TY  - JOUR
AV  - public
ID  - eprints877
SP  - 61
VL  - 12
KW  - Residential property
KW  -  Investment
KW  -  Rental and Capital values
KW  -  Value appropriateness
KW  -  Estate Surveyors
KW  -  Valuers.
UR  - https://doi.org/10.54203/jceu.2022.9
PB  - Scienceline Publication, Ltd
N2  - The rapid expansion and urbanization of Lagos state of Nigeria due to uncontrolled rural - urban migration seems to have succeeded in transforming the peri-urban areas of Ota, Ogun state into a mini economic hub, thus propelling property values skywards. The present study ascertains if passing rents, as well as sales value for the various apartments in Canaan city estate as charged by the project developer, is overpriced, and underpriced or fair-priced. The rental data collected from the residents of the estate were compared with rental opinion obtained from practicing estate surveyors and valuers in Ogun State. 240 questionnaires were administered to residents of the estate while 22 questionnaires were administered to registered estate surveying and valuation firms. Interviews and questionnaires were deployed to solicit data from the Physical Planning Department (PPD) being the managers of the estate. The retrieved data were then collated and presented using figures and Tables. Findings showed that the passing rents for all cadres of residential apartments in the estate were discounted with the most discounted apartment type being the 2-bedroom luxury flats and the least discounted apartment type being the 4-bedroom semi-detached houses. For sales value, findings showed that the high end apartments ? the detached houses, semi-detached and also the 3-bedroom terrace houses were hugely discounted. Unfortunately, the 1-bedroom and 2-bedroom flats were the least discounted while the 2-bedroom luxury flats and 3-bedroom flats were either within range or slightly overpriced. The study concluded that the passing rents were underpriced due to the income nature of tenants and subsequently, the sales value proposed by the developer of the estate was underpriced. The study recommended an upward review of sales prices should the estate proprietor still continue with the sales of its apartment within Canaan city.
TI  - Value Pertinence for Residential Property Investments in Christian Mission Estates: An Investigation of Canaan City in Ogun State, Nigeria
JF  - Journal of Civil Engineering and Urbanism
SN  - 22520430
EP  - 69
Y1  - 2022/12/25/
A1  - Akinjare, Omolade Adedoyin
A1  - Akinjare, Victoria Adeola
A1  - Ayedun, Caleb Abiodun
A1  - Oluwatobi, Afolasade Olubunmi
A1  - Alexander, Matilder Nomteik
ER  -