A CRITICAL ANALYSIS OF THE EFFECTS OF ECONOMIC VARIATIONS ON REAL PROPERTY MANAGEMENT

A CRITICAL ANALYSIS OF THE EFFECTS OF ECONOMIC VARIATIONS ON REAL PROPERTY MANAGEMENT

ABSTRACT

The real property market constitutes an integral part of the general business economy. The two sectors are so closely related that trends in the business economy may come from or result in changes in the real property market. This work is an attempt to gain an insight into the nature and conditions of the property market under the prevailing economic changes in Nigeria. The resulting problems which have contributed greatly to making real property management a difficult task are highlighted in this work. Hence, the purpose of this study was to critically analyze the effects of economic variations on real property management using Onitsha property market as a case study. The study was able to discover the major causes of economic problems in Nigeria and possible solutions were proffered. Estate Surveyors and Valuers were advised on how to deal with some of the effects of economic variation on Real Property Management. The study also sought to enlighten the public on the importance of the roles of Estate Surveyors and Valuers in the real estate sector of the economy. Recommendations were made to Estate Surveyors towards  improving  Real  Property  Management  practice  in  Nigeria.  Data  on  which analysis are based were mainly from administration of questionnaires, oral interviews, personal observations and collection of relevant information from textbooks, journals and papers. The population of the study was fifty (50) practicing Estate Surveyors in Onitsha. Out of these Estate Surveyors, forty (40) of them were drawn through stratified random sampling technique. Forty (40) questionnaires were administered; out of which thirty-

eight (38) were used for the analyses. Chi-square (x2) test statistics was used to test the hypothesis of the study, which states that there is significant negative effect of Economic Variations on Real Property Management in Onitsha. The result of the study revealed that economic variations in Nigeria have adverse effects on real property management in Onitsha. The test statistics showed that at 0.05 level of significance (X2 cal.=44.2500, X2 tab.=5.991), there was a significant negative effect of economic changes on real property management in Onitsha. The study revealed that the major cause of economic variations in Nigeria was over-dependence on Petroleum and its allied products at the expense of Agriculture  and   other   sectors   of  the  economy.   Inadequate  planning  of  various

A CRITICAL ANALYSIS OF THE EFFECTS OF ECONOMIC VARIATIONS ON REAL PROPERTY MANAGEMENT