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Assessment of Trends in Development Costs and Annual Rents in Housing in Calabar Municipality, Cross River State, Nigeria from 1996 - 2011 By: Christian E. Mfam and Henry O. Ayambem

ABSTRACT

A sample of 60 units each of four house types of 1, 2, 3, & 4 bedroom bungalows were studied by deriving development cost /m and annual rent/m as units of comparison to assess the mean development cost and mean rental values of the sample elements, examine the trends of development costs and rental values, evaluate the relationship between development costs and rental values of the sampled house-types and finally determine the most expensive house-type to the producer and consumer. The result reveals that 2 bedroom bungalows have the highest mean development cost/m, followed by one bedroom bungalows (Table 1). But analysis of relationship between mean development costs and mean annual rents shows that one bedroom bungalows generate the highest increase in annual rent/m2 for a unit change in development cost, all the housetypes producing a strong positive correlation. Basically, the results show that the most expensive house-types to the producer (cost/m ) and consumer (rent/m ) are one and 2 bedroom bungalows.

JOSET / OER CONTENT