Description
Abstract
This research is on The impact of demand pressure on property value in Enugu metropolis from 2009 – 2018. Residential accommodation is one of the physiological needs of man. As a unit of health, social behaviour, satisfaction and a basis from which economic activities can be pursued, it ought to be leased or bought at a reasonable price. Apart from the fact that rents for residential properties are sensitive to location, size, age, amenities, state and style, the urban rental market mainly interplays itself by the interactive forces of demand and supply. The major attribute of Enugu Urban Rental Market is high demand against low supply and rapidly increasing rentals. The aim of the study is to determine the magnitude of the demand pressure on residential rentals in Enugu from 2009 to 2018? as measured by the geometric growth rate per annum. This work will not only provide information on investment opportunities in the market but will serve as a guide to government institutions and policy makers on housing. The study adopted the survey research approach using the Enugu Urban Rental Market as a case study. Documents were obtained and examined from various areas such as all residential properties in Enugu metropolis, all landlords and tenants of properties, all Estate Surveying and Valuation Firms and Property Companies within the urban area formed the universe for the study. A sample size of 500 was chosen using the Yaro Yamani Model while Stratified Random Sampling Technique was used to select the 500 samples. Data retrieved from 2208 or 82.1% of the sample were subsequently presented in contingency tables for statistical analysis. Geometric mean, Frequency Distribution, Test of Two Proportions (Binomial Test) and Product Moment Correlation Coefficient (r) were used in Data Analysis. The result obtained showed that the two principal factors (demand and supply) identified as basic to influencing residential rent have positive co-variation relationships.
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