and necessity for the study, significance of the study, and overview of the study.
The second chapter reviews the literature on related studies such as the concept of residential slum, definition of slum, type of slum, roles of slum, theoretical aspect of slum,
history of slum recognition, concept of real estate development, type of property and classification, rational for real property development, and property values.
The third chapter discussed the research approach, the re-statement of the problem, data sources, population, and methodology.
Sample size, data collecting, data gathering procedure, data analysis method, and ultimately data analysis procedure.
The fourth chapter discusses data presentation and analysis, while the fifth chapter discusses findings, recommendations, and conclusions.
CHAPITRE FOUR
4.0 Data visualisation and analysis
4.1 Display of fundamental facts
4.2 Data presentation on the amount of deterioration within the research area
4.3 Data presentation on the influence of slums on property values
4.4 Data presentation on the impact of slums on property values
4.5 Data presentation on real estate
INTRODUCTION TO CHAPTER ONE
When coal mining began in Enugu in 1915, Aguowa received many immigrants who commuted to the city to participate in the coal boom of the time. The rural town had significant population expansion, and because it was on the outskirts of Enugu central, it was not subject to building restrictions and codes, therefore dwellings made of useful materials sprouted up all throughout the settlement.
As a result, the neighbourhood was overcrowded, with inadequate housing structures that were mostly disorganised. The village grew and developed haphazardly, resulting in a fall in property values and the social status of the estate environment.
While the inhabitants are unconcerned about the bad state of the urban environment, the municipal government agencies in charge of planning, managing, and regulating urban life have demonstrated ineffectiveness in carrying out their tasks.
As a result of this scenario, there has been a spontaneous development of substandard housing, deprivation of vital amenities, estate roads, drainage, ventilation, recreational facilities, garbage disposal facilities, and so on.
Lack of all of these finally consigns both the available infrastructures and buildings to obsolescence and, as a result, the slum. Because of this pressing slum issue, the researcher intends to assess the influence on property values at Aguowa, its states of evaluation in the study region
, taking into account both its direct and remote causes. In order to establish and the influence of this slum on property values, the researchers limit the population of study to properties in Aguowa’s two 92) residential communities (Trans – Ekulu and Federal Housing Estate).
To acquire data for the study, stratified random sampling was performed.
1.1 BACKGROUND OF THE STUDY
The Nike people are indigenous to the Aguowa region. Because the land is the people’s freehold property, some families were able to lease or sell land to non-indigenous people when the Enugu urban core expanded into the area around 1955.
Some non-indigenous people built dwellings, while others hired licenced surveyors to demarcate the piece of their land in preparation of creating structures that would conform with the city council’s building codes.
Unfortunately, until Enugu was designated as a planning area on September 14, 1958, the native authorities had no control over growth in this area. Despite the announcement, growth proceeded hastily and in complete defiance of local planning regulations.
The blighting of the neighbourhood was caused by uncontrolled development inside the region and an increase in urban population in Enugu.
The environmental conditions are deemed hazardous to one’s health. This is due in part to the public’s attitude towards trash disposal, as well as inefficiency and ineffectiveness.
1.2 STATEMENT OF THE PROBLEMS
“Aguowe Jungle” is defined by slum conditions such as blighted structures, overcrowding, a high occupancy ratio dominated by the low income group, a lack of public services, bade roads, and so on.
This observation piqued the researcher’s interest in attempting to investigate the impact of this condition (slum) on property values, and so the research commenced.
1.3 AIM OF THE STUDY
The following is the study’s goal: –
a. To identify the causes of slum in the study region, as well as indicators of slum environment.
b. Determine if the property value, including rental and capital values, of landed properties in Aguowa is low or high as a result of slum conditions.
c. Determine whether the slum has a detrimental or positive impact on property values in the research region.
d. Determine whether investing in real estate and property market transactions is a viable endeavour in a slum setting.
e. To offer the best plan for eradicating the Aguowa slum and thereby creating a suitable environment that will increase the property value in the area.
1.4 THE RESEARCH QUESTION
Certain questions have been raised in order to analyse the previously mentioned research topic and to more objectively address the emphasis of this investigation. It is thought that the proper answers to these questions have been raised.
It is expected that obtaining the correct answers to these questions will lead to the attainment of the study’s objectives. The following are the questions:
1) Is there any major evidence of slum in the studied region as compared to other nearby layouts?
2) Does slum have a major (positive or negative) impact on property values in Aguowa?
3). Will there be any major effect on real estate values in the slum area if a constructive urban development approach is implemented?
1.5 THE STUDY’S THEATRICAL FOUNDATION
This work is based on the highest and best use of land philosophy. This is intended to mean making the best use of land and land resources (Baco 1932). This is the use of land in such a way that it provides the best possible return to its owners or to society. The Aguowe area is not being used to its full potential, which highlights the need of this study.
1.6 THE SIGNIFICANCE OF THE STUDY
The study examines the many forms of slums in the study region and abroad, emphasising the necessity for an urban planning policy as well as a determined determination to clear a slum environment in order to reap the benefits of a real estate environment through increased property prices.
The study will also be of great interest to practising estate surveyors and banking institutions who may require real estate as collateral for credit facilities for the conditions of the properties and neighbourhoods when performing mortgage and insurance valuations,
as well as other valuation purposes. Of course, a property in a slum neighbourhood will not provide appropriate collateral for a bank loan due to the low returns.
The residents of Aguowa will profit from the study as well, because if the recommendations are implemented, they will have a clean and healthy environment.
1.7 SCOPE OF THE STUDY
The scope of this research is limited to the development of a slum in Aguowe, Enugu Central Local Government Area. The inquiry will take into account the environmental, socioeconomic demographic, transportation, infrastructure, and housing amenity variables that are relevant to improving estate setting and property prices.
1.9 INTRODUCTION TO THE STUDY
The research begins with an introductory chapter that discusses the research challenge and other associated concerns. The second chapter focuses on the literature review, which sheds more light on slum, the idea of slum,
the forms of slum, the qualities of slum, the causes of blight and the elements that lead to slum development, the types of slum, the role of slum, the history of slum, and so on.
The third chapter discussed the research methodology, research technique and design, data source, data collecting, and data analysis instrument.
The fourth chapter discusses data presentation and analysis, while the fifth chapter discusses findings, recommendations, and conclusions.
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