Analysis of the impact of parks and open spaces on residential property values

Thesis Overview

<p> </p><p><strong>1.0 INTRODUCTION</strong></p><p><strong>1.1</strong><strong>BACKGROUND OF THE STUDY</strong></p><p>Open spaces, such as public parks, natural areas and golf courses provide numerous amenities for nearby residents including recreation opportunities and attractive views.</p><p>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.</p><p>Therefore, a need exists for park and open space professionals to develop means of placing values on the contributions of open spaces to society.</p><p>In a previous issue of parks &amp; 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.</p><p><strong>1.2 STATEMENT OF PROBLEM</strong></p><p>Like many places across the country, Independence Layout, Enugu State is rapidly losing open space to urbanization. This was the fastest-developing part of the State.</p><p>Independence Layout, Enugu, the highbrow section of Enugu, the coal city, was carved out by the post-independence administration of the legendary late Dr. Michael Okpara, the former premier of Eastern Region. Okpara, after Nigeria’s Independence, expanded Enugu with further acquisitions for physical development.</p><p>Past population growth has translated into steep land conversion rates throughout the area. The area region increased with population. This indicates a land-consumptive, low-density pattern of growth. As of 2010, over 41% of Independence Layout had been developed, while only 9% of the total land mass had been protected as open space. Given the current rate of growth and development, if the Area does not begin to emphasize land conservation policies and programs, an estimated 78 percent of the area will be developed by the year 2020.</p><p>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.</p><p><strong>1.3 AIM AND OBJECTIVES OF THE STUDY</strong></p><p>The aim of this project is to study the impact of parks and open spaces on residential property values in Independence Layout, Enugu State.</p><p>The idea is to present a report based on indebt research to achieve the following objectives which include:</p><p>a. To identify the location of parks and open spaces in Independence Layout, Enugu</p><p>b. To ascertain &nbsp;if parks and open spaces have any influence on the rental and capital values of residential buildings in Independence Layout, Enugu.</p><p>c. To analyze the merits and demerits of parks and open spaces in tandem with the welfare and satisfaction of the residents.</p><p>d. To suggest ways of improving open space and parks conservation in the study area.</p><p><strong>1.4 RESEARCH QUESTIONS</strong></p><p>1. Where are the locations of parks and open spaces in Independence Layout, Enugu?</p><p>2. To what extent does parks and open spaces affect rent and values of residential properties in Independence Layout, Enugu?</p><p>3. What are the merits and de-merits of parks and open spaces in tandem with the welfare and satisfaction of the residents in the study area?</p><p>4. What could be done to improve the conservation of parks and open spaces in the study area?</p><p><strong>1.5 SIGNIFICANCE OF THE STUDY</strong></p><p>This research work is relevant to estate surveyors, landlords, tenants and staff of ministry of tourism. This study will enlighten them on the impact of parks and open spaces. It will also serve to highlight the challenges encountered in the course of work in the case of any future reference.</p><p>It will bring to light key findings which will be summarized after in depth research in line with materials that were attainable. &nbsp; &nbsp; </p><p><strong>1</strong>.<strong>6 SCOPE OF THE STUDY</strong></p><p>The study concentrates on the impact of parks and open spaces on residential property values in Independence Layout. This research work will establish the existence, merits and demerits and the influence of parks and open spaces on the value of residential properties in Independence &nbsp;Layout Enugu.</p><p><strong>1.7 LIMITATION OF THE STUDY</strong></p><p>Some of the constraints that militated against the speed and completion of this research work include;</p><p>1. Time constraints, financial and mental stresses equally affected the prompt completion of the work.</p><p>2. The field work did not cover the entire Enugu State. But however, samples were randomly collected to represent the entire city.</p><p>3. Lack of relevant materials: it is a great disappointment to note that little or no materials were available making the researcher to go round the states, to collect materials and borrow books, magazine, Newspapers and online because enough work have not been carried out in this area of study.</p> <br><p></p>