Study of Speculative Enterpreneur Residential Housing Developers' Initiatives in Lagos State, Nigeria

By Ayedun, Caleb; Oloyede, Abiodun et al. | Academy of Entrepreneurship Journal, January 1, 2018 | Go to article overview

Study of Speculative Enterpreneur Residential Housing Developers' Initiatives in Lagos State, Nigeria


Ayedun, Caleb, Oloyede, Abiodun, Adesiyan, Samuel, Daniel, Durodola Olufemi, Adedoyin, Akinjare Omolade, Academy of Entrepreneurship Journal


INTRODUCTION

There is a real concern within Lagos State urban communities with respect to uncontrolled increase in urban housing development that is reflective of a policy of arbitrary residential development rather than those in line with approved town planning regulations. Land speculators are now very prominent going about speculative residential housing developments without much control. These residential housing estates are being funded by housing developers, housing cooperative societies, religious institutions, private educational institutions, etc., acquiring hectares of land. The compact city model focuses on maintaining or increasing urban populations and making urban living popular, very attractive and associated with increases in the amount of activity that takes place within cities especially in relation to the extent of economic and social activities taking place on daily basis. But the capability of this form of compact urban plan or policy performance is currently being challenged by speculative developers' activities who, instead of focussing on delivering high quality of life in city centres by resorting to the development what can aptly be described as infilled sites, go to acquire greenfield land in local communities for the purpose of starting massive residential housing construction mainly for the upper income group in the society. Their actions thus create additional burden for State and local governments in the areas of road construction, security and electricity network expansions.

In Lagos State, because of her strategic location as a former capital of the country for many years, a sea port and the most commercial nerve centre of the country, have witnessed and accommodated massive movement of people from all works of life. Despite some older areas of the State having some degree of municipal planning, the extent of control over building development was not uniform across local government council areas to the extent that informal housing developments exceeded the number of regulated ones. The high rate of informal housing developments, over the years, led to lop-sided transport interchanges within the central business districts, environmental challenges (refuse disposal, flooding, etc.), which are presently proving difficult to resolve and thereby making many of the compact city benefits to become far from being achievable.

LITERATURE REVIEW

Middleton (2015) found that who had engaged in speculative development represented a wide spectrum of wealthier families while others build their houses individually either through savings or loans. Real estate speculation has always been a risky enterprise but the associated financial rewards, when successful, have made it attractive to many. He further noted that speculators were conservative investors building small or modest rows as a means of testing out the market before plunging into larger-scale ventures. In most cases, it is only when the initial row was profitable and the area of the city seemed promising that the speculator would start construction of grander projects before buying land farther. They often would only purchase one set of drawings from their draftsmen and then apply the same standard design to each home within a row. Hooper and Nicol (1999) found in their study that more than 80% of houses being constructed on yearly basis were being built by the speculative private house developers using standard housing designs.

Morakinyo et al. (2015), Agbola (1998), Atolagbe (1997), Philips (1997), and Ayedun (2011) individually found that Nigerian public-sector intervention in housing provision recorded very poor performance especially for the low-income earners, hence the provision of inadequate housing and housing aids for low-income earners. The houses provided by government were few and out of the reach of most middle and low-income class and hence they were bought over by wealthy and influential member of the society. …

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