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The Impact of Road Connectivity On Rental Value of Properties in Uyo Local Government Area of Akwa Ibom State
The Impact of Road Connectivity On Rental Value of Properties in Uyo Local Government Area of Akwa Ibom State
Tse and Love (2000) observe that while transportation systems clearly
enhances neighborhood accessibility, they negatively affect estate
values. This is manifested in the production of noise pollution, crime
and in the case of properties located in their path via stigma. These
factors both positive and negatives, capitalized into the values of
homes in the same way that extra bathrooms, swimming pools and/or
desirable locations do. Access Roads, good drainage, electricity, water
supply are some of the factors that influence property value. Oduwaye
(2004) stated that road connectivity is one of the factors that influence
property values and established that improvement in transportation
facilities especially roads brings about improved accessibility.
1.4.2 HYPOTHESIS
Ho: Road connectivity has no significant impact on rental values of
properties in Uyo.
Hi: Road connectivity has significant impact on rental values of
properties in Uyo.
B = …….Eqn. 3.1
Where
B = Beta index;
These indices are concerned with network analysis that yields valuable
measures of accessibility of individual nodes. Such measure is derived
from the connectivity matrix, which represents the arrangement of
links between the nodes of a network in a matrix form. In the matrix, a
figure of one(1) indicates that there is one inter-nodal link while Zero(0)
indicates that there is no link. The distance between pairs of nodes is
expressed as the number of intervening links along the shortest path
that connects them. The total of the figure in the now for each node is
a measure of its accessibility in terms of the measure of the total size
of the network and total number of links. This measure known as
dispersion value of the graph and average length of path in the
network is obtained by dividing the now sum by the total number of
positive values in the now (Hay,1973).
Attribute Of Value
`The ability of property or object to satisfy man’s needs and desires
together with its degree of scarcity and utility compared to others
makes man to ascribe value to it (chika ,2006). Certain prerequisites
need to be met in order to bring into focus the concept of real property
value, these include:
i. Utility: this is a pre-requistive for determining the value of real
property. It is the significance of advantages the purchaser or
buyer of a property desires from it (Chika, 2006).
ii. Scarcity: There must be an element of scarcity in supply in
order for a property to command value regardless of its utility;
otherwise, it will be a free good (Chika, 2006).
iii. Future Satisfaction: This is the expected flow of return of
satisfaction from the acquisition or holding or real property.
For example, the expected flow of rents that will accrue if the
property is let (Chika, 2006).
iv. Transferability: Transferability does not necessary imply
physical movement but rather the ability to hold and control all
rights that constitute ownership and also the freedom tom
transfer same to others (Chika, 2006).
v. Desire: A property must be desired and this desire must be
backed up by affective purchasing power (Chika, 2006)
vi. Location: The property or object must be located in a peaceful
and coordinated environment so as to ensure the security if
investment (Chika, 2006).
FORCES INFLUENCING VALUE
O’Donnel and Maleady (1975) postulated that those forces which
affects the growth and progress of man also affect property and all
aspects of property including its value. These forces includes:
Physical Forces
Physical forces are those natural or man made features that
creates, preserve, modify, and sometimes destroy value. They include
temperature, soil topography, drainage, pest, natural boundaries,
maintenance or lack of it (O’Donnel and Maleady, 1975).
Economic Forces
Everything that relates to the economic health of a property is an
economic force which influences value. This include, natural resources,
commercial and industrial trends, market forces, etc. (O’Donnell and
Maleandy, 1975).
Social Forces
Customs, traditions, attitude, instincts and desires of a people are
exerting social forces which influence property value (O’Donnel an
Maleady, 1975).
Political Forces
Political forces that relates to property values would include
zoning ordinances, building codes, rent controls, fiscal policies relating
to the availability of money and credit, etc (O’Donnel and Maleady,
1975).
ENVIRONMENTAL FACTORS THAT AFFECT PROPERTY VALUE
According to Kuye (2008), the immediate environment in which a
property is located has serious bearing on the value of such property.
There are certain environmental factors that would either create or
destroy value. They include:
Accessibility
A landed property that is easily accessible will have a higher value
than the one sited in an area that is not accessible.
Ajoining Property
This has to do with the effect of other building that surrounds the
subject property being studied. A residential property that is located in
an industrial area may diminish in value compared with the same or
similar property located in an exclusive residential area.
Facilities
This is another attitude of landed property that tends to influence
its value. A real property that is located where all the necessary public
utility facilities/services needed to make life comfortable will command
a higher value than one which has inadequate facilities or none at all.
Location
The location of a property influences its value to great extent. In a
situation where thee is provision for social amenities, infrastructural
facilities, and adequate conveniences, definitely, the property will be of
utmost value. The property will enjoy very high demand and
consequently high property value.
Utility
The use to which a landed property is put into could really affect it
value. If the property is fully utilized, the value will be high but it is not
adequately used, the value will be low.
Durability
A property that is not of good attribute will not command a high
value. This is because after a while addition, the building materials of a
property will determine if the building will have an enduring life span,
thus making it to have a reasonable value.
Intensity Of Use
The intensity to which a particular landed property will be
put use also influences its value. The intensity of use will influence it
value in that if the property is used in such a way that it will result in its
early dilapidation, then the value when number of occupants there are
more than the specified number. The type of people occupying such
landed property will also determine the intensities if use and the
resultant value.
The research design the researcher adopted for this research was
the survey method since the work required respondents opinion. In
this, survey research method, a representative sample of a small or
large population was studied in order to determine the character of the
whole population.
The data collected from the field analyzed statistically using simple
percentile while chi square was used in testing the hypothesis and
presented with the aids of tables.
CHAPTER FOUR
4.0 DATA PRESENTATION AND ANALYSIS
4.1 INTRODUCTION
TABLE 1
From the table above, we calculate for expected table. But since the
expected values are yet unknown the expected letter x and y are used
to represent them in the table.
4.3.2 TABLE 3
Respondents Pedestrians Cyclists Car Tenant Landlords Total
Users
Has Impacts x1 x2 x3 x4 x5 ∑xi
Has No y1 y2 y3 y4 y5 ∑yi
Impacts
Total ∑(x1y1) ∑(x2y2) ∑(x3y3) ∑(x4y4) ∑(x5y5) ∑(xiyi)
Calculations for the expected table using the results from the observed
frequencies table.
P(A).P(B) = A and B when they are independent events i.e from the
base table.
Note : The expected values are the averages of the total responses i.e
153/2 = 76.5
X2 = ∑(O-E)2/E = [87.0006-76.5/76.5]2 + [65.9997 – 76.5/76.5]2
= [110.2626/76.5] +[ 110.2563/76.5]
= 1.4413 + 1.4413
= 2.8826
= x2 = 2.8826
DF = (R-1)(C-1)
C= Number of columns
X2 Calculated = 2.8826
X Critical = 3.841
4.4.6 INFERENCES
4.4.7 SUMMARY
Table 6
Chi-Square Table 7
CHAPTER FIVE
SUMMARY OF FINDINGS, RECOMMENDATIONS AND CONCLUSION
5 .2 CONCLUSIONS
5.3 RECOMMENDATIONS
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