Change of use: caustic factors, reasons for low demand of purpose built commercial real estate projects and conversion to residential real estate projects in Ajegunle Oyo, Atiba L.G.A., Oyo State

Abstract

The study examined the factors responsible for conversion of purpose built commercial real estate projects (shopping complex) to residential real estate projects (self-contained accommodations). The identified projects are within Ajegunle community and are can be through Ajegunle Yidi road Oyo, the study identified location, which is predominantly rural and agrarian, income of the locals which is relatively low and absence of other commercially viable ventures as reasons why there is low demand of the purpose built commercial real estate projects and increase in demand for self-contained accommodations, absence of ready intending occupants, presence of tertiary institutions like ACU and FSS, desire for privacy and location as factors responsible for the conversion from commercial to residential accommodation. The findings indicated that location was critical as it is part of the identified reasons and as well as identified factor, as it was ranked highest as factor responsible for conversion. The study advised that developers (investors) need to seek professional advice on property development and should pay attention to the identified reasons and factors to avoid embarking on projects that will not attract the expected patronage