AN EXAMINATION OF THE IMPACT OF INFRASTRUCTURAL FACILITIES ON COMMERCIAL PROPERTY VALUES IN ONITSHA, ANAMBRA STATE, NIGERIA.

• Author(s): MAKATA, INNOCENT FRANKLIN ; Dr. Esther I. Oladejo
• Paper ID: 1701232
• Page: 100-117
• Published Date: 16-05-2019
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 2 Issue 11 May-2019

Abstract

The state of urban infrastructure is an important indicator of the status of any urban area. Apart from being a major pointer to environmental quality, infrastructure is a critical agent for socio-economic development of any area. The impact of infrastructural facilities in property market is very significant. Considerable importance is attached in today?s world to property?s facilities as it influences the use and value of the property. Many factors interplay to create property values. For commercial property, factors like accessibility, population, volume of trade patronage, adequate communication facilities, efficient transportation system and many other factors to be considered. Factors that negatively affect the value of real property, affects ownership?s goal or target income. This study analyzed the infrastructural effects on commercial property value in Onitsha. The study focused extensivelyon the available infrastructural facilities in selected areas and theproperty rental values with a view to establishing an effect (differences) between infrastructural facilities and values of commercial properties in Onitsha. This study investigates the effect of infrastructural facilities on commercial property values in Onitsha, Anambra State, Nigeria. The research adopts both survey and case study methods using three different data collection instruments viz: structured questionnaire, personal interviews and observations. The sample size was determined using Taro Yamani?s formula. The stratified random sampling technique was used to select the sample from the six selected areas in Onitsha, Anambra State, and questionnaires were employed to extract necessary information from 330 sample size using Taro Yamani?s formula from study population of 1868. The data collected were subjected to descriptive and inferential statistical test. Tables, frequencies were used in the presentation of data. Regression Analysis, Weighted Mean, ANOVA, and Wilcoxon Signed Rank Test statistical techniques were applied appropriately in testing the hypotheses. The study revealed that there was no significant difference between facilities from one area to another; there was significant difference between mean shop rental value and mean office rental value, and that there was no statistically significant effect of facilities on rental values of commercial properties in the study area. The study concluded that facilities do not play a significant role in determining the values of commercial properties in Onitsha and that shops commands more rental value compared to offices in Onitsha. The study recommended among other things that state government should provide infrastructural facilities where they are lacking within the metropolis. This will bring evenly distributed development and commercial activities and consequently attract more investors to the city.

Keywords

Commercial property, Infrastructural facilities, Real property, Rental value

Citations

IRE Journals:
MAKATA, INNOCENT FRANKLIN , Dr. Esther I. Oladejo "AN EXAMINATION OF THE IMPACT OF INFRASTRUCTURAL FACILITIES ON COMMERCIAL PROPERTY VALUES IN ONITSHA, ANAMBRA STATE, NIGERIA." Iconic Research And Engineering Journals Volume 2 Issue 11 2019 Page 100-117

IEEE:
MAKATA, INNOCENT FRANKLIN , Dr. Esther I. Oladejo "AN EXAMINATION OF THE IMPACT OF INFRASTRUCTURAL FACILITIES ON COMMERCIAL PROPERTY VALUES IN ONITSHA, ANAMBRA STATE, NIGERIA." Iconic Research And Engineering Journals, 2(11)