ANALYSIS OF THE IMPACT OF PARKS AND OPEN SPACES ON RESIDENTIAL PROPERTY VALUES
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ANALYSIS OF THE IMPACT OF PARKS AND OPEN SPACES ON RESIDENTIAL PROPERTY VALUES
ABSTRACT
This study focused on the impact of parks and open spaces on residential property values in Independence Layout. The purpose of this study was to examine the effect of density and open space on residential property values.
This study embodies the benefits of parks and open spaces, as well as their implications. The researcher used the surveyor research approach to accomplish this goal. Some data and findings were gathered; these findings were statistically analysed, yielding some conclusions and recommendations.
CHAPITRE ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Open spaces such as public parks, natural regions, and golf courses offer a variety of advantages to local inhabitants, such as recreation options and beautiful views.
Residents that reside in close proximity to these resources, on the other hand, may have inconveniences such as traffic congestion and noise.Given the deterioration of many state and municipal budget situations around the country,
the necessity for parks and open space agencies to demonstrate their usefulness in order to maintain financing for their services and facilities is critical. While the numerous benefits that parks and other open spaces provide to residential property values are easy to articulate, they are sometimes difficult to quantify.
As a result, there is a need for park and open space experts to create methods for valuing the contributions of open spaces to society.
Crompton (2001) outlined the proximal concept in a previous issue of parks & recreation, which is the increase in value of homes surrounding such open space services. He also summarised the findings of roughly two dozen early studies into this idea. However, as Crompton pointed out, several of these studies,
which were published between the 1870s and the 1980s, had methodological flaws and inconsistencies that restrict their credibility for present researchers. It is now possible to conduct far more detailed
and accurate analyses of the impacts of open spaces on surrounding property values by combining an economic method known as the hedonic pricing technique with the spatial analyses made possible by the advent of geographic information system (GIS) technologies.
1.2 STATEMENT OF THE PROBLEM
Independence Layout, Enugu State, like many other localities around the country, is fast losing open space due to urbanisation. This was the state’s fastest-growing region.
The post-independence administration of the legendary late Dr. Michael Okpara, the former premier of Eastern Region, carved out the highbrow area of Enugu, the coal city. Okpara extended Enugu following Nigeria’s independence with more acquisitions for physical development.
Previous population increase has resulted in severe land conversion rates throughout the region. The population increased the regional region. This shows a land-consuming, low-density growth trend. As of 2010, more over 41% of the Independence Layout had been developed, with only 9% of the total land mass maintained as open space.
Given the current rate of expansion and development, an estimated 78 percent of the area will be developed by 2020 if the Area does not begin to emphasise land conservation policies and programmes.
Parks and open space will give several benefits to the area that would be lost or jeopardised if current development patterns remain unchanged. These advantages include water purification and protection of drinking water supplies, wildlife habitat provision, and human health and recreation advantages.
1.3 PURPOSE AND OBJECTIVES OF THE STUDY
This project’s goal is to investigate the effect of parks and open spaces on residential property values in Independence Layout, Enugu State.
The plan is to submit a report based on debt study in order to achieve the following goals:
a. To locate parks and open spaces in Enugu’s Independence Layout.
b. Determine if parks and open spaces affect the rental and capital prices of residential structures in Independence Layout, Enugu.
c. To assess the benefits and drawbacks of parks and open spaces in relation to residents’ well-being and satisfaction.
d. To make recommendations for improving open space and park conservation in the research area.
1.4 QUESTIONS FOR RESEARCH
1. Where can I find parks and open spaces in Enugu’s Independence Layout?
2. To what extent do parks and open spaces influence rent and property values in Independence Layout, Enugu?
3. What are the benefits and drawbacks of parks and open spaces in relation to the well-being and contentment of residents in the research area?
4. What could be done to increase park and open space conservation in the research area?
1.5 THE STUDY’S IMPORTANCE
This research is useful for estate surveyors, landlords, tenants, and ministry of tourism officials. This research will educate them on the importance of parks and open spaces. It will also useful to emphasise the difficulties faced over the course of work for future reference.
It will bring to light crucial discoveries that will be summarised following extensive investigation in accordance with resources that were available.
1.6 STUDY OBJECTIVES
The research focuses on the effect of parks and open spaces on residential property values in Independence Layout. This study will determine the existence, benefits, and drawbacks of parks and open spaces, as well as the impact of parks and open spaces on the value of residential properties in Independence Layout, Enugu.
1.7 THE STUDY’S LIMITATIONS
Some of the restrictions that hampered the speed and completion of this study work were as follows:
1. Time restrictions, budgetary limits, and mental stress all had an impact on the timely completion of the assignment.
2. The fieldwork did not cover the full state of Enugu. However, samples were collected at random to reflect the entire city.
3. Lack of relevant materials: It is a huge disappointment to discover that little or no materials were available, forcing the researcher to go across states to gather materials and borrow books, magazines, newspapers, and internet because sufficient work in this field of study had not been completed.
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