Comparing Residential Property Values in Border Towns of Lagos Megacity, Nigeria

Oloke, C. Olayinka and Jesusegun, D. and Alagbe, O. A. and Akindele, N. A. Comparing Residential Property Values in Border Towns of Lagos Megacity, Nigeria. Journal of South African Business Research. ISSN 2169-0367

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Abstract

In this study, the rental values of residential properties in two adjacent communities within the emerging Lagos megacity were examined to find out if certain correlational attributes exist. The communities selected are located in different geopolitical zones (i.e. Lagos and Ogun States), although the Lagos megacity influence has crawled and absorbed parts of Ogun state, such that the physical boundary has virtually vanished. Residents in the two communities as well as estate surveyors and valuers were the respondent groups involved in the study. A total of 236 questionnaires were administered. Descriptive and inferential tools of percentage means and independent sample T-test statistics were employed for the analysis, while the Pearson coefficient of correlation was used to establish the relationship between rental values in the two communities. It was found, among others, that the level of infrastructure development, enforcement of physical planning regulations, administrative jurisdiction, population density and distance to the central business district are the factors responsible for the significant differences in the magnitude of rental values between the communities. The study, therefore, suggested the investment in the physical and socioeconomic infrastructure in Ado-Odo/Ota local government area of the megacity as well as the creation of a joint development policy and programme by governments of Lagos and Ogun states so as to overcome the administrative jurisdiction barrier militating against the actualization of the megacity project.

Item Type:	Article
Uncontrolled Keywords:	Adjacent, Megacity, Residential, Value
Subjects:	N Fine Arts > NA Architecture T Technology > TH Building construction
Divisions:	Faculty of Engineering, Science and Mathematics > School of Civil Engineering and the Environment Faculty of Law, Arts and Social Sciences > School of Art
Depositing User:	nwokealisi
Date Deposited:	10 Oct 2022 16:14
Last Modified:	10 Oct 2022 16:14
URI:	http://eprints.covenantuniversity.edu.ng/id/eprint/16298

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