BACKGROUND TO THE STUDY
benefit derived in the residential property investment can not be over
emphasized likewise the problem encounter in the management of such investment.
residential property investment involves making a current commitment of fund in
order to obtain an uncertain future returns, the study will examines various
investment in the property with emphasis on the residential property
the appreciation in property value depends upon the location of the property,
its demands and supply, the uses to which it can be put in the local market
place, because of its appreciation potential, real estate is viewed as a good hedge
against inflation. The tendency of construction cost makes it escalate faster
than general inflation.
problem of the residential property investment in Osun State (a case study of
Amorite Estate Osogbo) is particularly dealt with and the solution will be
preferred for all the problems identified in this study.
study shall also deal with the other types of investment that are available in
the in the property market, like industrial, commercial and Agricultural
property investment and also in stock market,
various ways of financing such project shall also be considered.
Housing Estate which is also refers as “living spring homes” is one of the
housing Estates that provide adequate accommodation in Osogbo Osun State. The
Estate is situated along Ede road Abere, opposite state Secretariat Osogbo,
Osun State which had a total land area of 7.9 hectares with a good land leveled
surface. The Estate is sharing boundary with an uncompleted housing Estate on
the ring side (west ward), a large expanse of land on the left side (East ward)
and delineated in the North by an express road.
housing Estate started construction in the early 2007 in Osogbo with the aim of
providing about 100 housing units consisting of two (2) and three (3)
bedrooms respectively for convenience
and full accommodation to reduce housing problem in Osun State. The
construction of the Estate is divided in to two phase’s i.e phase one and two.
The phase one consist of two (2) and three (3) bedroom bungalow of over forty –
five (45) housing unit which was the first part to be completed, the buildings
were all suited with adequate space for relaxation. Amorit Housing Estate was
officially commissioned on the 24th of April, 2009 by Amorit International
Limited in partnership with the Federal Ministry of works, housing and urban
development and was occasioned by the then Honorable Minister of State for
Work, Housing and urban development Chief (Mrs) Grace Ekpewhre (jp) with royal
father HRM Oba Munirudeen Adesola Lawal (Laminisa) Timi of Ede Land.
However, the Estate Started the
construction of the second phase immediately after the completion of the first
phase, the second of three (3) bedroom bungalow with duplex on request all
ensuit with adequate space. The housing Estate has a conducive environment with
aesthetic view with different flower and trees for beautification of the
Housing Estate. The Estate has varies facilities to improve standard of living
of the residents which includes laws tennis court, shopping mall, swimming pool
for relaxation of the residents and constant supply of water and electricity
supply and adequate security for the Estate.
Further more, the administration
work is headed by the director in person of Mr. Kayode Oyewole, assistant of the
housing Estate. There are various departments that contribute to the
administrative work of the estate which includes:
Maintenance department and
administration of the housing estate.
Finally, the process for holding
a unit in the estate can be gained by purchasing of the application for form
#5,000 fees non-refundable and one can be issued with the application form
which must be completed by the applicants and must be submitted with the
The mode of payment for the
allocation of the housing unit includes the following:
Housing Estate has really established a home for people of Osun state that is
measurably the best.
This study aim at
analyzing and examining the residential property investment in Osun state and
its associated problems using Amorite Estate Osogbo as a case study.
In order to achieve the aim, the following
objectives shall be adopted.
To examine various means of satisfying
additional housing investment in the state.
To determine the viability of
residential property investment and realization of the target income.
To identify those risks (problems)
involves in residential property investment as well as proffering solution and
recommendation to the problems identified.
OF THE PROBLEM
It has been
observed that the available residential accommodation in the state is grossly
inadequate to cater for the population of over 3.2 million in the state. This
warrant the need for public private partnership in the provision of residential
housing accommodation for people.
with the housing provision as an investment are the income and the risk
attached to it. The researcher; however deem it well to examine the viability
of residential investment in the state as well as the risks and problems
peculiar to the residential property investment in the state.
influencing the realization of the targeted income from residential property
investment will equally be examined in order to enlighten interested investors
and participant in the provision of residential housing in the state.
1.4 JUSTIFICATION OF THE STUDY
The needs for this
study are so many at this period of time and these may be summarized as
is necessary in the state being a young state in yearning for rapid development
especially in the residential aspect especially capital of the state (Osogbo)
so as to make housing unit available for the people who are coming into the
The study is also
necessary in the sense that it will serve as a guide to those that may be
interested in going into the property investments so as to know such area where
they could encounter problems and how to deal with the problems.
This study will
also enhance the knowledge of an interested investors and expose them to
sources of financing their investment.
1.5 SCOPE OF THE STUDY
The scope of this work shall
cover residential property investment in Osun state and is limited to the
problems associated with Amorite estate and development. Although effort would
be made to discuss other type of real estate investment in Osun state.
methods that would be use in gathering the necessary data needed for the study
would be maintained. The various methods that
shall be used are as follows:
Histogram and frequency
TO THE STUDY
are the assumed limitation OF this study:
In adequate records keeping system in
the organization or establishment in order to supply the data needed at the
Financial aspect involved in carrying
out the work.
Limited time between preparation for
the second semester examination and the time of carrying out the study.
OF THE STUDY
This research work
shall contain the following chapter with each having the appropriate headings
to be illustrate further:
Chapter one which consist of introduction, background
of the study, aims and objectives of the study, statement of the problems,
justification of the study, scope of the study, research methodology,
limitation to the study and layout of the study.
Chapter two consists
of literature review, conceptual frame work and new ideas added to the existing
body of knowledge.
contains the mean of achieving the goal of the study, the procedures of data
collection and analysis. It will also identify data required, method of data
collection analysis and presentation.
Chapter four deals with presentation and
analysis of data and information collected in the study area.
Chapter five this chapter will be loaded with
summary of findings, recommendation, proffered solution and conclusion