Spatial Variations of Values of Residential Land Use in Lagos Metropolis

Abstract

The cost of land has very strong influence on the quality and type of
development that can be sustained on such land. Residential areas are no
exception. This is more pronounced in economically vibrant. Lagos being
the economic nerve centre of Nigeria fall into this category cities. This study
is therefore to further enrich existing literature in this area but focusing on
residential land values in Metropolitan Lagos. In the study, the actual prices
of various components of residential land use are established which the study
classified into rent, purchase price of residential apartments and purchase
price of residential plots of land. This was done for different residential land
use types which the study classified into three: namely high density, medium
density and low density areas. The study concludes that residential land
values are high in the low density areas and lower at the high density areas.
The paper suggests the need to improve both physical and economic access
to residential properties, privatization of the supply of infrastructural
facilities, improvement in the quality of the environment and the need to
release lands under public ownership to make more land available for
residential use.
Keywords: Residential, Land Value, Neighbourhood, Rent, Cost, Land