CRITICAL ANALYSIS OF THE EFFECTS OF ECONOMIC VARIATIONS ON REAL PROPERTY MANAGEMENT
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CRITICAL ANALYSIS OF THE EFFECTS OF ECONOMIC VARIATIONS ON REAL PROPERTY MANAGEMENT
ABSTRACT
The real estate market is a vital aspect of the overall corporate economy. The two industries are so tightly intertwined that trends in the business economy may originate or arise from changes in the real estate market. This paper attempts to obtain insight into the nature and conditions of Nigeria’s property market in the context of current economic changes.
This work highlights the resulting issues that have significantly contributed to the difficulty of real property administration. As a result, the goal of this study was to critically examine the effects of economic fluctuations on real property management, utilising the Onitsha property market as a case study.
The study was able to identify the key reasons of Nigeria’s economic issues, and potential solutions were proposed. Estate surveyors and valuers were given advice on how to deal with some of the implications of economic fluctuations on real estate management.
The study also aimed to educate the public about the significance of Estate Surveyors and Valuers in the real estate sector of the economy. Recommendations were given to Estate Surveyors to improve Real Property Management practice in Nigeria.
The data used in the analysis were mostly obtained by questionnaire administration, oral interviews, personal observations, and the collecting of pertinent material from textbooks, journals, and papers.
The study included fifty (50) practicing estate surveyors in Onitsha. Of these Estate Surveyors, forty (40) were selected using a stratified random sampling technique. Forty (40) questionnaires were distributed, of which thirty-
The analyses employed eight (38) samples. The study’s hypothesis, which claims that economic variations have a significant detrimental effect on real property management in Onitsha, was tested using the chi-square (x2) test statistic. The study found that economic changes in Nigeria have a negative impact on real estate management in Onitsha.
At the 0.05 level of significance, the test results revealed that economic changes had a substantial negative effect on real property management in Onitsha (X2 cal.=44.2500, X2 tab.=5.991).
The study found that Nigeria’s economic differences were mostly caused by an over-reliance on petroleum and related goods at the detriment of agriculture and other areas of the economy. Inadequate planning for various
Government recovery policies aggravated the market scenario. These practices reduced people’s per capita income. Because the pricing system was not coordinated, prices for goods and services rose unevenly.
The liberalisation of interest rates made borrowing for investment purposes prohibitively expensive. Nigeria’s economy has been damaged by ongoing political, social, and religious conflict. Problems in the global economy have triggered economic developments in Nigeria.
The study identified the following effects of these economic challenges on Real Property Management: time-consuming rent revisions, underestimation of maintenance expenses, an increase in rent defaults, stagnating rents, delayed maintenance, unrealistic forecasts, etc. To stabilise the Nigerian economy, more emphasis should be placed on agriculture and other industries. The
The government should implement measures to address the ongoing political, ethnic, and religious conflicts that have discouraged international investors.
The principles of checks and balances should be thoroughly applied among the three branches of government to combat the problem of misappropriation of public monies by individuals in positions of power.
Estate surveyors and valuers working in a volatile economy should analyse and recognise market patterns to help them manage economic volatility and crises.
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