EFFECTS OF RELIGIOUS CAMPS ALONG LAGOS / IBADAN EXPRESS WAY ON PROPERTY RENTAL VALUES

Abstract

This study investigated the impact of the impact of religious camp on proximate residential property values along Lagos/Ibadan Expressway. This was with a view to guiding property investors on the viability of residential property development in proximity to religious camps. The study assessed the types of residential property development, and rental values obtainable from such properties between years 2003 and 2012. The perception of the respondents on the effects of the proximity of religious camps on their properties and the impact on the rental values of the residential properties, were also investigated. Structured questionnaires were administered on the seven hundred and twenty (720) sampled respondents for the study. Data collected were analyzed using descriptive statistics in form of weighted mean score, moving average and regression model. The data collected on residential property development in the study area revealed the trend of rental values on residential properties for the reported period (2003-2012). The results also corroborates the earlier studies that religious camp site development do impact negatively on the values of nearby residential properties by causing traffic congestion, noise and air pollution. The results of the regression analysis revealed that religious camp development has a significant impact on residential property values as the p-value (0.004) showed that the presence of religious camp development in proximity to residential neighbourhood strongly influenced the rental values obtainable from such residential apartments. The study recommended that since religious camp sites development brings about increase in property values, property investors are advised to invest more and encouraged to seek the guidance of Estate Surveyors and Valuers on the type of property development to embark on. Property developments in proximity to religious camp sites should be strictly monitored to ensure that town planning laws and building codes are adhered to in order to curtail haphazard development of buildings.