Browsing by Author "Babajide Femi OGUNTOKUN"

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    Impact of Urban Flood Management Project Intervention on Property Values in Ibadan, Nigeria
    (Lead City University, Ibadan, 2024-12) Babajide Femi OGUNTOKUN
    Flooding has long posed a significant environmental threat in Ibadan, Nigeria, causing widespread property damage, displacements, and economic disruptions since the first severe floods were recorded in 1951. This study assesses the impact of the Ibadan Urban Flood Management Project (IUFMP), jointly funded by the World Bank and Oyo State government, on property values in the city. The research aim to fill a critical gap by examining how flood management interventions, including drainage construction and river channelization, have influenced property values from 2012 to 2022. Key findings indicate varying levels of awareness of the IUFMP among community members and estate surveyors, with a significant percentage (67.6%) unaware of specific project details despite its implementation. Trends in property rental values show significant increases over the study period, with notable spikes in 2016 and 2022 across different property types. Similarly, capital or market values for properties experienced substantial growth, particularly in 2016 and 2022, reflecting changing real estate dynamics in Ibadan. Findings on the project's impact reveal that a majority of respondents disagreed with claims of increased capital value (54.8%) and rental value (53%), while 43.3% reported a reduction in rental value. Importantly, a significant proportion (66.3%) strongly disagreed that no impact was felt, and a majority (74.4%) disagreed that there was less dirt and filthiness post-project. In conclusion, the study suggests that the IUFMP did not significantly affect property values, as existing community measures already effectively manage flooding issues. This underscores the importance of enhancing community involvement and implementing comprehensive flood management strategies to address urban flooding challenges in Ibadan. Keywords: Flood Management, Project Interventions, Property Values, Property Investment, Urban Word Count: 257