An assessment of real estate development and its implications on local economies in Eti-Osa Local Government Area, Lagos State
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Background of the Study
Real estate development is a critical driver of urban transformation, influencing local economies by attracting investments, creating jobs, and reshaping land use patterns. In Eti-Osa Local Government Area, Lagos State, rapid urbanization has spurred numerous real estate projects that have significantly altered the economic landscape. The influx of developers and investors has increased property values and commercial activities, fostering economic growth (Akin, 2023). However, these developments raise concerns regarding gentrification, displacement, and environmental sustainability. While real estate development can generate revenue and boost local employment, it may also exacerbate socioeconomic disparities (Balogun, 2024). This study examines the multifaceted implications of real estate development in Eti-Osa, exploring both its positive impacts and adverse consequences on local economies. The analysis incorporates investment patterns, urban policy frameworks, and community experiences to offer balanced insights into the interplay between development and economic opportunity (Olawale, 2025).
Statement of the Problem
Despite the economic benefits associated with real estate development in Eti-Osa, concerns are growing over negative impacts such as rising property prices, displacement of local communities, and increased socioeconomic inequality. The rapid pace of development has outstripped regulatory mechanisms, leading to an unbalanced economic environment (Chinonso, 2023). This study seeks to identify the challenges posed by real estate development and evaluate its overall impact on local economic sustainability, aiming to recommend strategies that balance growth with equitable community benefits (Eze, 2024).
Objectives of the Study:
To assess the economic benefits of real estate development in Eti-Osa.
To analyze the adverse effects, including displacement and inequality.
To propose policy measures that promote balanced urban development.
Research Questions:
What economic benefits does real estate development bring to Eti-Osa?
What are the negative impacts of rapid real estate development on local communities?
How can policies be designed to balance growth and social equity?
Research Hypotheses:
H1: Real estate development positively influences local economic growth.
H2: Unregulated development leads to increased socioeconomic disparities.
H3: Policy interventions can mitigate the negative effects of real estate development.
Significance of the Study
This study is significant as it provides comprehensive insights into the impact of real estate development on local economies in Eti-Osa. The findings will inform urban planning and policy formulation, ensuring balanced growth and community sustainability (Okafor, 2025).
Scope and Limitations of the Study:
This study is limited to the assessment of real estate development and its implications on local economies in Eti-Osa Local Government Area, focusing on economic and social dimensions of urban development.
Definitions of Terms:
Real Estate Development: The process of developing land for residential, commercial, or industrial use.
Local Economies: Economic activities and outcomes within a defined geographical area.
Eti-Osa Local Government Area: The administrative region in Lagos State where the study is conducted.
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