A Review of impact of Flooding on Real Estate Value
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Thontteh, E. O.
Omirin, M. M.
Conference Proceeding, University of Lagos
Investors and building professionals would be more concerned if properties in areas susceptible to flooding reduce in value to a large extent since sustainability of value is the utmost goal of every investor. This paper examined impact of flooding on land and buildings in Oniru and Lekki Phase 1 areas of Lagos, Nigeria. Population considered for the study is practicing firms of The Nigeria institution of Estate Surveyors and Valuers in Lagos State. A systematic random sampling technique was adopted in sample selection giving a sample size of 55 for the study, out of which 48 was retrieved representing 87% of the sample size. Data was analyzed using descriptive statistics, relative importance index and correlation. The study explored the degree of influence of flood occurrence on land and building value in the study locations. Empirical findings showed that there exists a significant relationship between flooding and land price but not with rental values of office and residential buildings. A key implication of the finding is that the effect of flooding on land value, traffic as well as psychological effect on occupiers is severe. Hence, a concerted effort by government in the construction of drainages and embankments for easy passage of excess water needs to be adopted to prevent loss of property values, man-hour loss in traffic and advancement of good health.
Demand , Flood , Land Value , Traffic , Research Subject Categories::FORESTRY, AGRICULTURAL SCIENCES and LANDSCAPE PLANNING
Thontteh, E.O. & Omirin, M. M. (2014). A Review of impact of Flooding on Real Estate Value. Presented at the 9th Unilag Conference and Fair, University of Lagos, Nigeria, 8th -10th October, 2014.