of Real Estate Investment in Itak Clan,
Ikono, Akwa Ibom, Nigeria
FEATURED PAPER
By Aminat Ndatsu Abdullahi
Department of Civil and Environmental Engineering
Air Force Institute of Technology, Kaduna, Kaduna State
Nse Akpan Bassey
Department of Estate Management
University of Uyo, Uyo. Akwa Ibom State.
Ekemini Clement Essien
Department of Architectural Technology
Akwa Ibom State Polytechnic, Ikot Ekpene, Akwa Ibom State
Ubong Okpon Esen
Department of Architectural Technology,
Akwa Ibom State Polytechnic, Ikot Osurua, Akwa Ibom State.
Mbosowo Ebong Ekpo
Department of Estate Management and Valuation,
Akwa Ibom State Polytechnic, Ikot Osurua, Akwa Ibom State.
Nigeria
Abstract
Capital values of real estate investment normally vary depending on the category of investment in real estate. The aim of this research was to examine the effect of embarking on different types of real estate on the capital values of real estate investment in Itak, Ikono Local Government Area of Akwa Ibom State. In order to achieve the stated aim, the following objectives were set: to analyse the capital values of real estate investments in the study area and to determine the proportion of variability in capital values of real estate investments in the study area. A hypothesis was set to attest and prove whether there is or not any significant difference between the variables. This research work adopted the cross-sectional survey type of design to obtain data on capital values of real estate investments from Estate Surveyors and Valuers in the study area. The groups of data obtained for the study were subjected to both descriptive and inferential statistics. One-way Analysis of Variance was conducted between the variables and Tukey’s HSD tests were carried out on the data. The study showed a minimum and maximum capital value of residential property in the study area as ₦6,950,000 and ₦8,900,000 respectively. Similarly, the study also showed a minimum commercial real estate value of ₦6,900,000 and a maximum value of ₦9,600,000. Agricultural properties which had higher capital values in the study area had a minimum and maximum value of ₦8,460,000 and ₦10,000,000 respectively. The study also showed the results of the one-way analysis of variance which a significant difference was found between the independent and the dependent variables [F(2,15) = 3.77, p < 0.05)] The study concluded that there was a statistically significant difference between the categories of real estate investment and their capital values. The investment information provided in this study has significant implications for both local and foreign investors desiring to invest in the Nigerian property market.
Keywords: Variations, Capital values, Commercial property, Residential property, Agricultural property, Itak.
Introduction
The commitment of money or capital sum for a certain period of time by an investor in anticipation of future returns or stream of income that will reward such investor for the time, risk and uncertainty of these expected incomes is generally termed investment (Udoudoh, 2016). Nwachukwu, (2005); Nwanekezie 1996; Dabara 2014 outlined the following as being the reasons for investment in commercial property. Over the years, the primary consideration for acquisition of property is for shelter. This accounts for the typical tendency towards owning both commercial and residential properties by most Nigerians. Most property acquisitions are made with investment considerations; example for returns and capital appreciation. Real estate ownership is also a status symbol in Nigeria; therefore, many people went in on the boom days to acquire all sorts of concrete structures. The creation of estate capital, proliferation of government and private establishments and liberation of credit contributed to the unprecedented escalation of supply of business accommodation in urban town. Furthermore, the level of construction and commercial activities, the expansion of rural and urban infrastructures brought an influx of foreigners from all over the world, all wanting offices, warehouses, land and housing. This created a highly profitable property market which is not depressed as a result of the down-turn in the economy. Despite the traditional urge to hold property for holding sake as against investment, that is, placing of money at risk with a view for further income flows and/or capital appreciation, property acquisition is increasing being embarked upon as an investment in real estate purely because of its income generation capacity (Olusegun, 2000).
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How to cite this paper: Abdullahi, A. N., Bassey, N. A., Essien, E. C., Esen, U. O., Ekpo, M. E. (2024). Examining the Variations in Capital Values of Real Estate Investment in Itak Clan, Ikono, Akwa Ibom, Nigeria, PM World Journal, Vol. XIII, Issue IX, September. Available online at https://pmworldlibrary.net/wp-content/uploads/2024/09/pmwj145-Sep2024-Abdullahi-et-al-Examining-Variations-in-Real-Estate-Investments-in-Itak-Clan.pdf
About the Authors
Dr. Aminat Ndatsu Abdullahi
Kaduna State, Nigeria
Dr. Aminat Ndatsu Abdullahi (ANIVS, RSV), hails from Lapai local government of Niger State and started her education journey at Zarumai model school and Lemu model school where she obtained her Primary School leaving certificate. She is an alumni of Federal Government Girls College BIDA where she underwent her secondary education. She proceeded to Federal University of Technology Minna and obtained a Bachelor of Technology degree in Estate Management. ESV. Aminat, obtained a Masters in Estate Management from the Prestigious university of Nigeria, Nsukka (UNN). She also obtained a Postgraduate diploma in Education (PGDE) from Kaduna Polytechnic. Dr. Aminat is currently a holder of a Doctorate degree in Estate Management (PhD) from University of Uyo –Akwa Ibom state. Professionally, Dr. Aminat is a registered surveyor having professional membership with Estate Valuers Registration Board of Nigeria (ESVARBON) and Nigerian Institution of Estate Surveyors and Valuers (NIESV). On the career front, she started her journey with the Prestigious Kaduna Polytechnic where she rose to the rank of a Senior lecturer before transferring her services to the Air Force Institute of Technology(AFIT). Over the years, she has helped prepare future leaders for a globally competitive world. Her hobbies include reading, writing, solving problems, and spending quality time with her better half.
Nse Akpan Bassey
Akwa Ibom State, Nigeria
Nse Akpan Bassey was born in November 1983 in Calabar, Cross River State. A native of Ikot Akpan Nya, Ididep in Ibiono Ibom L.G.A. Akwa Ibom State, had his Primary Education at St. Theresa’s Primary School. Obtained his Senior School Certificate at Government Secondary School Akamkpa, Cross River State in 1998. He proceeding to the University of Uyo for his B.Sc and M.Sc (Estate Management) 2007 and 2017 respectively. He is a well-trained security expert before joining the service of University of Uyo as a lecturer. He is currently a PhD candidate in the Department of Estate Management, University of Uyo. Mr. Bassey can be contacted at nsedarlloveline@yahoo.com
Ekemini Clement Essien
Ikot Ekpene. Akwa Ibom State., Nigeria
Mr. Ekemini Clement Essien, B.Tech (Architecture), MSc (Architecture), G-NIA, G-ANCA, MNES, is a native of Ikot Abia Idem, Ikot Ekpene, Akwaibom State. He is a Part-time lecturer at Department of Architecture, Akwaibom Ibom State Polytechnic, Ikot Osurua. He obtained his First School Leaving Certificate from Liberty Nursery and primary school, Ikot Ekpene in 2000. He attended Federal Government College Odi, Bayelsa State, where he obtained his West African Secondary School Certificate in 2006. He furthered his education and obtained Bachelor of Technology (B.Tech) Architecture degree with the prestigious Moddibo Adama University of Technology Yola, formerly Federal University of Technology(FUTY), Yola in 2015. He holds a Master’s degree of science (MSc) in Architecture with specialization in Sustainable Architecture from the Abia State University, Uturu in 2024.
He is a member of various professional bodies, Graduate member with the Nigerian Institute of Architects (NIA), Graduate member with the Association of Nigeria Chartered Architects (ANCA) and a full member Nigeria Environmental Society (NES). He is happily married with a wife and a daughter.
Ubong Okpon Esen
Nsit Ibom. Akwa Ibom State, Nigeria
Ubon Okpon Esen, BSc (Arch), MSc (Arch) is a native of Ikot Oku Nsit in Nsit Ibom Local Government Area of Akwa Ibom State, Nigeria. He obtained his First School Leaving Certificate from All Weather International Nursery and Primary School, Idua Eket, Eket Local Government Area in 1992. He attended Federal Government College Ikot Ekpene, Ikot Ekpene then moved on to Apostolic Church Secondary School, Ikot Oku Nsit where he obtained his West African Senior School Certificate and National Examination Council Senior School Certificate in 2000. He gained admission into the prestigious University of Uyo where he studied and obtained a Bachelor of Science (BSc) degree in Architecture in 2007. During his one-year mandatory NYSC program, he served in University of Nigeria, Nsukka, under her Physical Planning Unit. He also holds a Master of Science (MSc) degree in Architecture from same University of Uyo with specialization in Energy Efficiency in Buildings. He is also into Building Information Modeling (BIM).
He is a Graduate member of the Nigerian Institution of Architects and he is a lecturer in Akwa Ibom State Polytechnic, Ikot Osurua, Ikot Ekpene with over 12 years’ experience in academia and research. He also has great affiliation with Dra Vauras Co Ltd (a Construction Company in Uyo, Akwa Ibom State).
He is happily married with a child. He has interests in education, building designs, artworks (painting, drawing, sculpting among others), sports. He speaks Ibibio, English and Nigerian pidgin English fluently. Ubong Esen can be contacted via ubong.esen@akwaibompoly.edu.ng
Mbosowo Ebong Ekpo, PhD
Ikot Ekpene. Akwa Ibom State.
Dr. Mbosowo Ebong Ekpo [BSc (Est. Mgt.), MSc (Est. Mgt.), PhD (Est. Mgt.) ANIVS, RSV] is a native of Utu Ikpe in Ikot Ekpene Local Government Area of Akwa Ibom State, Nigeria. He is the Principal Partner of Mbosowo Ebong & Associates – a firm of Estate Surveyors and Valuers with its Corporate Headquarters at No. 93 Abak Road, Ikot Ekpene, Akwa Ibom State. He obtained his First School Leaving Certificate from Methodist School, Utu, Abak Road, Ikot Ekpene. He attended St. Mary’s Science College and obtained his West African Secondary School Certificate in 1998. He gained admission into the prestigious University of Uyo where he studied Estate Management and successfully graduated in 2007 and obtained his Bachelor of Science (HONS) in Estate Management. He taught in Yobe State Polytechnic, Damaturu when he was posted to Yobe State for his compulsory NYSC programme in 2007. He holds a Master of Science (MSc) degree from the University of Uyo, with specialization in Property Valuation. His love for education earned him a Doctor of Philosophy (PhD) in Estate Management from the same prestigious University of Uyo, with specialization in Real Estate Investment Appraisal. He holds a Diploma Certificate in Statistical Data Analysis.
He is an associate member of the Nigerian Institution of Estate Surveyors and Valuers and has been conferred with the rights and privileges to practice professionally as a Registered Estate Surveyor and Valuer by the Estate Surveying and Valuation Board of Nigeria. He is a lecturer with over 15 years’ experience in research and academia. He is happily married to Dr. Unwana Mbosowo Ebong and the marriage blessed with children. He plays all musical instruments and can speak Annang, English and Hausa languages fluently. Dr. Ekpo can be contacted at mbosowo.ebong@akwaibompoly.edu.ng
