THE IMPACT OF INSECURITY ON RESIDENTIAL PROPERTY VALUE
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BACKGROUND OF THE STUDY
In recent times, there has been a high level of unprecedented insecurity across developing economies. This is one of the most problems existing in communities, even in low crime rate zones. Insecurity has been established to negatively influence individual’s mental, physical and social activities and also the vitality of their communities (De Biasi, 2017). A review documentation made by United Nations in 1990 in Olajide and Mohd Lizam, (2017) revealed that while developed countries spend 2% to 3% of their annual budget on crime prevention/security of lives, 9% to 14% of the developing countries’ annual budgets goes to such activity. This justifies the current situations within such developing economies with African continent inclusive. Having threatened both the local and the national security, this has impelled a huge allocation been channeled by the Nigerian government to the nation’s security from the country’s national budget (Achumba and Akpor 2016). According to the 1999 Federal Republic of Nigerian constitution, ‘security and welfare of people stands as one of the main purpose of the government existence’ however, this constitutional responsibility have long failed in placing a safe and secured environment for properties, lives, individual daily operations and economic events except for those in government’s high ranking positions who are usually guided by all sort of security (Okonkwo, et al, 2015). More so, these disquieting insecurity levels have increased the terrorism and crime rate in different states of the country. The crime rate across the country keep breeding destruction of properties and live as well as increasing fear of insecurity. This then leaves revolting consequences for people, business and economic growth as activities such as foreign direct invest and international organizations wishing to invest in the country’s real estate are being discouraged. Furthermore, in other to curb crime rate, government recently embarked on criminalizing terrorism in the country through the Anti-Terrorism Act of 2011. Nevertheless, the insecurity level remains high with Nigeria being ranked low in the Global Peace Index (GPI, 2020) score. On a general note real estate owners or users are often prone to diverse form of insecurity ranging from natural disaster like earthquake; hurricane sandy to that of man-made insecurity and so on, which constitute mainly properties and violent crime (Olajide and Mohg Lizam, 2017). Noteworthy is that the security of any country is inalienable when dealing with real estate transaction especially that of residential and commercial properties. Irrespective of whether it has an accessible gate with necessary control measures, electric fence mounted with appropriate cameras or security guards in check, users or occupiers within any property often feel secured knowing that they are protected against any ill issues. However the level of their security could be questioned with regards to the current situation in Nigeria. Downing (2017) in his study titled ‘’Centralized Integrated Security optimal for Residential Estate’’ counseled that people’s reliance on some security measures for their family, lives and properties may not be as worthy as it seems. This however does not portray that the product or method adopted are inferior nor the companies employed are handicapped in doing the job but, the researcher further explained that ‘’as Estates employ different companies in handling different security task, their diverse expertise sometimes lack required integration between the numerous disciplines. In essence, the challenges of providing effective security systems could be stressful and time consuming for residential users or owners, although protecting a residential apartment, its inhabitants as well as its valuables secure and safe cannot be exaggerated (Olajide and Kolawole, 2018). While some house owners could strife to obtain a security measure on their own, others preferably may work with specialized professional security outlets in preventing any damaging events to their properties. However the security of a house goes beyond keeping unwanted people out of the house to that of protecting valuables therein (Seldon, 2017). This then includes but not limited to spouse, children, extended families, documentaries/personal information and other vital things. Consequently, this study examines the impact of insecurity on residential property value in .
STATEMENT OF THE PROBLEM
Insecurity in the developing country’s cities keep rising daily. With a continuous growth in housing cost and demand, it is expected that secured properties be stimulated to ensure a comfortable and liveable environment for masses. This is then assumed to enhance the emotional stability of residents/citizens and produce high work force efficiency towards the promotion of the country’s Gross domestic product. Considering the levels of residential home security systems which ranges from simple to sophisticated, different security system have emerged over the years across the globe such as trained dogs, thermal cameras, high/electric fencing, vigilantes, fire/back to base alarm systems, panic buttons, surveillance equipment and wire, fire system, home automation, temperature, spikes floor and water sensors, CCTV monitors, video recorders, 24hours security guards, and any type of anti-intruder perimeter control systems (Radetskiy, et al 2015). This however has not been fully employed in Nigeria owning to procurement cost, difficulty in installation or use as well as the unplanned nature of most housing environments. (Ajibola, et al 2019) noted the inefficient security problem within the length and breathe of the country which has resulted into numerous crime acts and loss of lives. However, the insecurity level in Nigeria cannot be over mentioned without been traced back to the early military rule ages when bulky quantities and quality weapons were shipped into the countries for military uses during and after the civil war. Some of this weapons however were high jacked by the civilians and then became there tools for mischievous acts shortly after the war such as; robbery attacks, killings of innocent minds and ritualism which is high across the country (Olabanji and Ese 2015). Worthy of note is the 1999 constitution’s provision for citizen’s right which has been distorted due to government’s incapability to curb insecurity thereby leading to religious vehemence, communal clashes and crime not just at the national level but more significantly at the state/local level, where innocent lives are daily destroyed. This has made some residential property owners vacating their comfort zone in search for a secured environment which are less comfortable. More so, it was observed that some fully furnished apartment across states in Nigeria are scarcely occupied owning to the rate of crime which then affects developer’s profit and loan transaction. This has also kept residents off some public zones and their participation in some public activities. Consequently, having the fear of insecurity with respect to personal safety especially when lonely and in the dark has caused the general trends of high walls construction around housing units. Such high walls together with other security measures like construction of huge walls, burglary proofs, installation of lighting amenities across housing environs with strong locks gives credence to this. In essence, this sometimes barricade such building’s beauty, this suggest that the current Nigeria city’s architecture is governed by the fear of crime and robbery attacks. Hence, the need to look into the impact of insecurity on residential property value in Abuloma Ozuboku.
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