The factors that influence the pattern of real estate development in Awka Anambra State.
- January 17, 2022
- Posted by: rsispostadmin
- Categories: Estate Management, IJRSI
International Journal of Research and Scientific Innovation (IJRSI) | Volume VIII, Issue XII, December 2021 | ISSN 2321–2705
The factors that influence the pattern of real estate development in Awka Anambra State.
Ifediora, Christian Osita1 and Nwosu, Chimezie Chisom2
1Department of Estate Management, Ajayi Crowther University Oyo, Nigeria
2Department of Estate Management, Nnamdi Azikiwe University Awka, Nigeria
Abstract: The real estate sector has been growing in leaps and bounds and it has contributed to o the transformation in the built environment without doubt. The rapid increase of the same in terms of its growth within the capital city of Anambra state is also worth taking a cursory look, hence this study; the factors influencing the pattern or choice of real estate development in some selected areas in Awka, the capital city of Anambra State. The findings indicated that some factors responsible for the pattern of real estate development in the study area are; physical features, legal restrictions/Government regulations, existing land use pattern, location/nearness to other residential development, access to infrastructural facilities, distance to employment sources, distance to commerce, access to credit facilities or finance, neighborhood facilities, social/cultural identity or influence/show off of wealth, cost of raw materials, cost of labour and cost of professional services/hiring of expert services. Also, it was discovered that the real estate sector within the Awka capital city is private sector driven, an emerging one and that the state of supporting infrastructure is not commensurate with the pace of real estate development in the study area. The findings indicated there is a significant difference in the pattern of real estate development in the Ziks Avenue and Expressway of Awka metropolis. It is hereby recommended that stakeholders should play close attention to the factors that influences the pattern of real estate development in Awka, Anambra State as doing so will enhance practice.
Keywords: Commercial, Development, Property, Real estate, Residential.
I. INTRODUCTION
The real estate sector appears to be witnessing a dramatic change especially the pattern of development, redevelopment or change in their respective uses. There is an increased number of real estate and related activities which have impacted on even job creation as well as an increase in the number of residential and commercial real estate development. According to PricewaterhouseCoopers (PwC) (2015), the country’s real estate investment is expected to rise by about 49% from $9.16 billion to 13.65 billion in 2016. This rise may be one of the reasons for the increased number of investments in terms of new development of commercial properties as well as conversion of residential to commercial properties.
The capital city especially the Ziks Avenue which originally comprised residential properties as at present is almost commercial. Many of these real properties which were purely residential in the past had already given way for commercial ventures. The pattern of thought may not be a subject of discourse as that has been in the case of residential. Smersh, Smith and Schwartz Jr. (2003) however, stated the pattern of residential development within the context of metropolitan growth and development has been the subject of an extensive literature. According to them, among the streams of literature have been monocentric and policentric models, rent gradients and population density, and spatial mismatch and jobs/housing balance. Emerging trends suggest that there is a pattern of real estate in areas like Ziks Avenue and along Enugu-Onitsha expressway especially from Udoka Estate axis to Immigration junction is going the way of commercial.
