MORTGAGE FINANCING IN NIGERIA: CHALLENGES AND THE SEARCH FOR STRATEGIES AIMED AT ACHIEVING GLOBAL COMPETITIVENESS.

Property developers are facing micro and macro economic problems in their search for ways and means of ensuring sustainable growth. Issues such as higher than expected building period, building cost and interest charged on borrowed capital hinder this noble idea. Policies of various arms of government in Nigeria had been unstable over the years due to frequent changes in the polity. The main objectives of this paper was to assess the acceptability of the National housing fund programme by the populace from the point of view of their participation, and evaluate the impact of the scheme on real estate development activities in the country as a whole. At the empirical level, the Federal Mortgage Bank of Nigeria (Apex Bank), was studied with respect to both the collection of the national housing fund and the granting of mortgage loans to both the primary mortgage institutions and private real estate developers in the country. Current significant bottlenecks in real estate development as identified by primary mortgage institutions and private estate developers in Nigeria were looked into in an attempt at offering workable solutions. The result of this study shows that for the populace to achieve maximum benefits accruable from the sustainability of the national housing fund, the Federal Mortgage Bank of Nigeria should enhance its credibility by promptly considering loan applications forwarded. A situation where mortgage loan applications are not considered on time or funds not released to beneficiaries on time, can frustrate individuals. Once this is done, the national housing scheme would assist Nigerians to face the challenges of housing the masses squarely thereby achieving global competitiveness

TACKLING CAUSES OF FREQUENT BUILDING COLLAPSE IN NIGERIA

A building, once properly constructed is expected to be in use for a very long time. Although every society has its own problems and Nigeria is not an exception yet the very recent challenges of buildings collapsing in various locations have been giving the various arms of government and the people of Nigeria sleepless nights in view of the enormous loss of huge investments in housing, properties and human life. The major challenge on the issue of building collapse is that individuals differ radically from one another on the professional to blame as the major cause of the collapse of a building. This study reviews current challenges in the building industry in relation to collapse of buildings, loss of lives and properties. Data for the study were obtained through structured questionnaires administered to landlords and professionals in the construction industry in addition to academia in the built environment. Historical data of past collapsed buildings in Nigeria were also discussed. Findings from the three prominent groups were varied. First, building experts blamed building collapses on the use of low quality building materials coupled with employment of incompetent artisans and weak supervision of workmen on site. Second, public opinion revealed that the blames of building collapse were due to non-compliance with specifications/standards, use of substandard building materials and equipments and the employment of incompetent contractors. Third, opinion of the academia on remote causes of building collapse showed that the route causes are mainly the non-enforcement of existing laws and endemic poor work ethics of Nigerians at large. The study recommends that the press should lay more emphasis on educating the public at large on the dangers of the collapse of a building and less on public emotions. In addition, government should, on one hand, embark on proactive steps by mustering enough political will to allow the Town Planning Authorities to perform their functions unfettered and on the other hand, provide the legal framework that can improve and ensure smoother, less time-consuming and less burdensome ways to conduct business in the functioning of law courts

INNOVATIONS AND SUSTAINABILITY ISSUES INVOLVED IN GREEN PROJECT MANAGEMENT

The paper describes the attempt made in the direction of innovative approach to management and sustainability of Green projects concept. Green project concept involved the practice of increasing the efficiency with which building use resources-energy, water, materials, while reducing building impact on human health and the environment. Atmosphere above the earth has suffered high degree of pollution from buildings in recent times resulting in destabilization of ecosystem and ozone layer depletion which culminates in global warming phenomenon. In order to curtail the effect of negative impact of building on human health and environment, the complete building life cycle from design to post construction period should be thoroughly monitored. To this end, this study attempt, to describe innovative approaches to a sustainable Green project development including the attendant sustainability issues

A Study of Valuation Clients Perception on Mortgage Valuation Reliability

The effect of overvaluation and undervaluation cannot be over emphasized in any economy. Valuation opinions are very crucial to the operations and business dealings of the clients that seek valuer’s advice in decision making. Wrong opinion of value has caused strain in many business dealings. This paper studies the perception of clients on reliability of mortgage valuation in Nigeria. A sample size of 50 lending institutions was randomly chosen representing 57.5% of the target population in Lagos State, the study area. The study used descriptive statistic to analyse the data. The study reveals that clients are of the opinion that valuations produced by valuers were not reliable. This is as a result of the experiences they were having with large disparity between the final opinion of values of those properties on default mortgage that were foreclosed and the final sales price. The study therefore concludes that the estate surveyors and valuers in the country owe their clients a duty of care by presenting accurate and reliable valuation reports since other stakeholders of the real property investors depend on these reports for their investment decision

RELEVANCE OF REAL ESTATE EDUCATION TO PRACTICE IN NIGERIA

Attempts to define a common body of knowledge for real estate education have generated a lot of debate in recent years. Some people see estate management as an academic discipline, while others see it as an environmental discipline. This study therefore seeks to research into complaints over the quality of estate management graduates being sent into the labour market yearly, the shortfalls of the current curriculum and effectiveness of the current teaching techniques. The target population was the stakeholders comprising practicing estate surveyors, lecturers and final year students in the Department of Estate Management of three federal tertiary institutions. Two sets of questionnaires were administered in addition to in-depth interviews. The study found out that young graduates of estate management are deficient in valuation, agency, feasibility and viability appraisal, and property management. The study recommended th

Informal Land Market: Alternative Approach to Mass Residential Housing Provision in South-Western Nigeria

There has been continuous patronage of the informal land market by prospective real estate investors particularly in towns and cities within South-Western Nigeria over the years. This paper identifies reasons for the failure of earlier land policies from literature on one hand and why informal land markets continue to flourish by the day in Nigeria with the aid of two questionnaires distributed among fifteen estate surveying and valuation firms in Abeokuta, Ogun State and twenty estate surveying firms in Ikeja, Lagos State on the other hand. Data obtained from the questionnaires retrieved were analysed using tables, percentages and rankings. This paper identified instability in government as a result of political intolerance among politicians in power coupled with the limitations placed on the rights and privileges of the native land owners by the enactment of the land use decree of 1978 as the major causes of the continuous growth of informal land markets. This paper concludes that reforming the informal land market system in Nigeria is a question of political will rather than technical approach in the interest of the masses

A Preview of Non-Client Influence in Property Valuation in Nigeria

The existence of clients’ influence on values reported by Estate Surveyors and Valuers has been confirmed particularly in the US, UK, New Zealand, Asia and Nigeria. In a bid to discover ways of impeding the continuance of such influence, this work aimed at ascertaining the role non-client standing as third parties to contracting of valuation jobs will play. The research entailed the study of 162 Estate Surveying firms in Lagos Metropolis. A simulated mortgage valuation was carried out by the researchers with 24 final year students in a valuation course. The students who were placed in groups were required to influence Estate Surveyors and Valuers to tilt the calculated value upwards. Result derived from the use of 95% confidence interval on the t distribution table reveals that Estate Surveyors and Valuers were influenced upwards to an average of about 16% of the actual force sale value. From findings it is evident that influence in valuation might not necessary be due to inherent stakes attached to the task. While a lasting solution to the scourge is being sought, the researchers call for its eradication so as to safe guards the integrity of the Estate Surveyor and Valuer

Empirical Verification of the Accuracy of Valuation Estimates Emanating from Nigerian Valuers: A Case Study of Lagos Metropolis

reliable and accurate manner. This study sought to examine with a view to validating or dispensing the criticisms as to whether Nigerian valuers are capable of undertaking investment valuations in a reliable and accurate manner or not. To achieve this aim, the paper employed quasi-experimental survey methods. Forty five (45) estate surveying and valuation firms were sampled in Lagos Metropolis, the study area. The study used both descriptive and inferential statistics. The study revealed a wide variance of valuation estimates from the sale prices of the twelve properties sampled which indicated that the valuation estimates are not accurate and reliable. The study concluded that the Nigerian Institution of Estate Surveyors and Valuers and Estate Surveyors and Valuation Registration Board of Nigeria (the two bodies responsible for the regulation of the valuation profession in the country) should take up the responsibility of ensuring that variance in valuation is minimised by way of providing databank in order to provide more meaningful valuation advice

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

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 investment