EFFECT OF COST OF BUILDING MATERIALS ON COMMERCIAL PROPERTIES IN ENUGU SOUTH LGA, ENUGU STATE
Abstract
ABSTRACT
This study examines the effect of rising building material costs on commercial properties in Enugu South, Enugu State, Nigeria. The research explores how fluctuations in the prices of key materials such as cement, steel, and roofing materials have influenced the construction costs, selling prices, rental values, and overall availability and quality of commercial properties in the area. Utilizing both quantitative and qualitative data gathered from property developers, contractors, and tenants, the study reveals a significant increase in material costs over the last five years, leading to higher construction expenses and property prices. The findings also indicate that rising costs have impacted property quality, with some developers resorting to cheaper alternatives, affecting structural integrity. The study concludes that unless mitigated, the continuous escalation of building material prices could limit the availability of affordable, high-quality commercial properties in the region. Recommendations include government intervention through subsidies and promoting local material production to stabilize costs.
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