The study was carried out to examine Urban Renewal exercise and its effect on residential property values in Oke-Aro and Odopetu neighbourhoods in Akure, A structured questionnaire was administered on selected residents in the two neighbourhoods (Oke-Aro and Odopetu) using the Systematic Random Sampling Technique. Five hundred and sixty eight (568) questionnaires were administered, out of which four hundred and forty eight (448) were retrieved. The retrieved questionnaires were analyzed using Multiple Linear Regression Technique. The result showed an increase in rental value of residential properties due to upgrading of urban infrastructures in the two neighbourhoods. It is recommended that the state government should embark on comprehensive rehabilitation/upgrading of infrastructures instead of concentrating on road network and drainages only in the neighbourhoods.
The study is aimed at investigating the effect of urban infrastructure as a tool for enhancing residential property values in Isolo/Araromi/Odokoyi and Irowo/Odige/Odopetu in Akure. The sampling frame of the houses in the study area was 412 and 405 respectively. However, Kothari formula was used to arrive at a sample size of 280 in Isolo/Araromi/Odokoyi and 289 Irowo/Odige/Odopetu for the study. Questionnaires were administered on occupants of residential properties in the study area to elicit information. Out of the 559 questionnaires administered 443 were duly filled and returned for analysis. The information collected was analyzed using descriptive statistics and Multiple Regression. The result reveals that the R 2 statistic (0.819) for Irowo/Odige/Odopetu indicates that the independent variables account for 81.9% of rental value. Also, the R 2 (0.781) for Isolo/Araromi/Odokoyi is 0.781 which implies that the independent variables account for 78.1% of the rental values The study therefore recommends that the state government should put in place the necessary infrastructure in Isolo/Araromi/Odokoyi so as to enhance the residential property values. Also, the state government should enlighten the people on the need for maintenance culture.
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