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Effect of Infrastructural Development on Rental Values

Effect of Infrastructural Development on Rental Values In Owerri Urban of Imo State

Literature Review

Infrastructure

Donald (1974) defines infrastructure as the physical structures and facilities that are developed or acquired by public agencies to enhance governmental functions and provide water, power, waste disposal, transportation or similar services to facilities the achievement of common social and economic objectives.

American Heritage Dictionary editor (2000) defines infrastructure as the basic facilities services and installation needed for the function of a community of society, such as transportation and communication system, water and power lines, public institutions including schools, post offices and prisons.

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The World Health Organization also defines all necessary services, facilities, equipment and devices needed or desired for social well being of the family and individual. It was described as the stock of fixed capital assets in a country example roads etc. all these with the attendant transportation network, electrical supply, telephone services and wholesome water supply and medical services invariably constitute infrastructural facilities.

It serves as a slender threads that weaves together human needs and values with those of environment. Literally, it refers to fixed facilities or installations traditionally provided by the public sector.

It is the systematic framework, which underpins a community’s ability to fulfill a mission of providing a base for its citizens to be productive and to nature social equity.

Infrastructure by nature is better provided by the government for its respective communities. Obateru (2003) elaborated on the meaning and scope of infrastructures, which according to him is synonymous with public utilities, community facilities and services. Public utilities include water supply, electrical supply, gas supply, range storm water supply drainage and telephone service. Social (community) facilities include educational facilities, health facilities, post office and postal agencies, shopping areas, recreational areas and facilities, regional buildings, cultural facilities like libraries, art galleries and museum.

Social (community) services are police protection, fire protection, street cleaning and maintenance, street lighting and garbage and refuse collection and disposal. By those definitions, infrastructure refers to the basic facilities and services essential to institution, economies and social development Obateru (2003). They constitute the man fabric of what may be called institutional physical system linked to property development and use.

In terms of infrastructure, development should be seen to relate putting together a bringing into active or visible state, those physical assets which facilitate the efficient functioning of society. Infrastructure development has however been associated with some proven in the developing countries especially the problems seems to continue to increase due mainly to lack of fund. Inadequate institutional framework and lack of appropriate management tools to put them in check.

  • DEVELOPMENT

Wikipedia (2002) defines development as the process of developing or being developed. It further defines it as a specified state or growth or advancement. To most people however, development should be associated with advancement in terms of socio-economic change that touch all spheres of society. According to Olujimi, J. Ajilowo B.B Mustapha .O. (2009) says that real estate developers were consistently faces with the issue of making decisions on the types of property to invest their hard earned income highly competitive secured mortgage funds which were attached with high lending rates. One of the different sectors that are begging for such investment in residential property development.

The determination of the effects of each of the available infrastructure ( water, electricity, access road, kitchen, toilet, refuse disposal facility, wall fence, installed burglary proof, drainage channel, day watch security and right watch (security watch) on the rental value was achieved and which has contributed a lot in the determination of rental values in residential properties.

In terms of real estate, it relates more to the contribution of any building or re-building operation and any charge in the use of land for a purpose which is different from its former purpose.

The effect of infrastructure on rental value include properties in areas that are well served with pipe borne water on doubt enjoy higher rental value compared to areas where the service is non existence.

The areas with basic facilities such as access roads, good drainage, electricity, public water supply attract high rental value.

The accessibility which is a direct consequence of a good road network in turn include to high rental value of location accessibility advantages.

But with the provision of all these infrastructure it will bring solution that will promote development in Owerri urban to achieve a better result and to earn attractive rental values.

  • TYPES OF INFRASTRUCTURE

According to Wikipedia (2010) states that there are two main types of infrastructure namely soft or physical infrastructure and hard or solid infrastructure.

Hard infrastructure refers to the large physical network necessary for the functioning of a modern industrial nation.

Example of hard infrastructure include:

Transport infrastructure

Energy infrastructure

Water infrastructure

Telecommunication infrastructure

  • SOFT INFRASTRUCTURE

Soft infrastructure includes both physical assets such as highly specialized buildings and equipment, as well as non physical asset such as body of rules and regulations governing the various system, the financing of these system as well as the system and organization by which highly skilled and specialized professional are trained:

Examples of soft infrastructure includes:

Government infrastructure

Economic infrastructure

Social infrastructure

Cultural sport and recreational infrastructure

  • TELECOMMUNICATION INFRASTRUCTURE

Communication is an act of conveying information, ideas, decision, messages, etc from one place to another, from one individual or group to another individual or group of individuals or from one country to another.

This view was written by Ojo (1987) that communication could be seen as the importing or interchange of opinions, ideas, sentiments, between some people.

Service rendered by this infrastructure includes telecommunication and postal service communication both social and economic infrastructure complementing the economic system through telephone, telex and telegram services, flood (1977) also stressed that the flow of resources and information provided by telecommunication enables the activities of millions of individuals in different places to be combined for the food of all.

Worldwide communication has made it possible to create international friendship and good rapport among the countries or the world and thus enabling the global village.

  • TRANSPORT INFRASTRUCTURE: Transportation deals with the movement of people from one place to another. This is made possible by the provision of roads, railways, airports, seaways and waterways. Roads are routes, which are primarily used for carrying traffic while streets are those, which are developed with adjoining building and are primarily used for giving access to the institutions and specific properties. The condition of transportation facilities in Nigeria is not good. Most intra-city, intercity and interstate roads are in hard or repairs, while most village roads are almost impassable.
  • PORTABLE WATER SUPPLY: Water provision is an indispensable social service. The substance of lives in any area is influenced by availability of portable water for domestic, industrial and agricultural purposes. It is when the supply become irregular or cut off completely that the inhabitants of an area realized the importance of water in this view one can say that people generally give little thought to water supply except on rare occasion when they turn on the faucet and no water comes out, or it is turbid or has an odour or taste.

Energy infrastructure which include electrical power system including generators etc,

  • DRAINAGE/SEWAGE INFRASTRUCTURE

Harbitz (1976) emphasized that drainage/sewage system has been an urban phenomenon when he said “prior to the middle of nineteenth century, people used the city street to convey waste from the city; but this mode of water disposal has long given way to modern drainage and sewage disposal system which has evolved over the years.

The function of drainage and sewage system in a town can be seen in the disposal domestic waste water discharged from the houses connected to the system, commercial wastes which includes all heavy industries; industrial waste like water borne waste and liquids resulting from processes employed in industrial plants such as food processing industries.

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Different kinds of institutional waste from major institutions like hospitals, universities, polytechnics, military installations e.t.c. and surface water run-off enter the sewage system. Lack of proper disposal of waste causes flood, spread of air and water borne diseases like dysentery and chlorella.

ELECTRICITY: In Nigeria, electricity supply is the prerogative given to every citizens. NIGER DELTA POWER HOLDING COMPANY (NDPHC) formally known as power holding company of Nigeria, electricity is one of the most important infrastructure, as its importance cannot be overemphasized, it presence is normally felt in all fields of human endeavour for instance, manufacturing industries, petro-chemical industries, iron and steel industries, breweries, petroleum refineries, pharmaceutical companies, hospitals, etc require supply of electricity for effective performance of their activities. However, it is characterized by epileptic supply in most parts of Nigeria.

Wikipedia (2012) further explained the following types of infrastructure.

  • HEALTH FACILITIES: The growth of population and economy call for provision of adequate and improved health facilities. This is achieved by providing adequate and efficient medical centers, dispensaries, hospitals and maternity homes within a reasonable distance to beneficiaries.
  • EDUCATION INFRASTRUCTURE: The promotion of far reaching social and economic changes cannot be accomplished without a modern and progressive educational system for the nation. The momentum of learning and knowledge change of institution in Nigeria will depend to a large extent on the adequacy and facility of educational system at all levels. Adequate facilities must be provided right from elementary school (Nursery/primary), secondary and tertiary institutions (Polytechnic, universities, and colleges of education) to support a good standard of education and training.
  • SANITATION AND SOLID WASTE DISPOSAL: This has to do with the infrastructures provided to enhance healthy living through the removal of refuse be it domestic, industrial or commercial, from human environment. It includes refuse collection centers, treatment plants, incineration plants, disposal centers, landfill etc.
  • GOVERNMENT INFRASTRUCTURE: The system of government and law enforcement, including the political legislative, law enforcement, justice and panel systems, as well as specialized facilities (government offices court houses, prisons etc) and specialized systems for collecting, storing and   dissemination data, laws and regulation.

Emergency services, such as police, fire protection and ambulance, including specialized vehicles, building communication and dispatching system.

Military infrastructure including military bases, aim deposits, training facilities, fortification, specialized aims manufacturing, strategic reserves.

  • SOCIAL INFRASTRUCTURE: This include recreational facilities such as playgrounds, sports center, parks, geographical and zoological centers like water springs, beach etc, an adage says all works and no play makes jack a dull boy. These infrastructure are to cool off stress, enhance relaxation, see vision, makes restitution about one’s life to ensure long and healthy life.
  • ECONOMIC INFRASTRUCTURE: The financial system, including the banking systems, exchanges, the money supply, financial regulations as well as accounting standards and regulations. Major business logistic facilities and systems including warehouse as well as shipping management system. Agricultural forestry and fisheries infrastructure including specialized food and livestock transportation and storage facilities, agricultural price support systems (including agricultural insurance) agricultural health standards food inspection. Experimental farms and agricultural research centers and schools, the system of licensing and quota management enforcement systems, against poaching, forest wardens and fire fighting.

Other types of infrastructure include:

  1. Critical infrastructure: These infrastructure element that is significantly damaged or destroyed, would cause serious disruption of the dependent system or organization.
  2. Urban infrastructure: Refers to hard infrastructure system generally owned and operated by municipalities such as street, water distribution and sewer. It may also include some of the facilities associated with some infrastructure such as park, public pools and libraries.
  • Green infrastructure: Is a concept that highlights the importance of a natural environment in decisions above land use.

Water infrastructure e.g drinking water, supply system, sewage and disposal systems, drainage systems, major flood control and irrigation systems.

  • PROBLEMS OF INFRASTRUCTURE DEVELOPMENT IN OWERRI URBAN

Infrastructure development in Owerri urban has been caused by a number of problems.

Inadequate provision of pipe borne water in Owerri urban which has made some people to depend on boreholes, and if not treatment very well, it can be very harmful to human health.

INADEQUATE PROVISION OF POWER SUPPLY: The power supply in Owerri urban is not constant except the government areas.

Some of the building in Owerri urban have deteriorated due to lack of maintenance.

LACK OF ACCESS ROADS: Access roads is very important in Owerri urban so as to facilitate the economy and also enabling access in the Owerri urban.

Indeed infrastructure development and maintenance board should be organized to mobilize and inculcate in the mind of the people. And the sense of purpose necessary for infrastructural development and maintenance.

  • CONCEPT OF VALUE

Wikipedia (2002) defined value as basic economies, means the amount of money that something is worth that is, the price it can command. If soil at a given data with respect to real estate value means the worth of an interest in land or land and building or claims on chattel assessed by appropriate method of valuation.

Millington (1977), said that value is derived from the benefit or use obtained from an interest held in a property. Concept of values generally are the various perspectives or ideas a notions which people have about value. These various concept of value with respect to land and methods of valuation in real estate operation of the effect of infrastructural development on rental value of residential properties.

Millington (1977), defined rental value as the amount the property is eligible to get had it been rented out as per the prevailing situations. Rental value is fair market value of property while rented out in a lease. More generally, it may be the consideration paid under the lease for the right to occupy, or the royalties or return received by a lessor (landlord) under a license to real property.

In the science and art of appraisal, it is the amount that would be paid for rental or similar real property in the same condition and in the same area.

Thoncroft (1965) and Adeniyi (2002) emphasized that value is normally expressed in monetary terms which indicates the power of a commodity to command other commodities in exchange. Kuye (2000) defined rent as an annual or periodic payment for the use of land or of land building. He regards rent as a compensation or regular payment made to the owner of the property by the user on occupier as in turn for his occupancy.

Kuye (2000), also said that rent is seen as an annual or periodic payment for the use of land or buildings. In fixing the rent actually paid, not only for the property being valued but also for comparable properties in the same vicinity or district.

“Rent” is generally used in relation to land and building. The rent payment could be weekly, monthly, quarterly or yearly depending on the terms and conditions of the tenancy.

Wikipedia (2000) explains the following methods have been identified for determining the rental value of given properties.

  1. The comparison with similar properties: Rented value can be determined by comparing a property with similar properties in the same neighbourhood. However because two properties cannot be exactly identified, so the value of comparable property may have to be adjusted to take accounts of differences image, location, design, lease term etc.
  2. By reference to rent currently being paid: The rent paid at the beginning of the lease may be a reasonable guide but could be less than the rack rental value of the property.
  • By considerating rent as a proportion of turnover (or profit): This method is based on tenants requirements. A prospective tenant of residential property will calculate its rent without going, which he may be liable to pay under the tenancy agreement.
  1. By relating rent to capital cost: This method assumes that the cost of a property consist of two elements.
  2. The cost of land
  3. The cost of building. Addition of these will give the total cost of the property. A property equal to an appropriate yield on the capital outlay will then be taken to be the rental value of the property. Wikipedia (2000), further explains the residential property types under the study.
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Residential properties are mainly the houses provided for dwelling purposes. The main types found and included in the study are the following.

  1. Tenement: This refers to the houses, which provides a multi-occupation accommodation. Tenement buildings are those in form of single bedrooms that have a common entrance to the house, a common passage to which a number of rooms are opened, communal kitchen, bathroom and toilet usually located outside the main building, the main building consists of double rows of rooms separated by the passage. The room are usually of 10 x 12 (3.05m x 3.6cm) and 12 x 12 (3.6m x 3.6m). each of the rooms provide accommodation for a family and so it is usually associated with a high density residential area and are usually overcrowded with a family of four to six or more persons living on a room.
  2. Block of flats: This is building containing usually two, four or six flats with each flat providing accommodation for household, each unit provides almost a complete privacy with shared outdoor space, and common parts like entrance door, corridors and staircase. Sub-categories of flats are one bedroom flats, one bedroom, mini-flats. Kitchen, toilet and bathroom facilities are provided within the building and the number of each depends on design and decision of the owner flats are common everywhere.
  • Bungalow: This is a building, which provides a self contained accommodation on one floor. All facilities necessary for human habitation are provided within the building most of the buildings under this category have garage, a few have boy’s quarters attached to them. The commonest types are two, three and four bedroom bungalows.
  1. Duplex: This is type of building that provides accommodation on two floors. The ground floor consisting of a lounge, dinning, kitchen, toilet and sitting room, while upper floor contains the living rooms and bathrooms. It usually has inner staircase.

TYPES OF CONCEPT OF VALUE ARE

According to Wikipedia (2000) different types of value which include subjective and objective value. Subjective or use value refers to the value derived for use and its measurement while objective or market value is a measure of value, but it is synonymous with values itself as generally accepted by appraisers.

Under subjective value it includes:

Book value

Book value

Cash value

Depreciated value

Use value

OBJECTIVE VALUE

Rental value

Leased value

Liquidation value

Loan value

Potential value

Market value

Salvage value

UNDER SUBJECTIVE VALUE

Wikipedia (2000), further explained the following types of values.

  1. Assessed value which relates to the value of property established by municipalities for purpose of establishing a basic for taxation. Real estate taxes generally comprise a major source of revenue for local municipalities. Assed value usually relates to market value.
  2. BOOK VALUE: Book value or carrying value is the value an asset according to its balance sheet account balance.

A company’s common stock equity as it appears on a balance sheet, equal to total assets minus liabilities, preferred stock and intangible assets such a good will etc.

  • CASH VALUE: Of an insurance contract also called the cash surrender value or surrender value is the amount offered to the policy owner by the issuing life carried upon cancellation of the contract. This term is normally used with life insurance contract.
  1. DEPRECIATION VALUE: Is the loss value that naturally occurs as an object of put to use or ages. The total depreciated value of an item is the value of that item once you take depreciation into consideration. When determining this values, you will use a mathematical formula that will take into consideration the original value of the item, the scrap value of the item and the expected age of the item.
  2. USE VALUE: It is the quantitative aspect of value, i.e the concrete way, in which a thing meet human needs.

The utility of a thing makes it a use value but this utility is not a thing of air. Being limited by the physical properties of the commodity. It has no existence apart from that commodity.

UNDER OBJECTIVE VALUE

  1. i. RENTAL VALUE: The amount which would be paid for rental of similar property in the same condition in the same area. Evidence of rental value becomes important in law suits, in which loss of use of real property of equipment is an issue, and the rental value is the measure of damages.
  2. LIQUIDATION VALUE: Relates to the concept that the property requires immediate transfer. Liquidation value would result with an abbreviated marketing period such as auction or bank for enclosure sale, this would meet the criteria of the market value definition.
  3. LOAN VALUE: Is a financial term used by lenders to express the ration of a loan to the value of an asset purchased. The term is commonly used by banks and building societies to represent the ratio of the first mortgage lien as a percentage of the total appraised value of real property.

Potential value is potential when a product or service has to bring a company protects and revenue. It is a projection of earnings based on the number of sales possible. Potential revenue minus the cost of business operations and productions net figures represent true profit potential.

  1. SALVAGE VALUE: Is another name for residual value, the remaining value of an asset after it has been fully depreciated. Salvage value derives its calculation from a base price. Calculated after depreciation. Salvage value are calculated using a number of factors, generally a vehicle market value for the term and mileage required is the start point for the calculation followed by seasonality, monthly adjustment, lifecycle and disposal performance.

Salvage value is the protected value that an asset will realize on its sale at the of its useful life.

  1. MARKET VALUE: Wikipedia (2000), defined it as the most profitable price which a property should bring in a competitive and market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Impact in this definition is the consummation of a sale as of a specified date and the passing of the title from seller to buyer under conditions whereby:
  2. Buyer are typically motivated
  3. Both parties are well informed or well advised and are acting in what they consider their own best interests.
  4. A reasonable time is allowed for exposed in the open market.
  5. The price represents the normal consideration for the property sold unaffected by special or creative financing of sale concession granted by anyone associated with the sale.
    • FACTORS AFFECTING PROPERTY VALUES

According to Millington (1975(apart from the interaction of supply and demand, certain factors also have significant impact on the operation of either supply or demand and subsequently influence property value. Real property has no value if it has no utility, no scarce or effectively demanded neither is the utility derived from buck and mortar alone but in some unique characteristics package in its location. Neighbourhood and infrastructure which are equally desired by the consumers.

Property value is an essential aspect of property markets worldwide and determined by variety of factors and some of those factors are significant part of valuation. Various studies have examined factors affecting property by values and have identified the Activity, population, transport etc.

 POPULATION CHANGES

Population change occur in two ways decrease or increase in population affect property value negatively, an increase in population changes can also be for a short or long period of time depending on the factor(s) that caused it.

Changes in fashion and taste<these occurs as a result of civilization and new innovation.

INSTITUTIONAL FACTORS: These are factors relating people culture belief and government actions which viably dictated what land is used for in the society.

TECHNOLOGY FACTORS: The levels of technology affects property value in no small measure improve level of technology makes it possible to introduce central air conditioning system, life system, pumping machine, central sewage system modern decoration.

  • ECONOMIC FACTORS: Economic factors no doubt have value in a favorable economic situation. Many activities tend to yield more returns. Consequently there is a lighter demand for landed property which may increase prices of accommodation increase in levels of employment etc.
  • COMPLEMENTARY USES: Land uses are interdependent with name and have economic activities. This hereby brings about complementary use and high and value. For the same reason an economic activity thrives where there are other complementary use and concentration of activities like motor park and nearby shopping centre.
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Some other factors include

i, Time related attributes e.g. month and year of sales, number of days on market. Environmental attributes e.g. view from property, noise levels, pollution levels, storm water.

  1. Location attributes e.g. proximity and accessibility to various amenities including water sites, power lines, highways, shopping centers churches, schools, cultural opportunities, airport, public transportation.

iii. Community attributes e.g. school and tax districts

  1. Neighborhood attributes e.g. socio economic characteristic of neighboring residents, quality of neighboring structures, ownership/rentals, enthic composition.

Structural attributes e.g. numbers of bedrooms, bathrooms. fireplates. garages, square footage of house+ size, age of structure, existence of pool.

  • FACTORS THAT AFFECT RESIDENTIAL PROPERTY VALUE.

According to Gregi Marc and Schwartz (2002), said that there are two main factors that affect infrastructural development on residential properties which include the internal factor and external factor.

Property is a multi-dimensional product and the number and nature of factors that influence its value equally of different kinds. Property and land values tend to increase in area with expanding transportation networks, and increase less rapidly in areas without such improvements.

Rapid and continued rise in housing and land prices are expected in cities with transportation growth. The value of access is capitalized into land value and access is measure through market participants willing to pay. Essentially, this view suggests that accessibility measure maybe referred from land prices. the relationship among accessibility, property values and land use patterns has been the pre occupation of earliest theorists with indication that travel cost were traded off against property rents and population densities from central business district(CBI) to suburbs of a monogenetic city.

Quality of the environment is also another factor that affects the value of land. Land value does not only depend on the physical characteristics of a building but also the environment that sounds the building. Development of various transportation modes have become pivoted to physical and economic developments.

Access to major roads provides relative advantage to residential users. Modern business, industries, traders and general activities depend on transport and transport infrastructures, with movement of goods and services from place to place becoming vital and in separable aspects of global and urban economic survival.

This study therefore examine the effect of these factors such as accessibility, measure in terms of travel distance and cost neighbourhood, structural (property)and location characteristics on residential property value in Owerri urban the factor include:

LOCATION: Is one of the factors that affects residential property value, Just like buying a home a rental property value will be greatly affected by its location, is it close to section, parks or other commonly travelled areas.

GEOGRAPHICAL FACTORS: There are many geographical factors which will influence the value of residential properties and although many or all of them may appear obvious, it is nevertheless important to consider them as it is often the obvious that is overlooked.

TOPOGRAPHY: Whether an area is flat or hilly, the existence or absence of rivers or similar factors may well have an important effect on value.

THE LATITUDE: the area may be important if the use of a property is likely to be affected in any way be the warmth of the climate or the length of seasons.

AMENITIES: modern amenities in the home will bring in more rental income than a central property without them, such appliances as washers, dryer, can even affect value of the property.

SIZE OF THE ROOM: square footage of the room size also affects property value. You must also take into consideration how many levels that square footage is split up over.

ACCESSIBILITY: this have always been important in influence value, the accessibility of roads is very important in every residential property for communication and transportation.

NUMBER OF BEDROOMS AND BATHROOMS: This is the most obvious factors that affect residential property value. Generally speaking, if two rental properties with the same number of bedrooms and a different number of bathrooms the rental with the most bathrooms will rent for more.

 LAND SCAPPING: A nice yard, fenced in a large yard, outdoor storages shed or any outdoor amenities are sure to bring more value to the property.

SOURCES OF FUND FOR INFRASTRUCTURAL DEVELOPMENT

USE OF PUBLIC SECTOR FINMANCING: The use of the government budget remains the primary source of financing for the region transport infrastructure although, over the last 10-20 years. Significant changes have been introduced in the way public sector funding takes place.

There is increasing acceptable enter into public private partnership and occasioning arrangements on transport infrastructure financing, even when it is clear that, in the short-term anyway, the user plays principle will not cover all costs. Some   governments enter into occasioning arrangement (such as building operate-transport arrangements) and then subsides the concessionaire until the tools of taxes from user cover the cost of construction, maintenance, overheads and profit and when these costs are Mets revenue flows are reversed with the concessionaire paying the government a dividend, financing on a pay as-you-go basis avoids transaction cost of raising finance, moreover infrastructure investment can be prevented as fiscally responsible and financially prudent of governments spend only what they can currently afford. This approach avoids a direct liability on future revenue, which may be.

Important to keep crepitating intact and preserve borrowing capacity for other circumstances.

PUBLIC PRIVATE PARTNERSHIP

Public private partnership brings private sector management skills and can lead to efficiency gains by using one entity to do design construction and operation and provide finance.

There is evidence that private sector partnership is more realistic in their estimates of construction time and costs than public agencies.

Private partners have an incentive to develop a realistic financial model that tasks into account all cost and revenue flows. Public private partnership work best where government has the necessary and detailed skills in contract negotiation and management, and where there is adequate competition for the projects.

The main advantage of public private partnership comes from lowering the total cost of the project through improving project risk management. Contract negotiation can be lengthy but public private partnership provides a more flexible, and potentially, more timely source of finance for important infrastructure investments that might otherwise be constrained by public debt pressure. The risk of public private partnership lie in the amount of rent government except to obtain. If the rent is set too high, the probability of failure increase and the risk of contingent liability for government increase.

The Effect of Infrastructural Development on Rental Values In Owerri Urban of Imo State

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