A Study of Slum Impact on Residential Property Values in Aguowa, Enugu

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A Study of Slum Impact on Residential Property Values in Aguowa, Enugu

CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

Property price is a key indicator of urban economic health and housing market performance. It reflects the amount buyers and renters are willing to pay for residential or commercial properties based on location, infrastructure, neighborhood quality, and environmental conditions (Baum, 2015; Oladokun, 2012). In developing countries, rapid urbanization and population growth often lead to the expansion of informal settlements and slums, which significantly influence surrounding property markets.

Slums are typically characterized by overcrowding, poor housing quality, inadequate infrastructure, insecure land tenure, and limited access to basic services such as water, sanitation, electricity, and roads (UN-Habitat, 2016). The emergence of slum areas alters the physical, social, and economic landscape of cities. These changes can affect perceptions of safety, cleanliness, accessibility, and environmental quality—factors that directly influence property prices.

Aguowa, a community in Enugu State, has experienced notable growth in informal housing development due to rural–urban migration, housing shortages, and limited urban planning control. As slum-like conditions expand in parts of Aguowa, concerns have arisen about declining property values in adjacent neighborhoods. Properties close to poorly serviced and congested settlements may experience reduced demand and lower prices due to issues such as insecurity, poor drainage, waste accumulation, and social stigma (Oduwaye, 2013; UN-Habitat, 2016).

Understanding how slum development affects property prices in Aguowa is important for investors, residents, and policymakers. It provides insight into how informal urban growth shapes housing markets and guides strategies for slum upgrading, land-use planning, and sustainable urban development.

1.2 Statement of the Problem

In many Nigerian cities, the rapid spread of slum settlements has created serious challenges for housing markets and urban management. In Aguowa, Enugu State, informal developments have expanded without adequate infrastructure, planning approval, or service provision. These conditions often result in environmental degradation, overcrowding, and rising social problems.

Property owners and investors in areas surrounding slum settlements have expressed concern about declining property prices and rental values. Slum development can discourage middle- and high-income households from living nearby, reduce investor confidence, and increase maintenance and security costs (Baum, 2015; Oduwaye, 2013). However, despite these concerns, there is limited empirical research focusing specifically on how slum development affects property prices in Aguowa.

Most studies address urban slums and housing markets at a broader city or national level, leaving a gap in localized, community-based analysis. This study therefore seeks to assess how slum development influences property prices in Aguowa, Enugu State, in order to provide evidence-based insights for urban policy and real estate investment decisions.

1.3 Aim and Objectives of the Study

Aim:

The main aim of this study is to assess how slum development affects property prices in Aguowa, Enugu State.

Objectives:

The specific objectives are to:

Identify the characteristics of slum development in Aguowa.

Examine trends in residential property prices in Aguowa and surrounding areas.

Assess the relationship between slum conditions and property price variations.

Evaluate residents’ and investors’ perceptions of slum development and property values.

Suggest strategies for managing slum growth to protect and enhance property prices.

1.4 Research Questions

What are the main features of slum development in Aguowa?

What trends exist in property prices in Aguowa?

How does slum development influence residential property prices?

What are residents’ and investors’ perceptions of the impact of slums on property values?

What planning and management strategies can reduce the negative effects of slum development on property prices?

1.5 Significance of the Study

This study is significant to:

Property Owners and Investors: by helping them understand risks and opportunities in slum-adjacent areas (Baum, 2015).

Urban Planners and Policy Makers: by providing evidence for slum upgrading and land-use control strategies (UN-Habitat, 2016).

Estate Surveyors and Valuers: by improving accuracy in property valuation in mixed-income and informal areas.

Researchers and Students: by contributing to the literature on slums and urban housing markets in Nigeria.

1.6 Scope of the Study

The study focuses on residential properties in Aguowa, Enugu State, and examines how slum development influences property prices in terms of sale values and rental rates.

1.7 Operational Definition of Key Terms

Slum Development: The growth of informal settlements characterized by poor housing and inadequate services.

Property Prices: The market values of residential properties, including sale and rental prices.

Residential Property: Housing units used for living purposes.

Urban Planning: The process of organizing land use and infrastructure in cities.

Informal Settlement: A residential area developed without formal planning approval.

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