Abstract
This study delves into the pattern and level of development of two adjacent border communities of Lagos and Ogun States, Nigeria to compare the effect on rental values of residential properties in the two communities. The study attempted to find out if there are significant differences as well as definite relationship between the values. Questionnaires were distributed to two groups of respondents which are 84 estate surveying and valuation firms in Ikeja, Lagos and 152 residential property owners/residents in the two communities. Data were analysed with statistical tools such as tables, percentages and mean. Student’s t-test statistics was used to ascertain the difference in rental values while Pearson coefficient of correlation was used to establish the degree of relationship. The importance of factors influencing rental values was determined using the relative importance index. Analysis were presented in percentages, tables and charts and then discussed. Result showed that there are significant statistical differences in rents of the two communities despite the proximity. It was further observed that neighbourhood density and level of infrastructure development play vital roles in the gaps observed in rental values. However, the Pearson correlation coefficient revealed that there is a relatively strong positive correlation between rental values of properties in the two communities. The research therefore concluded that for property market on the Ado-Odo/Ota side of the emerging Lagos megacity to attain its full potential, there is the need for major urban renewal, investment in physical and economic infrastructure via partnership with private sectors and property owner in the communities.
Highlights
According to [1], development is a step by step alteration in the manner of existence, advent and perpetuation of perfect state of affairs in a fiscal or commercial, ethnic, and communal setting
Findings and discussion Arising from the various analysis, it was observed that Joke-Ayo communities has more development density i.e. neighbourhood density compared to Akeja community
Despite the closeness of the two border communities, the significant differences in rental value across the types of residential properties found within the two communities corroborate the results in Table 5 where the study found that different set of factors have very high influence on rental values in Joke-Ayo community compared to another set of factors that affect similar properties in Akeja community
Summary
According to [1], development is a step by step alteration in the manner of existence, advent and perpetuation of perfect state of affairs in a fiscal or commercial, ethnic, and communal setting. The process of making a municipality advance to modern standards through facilities improvement, construction of new buildings and interrelated access routes can be referred to as urban development in that community. [2] noted that people go to border communities in order to build their own houses since housing in city centers are scarce due to excess demand. The author further observed that the problems of overcrowded city centers can be a re-direction to people to live in the outlying regions. This scenario of urban infrastructural development causing population spread is what automatically pushes some of the city's population outside of the urban areas to its fringes or border communities.
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