URBAN RENEWAL AS MEANS OF REALISING LATENT VALUE OF RESIDENTIAL PROPERTY IN AKURE, NIGERIA.

Abstract

This study aimed at investigating the effect of the infrastructural upgrading on residential property values in the neighborhoods (Oke-Aro/Eyinke and Irowo/Odige/Odopetu) in Akure in a view to enhancing the sustainability of property and rental values. These neighborhoods were compared to Isolo where urban renewal exercise was not done. This aim was achieved by identify the indicators of slum in the study area, examine the adequacy of urban infrastructure provision in the study areas, evaluate the urban renewal approaches adopted in the study area, identify the trends in residential property values before and after urban renewal exercise in the study area and examine the effects of urban renewal on the trends of residential property values in the study areas. Eight hundred and sixty two (862) copies of questionnaire were administered on occupants in the neighborhoods (Oke-Aro/Eyinke, Irowo/Odige/odopetu and Isolo) and Six hundred and eighty four were returned for analysis. The analytical techniques for the study included the Likert Scaling, Multiple Regression Analysis and Analysis of Variance. The study revealed that Oke-Aro/Eyinke and Irowo/Odige/odopetu experienced a sharp increase in rental values between the periods of 2007-2009. Also, the values of properties in Isolo are low because the neighborhood is in slum and urban renewal has not been done. Also urban renewal when done, potentially enhance values of property. The study therefore, recommended that the State Government should embark on comprehensive urban renewal programme to enhance the state of properties in Oke-Aro/Eyinke and Irowo/Odige/Odopetu. Also, the exercise should be embarked upon in Isolo. This gesture will in turn enhance property values and give birth to functional and aesthetic environmental values.