Effects of Urban Renewal on Residential Property Values in Two Neigbourhoods of Akure, Ni

Abstract

The study was carried out to examine Urban Renewal exercise and its effect on residential property values in Oke–Aro and Odopetu neighbourhoods in Akure, A structured questionnaire was administered on selected residents in the two neighbourhoods (Oke–Aro and Odopetu) using the Systematic Random Sampling Technique. Five hundred and sixty eight (568) questionnaires were administered, out of which four hundred and forty eight (448) were retrieved. The retrieved questionnaires were analyzed using Multiple Linear Regression Technique. The result showed an increase in rental value of residential properties due to upgrading of urban infrastructures in the two neighbourhoods. It is recommended that the state government should embark on comprehensive rehabilitation/upgrading of infrastructures instead of concentrating on road network and drainages only in the neighbourhoods.

Key words: Urban Renewal, Residential Property and Values