The effect of infrastructural development on neighbourhood residential property values (a case study of godswill akpabio international stadium)

Thesis Overview

<p> </p><p><b>INTRODUCTION</b></p><p><b>1.1 &nbsp; &nbsp; &nbsp; BACKGROUND OF THE STUDY</b></p><p>Infrastructure is an<br>umbrella term for many activities referred to as social overhead capital, which<br>include public utilities. The adequacy of infrastructure helps to determine the<br>level of success that a country achieves in terms of coping with population<br>growth, reducing poverty, or improving environmental conditions (World bank,<br>1994). Infrastructure represents a wide range of economic and<br>social amenities which are crucial to create an enabling environment for<br>sustainable urban growth. It includes physical structures and facilities that<br>are developed or services provided by the public or private institutions to<br>enhance institutions to enhance the efficient functioning of an urban center.<br>It constitutes the main fabric of urban physical systems; what may be described<br>as the bedrock on which development stands (Udoudoh, 2016). Infrastructural<br>facilities provide the basic environment for the production as well as the<br>distribution of goods and services. It is a necessary ingredient for the<br>effective growth and functioning of towns and cities and for the national<br>promotion of social and physical development activities (Olugbamila, 2008).</p><p>In<br>this regard, infrastructure refers to those facilities and services that<br>provide the backbone for the development of other sectors of the economy. Its<br>role as an important agent of development cannot be overemphasized. The<br>provision of infrastructural facilities is very crucial to the development of a<br>nation. The manner in which provision of these basic infrastructural facilities<br>are dispensed to meet the demands of the public in general will determine the<br>level of economic activity and, in turn, the overall development of a nation. In many countries and for many years,<br>economist, planners and surveyors have tried to provide answer to why economic<br>growth is faster in some regions than others and why some cities grow faster<br>than other. The availability of major investments in infrastructure of any city<br>will result in automatic population increase that would influence massive property<br>development. Khan and Haupt (2006) state that one of the benchmarks used in<br>determining the wellbeing of the populace is to have the minimal<br>infrastructural services. Evidence suggests that inadequate infrastructure is<br>an impediment to the rate of growth in Africa, which has resulted in some<br>African countries trailing behind other developing countries (Foster and<br>Bricena- Garmendia, 2010). For developing countries, investments in<br>infrastructure have benefits as well as costs associated with the benefits.</p><p>The Godswill Akpabio International<br>stadium is a world class stadium built for track and field events that is well<br>maintained. Major sports events, like the world cup and sports facilities are<br>expected to have multiple impacts on the regional or national economy. The<br>event has the potential to boost economic growth, create new job opportunities,<br>increase tourism levels, regenerate host regions and boost civic pride<br>(Kavetsos and Szymanski, 2010)</p><p>The purpose of this research is to<br>examine the effects of the stadium on neighbourhood residential properties.<br>Many new Olympic stadiums have been constructed in low and moderate income<br>areas for the “potential to find bargain” prices on properties (Brookings<br>Institute 2001). Within a few years, the community that previously boasted<br>multiple locally owned businesses, an affordable family housing stock and a<br>high low-income minority population is replaced with upper- middle class.<br>Though higher property values, increased walkability and access to amenities<br>and environmental benefits. Therefore, there is need for the studies to be<br>carried out to ascertain the basic transformation that had taken place in terms<br>of population, economic activities, types of properties developed in the area<br>and change in property values before and after the sitting of the Godswill<br>Akpabio international Stadium. This is what the research intends to analyze and<br>investigate.</p><p><b>1.2 &nbsp; &nbsp; &nbsp; STATEMENT OF PROBLEM</b></p><p>The increasing rate of variations on<br>values of residential properties among varying residential neighborhoods in Uyo<br>in recent time has continued to dominate discussions within the spheres of<br>practicing estate surveyors and valuers, property owners, investors, users,<br>estate brokers, as well as policy makers on housing investment and management<br>in Uyo.</p><p>The establishment and sitting of<br>Godswill Akpabio International Stadium has gradually made the neighbourhood to<br>grow in terms of population increase, business activities, real estate<br>development etc. This is as a result of<br>the direct coming of real estate investors etc. who in one way or the other<br>have a need for land in the area. This people contribute in increasing the<br>demand for land which directly impact on property values in the area.</p><p>Therefore, the research wants to find<br>out the effect of the stadium on residential values, the different types of<br>residential properties that are developed and the rent passing on these<br>properties.</p><p><b>1.3 &nbsp; &nbsp; &nbsp; RESEARCH AIM AND OBJECTIVES</b></p><p>The aim is to assess the effect of<br>Godswill Akpabio International Stadium on neighbourhood residential property<br>values.</p><p>The objectives of the study are:</p><p>&nbsp; &nbsp; &nbsp; &nbsp;<br>i. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <br>To identify the<br>different types of residential properties that are developed within the<br>vicinity of Godswill Akpabio International Stadium</p><p>&nbsp; &nbsp; &nbsp;<br>ii. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <br>To determine the<br>rent passing on these properties.</p><p>&nbsp; &nbsp; iii. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <br>To identify the<br>effect of the stadium on residential property values in the neighbourhood.</p><p><b>1.4 &nbsp; &nbsp; &nbsp; RESEARCH QUESTIONS</b></p><p>The research questions observed from the<br>objectives shall include;</p><p>&nbsp; &nbsp; &nbsp; &nbsp;<br>i. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <br>What are the<br>types of residential properties that are developed within the vicinity of<br>Godswill Akpabio International Stadium?</p><p>&nbsp; &nbsp; &nbsp;<br>ii. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <br>What is the rent<br>passing on these properties in the area?</p><p>&nbsp; &nbsp;<br>iii. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <br>What is the<br>effect of the stadium on residential property values in the neighbourhood?</p><p><b>1.5 &nbsp; &nbsp; &nbsp; RESEARCH HYPOTHESIS</b></p><p>Null hypothesis (Ho): The location of<br>the stadium does not have significant effect on the residential property<br>values.</p><p>Alternative hypothesis (Hi): The<br>location of the stadium has significant effect on the resid</p> <br><p></p>