ABSTRACT
Property is a bundle of rights whose value is determined by the interplay of various factors classified into accessibility, environment, Neighbourhood and property characteristics. This study access the relationship between infrastructure and property value in Agege area of Lagos metropolis. In other to achieve the research objectives, questionnaires were administered to two sets of respondents: Estate firms and Residents in Agege Local government area of Lagos. The first part represent the demographic details of the respondent. The sample were drawn from the residents in Agege and Estate firms around the Area including Ikeja and its Environs. The data collected were analysed using some standard statistical method like tables and charts and findings were interpreted accordingly with the use of percentage. For the purpose of this research, 120 copies of research questionnaire were administered, 90 copies were given to residents and 30 copies to estate firms out of which 93 copies were retrieved and analysed, 70 copies were retrieved from residents and 23 copies from Estate firms in selected areas.
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND TO RESEARCH STUDY
Infrastructure plays a key role in the well being of developed and developing nations and its importance to economic growth and development cannot be underestimated or overlooked. It is one of the basic facilities and systems serving a country, city, or area, including the services and facilities necessary for its economy to function. It typically characterizes technical structures such as roads, bridges, tunnels, water supply, sewers, electrical grids, telecommunications, and so forth, and can be defined as “the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance societal living conditions. Infrastructural development influences the housing sector and it is one of the determinants of the value of property in the housing subsector. Housing represents one of the most basic needs of man and it has a profound impact on health, welfare and productivity of individuals. For housing to produce these impacts, it must be adequately provided with functional infrastructures. One of the veritable parameters and assessment indicator of status of any spatial, especially urban system is the state of infrastructure. The efficiency of any form of human activity system including an urban area largely depends on provision of efficient infrastructural facilities and services (Babarinde 1998). The significance as well as the quality and coverage of infrastructural facilities have a major impact on the standard of living, property value and economic growth. Its role in the proper functioning of an urban area cannot be over emphasized.
According to Fox (1994), infrastructures are those services derived from a set of public work traditionally provided by public sector to enhance the private sector production and allow for household consumption. Nubi (2002) describes infrastructure as the aggregate of all facilities that allow a city to function effectively.