Road Construction and Property Values in Peri-Urban Areas in Ibadan, Nigeria
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Date
2024-12
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Lead City University, Ibadan
Abstract
This research investigated road construction and property value in peri-urban areas located in Ibadan, Nigeria. the study scrutinized the morphological features of the selected roads construction and the factors that influence the effect of road construction on property values. These were done to provide information that would aid prospective investors in making decisions. The research utilized primary data sources using self-administered questionnaires. A purposeful sampling technique was used. Findings revealed that 35(14%) of the respondents affirmed that the present state of the road is poor, 49 (19.60 %) thought that it is fair, 75(30%) of the respondents assumed that it is good, 91(36.40 %) of the respondents condemned that it is very good. On the trend in value of properties; the study found that the price for both rental and capital value was grossly increasing, of 3- bedroom flats over 11 years at 50%, that the renting price for 3-bedroom flats rose across the years (2013 – 2023). The upward trajectory of rental values for 3bedroom flats indicates a consistent and sustained increase over the studied period and 2bed flats apartments as well, it also found
out that the demand for 2-bedroom flats has also increased trajectory at 50% due to growing demand for residential properties in the selected areas this is potentially driven by factors such as population growth and the availability of good road network in the study area. Findings revealed that value of properties increased because of high demand which is due to constructed roads in the study areas, highlighting concerns about functionality and property impacts. The study underscores a dynamic real estate market with rising values but stresses the need for balanced development to ensure affordability and address environmental and social impacts. Finally, the findings suggested a mixed perception of the road construction in the selected peri-urban area.
Keywords: Property, Property value, Road, Road Construction, Value
Word Count: 299
Description
Keywords
Property, Property value, Road, Road Construction, Value
Citation
Kate Turabia