Appraisal of Residential Land Value Determinants in Ibadan South-East Local Government, Nigeria
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Date
2016
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Department of Urban and Regional Planning, Obafemi Awolowo University, Ile-Ife, Nigeria
Abstract
This study evaluates residential land values in Ibadan south east local government. It examines relationship between the determinants of residential land value and the existing value of land in the study area. The study used primary data which were obtained through random sampling techniques of 446 households in the three residential densities of the study area. Descriptive statistics in form of frequencies and percentages were used to assess land value characteristics, while correlations analysis was used to examine residential land value determinant in order to determine their strength of association. Findings from the correlation analysis revealed that the variables that have highest relationship with residential land value are closeness to infrastructure and availability of parking space (r=0.992). This was followed closely by neighbourhood status and size of the plot (r=0.991). Easy accessibility and distance from place of work (r=0.983) are also noted to be of high significance in the determinant of residential land value. They were also found to significant at 99 percent confidence level. Result also show that nearness to CBD and selling price for one plot of land have correlation coefficient (r) of 0.998. This implies that there is very high positive correlation between nearness to CBD and selling price (value) of one plot of land. It is also observed that there is significant relationship between nearness to CBD and price of one plot of land P<0.05=0.000. The study recommends among others the need for planners to consider the determinants of land values in planning for optimum use of land
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Keywords
Residential, Land Value, Determinants, Selling Price