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Influence of building costs on rents of residential property in Owerri, Nigeria
Abstract
Residential building accommodation projects undertaken by individuals and organizations are investment whose returns and rewards should be adequate to offset the costs incurred and give good level of profit for entrepreneurial risks. In the recent times there existed unprecedented rise in rental values of newly
completed building accommodation in Owerri the Capital of Imo State without considerations to the tenants’ ability to the sustainable rent payment obligations. Field investigation indicated that high costs incurred by developers and expectations of early recoupment of capital and profits from residential building investments have prompted high rental expectations. The implication of these is that real property practitioners adduce non co-related basis for property rental determination. This therefore, gives unreliable market values of building investment within the localities.
completed building accommodation in Owerri the Capital of Imo State without considerations to the tenants’ ability to the sustainable rent payment obligations. Field investigation indicated that high costs incurred by developers and expectations of early recoupment of capital and profits from residential building investments have prompted high rental expectations. The implication of these is that real property practitioners adduce non co-related basis for property rental determination. This therefore, gives unreliable market values of building investment within the localities.
