ABSTRACT
This research work emphasized on the analysis of the impact of parks and open spaces on residential property values in Independence Layout. The focus of this study was to analyze the impact of pack and open spaces on residential property values. This research embodies the benefits of parks and open spaces and also the implication of parks and open spaces. To achieve this aim, the researcher employed surveyor research method. Some information and findings were made; these findings are statistically analyzed and resulting in some conclusions and recommendations.
CHAPTER ONE
1.0 INTRODUCTION
1.1BACKGROUND OF THE STUDY
Open spaces, such as public parks, natural areas and golf courses provide numerous amenities for nearby residents including recreation opportunities and attractive views.
Residents who live in close proximity to these resources, however, may also experience dis-amenities such as traffic congestion and noise.In light of the declining condition of many state and local budget situations throughout the nation, the need for parks and open space agencies to prove their worth in order to attain continued funding for their services and facilities is essentially crucial. While the many impacts that parks and other open spaces imbue upon residential property value are easy to describe, they are typically harder to quantify.
Therefore, a need exists for park and open space professionals to develop means of placing values on the contributions of open spaces to society.
In a previous issue of parks & recreation, Crompton (2001) outlined what he calls the proximate principle the increase in value of properties surrounding such open space amenities. In addition, he summarized results of approximately two dozen early studies into this hypothesis. However, as Crompton noted, some of these studies, ranging in year of publication from the 1870s to the 1980s, exhibited methodological inadequacies and inconsistencies that limit their credibility for current researchers. Using an economic method known as the hedonic pricing technique, in combination with the spatial analyses made possible by the advent of geographic information system (GIS) technologies, it is now possible to conduct far more detailed and accurate analyses of the impacts of open spaces on surrounding property values.
1.2 STATEMENT OF PROBLEM
Like many places across the country, Independence Layout, Enugu State is rapidly losing open space to urbanization. This was the fastest-developing part of the State.
Independence Layout, Enugu, the highbrow section of Enugu, the coal city, was carved out by the post-independence administration of the legendary late Dr. Michael Okpara, the former premier of Eastern Region. Okpara, after Nigeria’s Independence, expanded Enugu with further acquisitions for physical development.