THE IMPACT OF URBAN ROAD TRANSPORT ON RESIDENTIAL AND COMMERCIAL PROPERTY VALUES
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CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
The importance of transportation cannot be over-emphasized. Transportation centrally affects the relationship between physical space and society, and changes in transportation affect the organization of human activity in urban and regional space. Modern businesses, industries, trades and general activities depend on transport and transport infrastructure, with movement of goods and services from place to place becoming vital and inseparable aspects of global and urban economic survival (Debor,2011).
Transportation and property are important in physical and economic development of towns and cities all over the world. Alonso (2000) stated that property and land values tend to increase in areas with expanding transportation networks, and increase less rapidly in areas without such improvements. Rapid and continued rise in housing and land prices are expected in cities with transportation improvements and rapid economic and population growth (Cheshire & Sheppard, 2010).
The impact of road transport on property values has been studied from many perspectives, including analyses of different types of systems, of residential versus commercial impacts, and studies that have attempted to isolate both positive and negative effects. The varied approaches create difficulty in comparing the results of one study to another. Further, some of the contradictory results over the years have often been due to differing methods of analysis, data quality, and regional differences. Some research findings have affirmed that that there is a strong relationship between location and value of a property and improved accessibility is expected to increase property values. It also stands to reason that investment in transportation system will bring economic benefits into urban areas. These benefits can range from user benefits to employment, income growth, social and urbanization benefits. Dam and Lerman(2010) stressed that urban areas all over the world offer a number of advantages in terms of concentration of people followed by demand for commercial properties and transportation. Ikeja is a classic example of a city that has developed rapidly when it became the Lagos State capital.
Property value consists of land value and building value. Building values can be influenced by the type of buildings, building age and number of bedrooms, gross floor area and other building related features; whereas land value is usually appreciated due to scarcity of land available for accommodating the increased demand for housing and other use (Udaku&Adigu, 2001).
The road network is made up of links that determine the degree of connectivity and accessibility in the network. A number of factors affect values of properties. These factors may be intrinsic or extrinsic (Zama, 2011). The extrinsic factors include increase in demand for lettable space, location, condition of adjoining properties, nearness to park and leisure, local and national economic conditions.
Road transport is many nations’ or cities’ driver of the economy and is the most popular means of transport in Lagos. Lagos being the commercial nerve centre of the country continues to witness on a daily basis the influx of people from different parts of the country to seek for means of livelihood. As a result of the influx, the rate at which infrastructure is being provided cannot meet the demand. Efficient road transport can make a property a more attractive site for a higher level of development. Often, property owners decide they can develop their vacant parcels in order to capitalize on the proximity to good road transportation. It is against this background this study is set out to ascertain impact of urban road transportation on residential and commercial property values using Ikeja, the capital of Lagos State as a study area.
1.2 Statement of the Problem
The relationship between transportation and urban property values has been the focus of many studies. Some of the earlier studies showed positive relationship between transport and property values while others showed negative relationship. The urban areas all over the world offer a number of advantages in terms of concentration of people followed by demand for commercial properties and transportation. Construction of roads increased substantially with the opening up of residential arears that also benefitted from increasing demand for spaces in commercial properties. Many private companies, retail stores, commercial banks aggregate in the metropolis to take advantage of opportunities afforded by locations near the seat of governance thus attracting complimentary services.
This led to high concentration of vehicular and pedestrian movements especially along the access roads. Commercial users displaced residential users, causing sites to be at highest and best uses with concomitant increases in the values of commercial properties. Accessibility within the road network is affected by the compact nature of various routes that sometimes impede volume of traffic.
Today, it appears the original master plan of Ikeja has received some modifications as a result of new development that are taking place. One of such latest developments that have taken place in Ikeja in the last few years is the ultra-modern Ikeja Shopping Mall. Ikeja City Mall is the largest new shopping center to be built in Lagos. It is situated in the heart of Ikeja-Alausa, where the seat of government for Lagos State resides. Ikeja City Mall is bounded by access roads on three sides and it is ideally positioned for the convenient parking and shopping. The retail offering is anchored by Shoprite’s latest generation store. The look and feel of Ikeja Shopping Mall has increased the beauty of Ikeja, thereby making it another center of attraction. This is just among many developments that have taken place in Ikeja within the last couple of years back. These developments have made Ikeja to be the choice of many business and offices. This has given birth to a situation where a lot of hitherto residential buildings are converted to commercial premises. Ikeja is also famous for having the highest number of standard hotels in Lagos. Some of which include, Sheraton hotel and towers, Protea hotel and Lagos Airport Hotel. Possible relationships between road transportation networks and location attributes and property values have therefore elicited the interest of the research in this direction. It is against this background that this study was conceived.
1.3 Aim and Objectives of the Study
The main aim of the study is to examine the impact of urban road transportation on residential and commercial property values. In specific terms, the objectives will be to;
- Examine how road transportation improvement can induce residential and commercial property values.
- Evaluate the effects of changes in urban road transportation with respect to changes in residential and commercial property values.
- Determine how road traffic has affected property values in Ikeja area of Lagos.
1.4 Research Questions
- What is the influence of road transportation on residential and commercial property values?
- What are the factors that influence property values in the urban area?
- How does road traffic affect property values?
1.5 Research Hypotheses
Null Hypothesis Ho
HO1:There is no relationship between road transportation and property values.
H11:There is no relationship between road transportation and property values.
HO2:There is no relationship between road traffic and property values.
H12:There is no relationship between road traffic and property values.
1.6 Significance of the Study
This study will contribute to empirical studies on intra-urban road transport network and its influence on property values in Ikeja, Nigeria. The study will be helpful to various government agencies responsible for urban transportation planning and implementation. It will serve as a guide to future researchers. The recommendations herewith will be relevant to policy making with respect to road transportation and its effect on residential and commercial property values.
1.7 Scope of the Study
This study will only focus on impact of urban road transportation on residential and commercial property values, a study of Ikeja area of Lagos. It is only the residents and regular commuters in Ikeja that will constitute the respondents for this study.
1.8 The Study Area
Ikeja city is a large component of the Lagos metropolis. Lagos has been adjudged to be Nigeria’s commercial nerve center where most top business organizations has its headquarters. It is located along the West African coast and was the capital city of Nigeria before it was replaced with Abuja on 12th December, 1991. Ikeja is both the administrative capital and Headquarters of Ikeja Local Government Council Area of Lagos State.
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