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Real Estate Investment and Its Associated Challenges in Nigeria

Real Estate Investment and It's Associated Challenges in Nigeria

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Reference ID: PS-4806-TM

DEDICATION

This research material titled “Real Estate Investment and It's Associated Challenges in Nigeria” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Estate Management (EM), Book Authors and Profound Scholars of existing or related project material on “Real Estate Investment and It's Associated Challenges in Nigeria” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.

TABLE OF CONTENTS

PRELIMINARY PAGES


CHAPTER ONE

INTRODUCTION


    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • 2.4 Empirical Studies

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”

    ABSTRACT

    Real estate has continued to play a significant role in man's evolution. It is not a coincidence that food, shelter and clothing believed to be the three essentials that sustain mankind, also have some linkage to land. The aim of the study is to investigate the Real Estate Investment and It’s Associated Challenges in Nigeria. In achieving this aim, the following specific objectives were laid out to provide an overview of real estate investment in Nigeria, examine the challenges associated with real estate investment in Nigeria, and identify the way forward for real estate in Nigeria. During the period of economic boom in the 1970s in Nigeria, there was surplus capital, the economic climate then was favorable for the development of real estate and the prospect of gain was over blown and so were the rate of development. Due to the recent drop in the prices of crude oil world wide and corruption, government has not been able to invest in real estate. The findings from this study will educate the general public on the benefit of real estate investment and its associated challenges which will form the basis for guidance in decision making.


    Real Estate Investment and It’s Associated Challenges in Nigeria

    CHAPTER ONE

    1.0 Introduction

    1.1 Background to the Study

    Real estate has continued to play a significant role in man's evolution. It is not a coincidence that food, shelter and clothing believed to be the three essentials that sustain mankind, also have some linkage to land. Food grows out of land while shelter is affixed to it, and man's clothing is made largely from what grows out of land. Indeed, whether in ancient times or today's modern system, land constitutes a significant index for man's wealth, and as economic activities have assumed more sophistication over time, land has continued to play a central role in their development (Lewis, 1994). There is hardly any business venture that does not require to be supported by some form of real estate: from the small business that requires real estate as offices from where its business can be organized, to the major venture that needs it for its factory.

    Consequently, through some very robust and well thought out land policies comprehensively address challenges that are encounter in the real estate sector. This is not exactly the situation here in Nigeria and the result is that there is a myriad of problems in the real estate sector (Adewale, 2000). In the course of this study, the researcher will provide an overview of real estate investments in Nigeria and its associated challenges.

    Real estate investment is intrinsically connected to the economic development and well being of any nation, thereby necessitating some intervention by prudent governments. Such interventions vary in degrees, depending on the nation. In Nigeria, individual could rarely lay claim to any part of it as owner and therefore could not alienate it without the consent of the head.

    Proper financing is all-important to successful property/real estate investment and development. Various forms of finance on varying terms from diverse investing agencies are available to the property/real estate market. The principal field where various forms of investment finance are employed is that of development where every loan has to be specially tailored for an individual scheme and the particular stages within the scheme. Since real estate and property development in particular involves huge capital expenditure, finance is therefore an essential input, the nature of which is to provide capital to enable the enterprise operate commercially (Ratcliff, 1999). The cost and availability of finance for real estate development can influence the viability of such project. It is necessary to examine the nature of real estate investment in Nigeria with a view of finding solutions to the associated challenges.


    1.2 Statement of the Problem

    In recent times, research on real estate investment has been on the front burner has it is the major source of housing for man. In the hierarchy of man's needs, housing has been ranked second and as a result of this; housing provision has become a paramount cornerstone of the policies of various governments both at federal and state levels since independence in Nigeria. The consequences of the rapid rate of urbanization are most visible in the rapid deterioration of urban housing resulting in urban housing poverty especially as there is no proportionate increase in the number of housing stocks.

    During the period of economic boom in the 1970s in Nigeria, there was surplus capital, the economic climate then was favorable for the development of real estate and the prospect of gain was over blown and so were the rate of development. Due to the recent drop in the prices of crude oil world wide and corruption, government has not been able to invest in real estate. Overpopulation and urbanization has led to massive increase in property development.

    Financial houses readily obliged developers' loans, as they perceived minimum risks.

    Since real estate development requires huge capital outlay, there is always the need for real estate developer to source for fund. However, this study will examine the scope of real estate in Nigeria and its associated challenges with a view of making useful suggestions on the way forward for real estate in Nigeria.


    1.3 Aim and Objectives of Study

    The aim of the study is to investigate the Real Estate Investment and It’s Associated Challenges in Nigeria. In achieving this aim, the following specific objectives were laid out as follows:

    1. To provide an overview of real estate investment in Nigeria,
    2. To examine the challenges associated with real estate investment in Nigeria,
    3. To identify the way forward for real estate in Nigeria.

    1.4 Research Questions

    The following questions will be addressed to investigate the Real Estate Investment and It’s Associated Challenges in Nigeria:

    1. What is the level of real estate investment in Nigeria?
    2. What are the challenges associated with real estate investment in Nigeria?
    3. What is the way forward for real estate in Nigeria?

    1.5 Research Hypothesis

    In order to pursue the objective of this study, the following generalized statements have been designed to guide and aids in obtaining the result for the experiment to be conducted. For this work, the null hypothesis will be represented with H0 while the alternative hypothesis will be represented with hypothesis H1.

    • H0: Real estate investment has no challenges in Nigeria.
    • H1: Real estate investment has several challenges in Nigeria.

    1.6 Significance of Study

    The following are the significance of this study:

    1. The findings from this study will educate the general public on the benefit of real estate investment and its associated challenges which will form the basis for guidance in decision making.
    2. This research will also serve as a resource base to other scholars and researchers interested in carrying out further research in this field subsequently, if applied will go to an extent to provide new explanation to the topic.

    1.7 Scope of the Study

    This study on real estate investment and its associated challenges in Nigeria will cover the extent of real estate investment in Nigeria looking at the factors that has facilitated or hindered it. It will also cover the challenges associated with real estate investment in Nigeria.


    1.8 Limitations of the Study

    During the course of this study, many things militated against its completion, some of which are:

    1. Financial constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
    2. Time constraint: The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
    3. Research material: availability of research material is a major setback to the scope of the study.
    4. Frequent power failure: This made the researcher append more money on fuel to ensure sustainable power.

    1.8 Definition of Terms

    Investment: An investment is a monetary asset purchased with the idea that the asset will provide income in the future or appreciate and be sold at a higher price.

    Real Estate: Property consisting of land or buildings.

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

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