Analysis Of The Impact Of Parks And Open Spaces On Residential Property Values

Project and Seminar Material for Estate Management

Analysis Of The Impact Of Parks And Open Spaces On Residential Property Values


Abstract


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 surveyor research method. Some information and findings were made; these findings are statistically analyzed and resulting in some conclusions and recommendations.


Table of Content


Chapter One:

Introduction

  • 1.1 Background of the study
  • 1.2 Problem statement
  • 1.3 Purpose of the study
  • 1.4 Significance of the study
  • 1.5 Research Questions
  • 1.6 Scope and Limitations of the Study
  • 1.7 Definition of Basic terminologies
  • 1.8 Organization of Study

Chapter Two:

Review of Related and Relevant Literature

  • 2.1 Introduction
  • 2.2 Conceptual Review
  • 2.3 Theoretical Framework
  • 2.4 Empirical Studies

Chapter Three:

Research Methodology

  • 3.0 Introduction
  • 3.1 Research Design
  • 3.2 Sources of data collection
  • 3.3 Determination of Population
  • 3.4 Determination of sample size
  • 3.5 Instrumentation
  • 3.6 Instrument Validation
  • 3.7 Adopted Method of Analysis

Chapter Four:

Data Presentation, Analysis and Interpretation

  • 4.1 Introduction
  • 4.2 Data Presentation
  • 4.3 Data analysis
  • 4.4 Data Interpretation

Chapter Five:

Conclusion, Summary and Recommendation

  • 5.1 Introduction
  • 5.2 Conclusion and Findings
  • 5.3 Summary of the Study
  • 5.4 Recommendation
  • References
  • Questionnaire

Chapter One


1.0 Introduction

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, Independence Layout, Enugu State is rapidly losing open space to urbanization. This was the fastest-developing part of the State.

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.

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.

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.


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, Enugu State.

The idea is to present a report based on indebt research to achieve the following objectives which include:

  1. To identify the location of parks and open spaces in Independence Layout, Enugu
  2. To ascertain if parks and open spaces have any influence on the rental and capital values of residential buildings in Independence Layout, Enugu.
  3. To analyze the merits and demerits of parks and open spaces in tandem with the welfare and satisfaction of the residents.
  4. To suggest ways of improving open space and parks conservation in the study area.

1.4 Research Questions

  1. Where are the locations of parks and open spaces in Independence Layout, Enugu?
  2. To what extent does parks and open spaces affect rent and values of residential properties in Independence Layout, Enugu?
  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?
  4. What could be done to improve the conservation of parks and open spaces in the study area?

1.5 Significance of the Study

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.

It will bring to light key findings which will be summarized after in depth research in line with materials that were attainable.


1.6 Scope of the Study

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 Layout Enugu.


1.7 Limitation of the Study

Some of the constraints that militated against the speed and completion of this research work include;

  1. Time constraints, financial and mental stresses equally affected the prompt completion of the work.
  2. The field work did not cover the entire Enugu State. But however, samples were randomly collected to represent the entire city.
  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.

Chapter Five


Summary, Conclusion and Recommendation

5.1 Introductions

This chapter deals with the summary of the finding of the study, conclusion drawn and recommendation.


5.2 Summary of Finding

Critical analysis of the study shows that parks and open spaces affect rent and values of residential properties in GRA Ikeja, and the merits of parks and open spaces on residential properties in GRA Ikeja, Lagos is very high.


5.3 Conclusions

In conclusion, it can be stated that parks and open spaces affect rent and values of residential properties in Independence Layout, and the merits of parks and open spaces on residential properties in Independence Layout, Lagos is high.

Open space is an essential part of any urban development and serves several functions that are expedient for basic living. However, the continuous growth of urban areas without effective management and monitoring of their use has led to environmental consequences such dilapidated parks that has become hideouts for criminals, illegal structures, lack of adequate facilities/amenity and open space policies, lack of a capable agency in handling development and maintenance, poor intergovernmental relationships, shortage of landscape, financial constraints and lack of citizen inclusiveness in participation. Simply put, these negative effects of mismanagement have resulted in the poor quality and further decay of the built environment. As this study has observed these setbacks in open space management and made suggestions in dealing with the problems, it will become a journey to better prioritizing, channeling of human, finance and functional institutional resources to abate the dire consequences of a nation’s dwindling open space reserve.


5.4 Recommendation

The following suggestions are made towards addressing the management issues of open spaces in Nigeria.

  1. There is need for proper planning and efficient use of open spaces in Nigerian cities.
  2. There is need for a more precise approach to urban development in order to achieve efficiency and effectiveness.
  3. The strict enforcement of statutory guidelines for development. By formulating effective urban planning policy.
  4. To combat cites deformed by degradation and dilapidation of open space structures and facilities; there is need for urban land monitoring, development control and effective management.
  5. The need for well-designed and landscaped open spaces to enhance the aesthetics of the environment. This should include tree plantings, shrubs, grassing, ground cover, rocks, and water fountains these add to the beauty of the environment by providing shade, beauty, circulation, serenity and well-being.
  6. Provision of amenities and open space policies to guide the maintenance of parks.
  7. Conversion of unutilized and empty lands constituting nuisance in the cities to be designed as public open spaces in addition to the few existing ones.
  8. Proper education and awareness should be delivered to the public.

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