Determinants and Effects of Change in Use on Property Rental Value a Case Study Ibara/Oke-Ilewo Area, Abeokuta, Ogun
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Date
2016-04-04
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International Organization of Scientific Research (IOSR)
Abstract
The study examined the causes and implications of change-in-use on landed properties’ rental value. 80 questionnaires were administered to practicing estate surveyors and valuers, property agents and developers at Ibara/Oke-Ilewo area of Abeokuta in Ogun state, Nigeria of which 67 (83.75%) were retrieved and analyzed using frequency tables, percentages and Relative Importance Index (RII) ranking model. The study attributed the observed changes in property use in the study area to conversion activities mainly from residential to commercial uses and revealed that internal modifications, vertical increase in floor levels, complete renovations were the major physical change patterns observed consequential to rental increment of the affected properties. Whereas, the significant contributory factors identified were; security, investment potentials, accessibility, infrastructural facilities, agglomeration of business activities and planning regulations, while ease of property management and population size of dwellers were the least determinants of change. The paper recommended obtaining of planning approval prior to any physical re-development, efficient monitoring and site inspections, strict enforcement of land-use-change and developments laws, public sensitization and increased professional advice cum service delivery drive to clients on property conversion and concluded that; change in use and the pace of social and economic developmental growths are mutually.
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Keywords
Land use, Urbanization, Property-Use-Change, Rental value, Urban center