Influencing Factors of Property Use Conversion and Residential Properties Rental Value Trend in Ikeja, Nigeria

Abstract

The paper determines the influence of property use conversions on residential property rental value performances in Ikeja, Nigeria. Previous studies have shown that a multiplicity of use conversion characterizes Nigeria urban centres, hence, threatening the cordial relationship among the property market participants, rental value performances, distorting city aesthetic and morphology. The rapidity of this trend is alarming, thus call for the urgent attention of land/city managers, spatial planner, government and other stakeholders to address its attendant problems. Quantitative data, using questionnaire survey, were collected and used for the study. The influence of property use conversion factors on residential property rental value performances in the study area was determined using a predictive model. Findings of the study show that about 67% of use conversion activities in Ikeja can be explained through the fusions of the conversion factors in the predictive model with 96% influence on residential property rental values. It was further observed that there exist increasing cases of default in rent payment due to the conversion activities and intensive competition for property uses especially properties with locational advantages. The paper advocates for strict implementation of all relevant sections of urban property use related laws in the state to ensure compliance with existing laws and appropriate monitoring of property development and uses that will help in the achievement of sustainable city development and liveability in the post pandemic era.

Three attributes determining land values in three selected housing estates in Uyo, Nigeria

“…Furthermore, prioritizing environmental conservation efforts, such as maintaining green spaces and improving air and water quality, can enhance the overall livability and attractiveness of an area, positively impacting land values. However, investment in improving the attributes should not be the basis for the indiscriminate conversion of residential buildings to commercial ones (Jamil and Gulzar, 2022), as default rent payments are often manifestations of constant conversions (Ankeli, 2022). Collaborative efforts between government agencies, private developers, and local communities are essential to implementing sustainable urban development strategies that optimize land values (Alkhani, 2020) while ensuring social equity and environmental resilience.…”

Assessment of the Variations in Residential Rental Values in Rantya-Gyel Jos, Plateau State, Nigeria

“…Though the proponents and many authors that had worked on these theories recognized the fact that every city has a unique experience and history and thus it is difficult to box into a unified theory or concept the changed process and pattern of any urban area, it is however undeniable that theorizing and modelling urban land use greatly helps in simplifying complex urban systems for easy understanding, interpretation, comprehension and therefore management. Ankeli & Bello, (2020) defines residential land use as that in which housing predominates and is a place where people live but housing may vary significantly between, and through, residential areas. These include single-family housing, multi-family residential to huge apartment towers; it takes about 40% of developed land in many cities (Beca, McNanery & Shuetz, 2019).…”

“…Residential property values are psychological factors which are extrinsic to the commodity (Tan & Goh, 2018;Ankeli, & Bello 2020). the precursors of value are complex they argue, and a change in any of these precursors affects value.…”

The Impact of Omo-Onile Phenomenon on Ibadan Metropolis Land Market

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