EVALUATION OF THE INTERPLAY BETWEEN URBAN INFRASTRUCTURE CONDITIONS AND RESIDENTIAL PROPERTY INVESTMENT RETURNS IN ILORIN, NIGERIA
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Date
2020-04
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Ladoke Akintola University of Technology Press, Ogbomoso, Nigeria.
Abstract
A weighty indicator of the neighbourhood quality is infrastructure and as one of the pointers that determine class of the neighbourhood, it creates standing-point for the returns on real estate investment. This paper therefore evaluates the interplay between public infrastructure conditions and residential property investment returns in Ilorin with particular focus on standard two and three bedroom apartments in Adewole Housing Estate, GRA, Fate-Basin and Sabo-Oke neighbourhoods of Ilorin metropolis. Data were collected from Estate Surveyors and Valuers as well as residents of the selected neighbourhoods via structured and administered questionnaire using systemic random sampling technique with the sample size of 287 and only 169 questionnaires were returned. Simple descriptive mean statistical method was adopted to determine standard deviation as well as coefficient of variation. Ranking method was used to determine infrastructure index with bench mark for minimum acceptable condition adopted. Kendall Coefficient of Concordance was also used to test relationship among the ranked factors. The study revealed that, Adewole Housing Estate, Fate-Basin and Sabo-Oke maintained a single digit, indicating low performance when placing on average. Property investment in GRA stands a risk of 22% and 62% to have returns of 9.49% and 12.38% for two and three bedrooms respectively. The infrastructure condition indices in GRA is higher than ideal condition index and is better than other selected location and it was recommended that, provision, rehabilitation and maintenance should be embarked on in earnest to enhance social life and better property performance within the areas
Keywords: Neighbourhood, Infrastructure, property investment and Returns
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Keywords
Neighbourhood, Infrastructure, property investment, Returns