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Examining the Effects of Jabi Lake Park on Property Values in Jabi District, Abuja

Ajibola, M. O. and Oyedele, F.O. and Ayedun, C. A. and Oni, A.S (2015) Examining the Effects of Jabi Lake Park on Property Values in Jabi District, Abuja. International Review of Social Sciences, 3 (2). pp. 84-95. ISSN 2309-0081

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The value of a property is a function of various factors amongst which are property characteristics, neighborhood characteristics, environmental characteristics, and accessibility characteristics. Of the environmental characteristics, the study examined the effects of Jabi Lake Park on property values in Jabi District, Abuja. Two sets of respondents were used in the study. While 120 questionnaires were administered on the residents of Jabi District, 29 questionnaires were administered on Estate Surveyors and Values in Abuja. Analysis was carried out using descriptive tools, relative importance index (RII) and Principal Component Analysis (PCA). The study found that the most important factors attracting residents to the study area are closeness to workplace and affordable rent. Residents use Jabi Lake Park for relaxation and recreation purposes. The study also found that poor management, noise from the park and cost of maintenance are the factors militating against proper functioning of the park. Albeit this, the study revealed that rental values of properties in the immediate neighborhood of the park are on continuous increase unlike properties farther from the park. To make the park more attractive for visitors and further enhance property values in the neighborhood, the management of the park should take necessary steps in removing the identified factors negating proper functioning of the park.

Item Type: Article
Subjects: T Technology > TH Building construction
Divisions: Faculty of Engineering, Science and Mathematics > School of Civil Engineering and the Environment
Depositing User: Abiodun Caleb Ayedun
Date Deposited: 20 Feb 2015 08:48
Last Modified: 15 Sep 2015 20:23

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