Overcoming the Challenges of Residential Property Development in the Developing State Capitals of Nigeria – A Case Study of Damaturu, Yobe State.

OLATUNDE, B. ZAKARIYYAH AND BUSARI, M. ADEYEMI

Department of Estate Management, Federal Polytechnic, Damaturu, Yobe State

E-mail : zakariyyah1422@yahoo.com   

ABSTRACT

Revenue from property rating and other taxes goes a long way in aiding our developing states and national transformation, but the challenges of residential property/housing development demands attention. This study gives an overview of the challenges of residential property development in the developing state capitals of Nigeria, taking Damaturu, Yobe State as a case study. A stratified random sampling was carried out through structured questionnaires administered on private developers, estate surveyors and valuers, officials of State Ministry of Land and Survey and Ministry of Housing. The problems encountered include: high interest rate, short repayment period, bureaucracy in land acquisition, inadequate skilled labour and professionals and high cost of building materials. It is recommended that the existing laws should be modified to ease access to land, government should provide adequate roads and transportation system that checks cost of building materials, the government should encourage commercial activities and financial environments that ease access to property development fund through revitalization of National Housing Fund, Federal Mortgage Bank, and interest-free financing for real estate development. Finally, security of life and property encourages inflow of skilled labour, investment and development.