Medium‐term property rights and urban poverty in Minna

Isaac Ayodele Olatunji

International Journal of Housing Markets and Analysis, 2010, vol. 3, issue 3, 256-269

Abstract: Purpose - The purpose of this paper is to examine the medium‐term tenure option, in capital valuation terms, through an empirical study of 232 households in 39 tenement properties in Barkinsalle and Saukakahuta, two neighborhoods of Minna, Nigeria widely associated with poor households. Design/methodology/approach - An empirical approach was used. Data were obtained through questionnaires from six real estate firms and 232 households in the study area. The tenancy statuses, rental values, contract rents, terms and durations of tenancies were some of the data elicited. Findings - Using contemporary valuation techniques it was affirmed that a typical medium‐term lease from 2009 to 2018 would produce substantial capital value between N59,000.00 (US$393.33) and N90,000.00 (US$600.00). Research limitations/implications - This research is limited only to cases where profit rent advantages are clearly established. The institutional settings needed to sustain leasehold profit rents have to be identified. Practical implications - Tenants need valuation advice on medium‐term leasehold rights with promises of profit rent advantages. There is need to sensitize both landlords and tenants as to the mutual benefits. Social implications - Properly harnessed, the capital value amount could support access to micro‐credit, an essential tool for sustainable fight against urban poverty, through some established financial institutions and special public agencies in Nigeria. Originality/value - No previous study of Minna had verified, quantitatively and empirically, that medium‐term leases under the parameters empirically specified in the paper would produce such substantial capital values.

Keywords: Profit; Rent controls; Property rights; Poverty; Nigeria; Leasing (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijhmap:v:3:y:2010:i:3:p:256-269

DOI: 10.1108/17538271011063915

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