Description
Abstract
This research focuses on the effect of high cost of building materials on property development. In any planned economy of the world, the issue of high cost of building material cannot be over-emphasized. There should be a regulatory bodies or agencies of government with the view to achieve harmonic development in real property market in such a way and manner as to promote economic growth and satisfaction to the terming population who invest in this sector of economy as a result of significant role building materials play in real estate, there must be a check to any abnormal rise in such materials being used in other not to cause high cost of building construction. However, due to weakness in regulatory agencies, there is an alarming rate of inflation trend leading to an unstable economy in our nation which therefore has an adverse effect on the building industry. Furthermore, due to the capital that will be part and property development, an investor in real estate found it very difficult to build. And as a result, there is a delay in completion of any project been proposed to the done. This study is, therefore, aimed at highlighting the various problems with high cost of building materials on real estate development. It is believed that the result of the study will provide the recommendation which if implemented will ensure effective control of high cost of building materials and enhance property development in real estate sector of our economy.
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