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Impact of location on property value and business development in ilorin metropolis, Nigeria

Author: 
Ibrahim, T. Akogun
Subject Area: 
Life Sciences
Abstract: 

It is observed that people do develop their properties without a thorough consideration of the interrelationship that exists between the location and property values. Considerable importance is attached in the modern world to the concept of property location as it influences the use and value of properties. The theme of this project is to X-ray the influence of location on property values and business development in Nigeria using Ilorin metropolis as a case study. Primary data was gathered from three major neighbourhoods within the metropolis by physical observation of property and infrastructural developments, and questionnaires administered on estate surveyors in real estate practice to collect data on property rents. Data collected were analysed and presented mainly by descriptive methods. The project discovered variation in rental values from different places and then examines the causes of the variation and effects on properties and business development in the areas. Business development has concentrated and is growing more intensively in neighbourhoods with highest level of accessibility. This has led to skyrocketed rents on the properties in the areas which may eventually give rise to gentrification whereby important but less financially rewarding businesses are forced to relocate elsewhere. The study consequently recommends that the government should provide infrastructures in the less developed areas to encourage people move into the area rather than over-crowding one part of the city.

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