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ARTERIAL ROAD NETWORK AND COMMERCIAL PROPERTY VALUES

CHAPTER ONE

INTRODUCTION

Background to the Study

Transportation and property play a critical role in the physical and economic development of towns and cities around the world. Property and land prices rise more quickly in places with developing transportation networks than in areas where such improvements are not made. With improved transportation and significant economic and demographic expansion, communities may expect a rapid and continuing rise in housing and land prices (Goldberg, 1970).

Without transportation, which is a fundamental aspect for physical and economic growth, man, nations, regions, and the planet would be severely limited in their development (Oyesiku, 2002). Land use and transportation networks are intertwined. Indeed, previous research has found convincing and consistent links between them (Ewing and Cervero, 2001; Polzin, 2004). The transportation route, according to Bailey, Mokhtarian, and Littlel (2008),

Changes in accessibility are represented in Cost Benefit Analysis, travel time reductions, and other benefits as a result of the route network and increased transportation investment. Increased catchment areas for services and amenities such as shops, schools, offices, banks, and recreational activities are visible as a result of these benefits.

Accessibility, connection, traffic density, degree of service, compactness, and density of individual roadways are all factors to consider while examining road networks. Level of service is a holistic approach to determining the quality of service on transportation equipment or infrastructure, and it is based on numerous criteria such as traffic density and congestion rather than the overall speed of the voyage (Mannering, Walter, and Scott, 2004).

This contributed to an increase in demand for commercial space and, as a result, a rise in commercial property values along the metropolis’ main routes.

The majority of commercial properties in Ikeja are currently positioned along arterial routes that carry the majority of vehicle and pedestrian traffic. Rental values have increased along the individual arterial roads, but not at the same rate. Against this backdrop, this study assessed arterial roadways, determining their degrees of accessibility, connection, and traffic density, as well as the pattern of traffic flow.

Statement of the Research Problem

The preceding has raised several problems regarding road network analysis and commercial property valuations in Ikeja, Nigeria, to which responses must be provided. The relationship between arterial road network and commercial property values cannot be determined without taking into account the network’s characteristics, particularly those related to arterial roads, as well as other explanatory variables and commercial property prices. The following are some essential questions to help the study achieve its stated goals:

1. What is the layout of Ikeja’s arterial roads?

 

2. What is the spatial pattern and trend in the study area’s commercial property values?

 

3. In the presence of an arterial road network, what are the links between commercial property prices and arterial road network?

Research Questions

The purpose of this study is to examine the network of arterial roads in Ikeja, as well as other explanatory variables and commercial property values, with the following specific objectives:

a. Examine the pattern of arterial road networks in the study area;

b. Examine the spatial structure and trend of commercial property demand, supply, and values in the research region;

c. Determine the correlations between commercial property prices and the road network in the research area, in the presence or absence of other variables;

d. Determine the individual explanatory variables’ contributions to the variability in commercial property values in the research area;

e. Develop models for predicting commercial property value variations in response to the explanatory variables.

Aim and Objectives of the Research

As a result, the following possibilities were proposed:

1. In the research area, there is no statistically significant association between commercial property values and independent explanatory variables.

2. Individual contributions of explanatory variables to variability in commercial property values in the research region are not different.

 Research Hypotheses

As a result, the following possibilities were proposed:

1. In the research area, there is no statistically significant association between commercial property values and independent explanatory variables.

2. Individual contributions of explanatory variables to variability in commercial property values in the research region are not different.

Scope of the Study

International, inter-city, and intra-city roads are the three types of roads. International and inter-city roads are usually major or arterial roads, whereas intra-city roads are minor or significant routes within a city (arterial). The research focuses on arterial roadways in Ikeja’s intra-urban network. In Ikeja, there are ninety roads, thirty-seven of which are arterial. Only twenty of the thirty-seven arterial roads in the research region cross commercial axes, while the rest serve institutional, industrial, and residential areas. Inter-city roadways such as the Lagos/Abeokuta Expressway, Oworonsoki/Apapa Expressway, Ikorodu Road, and Lagos/Ibadan Expressway that create rings around the study region were not included in this study.

Limitations of the Study

The research looked at Ikeja’s arterial highways and commercial property values. It made no attempt to analyze the structural soundness of the arterial road network or the techniques and accuracy of respondents’ methodologies for determining the value of commercial properties in the study region. It simply looked at accessibility, connectivity, the arterial road network, the distance to the study area’s most central location, and the demand and supply of commercial properties in connection to the study area’s commercial property values. The arterial road network was analyzed using a graph theoretic technique, and the opinions of Estate Surveyors and Valuers working in the research region were consulted. Although the accuracy of such opinions was not in question, it was not investigated.

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