ANALYSIS OF THE IMPACT OF PARKS AND OPEN SPACES ON RESIDENTIAL PROPERTY VALUATION (A CASE STUDY OF LAGOS STATE)

ANALYSIS OF THE IMPACT OF PARKS AND OPEN SPACES ON RESIDENTIAL PROPERTY VALUATION (A CASE STUDY OF LAGOS STATE)

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BACKGROUND OF THE STUDY

Open spaces, such as public parks, natural areas, and golf courses, offer a variety of benefits to local inhabitants, such as recreation and beautiful vistas. Residents who reside close to these resources, on the other hand, may face drawbacks such as traffic congestion and noise. Given the dire status of many state and municipal budget situations around the country, the necessity for parks and open space agencies to demonstrate their value in order to maintain financing for their services and facilities is critical. Parks and other open spaces have a variety of effects on residential property value that are easy to describe but difficult to quantify.

As a result, park and open space professionals must create methods for valuing the contributions of open places to society. Crompton (2001) highlighted the proximal principle, or the rise in value of homes around such open space amenities, in a prior issue of parks & recreation. He also reviewed the findings of around two dozen early investigations into this theory. However, as Crompton pointed out, several of these studies, which were published between the 1870s and the 1980s, had methodological flaws and inconsistencies that made them untrustworthy to modern researchers. It is now possible to conduct far more detailed and accurate analyses of the impacts of open spaces on surrounding property values using an economic method known as the hedonic pricing technique, in combination with spatial analyses made possible by the advent of geographic information system (GIS) technologies.

1.2 STATEMENT OF PROBLEM

GRA, like many other towns around the country, Ikeja, in Lagos state, may be defined as a developed area that has lost its open space nativity due to urbanization. This was the state's fastest-growing region. Ikeja GRA is a peaceful neighborhood in Ikeja, Lagos, primarily populated by the wealthy. In Ikeja, there is a Government Reserved Area with a variety of luxury residences and five-star hotels.

Ikeja GRA is a posh residential area in Lagos's Ikeja Local Government. A significant proportion of the state's affluent people live in the area. The Murtala Mohammed International Airport, two air terminals, and Ikeja City Mall are all within walking distance of Ikeja GRA. Locals and visitors alike will appreciate the various attractions on the street. This boulevard is densely packed with restaurants, cafés, pubs, and hotels.

If present development patterns are not reversed, parks and open space will provide various advantages to the Area that will be lost or degraded. Water purification and preservation of drinking water sources, animal habitat provision, and human health and recreation advantages are among these benefits. Our goal, however, is to assess the impact of parks and open spaces in GRA on residential property values.

1.3 AIM AND OBJECTIVES OF THE STUDY

The study's overall purpose is to investigate the impact of parks and open spaces on residential property values in Independence Layout, GRA Ikeja Lagos state.

The study, on the other hand, was focused on achieving these precise goals:

1. To identify the location of parks and open spaces in GRA, Ikeja.
2. To ascertain if parks and open spaces have any influence on the rental and capital values of residential buildings in GRA, Ikeja.
3. To analyze the merits and demerits of parks and open spaces in tandem with the welfare and satisfaction of the residents.
4. To suggest ways of improving open space and parks conservation in the study area.

1.4 RESEARCH QUESTIONS

The following research questions were posed in accordance with the study's objectives:

1. Where are the locations of parks and open spaces in GRA, Ikeja?
2. To what extent do parks and open spaces affect rent and values of residential properties in GRA, Ikeja?
3. What are the merits and de-merits of parks and open spaces in tandem with the welfare and satisfaction of the residents in the study area?
4. What could be done to improve the conservation of parks and open spaces in the study area?

1.5 RESEARCH HYPOTHESIS

An hypothesis refers to an experimental statement, tentative in nature, showing the relationship between two or more variables. It is open to test and can be accepted or rejected depending on whether it agrees or disagrees with the statistical test.

The study will test the validity of the following null hypothesis:

H01: Parks and open spaces have no significant influence on the rental and capital values of residential buildings in GRA, Ikeja

H02: The merits of parks and open spaces in tandem with the welfare and satisfaction of the residents is low.

1.6 SIGNIFICANCE OF THE STUDY

This research work is relevant to estate surveyors, landlords, tenants and staff of ministry of tourism. This study will enlighten them on the impact of parks and open spaces. It will also serve to highlight the challenges encountered in the course of work in the case of any future reference.

It will bring to light key findings which will be summarized after in depth research in line with materials that were attainable.     

This study will further add to existing literature on this study topic and as well serve as a reference material and a lightening lantern to students, scholars and researchers who may which to carryout further study on this topic or related domain in the future.

1.7 SCOPE OF THE STUDY

The study concentrates on the impact of parks and open spaces on residential property values in GRA, Ikeja. This research work will establish the existence, merits and demerits and the influence of parks and open spaces on the value of residential properties in GRA, Ikeja.

Residents of Independence Layout, GRA, Ikeja, Lagos state shall serve as enrolled participants for this study.

1.8 LIMITATION OF THE STUDY

Some of the constraints that militated against the speed and completion of this research work include;

1. Time constraints, financial and mental stresses equally affected the prompt completion of the work.

2. The field work did not cover the entire Lagos State. But however, samples were randomly collected to represent the entire city.

3. Lack of relevant materials: it is a great disappointment to note that little or no materials were available making the researcher to go round the states, to collect materials and borrow books, magazine, Newspapers and online because enough work have not been carried out in this area of Study

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