Estate Management

Application of Depreciating Factor in Cost Value Correlation Analysis: A case Study of Residential Properties in Enugu

2019-03-26T12:35:20Z

Application of Depreciating Factor in Cost Value Correlation Analysis: A case Study of Residential Properties in Enugu Obioma, Vincent Ochuba The major difficulty faced by the valuer in using the Replacement Cost method of valuation is in the determination of depreciation rate that corresponds with market-determined rate. This disparity can be traced to the difficulty in determining, the tear and war and economic or environmental obsolescence as perceived by the market. A market determined depreciation rate could be estimated and used for valuation of residential properties in Nigeria using the replacement cost approach. The objective of this study in the circumstance was to develop a model for estimation of market-based depreciation rate and to show that valuers could build the perception of the market into the depreciation estimation. The work aimed at determining the disparity between the developed model and the model used by valuers. For this purpose four residential neighbourhoods were chosen. The major capital data were analyzed using descriptive statistics. The depreciation rates obtained applied on the current gross replacement cost of building to arrive at the depreciated values. Further analyses to test the hypothesis were done using Chi-square tee These were tested for significance at 0.05 level. The data used for the Chi-square NA, degree of disparity of the values for the population of the properties used in the work the valuers indicated

Comparative Analysis of the Performances of Formal and Informal Sectors in Solid Waste Management in Uyo, Akwa Ibom State, Nigeria

2017-06-11T23:56:36Z

Comparative Analysis of the Performances of Formal and Informal Sectors in Solid Waste Management in Uyo, Akwa Ibom State, Nigeria Bassey, Uwem Silas The aim of the study was to empirically compare the performances of formal and informal sectors solid waste management system in Uyo, with a view to identifying whether variation exists in their performance. The specific objectives of the study were to: (i) identify and classify the activities of formal and informal sectors solid waste management in Uyo, (ii) determine the level of performance of the formal and informal sectors and variation (if any) in solid waste management in Uyo, (iii) determine residents’ perception of the level of performance of formal and informal sectors in solid waste management in Uyo. The study adopted the survey research design method. Data were collected from both secondary and primary sources. Secondary data sources include books, journals, gazettes, as well as statistics on the volume of waste collected from Akwa Ibom Environmental Protection and Waste Management Agency. The primary data were collected with the aid of structured questionnaire which contained three major sections and 21 questions. The questions were structured in 5-point Likert scale using strongly agree, agree, moderately agree, disagree and strongly disagree. A pilot survey was carried out to test the clarity of the questions on the questionnaire. Reliability of the test instrument was determined using Cronbach alpha which yielded a correlation coefficient of 0.85. The sample size of 400 respondents was determined from a sample population of 407,648 resident population of Uyo (NPC 2006) using Taro Yamane formula. The stratified and purposive sampling techniques were employed to select the respondents based on the existing three residential densities (low, medium and high). Stratified sampling technique was used to select the household heads, whereas purposive sampling method was employed in selecting the Akwa Ibom Environmental Protection and Waste Management Agency staff (formal sector) and scavengers waste operators (informal sector) that were sampled. Three hundred and eighty-eight copies of questionnaire representing (97%) were returned and utilized. The household heads, Akwa Ibom Environmental Protection and Waste Management Agency staff (formal sectors) and informal sector actors (scavengers) formed the respondents for the study. The Principal Component Analysis, Analysis of variance and Chi-Square were used to analyze the data at a significance level of 0.05. The activities of formal sector in solid waste management in Uyo were: solid waste disposal (36.4%), revenue generation (24.6%), waste recycling services (12.5%) and providing adequate sanitary services (12.5%). The activities of the informal sector in solid waste management in Uyo were: waste disposal (28.2%), resource recovery (23.9%), providing an aesthetic environment (16.8%), flood control (15.1%) and citizen empowerment (13.5%). The performances of formal sector in solid waste management in Uyo were: adequate service delivery (11.4%), providing good sanitary condition (10.8%), promotion of awareness on efficient solid waste management (9.8%), monitoring solid waste management system (9.5%), conservation of resources (9.2%), and funding the evacuation of solid waste (8.5%). They cumulatively accounted for 59% variation in the performance of the formal sector in the management of solid waste in Uyo. This implies that formal sector operated at 59% performance level. The performance of informal sector in solid waste management in Uyo were: collection and disposal of solid waste (13.7%), wealth creation (11.3%), citizen mobilization (9.1%), sensitization on refuse disposal (8.8%), and cost effectiveness of the informal sector (8.3%), acceptability of the informal sector (7.8%), income generation (7.4%) and resource recovery (6.7%). They cumulatively accounted for 73% variation in the performances of the informal sector in the management of solid waste in Uyo. This implies that the informal sector operated on 73% performance level. There was significant variation (p < 0.05) in the performances of formal and informal sectors in solid waste management in Uyo. This indicates that informal sector performed more effectively than the formal sector in solid waste management in Uyo Capital City. The resident’s perception on the level of performances of the formal and informal sectors in solid waste management in Uyo did not differ significantly among the various sectors in Uyo (X2 = 33.137; p > 0.05). The study also recommended that government should actively pursue formal and informal sector synergy.

Industrial Activities and Sustainable Development in Ninth Mile Corner Enugu, Nigeria

2017-06-11T23:56:29Z

Industrial Activities and Sustainable Development in Ninth Mile Corner Enugu, Nigeria Alom, Anselem Chukwuma Industrialization is the social and economic change that transforms a human group from an agrarian society into an industrial one. Despite the fact that the presence of industries has given rise to purchasing power, it has resulted to adverse effects. The study was aim to highlight negative environmental, social and economic effects of industrial activities in Ninth Mile Corner, Enugu with a view to suggesting ways of adopting sustainable development. The study adopted a survey design. The study used convenience, stratified and quota sampling techniques. Convenience sampling was used on the selection of residents. A total of 183 industries were identified in the study area and were stratified into micro/cottage, small, medium and large industries and 10% of each stratum was selected randomly. Two different sets of questionnaire were used in this study; one set to the residents and the other set to the industrial administrative officers. A total of 620 copies of the questionnaires were distributed in this study. Five hundred and eighty copies of questionnaires were distributed to the residents; 451 were properly filled and returned and thus used for the study. Forty questionnaires were distributed to the selected industrial administrative officers and workers; thirty questionnaires were properly filled and returned and thus used for the study. Cronbach Alpha was used to test reliability of the instrument and it gave a correlation of 0.766. Principal Component Analysis and Chi-Square (X2) were used to test the hypotheses at 0.05 significant level.Physical conditions of the industrial sites are heated atmosphere, noise pollution, environmental health effect and mental disturbasnces on the environment. The negative effects of industrial activities on the residents of Ninth Mile Corner were identified and classified as follows: Psychosocial effect 14.60%, Urban decay 12.33%, Industrial problems 11.49%, Standard of living 9.22%, Job situation 5.74% and high cost of land 4.98%. Negative physical and socio-economic effects of industrial activities on the environment were identified and classified as follows: Dental and socio-economic problems 24.19%, Physic-social effect 20.67%, psycho-economic 15.04%, Occupational health 14.82%, Decrease in education 8.80%, House rent 6.30%. There was a significant relationship (p < 0.05) between the physical conditions of industries and their respective negative effects on the environment. The researcher hereby recommend enlightenment programme as it affects sustainable development. All the industries are to be monitored so that every one of them must be making use of the government approved disposal site in disposing of their wastes. There is need for constant innovations to be going in all the industries to ensure that the adjudged wastes of the industries are raw materials of another. The study therefore highlighted among others that if the above recommendations are made, sustainable development will be achieved in the industrial sector of Ninth Mile Corner Enugu.

Effects of Landscaping on Property Value in Ijapo Housing Estate, Akure Urban, Ondo State, Nigeria.

2017-06-11T23:56:40Z

Effects of Landscaping on Property Value in Ijapo Housing Estate, Akure Urban, Ondo State, Nigeria. Idris, Oloruntoba Bibilari The unplanned, uncontrolled, chaotic city growths, population explosion, pollution, erosion, misuse of natural and man-made resources are posing serious challenges to environment. Hence, the search for quality landscapes urban and rural environment and proper use of land and its resources as a crucial developmental issues calling for maximum attention. However, most property owners are often unaware of how healthy attractive landscaping can contribute to their total property aesthetic and value. Poor design, information, site factor, element of space organization, and planning are some of the major factors that affect landscaping in property development. Notwithstanding, landscaping have been shown to bring about not only rental value appreciation but also the capital appreciation on property. The study focuses on the effect of landscape on property value in Ijapo estate, Akure. Specifically the study seeks to examine the perception of property owner/occupier on property landscape in the study area; examine the effect of landscaping on the habitability of the ambient environment; assess the effect of landscape on property rental value and property transaction; and evaluate the willingness to pay for the contributing value of landscape. The study had a population size of 870, house owners/occupiers in Ijapo Estate and 21registered practicing Estate Surveyors and Valuers in Akure and out of which a sample size of 274 was realized using Taro Yamane’s Formula at 5% error tolerance and 95% level of confidence. Instruments used for data collection were questionnaire and interview. The totals of 274 copies of the questionnaire were distributed while 250 copies were returned. The Survey research design was adopted for the study. Four hypotheses were tested using chi- square and simple linear regression statistical tools The findings indicate that there are good perceptions of property owners on property landscape in Ijapo Housing Estate Chi- Square computed X2c= 29.016 is greater than Chi- Square table value X2=9.49, p, < .05) . Landscape has significant effect on the property value and its transaction in Ijapo Housing Estate (r = .890, t= 3.800,p,< .05).Landscape has a significant effect on the property rental value and its transaction in Ijapo Housing Estate (r = 0.597, t= 26.584,p,< .05).Property owner/occupier is ready to pay for the contributing value of landscape on property/rental value (Chi- Square computed X2c= 19.016 is greater than Chi- Square table value X2t =9.49,p,< .05). The study concludes that the non readiness of the property owner to incorporate landscape into their property design due to high cost of construction, installation and maintenance have posted a lot of problem to the property environment. In this wise, proper en-lightment should be encourage at the design stage and the service of the landscape horticulturist should be employed both at the planning and installation stage of landscape design in other to achieve the best results. Also the willingness to pay higher rent for property with landscape increase at a high speed per time due to the income of the respondents which varies among them in Ijapo Housing Estate.