EFFECTS OF RISING COST OF BUILDING MATERIAL ON PROPERTY DEVELOPMENT
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EFFECTS OF RISING COST OF BUILDING MATERIAL ON PROPERTY DEVELOPMENT
CHAPTER ONE INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The Nigerian construction industry is a developing industry; the sector is seen as a growth driver, and its success serves as an indicator of the country’s economy (Akanni et al., 2014). It is backed by the Construction Players Association, which includes developers, contractors, building material and equipment suppliers, manufacturers, financiers, regulators, and others in the value chain.
Building materials have long been used in the construction sector. They are the materials used in the construction of structures; no discipline of engineering would be possible without their utilisation (Akanni, 2006; Udisen and Akanni, 2010).
Building materials have a significant impact on the quality and cost of housing, from the materials used in the foundation to the materials used for roofing and finishing,
and the building material industry is an important contributor to any nation’s national economy because its output governs both the rate and the quality of construction work.
The cost of building materials is a major concern for both the construction business and consumers who want to own a home (Anosike, 2009; Mekson, 2008; Mohammed, 2008; Njoku, 2007).
For example, a bag of cement valued at N1350 in 2006 rises to N1850 in 2009 (Anosike,2009), representing a 37% increase; the bag rises to N2000 in 2012 during peak season (Field study 2012).
Supporting this viewpoint, Jagboro and Owoeye (2004) previously established that increases in building material prices have multiplier effects on the industry, while Idoro and Jolaiya (2010) confirmed that many projects were not completed on time due to rising material costs.
Aside from timely completion, high building material prices are a major impediment to improving housing standards in low-income nations, including Nigeria (United Nations Centre for Human Settlement (UNCHS),1993).
1.2 STATEMENT OF THE PROBLEM
In light of previous studies on the cost of building materials in Nigeria, little is known about the effects of rising costs on property development; most literature (Jagboro and Owoeye,2004; Meckson,2008; Njoku,2007; Oladipo and Oni,2012)
has focused on identifying the causes with little emphasis on the implications; thus, the research seeks to provide information on the effects of rising building material costs by examining their influence on property development.
1.3 OBJECTIVES OF THE STUDY
The study’s main goal is to investigate the effects of growing building material costs on property development.
1.4 RESEARCH QUESTIONS
(1) What exactly are building materials?
(2) What exactly is real estate development?
(3) What are the reasons that can raise the cost of construction materials?
1.5 THE SIGNIFICANCE OF THE QUESTIONS
This study provides a clear picture of the effects of increased building material costs on property development. The study also yields data that corroborate the findings of much earlier research in this sector.
1.6 STUDY OBJECTIVES
The study focuses on the impact of growing building material costs on property development.
REFERENCES
P.O. Akanni (2006). Small-scale construction material production in the framework of the informal economy. Pp13-18 of The Professional Builders.
P.O Akanni, E.A One, and O.A Akpomiemie (2014). Environmental factors influence building project performance in Delta Star, Nigeria. Journal of the HBRC. Online publication in advance.
P. Anosike (2009). Nigerians complain about the exorbitant cost of building materials, according to The Daily Sun, pp. 38-39.
G.I. Idoro and O. Jolaiya (2010). Considering material storage strategies and their impact on construction project performance. University of Cape Town, Proceedings of the CIB International Conference on Building Education and Research (pp. 103-113).
G.O. Jagboro and C.O. Owoeye (2004). A model for estimating building material prices in Nigeria using the currency rate. Malaysian surveyor, 5(6), pp. 9-14.
J. Mekson (2008). Prices of building materials in Nigeria’s growing communities, The Professional Builders, pp.21-27.
H.Y. Mohammed (2008). Nigeria: Builders lament rising building material costs. P. 29 of the Daily Trust
J. Njoku. (2007). Dealing with the rising cost of construction materials. 36-37 in The Vanguard.
J.U. Udosen and P.O. Akanni (2010). A factorial investigation of the waste of building materials related with construction projects. 11(2), 81-90, Journal of Civil and Environmental Systems Engineering.
The United Nations Centre for Human Settlements. Housing construction materials. A suitable intermediate, cost-effective building material, technology, and housing delivery system.
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