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An Investigation of the Efficiency in Nigeria Real Estate Agency Practice Iroham, C. O.; Oluwunmi, A. O.; Ayedun, C. A.; Oloyede , S. A.
Mediterranean Journal of Social Sciences Vol. 2 No. 2 (2011): May 2011
Publisher : Richtmann Publishing

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Abstract

Estate agency which has been researched upon particularly in the UK, US and Asia is still in its infancy in Nigeria. Thisresearch aims at discovering the impact of different agency types in the efficiency of Nigeria real estate practice. The study of 159 EstateSurveying firms and 91 Property development companies in the commercial nerve centre of the country (Lagos) representing both agentsand principal (vendor/purchasers) respectively, indicates that multiple agency is mostly adopted in Nigeria real estate practice. TheRelative Important Index coupled with Chi-Square test at 0.05 level of significance supports the posit of certain inefficiencies synonymouswith multiple agency as discovered in an earlier work carried out in the UK. The researchers thereby advocated the modification of subagencypractice particularly to involve the consent and commitment of principals so as to eradicate all inefficiencies by safeguarding theinterest of all parties. A call for focus on the neglected real estate agency research among Nigeria researchers is also advocated.
Predicting Residential Property Values Around Landfill Neighbourhoods in Lagos, Nigeria Akinjare, O. A.; Oloyede, S. A.; Ayedun, C. A.; Ajibola, M. A.
Mediterranean Journal of Social Sciences Vol. 2 No. 2 (2011): May 2011
Publisher : Richtmann Publishing

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Abstract

Some studies have proven landfills to negatively impact value of residential properties within kilometers of proximity while fewothers have generated mixed conclusions. This study establishes a predictive model for residential property values within 1 200mproximity to the four landfills in Lagos State by examining their varying sizes, operating status and history inclusive of diminutiontendencies. The relationship between each landfill and property values were measured based on interval of 300meters up to 1 200 metersin concentric rings.The resultant model validates the findings of the study that across the four landfill sites, increases in property values were evidentas distance away from the landfills increased indicating that residential houses in close proximity to the landfills suffered value loss.Property appreciation relative to distance averaged 5.75% within the concentric rings for all four landfills.The study suggested the closure of all landfils within residential areas and a relocation of such to uninhabited areas in the city’s outskirtin order to promote sustained value appreciation
An Empirical Ascertainment of the Causes of Building Failure and Collapse in Nigeria Ayedun, C. A.; Durodola, O. D.; Akinjare, O. A.
Mediterranean Journal of Social Sciences Vol. 3 No. 1 (2012): January 2012
Publisher : Richtmann Publishing

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Abstract

The incessant of building failure and collapse in the recent past has become a source of national concern andembarrassment in Nigeria. News reports of such incidents are frequently reported in the country by both the print and electronicmedia. In 2006 alone, no fewer than thirteen of such cases were recorded in Lagos State alone while statistics of the previousand subsequent years were not better off either. This study was set out to empirically ascertain the causes of such buildingfailure and collapse from the perspectives of the stakeholders (comprising of the professionals in the building industry,contractors and house owners/developers) with a view to proffering appropriate recommendations to guide against futureoccurrence. Lagos State was chosen as the case study based on the frequency of occurrence building collapse in the state. Toachieve the objective of the study, questionnaires were randomly administered on the professional Estate Surveyors andValuers, Architects, Town Planners, Quantity Surveyors, Engineers (Structural and Civil), building contractors andLandlords/developers in the study area to seek their opinion on their perceived causes of building collapse. The study identifiedthe use of sub-standard building materials, poor workmanship by contractors, use of incompetent contractors, faulty constructionmethodology, heavy downpour, non compliance with specifications/standards by developers/contractors, inadequate/lack ofsupervision/inspection/monitoring, structural defects, defective design/structure, illegal conversion/alterations/additions toexisting structures and dilapidating structures as the major causes of building collapse in Lagos State nay Nigeria. The studyrecommends education of all the stakeholders including the professionals in the building industry and landlords/developers onthe inherent dangers of building collapse and the need to be safety conscious while building houses.