Exploring The Barriers to Global Trends in The Real Estate Development Industry: A Focus On Nigeria (Published)
This general review paper explores current global trends in the real estate development industry as well as identifies the barriers to the growth and development of these industry trends in Nigeria. This study adopts the desk research approach using secondary information sourced from diverse databases. Content analysis of the secondary data show that advanced and some emerging markets have made tremendous progress in sustainable real estate development, disruptive technologies application in real estate development, real estate transparency, and development laws and regulation compared to Nigeria an emerging market. Barriers to the growth and development of the global trends in Nigeria’s real estate development industry were identified and grouped into eight sub-categories. Understanding these barriers and means to address them by policymakers, built environment experts and developers will result to sustainable growth and expansion of Nigeria’s real estate development industry. Further quantitative survey should be conducted to rate these factors in their order of significance.
The importance of good policy formulation and detailed implementation cannot be overemphasized as it aid proper planning for developmental purposes, it is on this note that effective planning is crucial to housing development. The central objective of this is to examine the effect of planning on housing development in Enugu state, Nigeria. The study make use of descriptive research design while data were sourced using both primary and secondary data with the help of questionnaire which was distributed among 90 staff of Enugu state Economic Planning Commission, Enugu state Ministry of Land and Urban Development and Enugu State Housing Development Corporation. The data obtained were analyzed using table and lines, the result shows that effective planning bring about the following in housing development: Organized and Sustainable Growth, Infrastructure Development, Affordable Housing, Improved Housing Standards, Reduced Informal Settlements, Preservation of Cultural Heritage, Environmental Protection and Traffic Management. The result further identify challenges confronting effective planning on housing development, these include: Lack of Political Will, Inadequate Financial Resources, Land Availability and Acquisition, Bureaucratic Red Tape, Community Opposition and NIMBYism, Infrastructure Limitations, Environmental Concerns, Lack of Expertise and Capacity, Corruption and Mismanagement and Social and Cultural Considerations. The study recommended the need for cooperation between the government, developers, and the community to curb these challenges.
The pressure for development, public finance and revenue concomitantly attract challenges impacting and impairing on businesses especially in building and construction sector of the economy. Mitigating these responsibilities by various levels of government is the concern for efficient and inclusive fiscal policies for streams of auspicious and sustainable revenue windows particularly taxation. This study therefore examined implication of tax and taxation on the construction sector in Nigeria with a view for industry operator’s decision making. Using extensive review of related literature as well as eliciting primary data through structured questionnaires administered on purposive but randomly selected 100 respondents, elicited data were analysed using descriptive and inferential tools. The result indicated that Value Added Tax and With Holding Tax are most identified , 85% of respondents are aware of the identified taxes while Multiplicity of taxes, corruption risk and lack of confidence in the tax and poor enforcement of tax laws and policies were ranked major inhibiting factors to tax payment. Yet, tax administration was found to have no insignificant effect on tax payment in Nigeria tax system. The study conclusion avail for long-run taxation behaviour on the building and construction sector of the economy and on investment decision, it recommended that appropriate guidance and understanding of tax system and policies required by operators/investors and tax authorities in order to attract tax compliance in the economy.
Compensation Issues in the Niger-Delta – A Case Study Of Boboroku, Jesse, Delta State, Nigeria (Published)
It is common to find oil companies operating in the Niger Delta region acquiring expansive farmlands to facilitate their operations in the area while the natives of affected communities are generally left in precarious conditions arising from acquisition of their farm lands. The paper examines issues of compulsory acquisition, evaluating the quantum of compensation paid to natives of communities whose farmlands are acquired and issues that must be dealt with to provide adequate compensation to claimants. Using an oil well acquisition base in Boboroku, Jesse in Ethiope-West Local Government Area of Delta State as a case study, various compensation claims were examined vis-à-vis open market claims in compulsory acquisition. It was found that many claimants received N1000.00 or less as full compensation claims for their crops while families lucky to own lands received more reasonable payments. It was established that there was no statutory provision for disturbance losses from revocation of land interest. Also, the productivity of economic crops and trees was not considered nor was computation of claims based on market-values. The paper established that claims should be compensated on the basis of productivity value and lifespan of interests being acquired and not on arbitrary rates supplied by the acquiring authorities.
An Assessment of the Causative Factors and Effects of Delays in Building Construction Projects in Osun State, Nigeria. (Published)
Delay in building construction project is a universal phenomenon that is not peculiar to Osun alone. In fact, all countries of the world are faced with this global issue. These delays are usually considered as costly to all parties concerned in the projects and very often results in total abandonment thereby slowing down the growth of the construction sector. The purpose of this study was to assess the causative factors of delays and their effects on building construction projects in Osun. A total of forty two (42) project delay attributes and seventeen (17) effect attributes were identified through detailed literature review. Questionnaire survey were conducted across stakeholders that included among others; consultants, contractors and clients cutting across the building professionals namely; Architects, Builders, Quantity Surveyors, Estate Surveyors and Engineers to gather their views on causes of delay in delivery of projects. The research categorized the causes of delay under four main groups of client related, consultant related, contractor related and delay caused by incidental factors and their effects assessed using relative importance index (RII) as a basis for analysis. The RII for all delay factors and group of categories was computed so as to rank the factors. A total of 260 questionnaires were distributed among the respondents from different building construction firm in Osun state. Out of 260 questionnaires distributed, 234 valid questionnaires were retrieved back from the respondents, representing a response rate of (90.0%). The validation of information in this study yielded a Cronbach’s alpha of 0.891. The most significant factors of construction delays were identified as: cash flow problem (delay payment) with (RII=0.89), incomplete drawings (RII=0.84), improper planning and scheduling problem (RII= 0.91), financial incapability (RII = 0.89) and force majeure (Acts of God) with (RII = 0.81). The study revealed that overall, contractor-caused delays ranked highest with (RII=0.91) and was attributed to improper planning and scheduling problem, followed by financial incapability (RII = 0.89), while client-caused delay attributed to cash flow problem (delay payment) (RII=0.89) was observed as the second most common cause of delay in building construction project in Osun state. Furthermore, the study revealed increase in final cost of project (RII = 0.88) and extension of time on project (RII = 0.80), as the top two (2) effects of delays in building construction project in Osun state, while cash flow (RII = 0.52) had the least effect. It is therefore believed that identification of the causes of potential delay factors that are likely to affect the timely delivery of projects can help to avoid extra costs through claims and disputes that arise among parties when delays are experienced.
The research which is captioned “Residential Housing Problems in Anambra State (A Case Study of Onitsha Metropolis) was targeted at portraying the causes of housing deficit alongside its attendant effects on the populace with regards to habitable housing (Residential Properties). The roles of the public sector in housing development through its Ministries, Department and Agencies (MDA) were also highlighted in cognizance to the Federal Mortgage Bank of Nigeria. Owing to the fact that housing problems are over-whelming, ranging from over-crowding, shortage of housing supply etc. The researcher adopted both the primary and secondary methods of data collection. I found that the low income earners were the one’s mostly affected by housing problems and Onitsha being the commercial hub of Anambra State, it is pertinent that government should have synergy with the private developers and re-direct their motives towards arresting these housing problems that are highly prevalent within the area of study. The findings of the study shows that lack of or inadequate housing financial assistance, high cost of building materials, high interest rate and lack of interest by financial institutions to facilitate loans to investors, uncoordinated policies by the government, etc are responsible for the residential housing problems inherent in most of our urban areas. The study recommends that there should be an improvement on loan facilities for building projects and a downward review of interest rates by mortgage banks on loans to property developers.
Causes of Time Overrun In Building Projects in Nigeria: Contracting and Consulting Perspectives (Published)
Completion time is one of the yardsticks for measuring the level of project success in the construction industry. Thus, timely completion of construction projects is of great concern to construction projects participants. However, time overrun in building projects has been observed to be one of the major problems of the industry for many years. This paper examined the causes of time overrun in building projects with a view to attracting policy response which could enhance project time performance. Copies of structured questionnaire were administered on 95 construction professionals in contracting and consulting firms in Lagos State, Nigeria out of which 70 were properly filled and used for analysis. Mean score and Spearman’s rank correlation were used to analyse the data collected. The study indicates that both contractors and consultants were in agreement that time overrun was mostly due to financial difficulties, incomplete project details and clients’ interference.
The subject of housing has generated much discussion and interest in the developing countries especially in Nigeria. In most developing countries today, the provision of shelter is grossly inadequate despite several decades of direct government intervention in the shelter sector. Private Estate developers have also contributed in developing housing estates to relieve the great pressure on housing problem .All with the focus of providing adequate and affordable shelter for all (the masses/urban poor). Adequate and affordable housing and infrastructure is in short supply in Nigeria while marginal success have been achieved from Governments’ various approaches at accelerating housing provision. It has been observed that the phenomenal rise in population, spontaneous increase in size of most Nigerian cities have hitherto led to acute shortage of decent and affordable dwellings. The practice of some private sectors involves acquiring land and developing large estates where the houses are offered for sale as “ready-to-move-in units”. Several previous studies have focused on the role of government agencies (public sectors) in housing provision but adequate attention has not been given to the role of private sector in housing provision. This paper examines private sector participation in urban housing provision in Nigeria. This paper also aimed to contribute to the discourse on housing paradigm shift from public sector provision to private sector market-driven housing delivery in Nigeria. It is recommended that Government housing policy need to be proactive.
AN ASSESSMENT OF HOUSING INFRASTRUCTURAL PROVISION IN PUBLIC HOUSING: A CASE STUDY OF BASHORUN HOUSING ESTATE AKOBO, IBADAN OYO STATE, NIGERIA. (Published)
Infrastructure provision forms important ingredients to housing development and formal housing supply, thus adequate provision of infrastructural facilities are regarded as critical components and facilitator for economic development and key to improving the quality of life in any community irrespective of size. While there is a plurality of housing issues, the problem of infrastructure in housing remains prominent especially when mass housing schemes are considered. The failure of some of these housing schemes has revealed that housing provision transcends the mere provision of shelter for needs of man. Hence, the need to approach the situation in a pragmatic way, with a focus on the infrastructural provision – an important aspect of housing that is often left to fate – in most common housing schemes in developing countries – like Nigeria. For this study, a total of two hundred (200) copies of questionnaire were administered on randomly selected residents within Bashorun housing estate and one hundred and sixty six (166) copies were retrieved. The analysis presented below is therefore based on 166 responses which constitute 83% on the average. This paper therefore reviewed existing literatures and the research method is an empirical survey and case study approach involving quantitative analysis of primary data gathered from the selected housing estate thereby evaluating the state of infrastructures of the selected housing estate, Rank Test on the expected and obtained quality of this facilities shows that (Obtained Quality < Expected Quality). Furthermore, the study confirmed a strong positive relationship existing between infrastructural provision and occupants’ level of satisfaction, while a moderate, positive relationship exist between service rendered by the management authority and occupants’ level of satisfaction, which were attributed to private involvement in housing scheme. The study revealed that for housing development to be sustainable, basic infrastructures had to be put in place. The understanding of these infrastructural provision is thus a necessary prerequisite for developing an effective housing programme. The study underscores the need to consider relevant infrastructures for housing improvement and development in Nigeria with a view to ascertaining the sustainability of the housing environment and from this a conclusion is drawn and recommendations made in generating sustainable solutions to the subject matter.
Timber, as a building material, was assessed for its sustainability using data from secondary sources. It established that a sustainable building material must be environmental friendly, affordable, flexible in usage and durable. Timber possesses these characteristics. The paper thus compared fuel energy required to produce timber as well as carbon dioxide released and stored during production with other common building materials such as steel, concrete and aluminium. It observed that 750 MJ/m3, 26600MJ/m3, 4800MJ/m3 and 1100000 MJ/m3 of fossil fuel energy is required to produce Rough Sawn Timber, Steel, Concrete and Aluminium respectively. The work revealed that timber stores as much as 250 Kg/m3 of carbon dioxide (CO2) and releases only 15Kg/m3 into the atmosphere. In contrast, Steel, Concrete and Aluminium store no carbon dioxide while they release 5320 Kg/m3, 120Kg/m3 and 22000 Kg/m3 respectively into the atmosphere. Additionally plants, the primary source of timber, absorb carbon dioxide and release oxygen into the atmosphere during photosynthesis with a comparatively low thermal conductivity advantage. The paper consequently concluded that since timber is readily available in the country, it is a highly sustainable building material in the nation. It posited that the problems associated with the usage of wood, such as attack by insects, fungi, fire, depletion of natural resources etc can be ameliorated with the aid of preservative treatments, fire retardant and afforestation