Global Journal of Economic and Finance Research

The study aimed at assessing the problems and prospect of residential property development in Zuru town. To achieve the above aimed three objectives was formulated. To identify the types of residential property development in the study area. To assess the problems of residential property development in the study area. To assess the prospect of residential property development in the study area. Both the primary and secondary as a source of data collection. A total number of ninety-three (92) questionnaire were administered in the study area through the used of stratified random sampling, out of these, a total of eighty (80) questionnaire was retrieved. A frequency table, a simple percentage, and a five-point Likert scale were also used in this study's as quantitative data analysis methodology. The study found out that High Cost of Constructional Building Materials and working Capital, Limited Finance, Land dispute and community insecurity, High Cost of Borrower (Interest), Lack of Infrastructures &/Basic Utilities, High Inflation, and High dependency on importation of materials are the major or acceptable problems of residential property development in the study area. It is also found out that High inflation should be control by government, Tax relief on constructional materials, improve in land use and planning regulations, and Modernization, Improvement in local construction materials and Land dispute resolution and Provision of security within the community are among the prospect in the study area. Therefore, there is need of government at all levels to modernize and encourage the use or adoption of local materials in housing construction because the local building materials are abundance. This will significantly reduce the high dependency on foreign or importation and it will decline their demand.

Development, Property, Residential, Problem, Prospect, process, and construction.

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