DISAMENITY RISKS AND PROPERTY INVESTMENTS IN LAGOS, NIGERIA.

Disamenities such as High Voltage Overhead Transmission Lines (HVOTLs) otherwise refered to as power-lines, have greatly facilitated property value diminution. This study tries to capture the impact of power-lines on residential property values within Lagos metropolis. Questionnaires were distributed to 139 registered Estate Surveying firms and 605 persons residing along and within a 200m perpendicular distance to power-lines in Surulere and Alimosho Local Government Council Areas of Lagos Metropolis. Interviews with the managers and field officers of PHCN sub-stations in the study area were also conducted while data were analysed using analytical statistics. The study revealed that power-lines and its associated risks were found to affect rental values of residential properties within high brow Surulere while no effect was recorded for residential properties in suburban Alimosho. The study ecommends the use of buried armour cables as alternative to power lines and the strict enforcement of the right-of-ways where power-lines exist within the Lagos metropolis and generally across the nation. Keywords: HVOTLs, Risk elements, Residential property, Rental value, Estate Surveyor

Empirical Determination of Co-operative Housing Intervention Methods in Lagos Metropolis

As a result of the diverse challenges that the masses faced in the procurement of housing from the public and private sector housing market, many people had turned to seek assistance through the organized informal sector, especially the co-operative society. This study explored Co-operative Societies intervention in housing provision with the ultimate aim of establishing empirically the different methods of meeting housing needs of their members in Lagos State. Ikeja Area office, having the highest number of institution based Co-operative Societies in Lagos Metropolis was purposely selected for the study. Thus structured questionnaires were administered to two groups of respondents, the principal officers of the selected 54 institution based co-operative societies together with their 315 members. Secondary data were also collected through the review of relevant publications and records of some of these societies. Primary data analysis was carried out with tables, percentages and relative importance index while independent sample t-test was used to find if there is any statistical significance between the opinion of the principal officers and members on the success rates of the methods of housing provision engaged by the co-operative societies. The study found that amongst others that both categories of respondents have similar opinion on the method of housing provision commonly engaged with housing development loan (corporate scheme) ranking first, followed by land acquisition, documentation, layout and allocation, private housing project loan, then land acquisition, documentation, development and allocation with complete house purchase (universal) trailing behind. The study also revealed that most co-operative societies generate their funds and hardly receive financial assistance from external sources. The study concluded by suggesting a model that would incorporate external assistance from government, non-government and parent institutions and as well synchronize the various methods to make deliver a wholesome housing acquisition process for members of institution based cooperative societies

HVOTL Associated Risks and Real Estate Investment in Lagos Metropolis, Nigeria

ABSTRACT: High Voltage Overhead Transmission Lines (HVOTLs) associated risks have been thought to foster potential risks elements capable of creating property value diminution when located within the built environment. This current attempt identifies and evaluates particular risk elements attributable to HVOTLs within a perpendicular distance of 200m in residential neighbourhoods within Alimosho and Surulere neigbourhoods in Lagos metropolis using survey method. Data retrieved from residents within a 200meters distance perpendicular to power lines in the study areas of Lagos metropolis were analyzed and interpreted using the relative importance index. The study established that within the study areas, all nine risk elements were found significant but within varing extents. The study suggests that ROWs in the state must be enforced and respected by the public while erring individuals be sanctioned and their buildings demolished by State and Federal governments actions. This is crucial in promoting the sustainability of real estate investments

STUDY OF SPECULATIVE ENTERPRENEUR RESIDENTIAL HOUSING DEVELOPERS’ INITIATIVES IN LAGOS STATE, NIGERIA

The subject of housing has generated much discussion and interest in the developing countries including Nigeria. In the country presently, the availability of shelter in major towns and cities is grossly inadequate in spite of government interventions in its provision. Speculative residential housing developers have joined in developing housing estates all in the hope of ensuring adequate shelter for all. This development has created a real concern for urban residents of Lagos State since speculative residential housing providers, going by the selling prices of the units of housing available, tilt towards addressing the needs of the upper-income class mostly. With week-end spot observations backed by unstructured and semi-structured interviews, activities of five cooperative societies, five religious organisations and three private housing-based companies were studied. The study found that the ratio of involvement of those up to 50 years old and those above were in the ratio of 3:2. Ownership transferability in staff cooperative housing estates can be at will by the owners and same with private company-based housing estates subject to adequate notification and approval. On the contrary, owners of housing units within religious-based housing estates must first obtain written clearance from the organisation and, in most cases, carryout the sale processes through to another member of the organisation. The study recommends government allocation of state land for such developments to bring the cost of such units of accommodation within the reach of a larger segment of the society