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Analysis of Accessibility Impact On Commercial Property Values In Ikeja,Nigeria

Oni, A. O. and Ajibola, M. O. and Iroham, C.O. and Akinjare, O. A. (2015) Analysis of Accessibility Impact On Commercial Property Values In Ikeja,Nigeria. In: International Real Estate Research Symposium , Malasia.

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A number of factors determine commercial property values with road network being one of them . This study was carried out to determine the contributions of arterial road network to variability in commercial property values in lkeja, Nigeria, in the presence or absence of other value determinants. In attaining the aim , road network was decomposed into its explanatory variables and regression models set at 0.05 alpha level used to determine their individual and joint impacts with other factors on commercial property values. It was found that accessibility has a P-value of 0.0024; demand, P-value = 0.0011; and supply returned P-value of 0.0059; all have significant impact on commercial property values. Also, the Analysis of Variance indicates that F-ratio = 3.88, P-value = 0.0193, with R2 of 69.37% explaining 69% variability in commercial property value. However, further analysis using Backward Selection Method of Stepwise Regression Model indicated that location in addition to demand, supply, and accessibility have significant impacts on commercial property values in the study area. It recommended that road network be improved to enhance values of commercial properties in the study area to the benefit of Government through enhanced property tax; to property owners through improved rental values; and occupiers of commercial properties through better neighbourhood quality.

Item Type: Conference or Workshop Item (Paper)
Subjects: T Technology > TH Building construction
Divisions: Faculty of Engineering, Science and Mathematics > School of Civil Engineering and the Environment
Depositing User: Mrs Hannah Akinwumi
Date Deposited: 09 Mar 2016 16:09
Last Modified: 09 Mar 2016 16:09

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