A Study of Urban Characteristics Impacting Residential Property Prices in Lagos State

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A Study of Urban Characteristics Impacting Residential Property Prices in Lagos State

CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

Residential property value is a major indicator of urban economic performance and housing market efficiency. It reflects the price at which a residential property can be bought, sold, or rented in a competitive market and is influenced by several interrelated factors such as location, infrastructure, accessibility, neighborhood quality, and environmental conditions (Oladokun, 2012; Baum, 2015). In rapidly growing megacities like Lagos State, these factors are particularly dynamic due to intense urbanization and population pressure.

Lagos State is Nigeria’s commercial and economic hub, experiencing rapid population growth, increased demand for housing, and significant spatial expansion. Urban development patterns in Lagos are shaped by transportation networks, availability of social amenities, land-use planning, security conditions, and environmental quality (Ajanlekoko, 2001). These urban factors directly affect residential property values by determining the attractiveness and livability of neighborhoods.

Studies have shown that properties located in areas with good road networks, reliable power and water supply, proximity to employment centers, schools, and healthcare facilities tend to command higher values (Baum, 2015; Oduwaye, 2013). Conversely, neighborhoods affected by traffic congestion, flooding, noise, pollution, and insecurity often experience depressed property values.

Given Lagos State’s complexity as a megacity with both high-end and low-income residential zones, evaluating the key urban factors influencing residential property values is essential. Such an evaluation helps investors, planners, and policymakers understand how urban conditions shape housing markets and guide sustainable development strategies (UN-Habitat, 2016).

1.2 Statement of the Problem

Despite the growing demand for residential property in Lagos State, property values vary significantly across different neighborhoods. These variations cannot be explained by building characteristics alone. Urban factors such as infrastructure quality, environmental conditions, land-use compatibility, traffic congestion, and security play a major role in shaping residential property values (Oduwaye, 2013).

However, Lagos faces serious urban challenges including poor drainage systems, frequent flooding, inadequate road networks, environmental pollution, informal settlements, and rising crime rates. These issues negatively affect residential desirability and investment confidence, leading to uneven property value distribution across the state (UN-Habitat, 2016).

Although several studies have examined housing problems in Lagos, limited empirical research has focused specifically on evaluating the combined influence of key urban factors on residential property values. This creates a gap in understanding how urban planning and infrastructure conditions translate into market values. This study therefore seeks to evaluate the key urban factors influencing residential property values in Lagos State.

1.3 Aim and Objectives of the Study

Aim:

The main aim of this study is to evaluate the key urban factors influencing residential property values in Lagos State.

Objectives:

The specific objectives are to:

Identify major urban factors affecting residential property values in Lagos State.

Examine the relationship between infrastructure provision and residential property values.

Assess the influence of environmental quality on residential property values.

Evaluate the effect of accessibility and transportation on housing prices.

Analyze how security and neighborhood characteristics affect residential property values.

1.4 Research Questions

What are the key urban factors influencing residential property values in Lagos State?

How does infrastructure provision affect housing prices?

What is the impact of environmental quality on residential property values?

How does accessibility and transportation influence residential property values?

How do security and neighborhood characteristics affect property values?

1.5 Significance of the Study

This study is significant to:

Property Investors and Developers: by identifying high-value drivers for investment decisions (Baum, 2015).

Urban Planners and Policy Makers: by providing evidence for infrastructure and land-use planning policies (Oduwaye, 2013).

Estate Surveyors and Valuers: by improving accuracy in property valuation.

Researchers and Students: by contributing to literature on urban economics and housing markets.

1.6 Scope of the Study

The study focuses on residential properties in selected urban and suburban areas of Lagos State. It examines how urban factors such as infrastructure, environment, accessibility, and security influence property values.

1.7 Operational Definition of Key Terms

Residential Property Value: The market price of a housing unit in a given area.

Urban Factors: City-related characteristics such as infrastructure, transport, environment, and security.

Infrastructure: Physical facilities such as roads, electricity, water supply, and drainage.

Accessibility: Ease of reaching employment centers and services.

Environmental Quality: Cleanliness, noise level, air quality, and flood risk.

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