An Appraisal Of The Impact Of Off-Campus Students Accomodation On Residential Property Values Awka Metropolis

Description

– An Appraisal Of The Impact Of Off-Campus Students Accomodation On Residential Property Values Awka Metropolis –

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Abstract

The main purpose of this research work is to look into the impact of off-campus students’ accommodation on residential property values in Awka metropolis. The rapid expansion of schools has brought with it many problems associated with the difficulties of providing basic infrastructure within the school.

The most outstanding of all the problems is the problems are that of provision of adequate housing facilities for the growing population of students. This study therefore aimed at identifying the extent to which the inadequate students’ housing has affected the rental value of properties in Awka metropolis.

To achieve this aim, the surveyor’s research method was employed with the use of questionnaire. (Open ended and closed ended), oral interview, personal observation and the use of library.

Having carried out a careful and analytic study, the following findings were made; The study revealed that there is inadequate students’ housing in Awka  metropolis.

It was also found that inadequate student’s housing has an impact on rental values, reduction in aesthetic values of properties, high rate of dilapitation of properties, an unplanned environment and polluted environment as a result of indiscriminate disposal of waste .

Introduction

1.1 Background of the Study

One of the foremost urban problems in Nigeria today is the problem of housing. This problem may be defined in three ways: Absolute shortage of housing units in the cities.

The extent to which a family dwelling fails to satisfy certain minimal standard of safety and sanitation. The problem of affordability since the price of accommodation has gone beyond the reach of Nigerian population.

The degree of these housing problems is reflected in the high room occupancy rates in many cities and in the rapidly rising rent levels. It also led to persistent rise in the rate of inflation.

In effects, there is extra ordinary low propensity to save among the Nigerians of all socio-economic groups. This has been reflected in the low rate of capital formation in spite of government efforts to encourage investment in the recent years.

Rents for residential accommodation in our cities and urban centers are generally high for obvious reasons. The rural/urban migration, high demand for housing, in relative to supply spiraling inflation and high building cost contribute in no small measure to high rents.

The generally depressed state of the economy have made rents to hit the roof and out of reach of the common man. The demand for accommodation is affected by economic activities.

The expanding of old towns, improving and altering communication and decentralizing offices and industries to less buoyant areas will affect the land values.

Due to shortage of hostels in the face of rapid growth in student’s population, there is a very serious overcrowding in the hostel. Room originally designed for one or two students now contain six to 10 students respectively without expansion of existing services to accommodate the increased population.

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