The focus of this study was on the effect of parks and open spaces on residential property values in Independence Layout. The goal of this research was to look at how densely packed and open places affect residential property values. The benefits of parks and open spaces, as well as the implications of parks and open spaces, are embodied in this study. The researcher used a survey research method to reach this goal. Some data and findings were gathered; these findings were statistically examined, and conclusions and recommendations were drawn.
BACKGROUND OF THE STUDY
Open spaces, such as public parks, natural areas, and golf courses, offer a variety of benefits to neighboring residents, such as recreation and beautiful vistas. Residents who reside close to these resources, on the other hand, may face drawbacks such as traffic congestion and noise. Given the dire status of many state and municipal budget situations around the country, the necessity for parks and open space agencies to demonstrate their value in order to maintain financing for their services and facilities is critical. Parks and other open spaces have a variety of effects on residential property value that are easy to describe but difficult to quantify.
STATEMENT OF PROBLEM
GRA, like many other places across the country, Ikeja, in Lagos state, can be regarded as a developed area that has lost its open space nativity due to urbanization. This was the state’s fastest-growing region. Ikeja GRA is a peaceful neighborhood in Ikeja, Lagos, primarily populated by the wealthy. In Ikeja, there is a Government Reserved Area with a variety of luxury condominiums and five-star hotels.
Ikeja GRA is a posh residential area in Lagos’s Ikeja Local Government. A significant number of the state’s wealthiest people live in the area. The Murtala Mohammed International Airport, two air terminals, and Ikeja City Mall are all within walking distance of Ikeja GRA. Locals and visitors alike can enjoy the many attractions on the street.
This boulevard is densely packed with restaurants, cafes, pubs, and hotels.
If existing development patterns are not adjusted, parks and open space will provide significant benefits to the Area that will be lost or impaired. Water purification and protection of drinking water supplies, wildlife habitat provision, and human health and recreation benefits are among these benefits. Our goal, however, is to assess the influence of GRA’s parks and open spaces on residential property values.
AIM AND OBJECTIVES OF THE STUDY
The purpose of this project is to look into the effect of parks and open spaces on residential property values in Independence Layout, GRA Ikeja, Lagos. The purpose is to present a report based on debt study in order to achieve the following goals:
a. To find parks and open spaces in GRA, Ikeja.
b. To discover if parks and open spaces have any influence on the rental and capital prices of residential buildings in GRA, Ikeja.
c. To assess the benefits and drawbacks of parks and open spaces in relation to residents’ well-being and satisfaction.
d. Make recommendations for how to improve open space and park conservation in the research area.
This street is densely populated with restaurants, cafes, bars, and hotels.
Parks and open space provide numerous benefits to the area that will be lost or jeopardized if current development patterns are not changed. Water purification and protection of drinking water supplies, wildlife habitat provision, and human health and recreation benefits are just a few of the advantages. Our goal, however, is to determine the impact of GRA’s parks and open spaces on residential property values.
SIGNIFICANCE OF THE STUDY
Estate surveyors, landlords, tenants, and ministry of tourism workers will benefit from this research. This research will inform them on the importance of parks and open spaces. In the event of a future reference, it will also assist to highlight the difficulties experienced throughout the course of labor.
It will highlight major findings that will be described following extensive investigation using materials that were available.
SCOPE OF THE STUDY
The research focuses on how parks and open spaces affect residential property values in GRA, Ikeja. The purpose of this study is to determine the existence, benefits and drawbacks, and impact of parks and open spaces on the value of residential properties in GRA, Ikeja.