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ABSTRACT
The
aim of this research work was to examine the effect of Godswill Akpabio
International stadium on residential properties in Obio Etoi. The research examined various conditions
which can affect a particular area. To achieve this aim, eleven research
questions were raised. The survey research design was adopted for the study.
The research design used was the before and after which enable me to observe
the changes in the values of residential properties by looking at the before
and after the establishment of the stadium in the area. The population of study
is made up of property owners and tenants in the study area. The researcher
used questionnaires, interview and self- observation as method of data
collection. A sample size of 123 was
derived using simple random sampling technique. The hypothesis developed was
tested using Chi-Square. It was observed that the types of residential
properties built before the establishment of the stadium were tenement
properties, bungalow and blocks of flat. But after the establishment of the
stadium, it was observed that more of blocks of flat, bungalow, self contains
and duplexes which led to changes and increase in rent passing and populations
of the area. The data collected was analyzed based on the interpretation and
conclusion made. This research has investigated into a comparative analysis of
the effect of the stadium in the area.
TABLE OF CONTENTS
TitlePage…………………………………………………………………………… i
Certification………………………………………………………………………… ii
Dedication…………………………………………………………………………… iii
Acknowledgement………………………………………………………………….. iv
Abstract……………………………………………………………………………… vi
Table of
Contents…………………………………………………………………… vii
List of
Tables……………………………………………………………………….. x
List of Figures………………………………………………………………………. xi
CHAPTER ONE
INTRODUCTION
1.1 Background
of the study……………………………………………………………… 1
1.2 Statement
of problem………………………………………………………… 3
1.3 Research
aim and objectives…………………………………………………. 3
1.4 Research
questions…………………………………………………………… 4
1.5 Research
hypothesis………………………………………………………….. 4
1.6 Scope
of the study……………………………………………………………. 4
1.7 The
significance of study…………………………………………………….. 5
1.8 The
study area ………………………………………………………………… 5
CHAPTER
TWO
REVIEW
OF RELATED LITERATURE
2.0 Introduction…………………………………………………………………….. 8
2.1 Concept
of Infrastructure………………………………………………………. 8
2.1.1 Types
of Infrastructure…………………………………………………………. 10
2.1.2 Characteristics
of Infrastructure………………………………………………… 11
2.2 Residential
Properties …………………………………………………………… 12
2.2.1 Types
of residential properties…………………………………………………… 12
2.3 Definition
of rent and types of rent………………………………………………. 14
2.3.1 Rent
Determinant…………………………………………………………………. 17
2.4 Concept
of Value………………………………………………………………….. 20
2.5 Factors
affecting property value………………………………………………….. 25
2.6 What
is a Stadium…………………………………………………………………. 26
2.6.1 Development
of Stadium………………………………………………………….. 26
2.7 Effect
of stadium on property values……………………………………………… 27
2.8 Summary
of the literature review…………………………………………………..29
CHAPTER
THREE
RESEARCH
METHODOLOGY
3.0Introduction……………………………………………………………………… 31
3.1 Research
design………………………………………………………………….. 31
3.2 Method
of data collection………………………………………………………… 31
3.3 Sources
of data collection………………………………………………………… 32
3.4 Population
of the study…………………………………………………………… 32
3.5 Sample
size………………………………………………………………………. 32
3.6 Sampling
technique……………………………………………………………… 33
3.7 Method
of data analysis…………………………………………………………. 33
CHAPTER
FOUR
PRESENTATION AND
ANALYSIS OF DATA
4.1 Introduction/Presentation
of Data……………………………………………. 34
4.2 Presentation and Analysis of Data on
Research Questions in Section B……. 34
4.3 Test of
Hypothesis……………………………………………………………… 42
CHAPTER
FIVE
FINDINGS,
CONCLUSION, AND RECOMMENDATION
5.1 Findings…………………………………………………………………………. 44
5.2 Conclusion……………………………………………………………………… 45
5.3 Recommendations…………………………………………………………….. 46
REFERENCES……………………………………………………………………………………….. 47
APPENDIX
I………………………………………………………………….. 50
APPENDIX
II…………………………………………………………………. 51
LIST
OF TABLES
Table 4.1:
Response on the ownership right ……………………………………. 34
Table
4.2: Response on the type of
residential properties available before
the construction of the stadium………………………………………. 35
Table
4.3: Response on the type of
residential properties available after the
construction of the stadium…………………………………………… 36
Table 4.4: Response
on the state of infrastructures before the construction
of
the stadium…………………………………………………………. 36
Table 4.5: Response
on the state of infrastructures before the construction
of
the stadium………………………………………………………….. 37
Table 4.6: Response to whether the neighborhood quality/aesthetics of
the
area
has improved because of the presence of the stadium…………. 38
Table 4.7: Response on what was the rental trend
before the establishment
of the stadium…………………………………………………………. 38
Table 4.8: Response on what was the rental trend
after the establishment
of the stadium…………………………………………………………. 39
Table 4.9: Response on rent passing on various residential properties
before
the establishment of the stadium……………………………… 39
Table 4.10: Information on the rent passing on the
residential property
type
after the establishment of the stadium………………………….. 40
Table 4.11: Response on what effects has the
construction of the stadium
on
property value in the area…………………………………………. 41
Table 4.12 Response on does the location of the stadium has effect on the
residential
property values………………………………………….… 41
Table 4.13 Test of Hypothesis………………………………………………………. 42
LIST
OF FIGURES
Fig. 1: Map of
Uyo Urban showing the Stadium…………………………………… 7
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Infrastructure is an
umbrella term for many activities referred to as social overhead capital, which
include public utilities. The adequacy of infrastructure helps to determine the
level of success that a country achieves in terms of coping with population
growth, reducing poverty, or improving environmental conditions (World bank,
1994). Infrastructure represents a wide range of economic and
social amenities which are crucial to create an enabling environment for
sustainable urban growth. It includes physical structures and facilities that
are developed or services provided by the public or private institutions to
enhance institutions to enhance the efficient functioning of an urban center.
It constitutes the main fabric of urban physical systems; what may be described
as the bedrock on which development stands (Udoudoh, 2016). Infrastructural
facilities provide the basic environment for the production as well as the
distribution of goods and services. It is a necessary ingredient for the
effective growth and functioning of towns and cities and for the national
promotion of social and physical development activities (Olugbamila, 2008).
In
this regard, infrastructure refers to those facilities and services that
provide the backbone for the development of other sectors of the economy. Its
role as an important agent of development cannot be overemphasized. The
provision of infrastructural facilities is very crucial to the development of a
nation. The manner in which provision of these basic infrastructural facilities
are dispensed to meet the demands of the public in general will determine the
level of economic activity and, in turn, the overall development of a nation. In many countries and for many years,
economist, planners and surveyors have tried to provide answer to why economic
growth is faster in some regions than others and why some cities grow faster
than other. The availability of major investments in infrastructure of any city
will result in automatic population increase that would influence massive property
development. Khan and Haupt (2006) state that one of the benchmarks used in
determining the wellbeing of the populace is to have the minimal
infrastructural services. Evidence suggests that inadequate infrastructure is
an impediment to the rate of growth in Africa, which has resulted in some
African countries trailing behind other developing countries (Foster and
Bricena- Garmendia, 2010). For developing countries, investments in
infrastructure have benefits as well as costs associated with the benefits.
The Godswill Akpabio International
stadium is a world class stadium built for track and field events that is well
maintained. Major sports events, like the world cup and sports facilities are
expected to have multiple impacts on the regional or national economy. The
event has the potential to boost economic growth, create new job opportunities,
increase tourism levels, regenerate host regions and boost civic pride
(Kavetsos and Szymanski, 2010)
The purpose of this research is to
examine the effects of the stadium on neighbourhood residential properties.
Many new Olympic stadiums have been constructed in low and moderate income
areas for the “potential to find bargain” prices on properties (Brookings
Institute 2001). Within a few years, the community that previously boasted
multiple locally owned businesses, an affordable family housing stock and a
high low-income minority population is replaced with upper- middle class.
Though higher property values, increased walkability and access to amenities
and environmental benefits. Therefore, there is need for the studies to be
carried out to ascertain the basic transformation that had taken place in terms
of population, economic activities, types of properties developed in the area
and change in property values before and after the sitting of the Godswill
Akpabio international Stadium. This is what the research intends to analyze and
investigate.
1.2 STATEMENT OF PROBLEM
The increasing rate of variations on
values of residential properties among varying residential neighborhoods in Uyo
in recent time has continued to dominate discussions within the spheres of
practicing estate surveyors and valuers, property owners, investors, users,
estate brokers, as well as policy makers on housing investment and management
in Uyo.
The establishment and sitting of
Godswill Akpabio International Stadium has gradually made the neighbourhood to
grow in terms of population increase, business activities, real estate
development etc. This is as a result of
the direct coming of real estate investors etc. who in one way or the other
have a need for land in the area. This people contribute in increasing the
demand for land which directly impact on property values in the area.
Therefore, the research wants to find
out the effect of the stadium on residential values, the different types of
residential properties that are developed and the rent passing on these
properties.
1.3 RESEARCH AIM AND OBJECTIVES
The aim is to assess the effect of
Godswill Akpabio International Stadium on neighbourhood residential property
values.
The objectives of the study are:
i.
To identify the
different types of residential properties that are developed within the
vicinity of Godswill Akpabio International Stadium
ii.
To determine the
rent passing on these properties.
iii.
To identify the
effect of the stadium on residential property values in the neighbourhood.
1.4 RESEARCH QUESTIONS
The research questions observed from the
objectives shall include;
i.
What are the
types of residential properties that are developed within the vicinity of
Godswill Akpabio International Stadium?
ii.
What is the rent
passing on these properties in the area?
iii.
What is the
effect of the stadium on residential property values in the neighbourhood?
1.5 RESEARCH HYPOTHESIS
Null hypothesis (Ho): The location of
the stadium does not have significant effect on the residential property
values.
Alternative hypothesis (Hi): The
location of the stadium has significant effect on the resid
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