Abstract
This paper discusses the impact of criminal activities on residential property value. With regard to criminal activities, the paper emphasizes on the contribution of each component of property crime. One thousand (1000) sets of structured questionnaire were administered to the residents of residential estates within the South Western States of Nigeria out of which 467 were considered useable after the data screening. Purposive and systematic sampling techniques were used while logistic regression was used to determine the impact of each of the components of residential property crime on housing investment. The results showed the P-Values of 0.000, 0.322, 0.335, 0.545 and 0.992 for violent crime, incivilities and street crime, burglary and theft, vandalism and robbery respectively. However, the R 2 which represents the generalisation of the impact of neighbourhood crime on housing investment was 44% and aggregate P-value was 0.000. Using the Hosmer and Lemeshow (H-L) test of goodness of fit, the model had approximately 89% predictive probability which is considered excellent. This indicates that the alternative hypothesis is upheld that residential neighbourhood crime is capable of impacting on residential property value. The policy implication of this result is that no effort should be spared in combating residential neighbourhood crime in order to boost and encourage housing investment.
Highlights
The importance of housing to humanity cannot be over-emphasized
As regards the variable used for the analysis, the independent variables represented the various forms of Residential Neighbourhood Crime (RNC) as earlier highlighted while the dependent variable represented the Residential Property Values (RPV)
The analysis was carried out based on the objective of the research which set out the hypothesis of predicatively determining the impact of the residential neighbourhood crime (RNC) on the residential property values (RPV)
Summary
The importance of housing to humanity cannot be over-emphasized. It ranges from security, social services, investment, recreation and its enormous contributions to the national economy [1]. Literature, no doubt have a very diverse views on the impact of property crime on property values, prominent among the views is the fact that majority see property crime which is otherwise called residential neighbourhood crime as having a significantly negative impact on the property values while a few other researchers see the omnibus affirmation to be inadequate since there exists different types or levels of property crimes [16]. These include burglary and theft; incivility and street crime; vandalism; robbery and violent crime among others. Their position is that there could be variance in the contributions of each of the components of property crime and probably would give a better direction to the government on which crime to place priority on
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