THE IMPORTANCE OF ESTATE SURVEYORS AND VALUERS IN PROPERTY DEVELOPMENT IN UYO LOCAL GOVERNMENT AREA

THE IMPORTANCE OF ESTATE SURVEYORS AND VALUERS IN PROPERTY DEVELOPMENT IN UYO LOCAL GOVERNMENT AREA

CHAPTER ONE

INTRODUCTION

1.1      BACKGROUND OF THE STUDY

Property is defined as the exclusive right of possessing, enjoying and disposing of things. It has to do with the right that can be exercised in land and estate. According to (Kingson Reed 2008). Development is initiated when land or site is considered suitable for a particular use leads to a different or more intensive use or demand for a particular use leads to a search for a suitable site.

Cambridge Dictionaries defined property development as the process of  buying, improving, and selling buildings, land and arranging for new buildings to be built.

Real estate has continued to play a significant role in man’s evolution. It is not a coincidence that food, shelter and clothing believe to be three essential needs that sustain mankind have some linkage to land. Food grows out of land while shelter is affixed to its, and man clothing is made largely from what grow out of land. Indeed, weather in ancient time or today’s Modern system, land constitutes a significant index man’s wealth, and as economic activities have assumed more sophistication over time , land has continued to play a central role in their development. The purpose of real estate development is therefore to recognize the potential opportunities in increasing value /future cash flows, that inherent in land over real estate, and to exploit these by suitable measure (Guy, 1994). The added value created by the developers does not result solely from the fact that a building is constructed or an undeveloped plot or that a condemned property is redeveloped, but may also be based space. This includes the structural usage of currently unused space or a plot of land or within a property as well as conversion and rebuilding measures, example turning auxiliary   space into rentable space.

Real estate, a general term describes the built environment, which plays a vital role in every aspect of the Nigerian economy, society and environment .Business and society can’t function without the service of commercial property, housing and many other form of real estate .The commercial property sector delivers and manages the infrastructure needed for entrepreneurship to thrive. It therefore a fundamental source of our time, providing livable and functioning and reducing the environmental foot print of the built environment.  The efficiency of the process through which the Nigerian real estate industry invests. Estate surveyor and valuer develops, support, and maintain the built environment, and service its client, is of crucial importance to policy market. Although there are many factors that influence the well-being of Nigerian citizens and the Nigerian economy, a performing real estate sector provides the basic plat form for all the other factor to deliver their full potential, and for the Nigerian economy to thrive and remain competitive.

    1.2     STATEMENT OF PROBLEMS

The problem of property development is enormous and matter of great concern. The role of estate surveyors and valuers in property and economic development is a vital contribution. In a case of Nigerian there are estate surveyors and valuers who have made immerse impact toward the development of real estate industry and economic development, but unfortunately they are not enough expertise to practice the profession. The research also identified a multiplicity factor ,inhibiting  effective property development and construction delivery which include lack of secure access to land, high cost of construction and building material, uncoordinated policies, ownership right under the use Act, lack of critical infrastructure inefficient development control, compulsory acquisition and other. This factors at most time Linder the progress of property development in Uyo local Government area.

     1.3   AIM/OBJECTIVES  OF THE STUDY

The aim of this work is to assess the roles of the estate surveyor and valuers in property development. The objectives are;

• To analyze the roles of estate surveyors and valuers in property development.
• To analyze the process of property development.
• To examine the problems of property development in the study area.
• To ascertain how the problems of property development can be controlled.

1.4       SCOPE OF THE STUDY

This research seeks to assess the importance of estate surveyors and valuers in property development in Uyo local government area.

1.5     SIGNIFICANCE OF THE STUDY