EXAMINING THE EFFECTS OF COASTLINE ON PROPERTY VALUES IN VICTORIA ISLAND

• Main Authors: Ajibola, M. O., Owolabi, D.R, Ogungbemi, A. O.
• Format: Article in Journal/Newspaper
• Language: English
• Published: 2017
• Subjects: HB Economic Theory; Victoria Island
• Online Access: http://eprints.covenantuniversity.edu.ng/9035/; http://eprints.covenantuniversity.edu.ng/9035/1/2017%20Ajibola,%20Owolabi%20and%20Ogungbemi.pdf

The impacts of coastal region cannot be over emphasized, as this tends to benefit and impact residents, property owners, tourists, businesses, local authority and state governments. Developers, private investors, and individuals may be affected as controls impact growth in the area. Therefore this study examined the effects of coastline on property values in Victoria Island. Data was collected using questionnaire administered on Estate Surveyors and Valuers managing properties in Victoria Island. A total of 55 questionnaire was retrieved from the 90 administered giving a return of 61.11%. The study revealed that rental values of residential properties are on the increase from N1.5million in 2011 to N4.5million in 2015, duplexes increased form N2.5million in 2011 to N5.5million in 2015. Also, the rental value of detached buildings jumped from N2.5miion in 2011 to N6.2million in 2015 while that of bungalows moved from N1.5million in 2011 to N5.8million in 2015. Equally, the rental values of office (commercial) properties are on annual increase. The study indentified sea level rise (96.4%), ocean currents (87.3%) and population density (61.8%) as the main factors affecting property values in the coastline region of Victoria Island. The main challenges faced along the coastline in the study area are water logging (96.4%), land erosion (90.9%), spatial expansion (87.3%) and flooding (65.5%). Finally, the study further revealed that, in spite of the challenges, there are still some benefits derivable along the coastline of Victoria Island and these benefits include economic benefits (92.7%), socio-cultural (96.4%) and health benefits (60.0%). The study concluded that despite all the challenges, property values in coastline region of Victoria Island are always on the increase