The Effect of Credit Accessibility on Small-Scale Property Investment in Gombe State
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Background of the Study
Access to credit is a fundamental driver of investment in the real estate sector, particularly for small-scale property developers and individual investors. In Nigeria, the property investment landscape is often challenged by limited access to financing, high-interest rates, and insufficient lending infrastructure (Aliyu & Sulaimon, 2023). For small-scale property investors, these barriers make it difficult to initiate or expand property projects, thus inhibiting the growth of the real estate market in many states, including Gombe.
Gombe State, located in northeastern Nigeria, has seen gradual urbanization and population growth in recent years, which has stimulated demand for residential and commercial properties. However, despite this growth, small-scale property investors face significant challenges in accessing affordable credit, which restricts their ability to meet the increasing demand. Credit accessibility plays a crucial role in enabling property investors to finance construction projects, purchase land, and develop properties that cater to the needs of the growing population.
This study explores how the availability and accessibility of credit influence small-scale property investment in Gombe State, aiming to identify key factors that either facilitate or hinder investment in the region’s real estate market.
Statement of the Problem
The real estate sector in Gombe State has been limited by the lack of affordable credit for small-scale property developers. Many investors are unable to access the capital required to finance their projects, primarily due to high interest rates, stringent lending conditions, and inadequate financial products tailored to small-scale investors. As a result, real estate development has been slow, and the demand for affordable housing and commercial properties remains unmet. This research seeks to assess the effect of credit accessibility on small-scale property investment and the overall growth of the property market in Gombe.
Objectives of the Study
- To assess the impact of credit accessibility on small-scale property investment in Gombe State.
- To identify the key factors influencing credit accessibility for small-scale property investors in Gombe.
- To evaluate the role of financial institutions in supporting small-scale property investment in the state.
Research Questions
- How does credit accessibility affect small-scale property investment in Gombe State?
- What are the key barriers preventing small-scale property investors from accessing credit in Gombe?
- What role do financial institutions play in facilitating or hindering small-scale property investment in Gombe?
Research Hypotheses
- There is a significant relationship between credit accessibility and the level of small-scale property investment in Gombe State.
- High interest rates and strict lending conditions are major barriers to credit accessibility for small-scale property investors in Gombe.
- Financial institutions play a critical role in promoting or hindering small-scale property investment in Gombe State.
Scope and Limitations of the Study
The study will focus on small-scale property investors in Gombe State, specifically those who rely on formal financial institutions for credit. Data will be collected from property developers, banks, and real estate agents. Limitations may include the reluctance of some investors to share financial information and the challenge of accessing reliable data from financial institutions.
Definitions of Terms
- Credit Accessibility: The ease with which property investors can obtain financial resources, such as loans, to fund their real estate projects.
- Small-Scale Property Investment: Investment in residential or commercial properties by individual investors or small development firms with limited capital and resources.
- Financial Institutions: Banks and lending agencies that provide credit products and financial services to property investors.
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