ANALYSIS OF THE IMPACT OF PARKS AND OPEN SPACES ON RESIDENTIAL PROPERTY VALUES
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ANALYSIS OF THE IMPACT OF PARKS AND OPEN SPACES ON RESIDENTIAL PROPERTY VALUES
ABSTRACT
This study focused on the impact of parks and open spaces on residential property values in Independence Layout. The purpose of this study was to examine the effect of density and open space on residential property values.
This study embodies the benefits of parks and open spaces, as well as their implications. The researcher used the survey research method to accomplish this goal. Some data and findings were gathered; these findings were statistically analysed, yielding some conclusions and recommendations.
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Open spaces such as public parks, natural regions, and golf courses offer a variety of advantages to local inhabitants, such as recreation options and beautiful views. Residents that reside in close proximity to these resources, on the other hand, may have inconveniences such as traffic congestion and noise.
Given the deterioration of many state and municipal budget situations around the country, the necessity for parks and open space agencies to demonstrate their usefulness in order to maintain financing for their services and facilities is critical.
While the numerous benefits that parks and other open spaces provide to residential property values are easy to articulate, they are sometimes difficult to quantify.
As a result, there is a need for park and open space experts to create methods for valuing the contributions of open spaces to society. Crompton (2001) outlined the proximal concept in a previous issue of parks & recreation, which is the increase in value of homes surrounding such open space services.
He also summarised the findings of roughly two dozen early studies into this idea. However, as Crompton pointed out, several of these studies, which were published between the 1870s and the 1980s, had methodological flaws and inconsistencies that restrict their credibility for present researchers.
It is now possible to conduct far more detailed and accurate analyses of the impacts of open spaces on surrounding property values by combining an economic method known as the hedonic pricing technique with the spatial analyses made possible by the advent of geographic information system (GIS) technologies.
1.2 STATEMENT OF THE PROBLEM
GRA, like many other places across the country, Ikeja Lagos is a developed area of the state that has lost its open space nativity due to urbanisation. This was the state’s fastest-growing region.
Ikeja GRA is a peaceful neighbourhood in Ikeja, Lagos, primarily populated by the wealthy. It is a Government Reserved Area in Ikeja with a variety of luxury condominiums and five-star hotels.
Ikeja GRA is a high-end residential area in Lagos’s Ikeja Local Government. The area is home to a significant number of the state’s wealthiest residents. The Murtala Mohammed International Airport, two air terminals, and Ikeja City Mall are all nearby.
The street has several attractions for both locals and visitors to enjoy. This boulevard is densely packed with restaurants, cafes, pubs, and hotels.
Parks and open space will give several benefits to the area that would be lost or jeopardised if current development patterns remain unchanged. These advantages include water purification and protection of drinking water supplies,
wildlife habitat provision, and human health and recreation advantages. However, our goal is to assess the influence of GRA parks and open spaces on residential property values.
1.3 PURPOSE AND OBJECTIVES OF THE STUDY
The purpose of this project is to investigate the impact of parks and open spaces on residential property values in Independence Layout, GRA Ikeja, Lagos. The plan is to submit a report based on debt study in order to achieve the following goals:
a. To locate parks and open places in GRA, Ikeja.
b. Determine whether parks and open spaces influence the rental and capital prices of residential buildings in GRA, Ikeja.
c. To assess the benefits and drawbacks of parks and open spaces in relation to residents’ well-being and satisfaction.
d. To make recommendations for improving open space and park conservation in the research area.
1.4 RESEARCH QUESTIONS
1. Where can I find parks and open areas in GRA, Ikeja?
2. To what extent do parks and open spaces influence rent and property values in GRA, Ikeja?
3. What are the benefits and drawbacks of parks and open spaces in relation to the well-being and contentment of residents in the research area?
4. What could be done to increase park and open space conservation in the research area?
1.5 SIGNIFICANCE OF THE STUDY
This research is useful for estate surveyors, landlords, tenants, and ministry of tourism officials. This research will educate them on the importance of parks and open spaces. It will also useful to emphasise the difficulties faced over the course of work for future reference.
It will bring to light crucial discoveries that will be summarised following extensive investigation in accordance with resources that were available.
1.6 SCOPE OF THE STUDY
The research focuses on the influence of parks and open spaces on residential property values in GRA, Ikeja. This study will determine the existence, benefits, and drawbacks of parks and open spaces, as well as the impact of parks and open spaces on the value of residential properties in GRA, Ikeja.
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