Original Research Article

The effects of urban infrastructural development on property value in Abeokuta Metropolis, Nigeria

^*1Bello Ismail Kolawole, ²Adeniji Wusamot and ³Arowosegbe Oladunjoye S.

¹Estate management Department, Moshood Abiola Polytechnic, Abeokuta, Nigeria
²Building Technology Department, Moshood Abiola Polytechnic, Abeokuta, Nigeria
³Urban and Regional Planning Department, Moshood Abiola Polytechnic, Abeokuta, Nigeria

*Corresponding Author’s E-mail: ismailbello@yahoo.com
Tel: +234(0)8033559708

Accepted February 09, 2015

Abstract

The state of urban infrastructure is an important indicator of the status of any urban area. Apart from being a major pointer to environmental quality, urban infrastructure is a critical agent for socio-economic development of any area. This paper evaluates the contribution of urban infrastructural development to property values in Abeokuta with a view to provide platform for prospective investors on the opportunities available in the metropolis. The paper employed the use of structured questionnaires administered on 15 registered firms of Estate Surveyors and Valuers, 5 members of Real Estate Developers Association of Nigeria in the metropolis and 150 randomly selected organized commercial properties in the commercial areas of the metropolis. Frequency table and percentages were used in analyzing data collected. The paper reveals that the efforts of the present government in Ogun state has attracted many investors as a result of the deliberate efforts in promoting the infrastructure facilities in the state capital and other towns. It also reveals that property values have increased tremendously and the efforts have also brought about a new look of the state capital. The paper therefore recommended that these efforts should be sustained so that prospective investors will continue to showcase their investment opportunities in real estate sector of the economy.

Keywords: Business opportunity, Governance, Infrastructure, Market value, Real estate