in Akulemu and Ajegunle Areas of Oyo, Oyo State, Nigeria: An assessment of Key Contributing Factors
FEATURED PAPER
By Christian Osita Ifediora
Oyo State, Nigeria
ABSTRACT
This work focused on the factors that conspired to determine the choice of design, pattern and types of real estate projects in the Akuleme and Ajegunle areas of Oyo State in Nigeria. Most real estate projects seem to be peculiar and follow almost a similar pattern which is mostly wing time and new real estate projects in the study area are mostly not different from what has been over the years. This study through observations and interview identified the types of real estate projects prevalent in the area, the factors which also conspired to determine the choice, pattern and types of such real estate projects. It determined the extent to which the identified factors contributed to the choice/patterns of most real estate projects within such study areas. Through Friedman non-parametric statistical (test) analysis done using SPSS version 21, it was also discovered that the identified factors have impact on the choice of design and real estate development in the study area. The work recommended that stakeholders should consider either conversion of already exiting real estate projects to self-contained to reflect the current design and demand, adding that new developments should feature more new real estate projects that are self-contained types.
Key points: Real estate, Projects, Design, Pattern, and Factors.
1.0 INTRODUCTION
The real estate industry is one of the most active and influential sectors of the overall performance of the Nigerian economy. Globally investments in real estate projects are expanding rapidly, leading to expansion in job opportunities; this is particularly true as evidences abound even in emerging and developing economies. According to Ling and Archer, (2010), Real estate is one of the largest components of wealth in many economies, has continued to plays a crucial role in advancing the economic condition of individuals, families and firms; it has no doubt substantially influenced a family’s ability to finance its education, health care and other critical needs. It has been described as the highest employer of labour when compared with other sectors of the economy, (Olajide, 2018). Real estate provides or serves as shelter for the teeming populace, while it provides shelter for the populace, it has been observed that various patterns feature in different communities, these real estate are peculiar in terms of their design and varies in shapes and sizes in relation to the nature of household, hence the need to look at the types or pattern in some localities especially in environment these peculiarity is more pronounced.
The presence of Federal School of Survey (FSS) and Ajayi Crowther University Oyo (ACU) both located within the study area has led to increase in demand for self-contained accommodations, both staff and students including occasionally corps members, finds it difficult to get the type of real estate projects that will give them the desired privacy. In Akulemu and Ajegunle areas of Oyo, the type/pattern of real estate project estate appears to be somewhat peculiar, while most of the real estate projects both developed and ones under development appears to be more of tenement buildings, bungalows and some that seems to be like flat are more of wings types. It is a common thing to see real estate projects in nature of “face me I face you apartment”. Again the issue of ventilation is also a call for concern as most of the rooms have one windows and always very small hence making it difficult for cross ventilations. This study considers it necessary to analyse the factors that could condition the choice of such of pattern of real estate projects or accommodation in some selected place in Oyo. Many factors are believed to have conspired to determine the choice of design, pattern and types of such real estate projects in Akulemu and Ajegunle area of Oyo.
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How to cite this paper: Ifediora, C.O. (2019). Real Estate Projects Design and Pattern in Akulemu and Ajegunle Areas of Oyo, Oyo State, Nigeria: An assessment of Key Contributing Factors; PM World Journal, Vol. VIII, Issue XI, December. Available online at https://pmworldlibrary.net/wp-content/uploads/2019/12/pmwj88-Dec2019-Ifediora-real-estate-projects-design-patterns-in-oyo-state.pdf
About the Author
Christian Osita Ifediora
Ajayi Crowther University Oyo
Oyo State, Nigeria
Christian Osita Ifediora, MSc, ANIVS, RSV is a lecturer in the Department of Estate Management, Faculty of Environmental Studies, Ajayi Crowther University Oyo, Oyo State, Nigeria. An Associate member of the Nigerian Institution of Estate Surveyors and Valuers, a Registered Estate Surveyors and Valuers. Holds BSc. Estate Management and MSc. (Project management option), Nnamdi Azikiwe University Awka, Anambra State, Nigeria. Currently a PhD student of the same institution. A reviewer in a journal (science domain). Currently a member of European centre for Research Training and Development United Kingdom. He is a member of Library and Publication Committee and member of Students Industrial Work Experience (SIWES) board, Ajayi Crowther University. He can be contacted at ositaifediora@gmail.com or co.ifediora@acu.edu.ng
