Impacts of tenure security on sustainable residential property investment in Osogbo, Nigeria

Journals

Title：
Impacts of tenure security on sustainable residential property investment in Osogbo, Nigeria
Author：
Olusola Oladapo Makinde¹, Olubukunmi Temitope Makinde², Oyinloluwa Beatrice Adebara²
Author Affiliation：
1.Department of Architecture, Ladoke Akintola University of Technology, Ogbomoso, Nigeria
2.Department of Estate Management, Osun State University, Osogbo, Nigeria
Received：Feb.2, 2024
Accepted：Mar.4, 2024
Published：Mar.11, 2024

Abstract

The issue of insecurity of tenure and threat of eviction had created uncertainty for potential investors in residential properties. This has been hindering the level of confidence held by the property owners and housing development in Nigeria. This study examined the impacts of tenure security on residential property investment in Osogbo, Nigeria. The study identified the socio-economic characteristics of residents (building owners), identified the types and patterns of residential property, the types of land titles on residential property, and determined the factors influencing the types of land titles on residential property. Questionnaires were administered to 330 building owner in the study area. The data generated was analysed using descriptive statistics, frequency distribution tables, and mean. The result of the socio-economic characteristics of the residents shows that the majority of the residential property owners in Osogbo was males and was between the ages of 30 and 59 years. Majorities of them were married and were holders of higher diploma degrees. Residents’ monthly income ranges from N30, 000 to N150, 000. Most residents’ had stayed in their residences for over 6 years. The results on the types and patterns of residential property revealed that semi-detached bungalows were prevalent in all the residential densities. The types of land titles on residential property result shows that as you move from low density to high density, excision document increased and certificate of occupancy document decreases. Survey plans and land receipts were regular documents available across all the residential densities. The result revealed seven main factors influencing the types of land titles on residential property in the study area. These are the land owner's level of awareness, level of education, the long-time registration process, and the complexity of processing, the high cost of registration, the high level of bureaucracy, and level of income among others. Although the study area was characterised by various types of residential properties, the document of ownership for these investments was generally the receipt of land and survey plan. The study recommended that there is a need to develop a time frame and cost-friendly registration process, increasing the level of awareness on title registration and reducing bureaucracy in the land bureau.

Keywords

Impacts, tenure security, sustainability, property investment, Nigeria.

Doi

https://doi.org/10.58396/asd020102

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