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The Nexus between Gated Community and Property Value in Ajah, Lagos State
(Department of Architecture, University of Lagos, 2021-03-01) Ilechukwu, V. U., Osagie, J. U., Salau, T. I. & Adegbile, M. B.; Ilechukwu, V.U.; Osagie, J.U.; Salau, T.I.; Adegbile, M.B.
In the provision of housing units, most past studies have considered the internal fabric of apartment as maior determinant of property value, ignoring external feature like security. However, people are becoming more security conscious in their choice of residence which brought about the concept of gated communities (GCs). Therefore, the research problem is to examine the extent to which security is a value contributory variable to residential property value in GCs. The study adopted snowball and captive sampling methods to collect data. The data were analyzed using the willingness to pay (WTP) and willingness to accept payment (WTA) models in assessing the value contribution of security features on residential properties. The WTP and WTA show that while there may be other motivating factors responsible for property value in GCs, security is of high priority for the residents. The paper concludes that security provision is a major determinant of property value and therefore recommends the consideration of security as a priority in housing units' provision.