The Impact of Religious Camps Development on Residential Property Values: Case Study of Lagos – Ibadan Expressway, Nigeria

Abstract

This study examines the impact of religious camps developments on residential property with reference to selected areas along Lagos/Ibadan Expressway in Nigeria with a view to guiding property investors on the viability of residential property development in close proximity to religious camps. It assessed the types of residential property developments, rental values obtainable from such properties between the years 2008 -2018 and the impacts of these camps on the rental values of the residential properties. The register available at the Ogun State Branch of the Nigerian Institution of Estate Surveyors and Valuers were used to determine the population of registered firms of Estate Surveyors and Valuers practicing in Ogun State within the proximity of the study area which amounts to twelve (12) in numbers. Since they were manageable and could be traced, they were all taken for the study upon which structured questionnaires were administered. Data collected were analyzed using descriptive statistics and regression analysis. The study revealed that most of the investors prefer to build tenement buildings as it provides more accommodation that can house many population; findings also showed an upward trend in the values of residential properties as a result of the presence of religious camps developments. The regression analysis result revealed that religious camps development has significant impact on residential property values as the p-value (0.004) shows that the presence of religious camps development in close proximity of residential neighbourhood influences the rental value obtainable from such residential apartments. The study recommended that since religious camp site developments bring about increase in property development; investors are imployed to invest more and encourage seeking the guidance of Estate Surveyors and Valuers on the type of property development to embark on. This action will further ensure more supply of accommodation for the populace within the neighbourhood thereby ensuring more housing provision in Nigeria.

Keywords: Estate Surveyors and Valuers, Religious Camps, Rental Value, Residential Properties


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