Estate Management &Valuation

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Estate Management &Valuation

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Subject: search.filters.subject.Housing Attributes

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    An Assessment of the Effect of Coastal Externalities on Residential Housing Prices in Badore, Lagos-Nigeria
    (School of Environmental Technology Federal University of Technology Main Campus, Gidan Kwano, Minna, Niger State, Nigeria, 2018) Ayoola Adeyosoye Babatunde; Akande Sheerifdeen Olaide
    The paper employed hedonic price model in the estimation of the effect of coastal externalities on the rental value of residential property in Badore community of Lagos, Nigeria. Previous investigations on coastal community property values particularly in the developed economies have revealed that, proximate residential property to coastline areas have presented a worthwhile value to investors across the globe with those residential properties fronting the coastline outperforming those with reasonable distance from the coastline zones. Intrigued by this finding, the current study therefore undertook its investigations from two dimensional perspectives which are to determine if a similar result exists for Badore community, a coastal area in Ibeju-Lekki local municipality of Lagos State. Data was collected from 256 structured questionnaires completed by household heads who are tenants within 500 meters of the coastline in the study area. Model 1A-C accounted for the influence of coastal amenities and other housing attributes on rent. Model 2A-C accounted for the effect of the interaction between coastal amenities/disamenities alongside other housing attributes on rent. The results suggest that for a mean priced home (N224,846) at the mean distance from the coastline (282.96 m), a 1% increase in distance from the coastline would result in a 0.04%or N34.17 increase in rental value. When disamenity was controlled for in the entire- sample hedonic model, flooding further lower house rents in Badore by 0.12% (N94.56) for every 1% decreasing distance to the coastline.
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    Factors Influencing Tenants’ Choice of Location of Residence in Bosso Local Municipality, Minna, Nigeria
    (Official refereed Journal of the African Real Estate Society, 2019) Oladapo Rashidat Adejoke; Ojo Babajide; Ayoola Adeyosoye Babatunde; Kemiki Olurotimi Adebowale
    Residential location choice (RLC) is key to the pattern of urban development in any city. This paper investigates factors influencing the choice of residential location by tenants in Bosso Local Government Area (LGA), Minna. The objective of the paper is to establish the roles played by a variety of housing attributes, and thus the design is an analytical survey. Data was collected from 277 structured questionnaires completed by household heads who are tenants in Bosso LGA neighbourhoods. This data was further investigated through factor analysis to reduce the variety of housing variables to a smaller set of influential components. The results reveal that the principal component in the determination of residential location of tenants is dwelling attributes comprising of the number of bathrooms, number of toilets and number of bedrooms. In addition, the second principal component, named accessibility attributes, plays a modest role with proximity to a secondary school and/or primary school loading very high. The study recommends that property owners should respond to the desires of tenants by paying attention to the provision of the right ratio of bathrooms and toilets to the number of bedrooms. Also, urban planners and policymakers should efficiently allocate educational properties like secondary and primary schools across all the neighbourhoods in the study area. With these recommendations, it is hoped that residential locations across Bosso LGA will be equally attractive to tenants.