ANALYSIS OF THE EFFECT OF LANDSCAPING ON RESIDENTIAL PROPERTY VALUE IN AKURE, NIGERIA.

Abstract

The study analysed the effect of Landscaping on rental values of Residential Properties at Ijapo Housing Estate and Government Reserved Area (G.R.A), Alagbaka in Akure. A structured questionnaire was used in collecting data from the tenants of residential properties within the selected areas and Estate Surveyors and Valuers who are the experts that determine the worth of a property. The tenants were selected through a simple random sampling technique. Two Hundred and forty eight (248) residential properties within Ijapo Housing Estate and three hundred and one (301) within G.R.A Alagbaka were randomly picked for questionnaire administration. All the twenty two (22) practicing Estate Surveying and Valuation firms in Akure were used since the sampling frame is within a manageable size. Data collected shows that 67.74% of the sampled residential properties in Ijapo Housing Estate and 30.90% of the sampled residential properties in Alagaka G.R.A were occupied by tenants. Also 90.91% of the questionnaire distributed to Estate Surveying and Valuation firms were retrieved. Data collected were analysed using Descriptive statistics, (weighted mean score), Multiple Regression and Contingent Valuation Models. Result of data obtained revealed that fence and retaining wall is the most prevalent landscaping feature as it ranked first in the study areas. Furthermore, landscaping features such as fence and retaining wall, driveway and curb cut, garage and shed, sidewalk and path are significant (at 0.05 significant level) variables that strongly affected residential property rental value in Ijapo Housing Estate while for G.R.A Alagbaka, fence and retaining wall, trees and shrubs , driveway and curb cut, Garage and shed, sidewalk and landforms are significant at 0.05. 67.26% and 63.44% of the respondents at Ijapo Housing Estate and Alagbaka G.R.A are willing to pay for landscape features and independent variables such as age, marital status, educational background, income length of stay in the property are amongst factors that are responsible for tenants’ willingness to pay for landscape.