NEIGHBOURHOOD DEGENERATION AND ITS EFFECTS ON RESIDENTIAL PROPERTY VALUES (Case Study of New Oko-Oba, Agege Local Government Area, Lagos)

Abstract

Although, there are many factors that affect residential property values in different areas of the world, ranging from social factors to institutional factors, the researcher however foc used more on how neighborhood degeneration affects residential property value in New Oko-Oba Agege, Lagos. The methodology used by the researcher is the ' lottery system' of the simple random sampling system after the researcher had distributed 120 questionnaires and was able to get 93 questionnaires back. Also, the frequency distribution tables, bar charts, relative importance index as well as Chi square test were used for the analysis of the data got. According to the summary of findings, poor waste disposal and traffic congestions are the major causes of neighborhood degeneration in the area. Finally, the researcher gave suitable recommendations and conclusions. It should be noted that this research is subject to further studies.