KNOWLEDGE, ATTITUDE AND PRACTICE OF FINANCING REAL ESTATE PURCHASE THROUGH MORTGAGE IN NIGERIA, A RESEARCH PROJECT TOPIC ON ACCOUNTING

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KNOWLEDGE, ATTITUDE AND PRACTICE OF FINANCING REAL ESTATE PURCHASE THROUGH MORTGAGE IN NIGERIA, A RESEARCH PROJECT TOPIC ON ACCOUNTING

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND TO THE STUDY

Everyone  dreams   of  owning  property  someday  but  with  the constant  rise  in  Nigerian  property  prices,  saving  towards  buying  some piece  of  real  estate seems  almost  impossible-  particularly  for  young people  in  Nigeria.  Although  saving  towards  acquiring  property  is  one option,  it  may  often  be  disheartening  because  each  time  a  certain amount  has  been  saved,  one  discovers  that  the  property  prices  have risen  and  once  again  the  asset  is  just  out  of  reach.  Mortgaging property may break this frustrating cycle.

Housing has been universally accepted as a very important and essential human need.  In fact, world  acclaimed  American psychologist Abraham Maslow  ranked  shelter  as  second  only  to  food  in  his  hierarchy of  human  needs.  This  form  of  security  is  thus  a  basic  necessity  of  life  which  every  Nigerian  should  readily  have  access  to  without  deprivation.  One  of  the  most  worrisome  features of  Nigerian  urban  centers  is  the  growing  level  of  over-crowding  and in  some  cases  outright  homelessness.  It is common  place  to  see  families  of  eight  persons  in  a  single  room  in a tenement  building  usually  referred  to  as  per  room  per  room  or  face  me  I  face  you.  One index used  to  measure  the  quality  of  life  is  housing,  and  improving  the  quality  of life  is  the  whole  essence  of  government  and governance.

The  housing  sector  plays  a  more  critical  role  in  a  country’s  welfare than  is  always  recognized,  as it  directly  affects  not  only  the  well-being  of  the  citizenry,  but  also  the  performance  of  other  sectors  of the  economy.  Adequate  housing  provisions  has  since  the  early  1970s  consistently  engaged  the  attention  of  most  countries,  especially  the  developing  ones,  for  a  number  of  reasons.

First,  it  is  one  of  the  three  most  important  basic  needs  of  mankind –  the  others  being  food  and  clothing.  Second,  housing  is  a  very  important  durable  consumer  item,     which  impacts  positively  on productivity,  as  decent housing  significantly  increases  workers  health  and  well –  being,  and  consequently  growth.  Third,  it  is  one  of  the  indices  for  measuring  the  standard  of  living  of  people  across  societies.

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KNOWLEDGE, ATTITUDE AND PRACTICE OF FINANCING REAL ESTATE PURCHASE THROUGH MORTGAGE IN NIGERIA, A RESEARCH PROJECT TOPIC ON ACCOUNTING

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