Effects of land acquisition challenges on residential property provision by private real estate developers in Lagos state
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Date
2016
Authors
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Journal ISSN
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Publisher
Obafemi Awolowo University
Abstract
profiles of private real estate developers and land acquisition procedure in Lagos State; examined the land acquisition challenges encountered by private real estate developers for residential property delivery and examined the level of residential housing provision by private real estate developers from 2006 to 2015. It further analyzed the influence of land acquisition challenges on the level of residential housing provision. These were with a view to improving the provision of residential property in the study area.
Primary and secondary data were employed for the study. The data were obtained from registered private real estate developers and registered and practising estate surveying and valuation firms in Lagos State through administration of questionnaire. The population consisted of 87 registered private real estate developers and 354 registered and practising estate surveying and valuation firms. A total enumeration survey was carried out on the 87 registered private real estate developers, while systematic sampling technique was used to select 50 percent the of registered and practicing estate surveying and valuation firms in the study area. The first firm was selected randomly while every other firm was selected to give a total of 177 firms. The information obtained included the profiles of private real estate developers, land acquisition challenges encountered by private real estate developers for residential property delivery, and the influence of land acquisition challenges on the level of residential property provision. Secondary data were obtained from gazettes and other relevant publications of the Land Bureau, Lagos State. Data collected were analyzed using percentages, relative importance index, ANOVA and Factor Analysis.
The study showed that 37.2% of the Private Real Estate Developers firms were established between the years 2001 and 2010. It was established that 42.3% of the firms workers obtained BSc as the highest educational qualification, 39.7% were in the managerial position while 26.9% had between 6 and 10 years experience in land acquisition. This study further showed that intending land owners acquired land from government in any of the following ways: Land regularization, Land Use and Allocation Committee, Land services and Land Registry. The land acquisition challenges encountered by private real estate developers included cost of acquisition, delay in the process of land titling and disturbance and harassment by touts known as ‘Omo onile’ with of 4.31, 4.19 and 4.19 respectively measured in a five point likert scale. The result of Factor Analysis established that Land management, External factors, Time and procedure and Institutional factors were the most important land acquisition challenges with corresponding percentages of variance of 16.594, 10.672, 6.355 and 6.017 respectively. The land acquisition challenges that influenced the provision of residential property included time to complete acquisition, delay in the process of land titling and cost of acquisition with corresponding Relative Importance Index (RII) of 4.21, 4.17 and 4.15 respectively measured in a five point likert scale.
The study concluded that improving the process of land titling as well as reducing the cost of acquisition could enhance provision of residential property by Private Real Estate Developers in the study area
Description
xv,132p
Keywords
Cost of acquisition, Real estate, Land acquisition, Residential property, Land, Real estate developer, Housing
Citation
Aderibigbe, J.O.(2016). Effects of land acquisition challenges on residential property provision by private real estate developers in Lagos state