CHAPTER
ONE
1.0
INTRODUCTION
AND BACKGROUND
1.1
GENERAL
INTRODUCTION
A well located
product can often survive economically even if development is poorly planned
and managed. A project that is not well located may fall even though it has the
best planning and management and even design, Cassidy (2005). Today, many
investors in real estate have no regret for taking a wise decision in site
section while many still regret choice of bad location.
The relative
location of a parcel of land is what determines it value. Thus, the relative
location made is the combination of the spatial proximity or a plot of land to
other parcel of land and linkages between them (Harsh 2000). In the course of
studying the effect of location on property value accessibility cannot be
isolated.
Accessibility in
this word considers the time and convenience of getting to a place. This refers
to the nature of the road network i.e. rough, smooth undulating to other use
wise. All these inquires have been observed in order to make alteration where
necessary and avoid future occurrence, hence considering the work in respect of
the effect of location of tertiary institution on property value.
1.2
STATEMENT
OF PROBLEM
This project
critically examines or gives an understanding of the effect of location on
property value. These projects also gives an understanding on how to choose or
to locate a suitable site for a property and adequately to know the present
property value so as to have a fruitful business and allows the people in the
institution have a befitting and credible knowledge and accommodation
Some estate
surveyor find it difficult to know the value of a property in some selected
area. So in these cases, some research topics have been treated by scholars to
the effect of location on property value. These dissertation as therefore aimed
at bringing to limelight the fact that property value is an important aspect of
utilizing a property through which enormous problem of valuation could be
tracked if necessary attention is given appropriately.
1.3
AIM
AND OBJECTIVES OF THE STUDY
The aim of this
study is to analyse the effect of location of tertiary institution on property
value.
Objectives
The objectives
of the study are: –
i)
To examine the effect
of location of tertiary institution on property value
ii)
To determine the value
of development in the study area
iii)
To assess different
types of property within the study area
iv)
To determine the level
of property value before and after
v)
To suggest and
recommend possible solution to the effect caused by location on property value
1.4
SCOPE
OF THE STUDY
This project
topic deals with the effect of location on property value but the scope of the
study shall be restricted to a tertiary institution which is Al-hikmah University,
Ilorin and its surroundings.
1.5
LIMITATION
OF THE STUDY
Though, it is
the intention of this research to present a comprehensive study on this subject
matter, nevertheless, the following constraints to limit this laudable intension
i.
Un-co-operative attitude
of the respondent in granting interviews and filling of questionnaires
ii.
Insufficient textbooks
in relation to the work for the purpose of literature review
iii.
Financial constraint
which directly and indirectly affect the information and data used
iv.
Short time required in
producing and completing the dissertation notwithstanding the above short
comings, everything’s possible to ensure a comprehensive dissertation was
undertaken.
LOCATION
PLAN
1.6 STUDY AREA
Ilorin is the
present day capital of Kwara state in the north central region of the federal
Republic of Nigeria. It is a pre-dominantly Islamic city with people of diverse
culture who have come together to live as one in peace and harmony. The entire
Ilorin community comprises of five local government area namely- Ilorin west,
Ilorin south, Ilorin East, Asa and Moro Local Governments. These local
government areas are all under the entity known as Ilorin Emirate.
Ilorin community
was discovered in the 18th century by the Duo of
Afonja-Are-Onakakanko, a Yoruba warlord and sheik Alimi and Islamic scholars.
These heroes of
Ilorin arrived Ilorin at different times and in different circumstances.
However, after so many internal and external wars which further polarized the
camp of both men and made them suspicious of each other, and eventual
confrontation ensured and Alimi defeated Afonja. Sheik Alimi extended a hand of
friendship to other hanlets nearby and formed a larger community within a
common belief and destiny, which he headed, that community is now known as a
testimony of the unity of the people.
Ilorin is one of
the largest cities in Nigeria and is the capital of Kwara state. As of year
2009, it had a population of 847,882 people. 18th January 2013, the
population of Ilorin, Nigeria increases to 958,693 according to the Geonjaves
geographical database, Ilorin. It enjoys an undulating relief interspersed with
scattered hills
1.5.1
HISTORICAL
BACKGROUND OF THE STUDY AREA
Al-hikmah
university, Ilorin Nigeria was established in 2005 by the Abdul-Raheem
Oladimeji Islamic Foundation (AROIF) Nigeria, the university came into
existence via the granting of operating licenses to run as a conventional
private university by the federal government of Nigeria; license no 010 on the
7th of January 2005. It commenced academic activities during the
2005/2006 academic session with 70 students spread across the three (3) take
off colleges: humanities, management sciences and natural sciences.
By the beginning
of the 2012/2013 academic session, Al-hikmah University could showcase four (4)
colleges with the addition of college of education, and a student population of
about three thousand (3000). Al-hikmah University stands out among Nigeria
University with a well-articulated mission of promoting both academic and moral
excellence for the good of Nigeria nation in particular and for furthering the
course of humanity in general. The overall goal of the university is summed up
in its motto “learning for wisdom and morality”
1.6
DEFINITION
OF TERMS
There are some
relevant terms used in this topic which includes: –
i)
Property: a property
can be defined as any physical or tangible entity which is owned by a person or
a group of people or an entity like a corporation. Depending on the nature of
the property a owner of a given property has the right to consume, sell, rent,
mortgage, transfer, exchange or destroy it. “McKay, John P (2004)” uses of
property
ii)
Institution: an
institution can be defined as an establishment, foundation or organization
created to pursue a particular type if endeavor such as banking by a financial
institution (G. M. Hodgson (2006)
iii)
House: can be defined
as a place of residence or refuge, when it refers to a building, it is usually
a place in which an individual or a family can live and store personal property
such as single family “detached home” or an apartment (Stanchack, John (2000),
Civil war, geographical handbook.
iv)
Location: the term
location and place in geographical are used to notice and or identify a point
of an area on the earth’s surface or elsewhere. The term “Location” generally
implies a higher degree of certainly then “place” which often has an ambiguous
boundary relying more an human and social attributes of place identify and
sense of place than and geometry. (Gersmeh, P. (2008) “Introduction to land
property”
v)
Value: the word value
as been defined by different scholar, justice bodies was quoted to have said
that value is a word of many meanings. Banbright, (1937) said that value is
been to define the importance of business and economic undertakings. It implied
the capacity of a commodity to satisfy want, it can also be related to
political, social and religious issues