Factors Influencing Stakeholders’ Decision to Invest in Residential Properties: A Perceptual Analysis of Flood-Risk Areas (original) (raw)
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Various studies had identified location, neighbourhood characters, property characters and environmental characters as factors affecting property values. Flooding in most cases are natural occurrence that damages life and properties whenever it occurs. Lekki Phase I, having experienced consistent flooding over the years, this paper therefore examines the effect such occurrences on residential property values in the neighbourhood. The study was carried out using survey approach. A total of 200 copies of the questionnaire were administered on the residents while 126 copies were retrieved (63%). Also, a total of 81 questionnaires were administered on Estate Surveyors and Valuers within Victoria Island and Lagos Island axis and 43 (53%) were retrieved. The data collected was analysed using both descriptive and inferential statistical tools. The study found that almost 70% of the properties are owner occupied; prominent causes of flood are drainage problems and rise in sea level. The study further found that there is disparity in rental values of properties in flooded and non-flooded areas. The paired sample t-test conducted showed that there is statistically significant relationship between four pairs of the properties. The study therefore recommends that construction of drainage channels should be made wide enough to drain a large quantity of water.
Effect of Flooding on Property Value: A Case Study of Isheri North, Isheri, Lagos State
International Journal of Research and Scientific Innovation, 2020
This paper assesses the effect of flooding on property value in Isheri North of Lagos mega city, Nigeria. The sample frame for this study comprises of 251 properties located in the study area out of which 20% was sampled represent 50 respondents in order of 1 house of every 5 houses; and 20 Estate Surveying and Valuation Firms on Isheri, Ojodu, Omole, Ikeja environ. Random sampling technique was adopted in the selection of the sampled properties. Data collection was done with the administration of instrument (questionnaire) on the selected respondents. The result of the findings shows that 96% of the respondents have witnessed flood which is caused by heavy rainfall, damp spills, poor drainage system, inappropriate refuse disposal was suggested to the respondents. The study reveals that properties in non-flooded areas of Isheri community attract higher rental values than similar properties in the flooded area of Isheri North. The study recommends needs for public enlightenment on the dangers of flooding and restriction of flood-prone areas as not non-buildable zone for the security of life and property.
One of the natural factors to be considered in determining property rental values is flood. Year 2012 flood was noticeable in many countries due to its severance with Nigeria not left out most especially Kaduna metropolis. This paper aims at assessing the effect of this year's flood on residential property values. Data were sourced through both primary and secondary means. Systematic random sampling was used as the affected areas list was made available by Kaduna State Agricultural Development Project. Findings revealed low rental values in both years 2012 and 2013 but rose again due to some militating measures taken by the government and developers. In addition, the cause was traced to the rivers' setback encroachment and dumping of refuse into the rivers. Recommendations made include putting in place permanent measures to check flood's reoccurrence in the metropolis, availability of flood plain area map and data on flood occurrence to the public and enforcement of development control on developers.
The Impact Of Floods On Rental Values Of Residential Property In
The study was a survey meant to assess the impact of floods on rental values of residential property in Wulari Ward of Maiduguri metropolis, Borno state, Nigeria. A set of questionnaire was administered on two hundred and five respondents who were randomly chosen within the study area. The data collected were analyzed using tables and percentages. The results obtained showed that heavy rainfall (96.57%), lack of drainage channels (86.05%), blockage of drainage channels(84.88%),encroachment of flood plains (62.93%),violation of planning regulations (94.15%) and illegal structures on drainage channels (85.85%) were the major causes of floods in the study area. The study also revealed some of the effects of floods to include hindrance to human and vehicular movements (98.04%), disruption of business activities (95.61%), damage to building structures (89.76%), attraction of dirt and filthiness of surrounding (93.66%), lateness to place of work (91.71%), adverse effect on rental values (97.07%) and reduction in demand of properties (83.90%). The results of the study further revealed some of the reasons given for the low patronage of residential properties in the study area to include delay to workplaces (90.73%), reduced accessibility to buildings during flood events (93.17%), constant dampness in buildings (79.02%), destruction of personal belongings during flood events (88.78%), fear of abandonment of properties during flood events (77.07%), inconveniences associated with movement of household properties (96.59%), cost of renovation due physical destruction of buildings arising from flood events (69.27%), loss of personal belongings during flood events (72.20%), filthiness associated with flooded areas (80.98%) and psychological effects of living in flood prone areas(77.07%). Areas susceptible to floods had relatively lower rental property values than those not prone to floods. The study recommended among others that the Borno State government should hasten the construction of culverts and drainage channels in the area to allow for the smooth flow of surface water and that development control measures should be enforced to discourage unplanned developments in the study area.
Natural Hazards, 2014
The past decade has seen an increase in the number of significant natural disasters that have caused considerable loss of life as well as damage to all property markets in the affected areas. In many cases, these natural disasters have not only caused significant property damage, but in numerous cases, have resulted in the total destruction of the property in the location. With these disasters attracting considerable media attention, the public are more aware of where these affected property markets are, as well as the overall damage to properties that have been damaged or destroyed. This heightened level of awareness has to have an impact on the participants in the property market, whether a developer, vendor seller or investor. To assess this issue, a residential property market that has been affected by a significant natural disaster over the past 2 years has been analysed to determine the overall impact of the disaster on buyer, renter and vendor behaviour, as well as prices in these residential markets. This paper is based on data from the Brisbane flood in January 2011. This natural disaster resulted in loss of life and partial and total devastation of considerable residential property sectors. Data for the research have been based on the residential sales and rental listings for each week of the study period to determine the level of activity in the specific property sectors, and these are also compared to the median house prices for the various suburbs for the same period based on suburbs being either flood affected or flood free. As there are 48 suburbs included in the study, it has been possible to group these suburbs on a socio-economic basis to determine possible differences due to location and value. Data were accessed from realestate.com.au, a free real estate site that provides details of current rental and sales listings on a suburb basis, RP
An Investigation of Factors Accelerating Rise in Building in the Flood Prone Areas of Port-Harcourt
Iconic Research and Engineering Journals, 2019
Many areas vulnerable to flooding are receiving significant development of residential buildings despite the existing flood risk. With the recent increase in flooding, government and the residents of such flood prone areas are spending huge amount of money every year to afford resilience to flooding. Efforts are being made continually to contain or manage flood risk, yet, stocks of residential buildings are on the increase in such areas. What could have informed the choice of the continued increase in property development of such areas in Port-Harcourt, Nigeria? The study concluded that the major encouraging factor that influences continuing inhabitance of flood prone residential properties is affordability (cheap land and house rents). It is therefore recommended that the government should through appropriate agencies revisit the contents of housing policy, device viable mechanism for providing low income housing, create adequate awareness of the risk of building in the flood plains and provide structural flood risk management measures to optimize the efforts of the occupants.
Using Hedonic price model to estimate effects of flood on real property value in Lokoja, Nigeria
Ethiopian Journal of Environmental Studies and Management, 2015
The perceived risk associated with flood hazard has increased its awareness especially among those living within the flood prone areas. There is paucity of information on the effects of flood hazard on property values in Nigeria. The aim of the study is to assess the effects of flood on property value in Lokoja using hedonic price model with a view to contributing to the existing literature. The study uses a total of 50 residential homes that were sold in Lokoja, Nigeria between 2010 and 2012. The study used quantitative data from property transactions before and after the floor disaster and related them with the affected properties to estimate the average effects of the disaster on property value. Data from the Ministry of Lands and Urban development as well as the State Emergency Management Agency were used. Distances were measured in metres from the centroid of the building to the edge of the river and roads using Global Positioning System. The result of the estimation shows that property located within the floodplain are lowers in value by an average of N 493, 408 which represents 6.8 percent reduction in sales price for an average value house. The study adds to the understanding of the magnitude of the damage caused by flood on real property investment in Nigeria.
Assessing the impact of floods and flood legislation on residential property prices
The past decade has seen an increase in the number of significant natural disasters that have caused considerable loss of life as well as damage to all property markets in the affected areas. In many cases, these natural disasters have not only caused significant property damage, but in numerous cases, have resulted in the total destruction of the property in the location. With these disasters attracting considerable media attention, the public are more aware of where these affected property markets are, as well as the overall damage to properties that have been damaged or destroyed. This heightened level of awareness has to have an impact on the participants in the property market, whether a developer, vendor seller or investor. To assess this issue, a residential property market that has been affected by a significant natural disaster over the past 2 years has been analysed to determine the overall impact of the disaster on buyer, renter and vendor behaviour, as well as prices in these residential markets. This paper is based on data from the Brisbane flood in January 2011. This natural disaster resulted in loss of life and partial and total devastation of considerable residential property sectors. Data for the research have been based on the residential sales and rental listings for each week of the study period to determine the level of activity in the specific property sectors, and these are also compared to the median house prices for the various suburbs for the same period based on suburbs being either flood affected or flood free. As there are 48 suburbs included in the study, it has been possible to group these suburbs on a socio-economic basis to determine possible differences due to location and value. Data were accessed from realestate.com.au, a free real estate site that provides details of current rental and sales listings on a suburb basis, RP