ABSTRACT
This study examined the effect of location on the rental value of residential properties in Ikeja Local Government Area in Lagos State.
Data used were derived mainly from secondary sources such as documents, including published literature, official documents, and media reports. Primary data were obtained from questionnaires administered to registered Estate Surveyors and Valuers, Estate Agents, landlords and residents of the study area.
The purpose of the study is to analyse and determine the roles of location and neighborhood characteristics in the determination of rental value of residential properties, in other to achieve this, attempts were made to evaluate the role of location and neighborhood factors in the determination of house prices in the conceptual background to this study.
The second chapter also examined the various property characteristics that have relatively strong impact on market values (prices) and to an extent influence the rent, sales and purchase decisions of accommodation seekers, sellers and buyers in Nigeria.
The third chapter sets out the method and procedure employed in carrying out this project. The fourth chapter presents the results of the empirical and comparative analyses of the effect of location on the value of residential properties in Ikeja Local Government Area of Lagos State.
It is concluded that neighborhood and location attributes show more importance on house values when smaller geographical housing units are examined. The recommendations of this study should enable individuals, Real Estate Professionals, investors and other stakeholders to make fair estimates of the market values of residential properties in Ikeja Local Government Area of Lagos State given the features of such housing units. This would aid rapid valuation, help to improve housing quality and make possible mass evaluation of properties.
CHAPTER ONE
INTRODUCTION AND BACKGROUND
1.1 BACKGROUND TO THE STUDY
Residential properties are both consumption and investment good (Sratton, 2008). As consumption good it is acquired for owner occupation.
Also, the investment (property) may be to maximize optimum return from outright sale or letting. If this is the case, the price of the residential property becomes very important to the landlord and the occupants.