Effects of Urban Renewal on Residential Property Values in Two Neigbourhoods of Akure, Ni

Abstract

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.

Impact of urban regeneration on commercial property values in Osogbo, Osun State, Nigeria

“…This implies that the renewal of the urban infrastructure contributes to the growth in rental values of commercial properties in the study area. This result confirms the findings reported in previous studies such as Bello and Nwosu (2011) and Lee et al (2017) amongst others that urban renewal positively influence real estate values. Concerning the variation in the average yearly rental values and how they were distributed around the mean, the result of the standard deviation revealed that the annual commercial property rental values varied widely during the study period.…”

“…It has influence on rental value and land prices. In a similar study, Bello and Nwosu (2011) examined the effects of urban renewal on residential property values in Akure, Ondo-State, Nigeria. Using data obtained from the perception of residents, and analysed through multiple linear regression method, the study established that urban renewal had positive impacts on the rental values of residential property in the study area.…”

“…Available local studies include Olanipekun (2010), Bello and Nwosu (2011) and Ibem et al (2013). While Olanipekun (2010) and Bello and Nwosu (2011) analysed the effect of urban renewal on residential property values based on residents’ perception, the work of Ibem et al (2013) only assessed the effectiveness of urban renewal programme in upgrading and improving the urban infrastructure decay and deficit in Lagos without analysing the effects on property values.…”

“…Available local studies include Olanipekun (2010), Bello and Nwosu (2011) and Ibem et al (2013). While Olanipekun (2010) and Bello and Nwosu (2011) analysed the effect of urban renewal on residential property values based on residents’ perception, the work of Ibem et al (2013) only assessed the effectiveness of urban renewal programme in upgrading and improving the urban infrastructure decay and deficit in Lagos without analysing the effects on property values. These studies did not also investigate the effect of urban regeneration exercise on the values (either rental or capital) of commercial real estate assets despite its importance as an essential asset class that continue to attract institutional investors’ participation across the globe (Leone and Ravishankar, 2018).…”

Progress in Research on Sustainable Urban Renewal Since 2000: Library and Visual Analyses

“…A more realistic goal for urban planning is to reduce the negative effects of urban problems as much as possible, and the negative consequences of urban fragilities from a sustainable development perspective. Urban renewal is a deliberate effort to change the urban environment [23] through a planned and large-scale adjustment of existing urban areas to meet the demands on human life and urban work [21]. It is an essential answer to the decaying nature of ageing cities and the ideal concept for the current development of sustainable cities through various actions.…”