Impact of Landscaping on Residential Property Value in Lekki Phase 1 Lagos

Abstract

Previous studies established that landscaping is a significant factor with impact on residential property value. However, there is absence of similar study in the study area. This study filled the gap by examining impact of landscaping on residential property value at Lekki Phase 1, Lagos. Population for the study are Estate Surveyors and Valuers managing residential properties in the study area. Simple random sampling technique was employed to arrive at a sample size of 94 out of 124 study population. Out of the 94 questionnaire administered, 90 questionnaire were retrieved. Data gathered were analyzed using descriptive statistics like frequency distribution table and relative importance index. The hypothesis was tested using correlation and regression. Findings from the study revealed that fence is the most prominent landscaping feature in the study area, while shrubs and trees is the least prominent landscaping feature in the study area. The research also revealed that the residence have the highest preference for fence as a landscaping feature and have the least preference for shrubs. Findings from the research established that the most prominent impact of landscaping on residential property value is that it increases residential property sale value and the least impact is that residential property rental value remains static. The first hypothesis of the study established that there is a strong positive correlation between landscape and property value. The second hypothesis established that landscape has a significant positive impact on residential property value in the study area. The study recommended that more trees should be planted and landscape should be part of property development.