ISSN 2756-3308
African Journal of Estate and Property Management Vol. 1 (5), pp. 150-157, May, 2014. © International Scholars Journals
Full Length Research Paper
The effects of location and neighbourhood features on housing values in metropolitan Lagos
A.A Ebih
Department of Urban and Regional Planning,Faculty of Environmental Sciences
University of Lagos, Akoka, Lagos, Nigeria. E-mail: [email protected]; Tel: +2348037240742.
Accepted 15 November, 2013
Abstract
The aim of this paper is to analyse and determine the relative roles of location and neighbourhood characteristics in the determination of housing values/prices. In order to achieve this, attempts were made to evaluate the role of location and neighbourhood factors in the determination of house prices; study how house prices / values vary by area; show how spatial variation of the housing attributes leads to the determination of income sub-groups in cities; and determine the extent to which these findings help in the understanding of the structure of the housing market in Nigerian cities. This paper therefore examined the spatial variations of location and neighbourhood attributes on house prices in the valuation zones. The hypothesis tested is that house prices vary by neighbourhood and locational attributes in metropolitan Lagos. The analysis of variance and multiple regression models were used in the analysis. It is concluded that neighbourhood and locational attributes show more importance on house values when smaller geographical housing units are examined.
Key words: Locational attributes, neighbourhood characteristics, house values.