This study examined, by means of primary and secondary sources, an examination of the effect of location on the value of residential properties in Egbu/Emekuku areas of Owerri capital territory in Imo State.
Data used in this study were derived mainly from secondary sources such as documents, including published literature, official documents, and media reports. Primary data were obtained from questionnaires administered to registered Estate Surveyors and Valuers, Estate Agents, landlords and residents of the study area.
The purpose of this study is to analyse and determine the relative roles of location and neighbourhood characteristics in the determination of residential properties value, and to identify and recommend reforms required for efficient valuation, investment decisions and proper management of residential properties in Imo State and other cities in Nigeria.
In other to achieve this, attempts were made to evaluate the role of location and neighbourhood factors in the determination of house prices in the conceptual background to this study.
The second chapter revealed a positive correlation between property market values and location; an indication that this uniqueness reasonably predicts property market values.
It also examined the various property characteristics that have relatively strong impact on market values (prices) and to an extent influence the rent, sales and purchase decisions of accomodation seekers, sellers and buyers in Nigeria.
The third chapter sets out the method and procedure employed in carrying out this project. The fourth chapter presents the results of the empirical and comparative analyses of the effect of location on the value of residential properties in Egbu/ Emekuku areas of Owerri in Imo State.
The study demonstrated that although several property features can be identified with residential properties, only a few important ones have significant impact on the market values of such properties.
It is concluded that neighbourhood and locational attributes show more importance on
house values when smaller geographical housing units are examined.
The recommendations of this study should enable individuals, Real Estate Professionals, investors and other stakeholders to make fair estimates of the market values of residential properties in Egbu and Emekuku area of Owerri in Imo State given the features of such housing units. This would aid rapid valuation, help to improve housing quality and make possible mass evaluation of properties.
TABLE OF CONTENT
TABLE OF CONTENT
LIST OF TABLE
INTRODUCTION AND BACKGROUND
1.2 BACKGROUND TO THE STUDY
1.3 STATEMENT OF PROBLEM
1.4 PURPOSE OF STUDY
1.5 1.5 SIGNIFICANCE OF STUDY
1.6 SCOPE AND LIMITATATIONS OF STUDY
1.7 RESEARCH QUESTIONS
1.8 OPERATIONAL DEFINITIONS
2.1 INTRODUCTORY REVIEW
2.2 CONCEPTUAL REVIEW
2.2. 1 CONCEPT OF VALUE
2.2.2 FORMS OF VALUE
2.2.3 TYPES OF VALUE
2.2.4 2.2.4 RESIDENTIAL PROPERTY VALUE DETERMINANTS
2.2.5 FACTORS AFFECTING RESIDENTIAL PROPERTY VALUE
2.2.6 LOCATION AND URBAN LAND VALUES
2.2.7 FEATURES OF LOCATION THAT CAN AFFECT PROPERTY VALUES
2.3 EMPIRICAL REVIEW
2.3.1 DEFINITION OF PROPERTY
2.3.2 CLASSIFICATION OF PROPERTY
2.3.3 TYPES OF PROPERTY
2.3.4 FORMS OF RESIDENTIAL PROPERTIES OWNERSHIP
2.3.5 TYPES OF RESIDENTIAL PROPERTIES
2.3.6 SOCIO-ECONOMIC IMPORTANCE OF RESIDENTIAL PROPERTIES
2 .3.7 BENEFITS OF INVESTING IN RESIDENTIAL PROPERTY
2.4 THEORETICAL FRAME
2.4.1 ARTIFICIAL NEURAL NETWORKS AND REAL ESTATE VALUATION
2.4.2 THE GRAPH-THEORETIC CONCEPT
2.5 SUMMARY OF LITERATURE REVIEW
3.1 RESEARCH DESIGN
3.2 POPULATION OF STUDY
3.3 SAMPLING TECHNIQUE AND SIZE
3.4 DATA COLLECTION INSTRUMENT
3.5 DATA PRESENTATION AND ANALYSIS
DATA ANALYSIS AND INTERPRETATION
4.1 INTRODUCTORY REVIEW
4.2 PROFILE OF OBSERVED FREQUENCIES
4.3 ANALYSIS ON INTERPRETATION OF DATA RELEVANT CONCEPT
4.4 ANALYSIS ON INTERPRETATION OF DATA ON RESEARCH QUESTIONS
SUMMARY, CONCLUSION AND RECOMMENDATIONS