This research work emphasized on the analysis of the impact of parks and open spaces on residential property values in Independence Layout. The focus of this study was to analyze the impact of pack and open spaces on residential property values. This research embodies the benefits of parks and open spaces and also the implication of parks and open spaces. To achieve this aim, the researcher employed survey research method. Some information and findings were made; these findings are statistically analyzed and resulting in some conclusions and recommendations.
1.1 BACKGROUND OF THE STUDY
Open spaces, such as public parks, natural areas and golf courses provide numerous amenities for nearby residents including recreation opportunities and attractive views. Residents who live in close proximity to these resources, however, may also experience dis-amenities such as traffic congestion and noise. In light of the declining condition of many state and local budget situations throughout the nation, the need for parks and open space agencies to prove their worth in order to attain continued funding for their services and facilities is essentially crucial. While the many impacts that parks and other open spaces imbue upon residential property value are easy to describe, they are typically harder to quantify.
Therefore, a need exists for park and open space professionals to develop means of placing values on the contributions of open spaces to society. In a previous issue of parks & recreation, Crompton (2001) outlined what he calls the proximate principle the increase in value of properties surrounding such open space amenities. In addition, he summarized results of approximately two dozen early studies into this hypothesis. However, as Crompton noted, some of these studies, ranging in year of publication from the 1870s to the 1980s, exhibited methodological inadequacies and inconsistencies that limit their credibility for current researchers. Using an economic method known as the hedonic pricing technique, in combination with the spatial analyses made possible by the advent of geographic information system (GIS) technologies, it is now possible to conduct far more detailed and accurate analyses of the impacts of open spaces on surrounding property values.
1.2 STATEMENT OF PROBLEM
Like many places across the country, GRA Ikeja Lagos state can be described as a developed corner of the state that has lost its open space nativity to urbanization. This was the fastest-developing part of the State. Ikeja GRA is serene location in Ikeja, Lagos mainly inhabited by the affluent. It is a Government Reserved Area in Ikeja with various luxury apartments and 5 star luxury hotels.
Ikeja GRA is a High-end residential region in the Ikeja Local Government, Lagos. The area is home to a considerable number of wealthy individuals in the state. Ikeja GRA lies in close proximity to the Murtala Mohammed International Airport, two air terminals, and Ikeja City Mall. The street has many attractions for people to enjoy – both locals and visitors. You can find restaurants, cafes and bars and hotels on this street very easily.
Parks and open space will provides numerous benefits to the Area which will be lost or compromised if current development patterns continue unaltered. These benefits include water purification and protection of drinking water supplies, provision of wildlife habitat, and human health and recreation benefits. However, our intention is to evaluate the impact of park and open spaces in GRA on residential property value.
1.3 AIM AND OBJECTIVES OF THE STUDY
The aim of this project is to study the impact of parks and open spaces on residential property values in Independence Layout, GRA Ikeja Lagos state. The idea is to present a report based on indebt research to achieve the following objectives which include:
- To identify the location of parks and open spaces in GRA, Ikeja.
- To ascertain if parks and open spaces have any influence on the rental and capital values of residential buildings in GRA, Ikeja.
- To analyze the merits and demerits of parks and open spaces in tandem with the welfare and satisfaction of the residents.
- To suggest ways of improving open space and parks conservation in the study area.