Influence of Informal Settlements on Property Prices

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Influence of Informal Settlements on Property Prices

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CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

Urbanization is a major feature of development in both developed and developing countries. As cities expand rapidly, the demand for housing, employment, and infrastructure increases significantly. However, when urban growth is not properly planned and managed, it often leads to the emergence of slum settlements characterized by overcrowding, poor housing quality, inadequate infrastructure, and lack of basic services (UN-Habitat, 2016).

Slum development refers to the growth of informal settlements where residents live in substandard housing with limited access to water, sanitation, electricity, and other essential services (World Bank, 2020). In many developing countries, including Nigeria, slums have become a dominant feature of urban landscapes due to rural-urban migration, poverty, unemployment, and weak urban planning systems (Aluko, 2011).

Property value represents the economic worth of land and buildings in the real estate market. It is influenced by several factors such as location, infrastructure, neighborhood quality, accessibility, and environmental conditions (Oladapo, 2015). When slums develop within or near residential neighborhoods, they often alter the physical and social environment, which can negatively affect property values.

Studies have shown that proximity to slum areas tends to reduce surrounding property values due to increased crime, poor sanitation, traffic congestion, environmental pollution, and general neighborhood deterioration (Accordino & Johnson, 2000; Mallach, 2018). Investors and homebuyers are less willing to pay high prices for properties located near slum settlements because of perceived risks and reduced living standards.

In Nigeria, rapid urban growth in cities such as Lagos, Onitsha, Enugu, Port Harcourt, and Abuja has resulted in widespread slum development. The expansion of these slum areas has raised serious concerns about urban decay and declining property values in adjoining neighborhoods (Aluko, 2011; Adegoke & Oyedele, 2016). This makes it important to examine the impact of slum development on property values in order to guide urban planning, housing policies, and real estate investment decisions.

1.2 Statement of the Problem

Despite the growing demand for urban housing, many Nigerian cities are experiencing uncontrolled slum development. These slum areas are often characterized by poor waste management, inadequate infrastructure, insecurity, and environmental degradation. As a result, nearby residential properties suffer from declining attractiveness and reduced market value (Oladapo, 2015).

Property owners in areas close to slums frequently complain of difficulty selling or renting their houses at reasonable prices. Potential buyers and tenants tend to avoid such neighborhoods due to fear of crime, health risks, and poor living conditions (Mallach, 2018). This leads to reduced returns on property investment and contributes to urban inequality.

Although there is growing concern about slum development and its effects, limited empirical studies have specifically examined how slum growth impacts property values, particularly in Nigerian cities. This gap in research justifies the need for a systematic assessment of the impact of slum development on property values.

1.3 Aim and Objectives of the Study

Aim:

The main aim of this study is to examine the impact of slum development on property values.

Objectives:

The specific objectives are to:

Identify the causes of slum development in urban areas.

Examine the characteristics of slum settlements.

Assess the effects of slum development on residential property values.

Determine how proximity to slums influences demand for property.

Suggest strategies for reducing the negative impact of slum development on property values.

1.4 Research Questions

What factors contribute to slum development in urban areas?

What are the major features of slum settlements?

How does slum development affect residential property values?

How does proximity to slums influence property demand and rent levels?

What measures can be adopted to minimize the negative effects of slum development?

1.5 Significance of the Study

This study is significant to:

Urban Planners and Policy Makers: by providing evidence for slum upgrading and housing policies (UN-Habitat, 2016).

Real Estate Investors and Property Owners: by highlighting risk factors that affect property value (Oladapo, 2015).

Local Governments: by supporting urban renewal and environmental management programs (World Bank, 2020).

Researchers and Students: by contributing to literature on urban development and property valuation.

1.6 Scope of the Study

The study focuses on the impact of slum development on residential property values in urban areas. It examines social, economic, and environmental factors associated with slums and how they influence property demand and prices.

1.7 Operational Definition of Key Terms

Slum Development: The growth of informal settlements with poor housing and infrastructure.

Property Value: The market worth of land and buildings.

Residential Property: Buildings used primarily for housing.

Urbanization: The increasing concentration of population in cities.

Neighborhood Quality: The overall physical and social condition of a residential area.

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