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An assessment of the causes and effects of abandonment of development projects on real property values in Nigeria

Ihuah, PW and Benebo, A 2014, 'An assessment of the causes and effects of abandonment of development projects on real property values in Nigeria' , International Journal of Research in Applied,Natural and Social Sciences, Vol 2 (5) , pp. 25-36.

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Abstract

The prevalent and incessant abandonment of development projects are alarming that it creates several negative effects to real property values, as well as, to the owners, residents, the built environment and the economy as a whole. The purpose of this paper is to investigate and determined the various causes of abandoning development projects and the effects of such causes on real properties and its values in Nigeria. This paper utilized the quantitative research approach with Likert Scale questionnaire design of 213 (Nr) questionnaires. 145 (Nr) questionnaires were completed and retrieved from the respondents, representing a response rate of 68.0%. The analysis utilized the Relative Importance Index (R.I.I.) method and the results are presented in tabular form. The findings confirms that at least 22 factors were the causes of development projects abandonment in Nigeria with most including payment remittance Delay, lack of adequate fund allocation, leadership instability, death of the investor/client/owner, inconsistence in government policies, improper project planning and design, improper project costing, land disputes/legal issues, changes in investment purpose, etc. Further, the findings reveal that at least eight (8) effects on real property and its values, and these include; real properties total value reduction, total income receivable from the real property reduction, becomes a disappointing thing to the owner and the populace, increasing effects of environmental issues to the real properties and the built environment, a reduction in the motivation to attracting investment in real properties, waste of financial and material resources, etc. The reflection is that allocating reasonable finance, developing appropriate and effective implementation plans and monitoring, evaluation and reporting on development project activities by key actors should enhance in resolving these development projects abandonment causes and effects on real properties and its values in the economy.

Item Type: Article
Themes: Built and Human Environment
Subjects outside of the University Themes
Schools: Schools > School of the Built Environment
Journal or Publication Title: International Journal of Research in Applied,Natural and Social Sciences
Publisher: Impact Journals
Refereed: Yes
ISSN: 2321-8851
Funders: Impact Journals
Depositing User: PW Ihuah
Date Deposited: 07 May 2014 16:14
Last Modified: 30 Nov 2015 23:53
URI: http://usir.salford.ac.uk/id/eprint/31776

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