The estimation of the impact of residential zoning on land values (original) (raw)
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Journal of Civil Engineering and Architecture, 2019
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Real Estate Market Regulation and Property Values in Lagos State, Nigeria
Increasing demand for commercial and residential properties has caused increase in rental values while the Government has intervened through enactment of the Rent Control and Recovery of Residential Premises (RCRRP) Edict (1997). This paper examined the effects of the law on residential property values in the study area. In doing so, a process of inference to evaluate the law was adopted, in addition to multiple-samples comparison and analysis of variance of the controlled and open market rents. Furthermore, hypothetical design of three-bedroom flats was used to illustrate the valuation of residential properties under the RCRRP Edict. The study found that with alpha level set at 0.05, rent control has no statistically significant effect on rental values, P-value=0.0009. It recommended that Government should not regulate the real estate market but provide enabling environment for investors to provide low cost housing units that would in the long run reduce rental values.
The Implication of Land-Use Policies on Property Rental Value Trend in Abuja
Journal of Civil Engineering and Architecture, 2019
Land-use policies and regulations are employed all over the world to control land usage. Relative to the type of regulations, these can have several impacts on the value of properties. However, the value of properties might increase or decrease depending on the type of measures that are yearly employed. Thus the objective of this study was to assess the implication of land use regulations on rental value trend in Abuja, Nigeria. The survey design was used to elicit relevant information from occupiers and Estate Surveying and Valuation firms in Abuja. Results were presented on tables, and an annual growth rate factor was used to assess the relative growth of rent within the three locations (Wuse, Maitama and Nyanya), studied. Results indicate a significant rise in the rental value of properties between 2008 and 2017. Thus, the planning authorities in Abuja should reconsider the kind of policies they implement within the study area to avoid abuse and unnecessary restrictions that affect the state of the environment and value.
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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.
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In urban centres the essence of land use planning is to ensure that urban activities are organised and developed in physical space with due consideration for protection of public interest which include health, safety, convenience, efficiency, energy conservation, environmental quality, social equity, social choice and amenity. With this background, the study examined the effects of land use planning on residential property values using a comparison of two neighbourhoods in Agege Local Government Council Area of Lagos Metropolis. Two groups of respondents were used for the study; the Estate Surveyors and Valuers (29) and residents of New Oko-Oba GRA (120) and Orile Agege (140). Both descriptive and inferential statistical tools were used in analysing the data collected through the questionnaire administered on the respondents. The study revealed that there is significant level of difference in residential property values between the planned and unplanned residential areas. It further revealed that there is a statistically significant relationship between land use planning and property values. The study therefore recommends that government should ensure proper land use planning, while the people
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Analysis of the impact of housing attributes on rental values of residential properties over the years has been a major challenge in the global housing market. This phenomenon arises due to the complexity, uniqueness and heterogeneity of housing commodity coupled with the diverse socio- economic characteristics of housing locations in various residential neighborhoods of different geographical regions. The purpose of this study was to examine the impact of various housing attributes such as dwellings, location and neighborhood characteristics on rental values of residential properties in Minna, Nigeria. Three (3) residential neighborhoods were randomly selected each from high density, medium and low density areas of the metropolis for the study. Structured questionnaires with closed ended questions were administered randomly to three hundred and eighty five (385) respondents across the three neighborhoods. A total of three hundred and thirty seven (337) questionnaires were returned ...
Three attributes determining land values in three selected housing estates in Uyo, Nigeria
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There is a knowledge gap regarding the specific attributes (location-specific, environmental, and neighborhood) that impact land value, the relationship among these attributes, and the degree of impact on the land values in residential estates in Uyo, Nigeria. The three factors all combine to create a unique picture of a place, impacting its desirability and ultimately, its land value. This study explores the relationship between various land value attributes within specific residential estates (Ewet Housing Estate, Shelter Afrique Estate, and Akwa-Ima Estate) in Uyo. A questionnaire was designed and used to solicit data from the respondents living in the three estates with the aid of the purposive sampling technique. The findings revealed the following: Closeness to school is the location-specific attribute that contributes the most to land value, and closeness to recreational centers contributes the least. The presence of security and police stations had the most significant contribution to land value, and the presence of noise in the neighborhood had the least significant contribution. Peace, quiet, and beauty had the most significant contribution to land value, and the presence of lakes and water bodies in the environment contributed the least to land value. The factor analysis yielded two major factors for location-specific attributes: 'transport' and 'place'. The factor analysis grouped the neighborhood attributes into two factors: 'easily controlled' and 'not easily controlled'. All three attributes of land values are positively correlated with one another. Implications for research and recommendations were made.
Examining the Effect of Location on the Values of Residential Properties in the Wa Municipality
Examining the Effect of Location on the Values of Residential Properties in the Wa Municipality, 2018
This study aims to analyze and determine the relative roles of locational characteristics in determining housing values/prices. In order to achieve this, attempts were made to evaluate the role of locational factors in the determination of house prices; study how house prices/values in Wa Municipality of the Upper West Region of Ghana. Data collection techniques such as review of relevant literature, group discussions and questionnaire administration were used and data were analyzed by the use of the Statistical Package for Social Sciences (SPSS) and qualitatively as well. The significance of each variable involving socioeconomic characteristics, landlord experience, building characteristics and locational characteristics was evaluated through a multiple regression model. The findings are categorized into levels on the basis of the coefficient values. The results indicate that locational characteristics are the most significant variable determining the value of houses in our study area.
Lagos State is steadily emerging a multi-nuclei metropolis giving rise to a number of business hubs and real estate submarkets. Notwithstanding, investment and return on property are normally adjudged as more juicy in some neighbourhoods such as Ikoyi, Victoria Island, Lekki-axis, Ikeja, Apapa, Isale Eko and Amuwo Odofin. Obviously, these neighbourhoods share similar characteristics in that they are at the centre of Lagos State business activities, the home to many industrial establishments, headquarters of several business formations, the destination of early morning traffic rush from various parts of the State. The relationship among accessibility, property values and land use patterns has been the pre-occupation of earliest theorists with indication that travel costs were traded off against rents, population densities and distances from the Central Business District. This study assesses the veracity of this proposition in Magodo neighbourhood property market and the impact of other factors such as locational, structural and neighbourhood characteristics. A total of 232 questionnaires were distributed to two study groups, the estate surveyors and valuers and Magodo residents. Response were presented and analysed with tables, percentages and relative importance index. It was found amongst other things that travel distance and cost does not affect residential property value as others factors do. It was recommended that property investors should consider those attributes that significantly affect property values while government should endeavour to harness development potentials in the study area.
International Journal of Economy, Management and Social Sciences, 2013
Abstract: Lagos State is steadily emerging a multi-nuclei metropolis giving rise to a number of business hubs and real estate submarkets. Notwithstanding, investment and return on property are normally adjudged as more juicy in some neighbourhoods such as Ikoyi, Victoria Island, Lekki-axis, Ikeja, Apapa, Isale Eko and Amuwo Odofin. Obviously, these neighbourhoods share similar characteristics in that they are at the centre of Lagos State business activities, the home to many industrial establishments, headquarters of several business formations, the destination of early morning traffic rush from various parts of the State. The relationship among accessibility, property values and land use patterns has been the pre-occupation of earliest theorists with indication that travel costs were traded off against rents, population densities and distances from the Central Business District. This study assesses the veracity of this proposition in Magodo neighbourhood property market and the imp...