Assessment of Void Periods in Residential Buildings in Minna, Nigeria
DOI:
https://doi.org/10.11113/intrest.v20n1.427Keywords:
Assessment, Neighborhood, Residential building, Void periodAbstract
Void periods significantly impact the profitability of residential investments in Minna, necessitating an in-depth assessment. Re-letting vacant apartments takes a while, and in many cases, newly completed residential buildings experience voids. This study was informed by the need to establish the level of void periods at which residential building types are most vulnerable, as well as locational differences in the study area. Thus, the study aimed to provide an in-depth assessment of void periods in buildings across residential neighbourhoods in Minna, Nigeria. The objectives were to assess the duration of void periods, analyse variations across residential building types, and explore neighbourhood-level differences in the study area. The study adopted a quantitative approach, using a structured questionnaire distributed to Estate Surveyors and Valuers (ESVs), Local Estate Agents (LEAs), and property owners managing 1,500 residential units across 13 neighbourhoods. Levene’s test of homogeneity of variance, Welch adjusted analysis of variance, and the Games-Howell post hoc test were used for data analysis. The study found significant variations in void periods among different residential building types and neighbourhoods, with mean void periods ranging from 4.87 to 7.03 months. The study’s findings of high void periods underscore the need for stakeholders to address the underlying issues, suggesting that collaborative efforts could mitigate these challenges in the Minna residential property market. Findings from this study serve as a vital indicator of the market conditions, and how it directly affects properties’ financial performance. It further offers crucial indicators that influence residential real estate investment, as well as urban planning.
References
Akalemeaku, O., & Egbenta, I. (2013). An Approach to better Management of Voids in Residential Properties in Enugu. Journal of Land Management and Appraisal, 1(2), pp. 133-139.
Alafat, T., & O’Connor, J. (2000) Effective Void Management in Ireland. Edited by McPeake, J. Ireland: Chattered Institute of Housing.
Barnes, S. and Lewin, C. (2005) An Introduction to Inferential Statistics: Testing for Differences and Relationship, in Somekh, B. and Lewin, C. (eds.) Research Methods in the Social Sciences. California: Sage Publications Inc. pp. 226-235.
Creswell, J. W., & Creswell, J. D. (2018) Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. (5th Edn). California: SAGE Publications, Inc.
Dibb, G. (2021). How to Understand and Manage Void Periods. Available at landlordvision.co.uk (Accessed: 24 January 2024).
Ezeokoli, N. B., & Akpokodje, E. G., (2019). Real estate investment risks and returns in Nigerian cities: The challenge of vacancy. Journal of African Real Estate Research, 4(1), 23 - 37.
Gibb, K., & Nygaard, C.A. (2020). Understanding Vacancy in the housing market: Market signals or structural mismatch?. Urban Studies, 57(4), 850 – 868.
Hendershott, P., Lizieri, C. and Matyski, G. (2014). The Operation of London Office Market: Model Estimation and Stimulation. Available at https://www.rics.org/research (Accessed: 13 January 2024).
Iroham, C.O. et al. (2021) Assessing Void in Grade-A Office Buildings in Lagos Metropolis. Proceedings of the 5th International Conference on Science and Sustainable Development (ICSSD 2021). IOP Conference Series: Earth and Environmental Science, 993(2022), 012003.
Kemiki, O. A., Ayoola, A. B., Ojetunde, I., Ogunbajo, R. A., & Kuma, S. S. (2018). Critical Factors contributing to Rent Arrears in Residential Properties in Minna, Nigeria. EUL Journal of Social Sciences. 9(2), 138-151 http://dergipark.gov.tr/euljss/issue/42553/512805
Laerd Statistics (2013) One way ANOVA Analysis. Available at https://statistics.laerd.com/statistical-guides/one-way-anova-statistical-guide.php (Accessed: 23 November, 2023).
Nubi, T. O., & Oyalowo, B. A. (2016). Rental housing and property management in Nigeria: The case of Lagos. International Journal of Housing Markets and Analysis, 9(2), 190 – 207.
Ogunbajo R. A. et al. (2018) ‘The Contributory effect of Externalities to the Void Periods for Residential Buildings in Minna, Nigeria’ Contemporary Issues and Sustainable Practices in the Built Environment. (Pp. 226 - 232). Proceedings of International Conference organized by School of Environmental Technology Federal University of Technology, Minna, Nigeria. 10 – 12 April.
Oladokun, T. T. (2011) ‘Property Void and Ethnic Differentiation in Okota Rental Housing Market’, Ife Planning Journal, (4)1, pp. 85-94.
Spiegel, M. R., & Stephen, L. J. (2006). Schaum’s Outlines of Theory and Problems of Statistics (3rd Edition). New Delhi: Tata McGraw-Hill Publishing Company Limited.
Statista Research Department (2021). Void Period on rental property in the United Kingdom (UK) 2013 – 2019. Available at https://www.statista.com/statistics/421102/rental-properties-void-periods-in-the-uk/ (Accessed on 27 November 2023)
Udobi, A.I, Onyejiaka, J.C, and Nwozuzu, G.C. (2018) ‘Analysis of the Performance of Commercial and Residential Property Investments in Onitsha Metropolis Nigeria’ British Journal of Earth Science Research, (6), pp. 21-32.
Udoekanem, N.B. and Ighalo, J.I. (2016) ‘An Assessment of the Relationship between Office rent and Vacancy rates in Abuja, Nigeria’ Asian Journal of Empirical Research, 6(3), pp. 77-83. DOI: 10.18488/journal.1007/2016.6.3/1007.3.77.83
Zaiontz, C. (2015) Real Statistics Using Excel. Available at www.real-statistics.com (Accessed: 18 January 2024).
Downloads
Published
How to Cite
Issue
Section
License
Copyright of articles that appear in the International Journal of Real Estate Studies belongs exclusively to Penerbit Universiti Teknologi Malaysia (Penerbit UTM Press). This copyright covers the rights to reproduce the article, including reprints, electronic reproductions, or any other reproductions of similar nature.
