Trends in Rental Value of Residential Property in an Emerging State Capital. (a Case Study of Osogbo, Osun State)
Trends in Rental Value of Residential Property in an Emerging State Capital. (a Case Study of Osogbo, Osun State)
Abstract of Trends in Rental Value of Residential Property in an Emerging State Capital. (a Case Study of Osogbo, Osun State)
This study examined the fluctuation and prospects of values appreciation on properties, which is due to population increases urbanization. This has shown that there are many factors that determined trends in rental value of residential properties. These factors include location of the property, changes in building costs, the national situation change, change in population. These examine the study area of the trends in rental value of residential property in Osogbo increased tremendously and this has brought about a great improvement on the socio economic life of the people at Osogbo. Chapter one, contains a detailed an broad information of the study and its background. The aim and objective, significance of the study, scope of the study, research methodology and limitation were also discussed. Chapter two is based on the literate review in which the conception frame works of the trend in residential property value was really discussed. Chapter three, these based on research methodology of the study area. Chapter four, discussed about the presentation of the data and the analysis of data using questionnaire and personal interview as a source of collecting data or information. Chapter five discussed summary of findings, Recommendation, conclusion and References.
Chapter One of Trends in Rental Value of Residential Property in an Emerging State Capital. (a Case Study of Osogbo, Osun State)
INTRODUCTION
BACKGROUND OF THE STUDY
As far a real estate is concerned, value goes with the same economic laws as values of other goods and services. Therefore, value of real estate relates its basis to the law of demand and supply just as price of commodity in the market. The other underlining factors that guide residential property market in the study shall also be highlighted. Value is the worth of and article in exchange. The money worth that will accrue to the lesser will be and inverse function of the value of demand, long time age especially in the days of oil boom, the property market of the area was dull because people prefer to build than to let or lease because building cost was cheap. But, in the decade the property market of the study area has experienced gradual changes in rental value.
The nature of this change is the focus of this project, the concept of values of property factors affecting property values and some other related topics will be treated
Various factors that can being about changes in residential property values and a graphical representation was made which showed a monumental changes in their rental values when compared the present year.
Osun became state in August 27th 1991 in the sixth year anniversary broadcasting of President Ibrahim Babaginda. The state was one of the Nigeria new states created in 1991 others are Abia state, Kebbi state, Kogi state, Delta state, Jigawa state, Enugu state, Yobe state and Taraba state. Before this time, the state was part of old western Region and later became part of the Old Oyo state before it finally became a state today. Most of the towns and villages in Osun State of today are as the country itself
The state capital is Osogbo with a total number of thirty local government councils. Among the major towns in Osun state are Osogbo, Ilesah, Ile-Ife, Ede, Ilaorangun and Egigbo among others. The state has a total land of 86002 square kilometers and share boundary with Kwara in the North. Oyo in the west, Ogun and Ondo in the South and Ekiti in the East.
The national figure of 1991 put the state population as 1,144,907 Male and 1,193,663 Female. With the population density of 233 and in 2006, the total population is 3,423,535 with the population density of 379 and the current population density is 4,000,000.
Before the inception as the state capital does not harbor much number of people but since the inception as the state capital the number of people increased and many environment, economics and development changes occurred hence, the introduction of banks and industries spring up which lead to the growth and expansion of the state, the rental value increases to a great change to the physical and economic activities in Osun State. The state was blessed with abundant deposited of natural resources such as Gold, Clay, Limestone and Granite.
The state expansion of tropical climate while the local natural vegetation is the lowland rainforest types.
Owa Laorooye (Laro) and Oguntimehin (Timehin) both co-founders came from Ipole, the original homestead of the earliest settlers, around 1650 and 1700.
Timehin was a great hunter. He had mad e several expeditions to the Osun forest during which he discovered Osun River whose water never dried throughout the year. The presence of Osun River and other physical features of the area impressed Timehin. Back at Ipole (located some 12 kilometers from Osun River and which had been experiencing acute water shortage), he informed Owa Laorroye of his adventure, discovery and conviction that if they shifted their abode to the area, the problem of water shortage would be solved. After due consideration, Laro, Timehin and their people left Ipole to settle along Osun River.
Legend has it that when a tree fell into the historic River, a voice complained and pleaded. Spirit of the forest you have broken all my dyeing pois move power from here so that you may prosper. Aro and Timehin were said to have replied in fear Osogobo ode o, which translate into the spirit of the forest sorry. The two men believed the voice to be that of the Osun goddess. From that day, the settlers called their abode Osogbo which was perfected to OSOGBO. The spot where Osun River is worshipped today was where Osogbo people first settled. Following the Osun goddess complaint and Advice, the first settlers Oba Larooye and Timehin and their people moved upwards as directed to where the first historic palace in Osogbo is now situated.