Urban Neighbourhood Infrastructure Conditions and Residential Property Investment Performance in Jos City, Nigeria

Authors

DOI:

https://doi.org/10.31357/jres.v20i2.6685

Abstract

The performance of residential property investments is intricately tied to neighbourhood infrastructure. This study examines the impact of urban neighbourhood infrastructure on property investment performance in Jos, Nigeria. Through direct observations, secondary data analysis, and surveys conducted among 161 respondents (returned forms from selected residents and registered estate surveyors and valuers drawn from estate surveying firms) in Kufong, Gwang Layout, Low-cost, and Rayfield neighbourhoods, the study reveals varying levels of investment performance. Gwang Layout and Low-cost exhibit superior returns compared to Rayfield and Kufong, which experience higher market fluctuations (8% - 36%). Infrastructure condition indices for Rayfield and Kufong range between 72% and 89% and 81% and 94%, respectively. In contrast, some aspects of infrastructure in Gwang Layout and Low-cost fall below standards. The study underscores the significant impact of functional infrastructure on residential property investment returns (W=0.801 and rs=0.455), emphasising the necessity for periodic feasibility and viability assessments to determine sound real estate investments at the submarket level.

Author Biographies

Sunday Adekunle Adeogun, University of Ilorin, Ilorin, Nigeria

Sunday Adekunle Adeogun is currently Ag. Head of Department, Department of Estate Management, University of Ilorin, Kwara State, Nigeria.  He had his Bachelor’s, Master’s and a doctorate in Estate Management and Valuation from the Federal University of Technology, Minna, Niger State. He has published in both local and international journals to his credit. His hands-on experience in professional practice is manifested in his being Senior Partner, Ade-Adekunle and Associates, and member, Nigerian Institution of Estate Surveyors and Valuers (NIESV). He is equally a registered Estate Surveyor and Valuer with the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON). His research interests include real estate investment analysis and urban management.

Olalekan Tolulope Aduloju, University of Ilorin, Ilorin, Nigeria

Olalekan Tolulope Aduloju is a lecturer in the Department of Urban and Regional Planning, University of Ilorin, Nigeria. He holds B.Tech and M.Tech degrees in Urban and Regional Planning. He is an aspiring Ph.D. student of the Department of Urban and Regional Planning, Federal University of Technology, Akure (FUTA). His research interests span urban planning and security, urban agriculture & food security, and risk and disaster management. He is a Corporate Member of the Nigerian Institute of Town Planners (NITP), a Member, Emergency Management Vanguard under (NEMA), and a Registered Town Planner (RTP).

Rasheed Kolawole Alimi, University of Ilorin, Ilorin, Nigeria

Rasheed Kolawole Alimi is an associate member of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and registered with the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON). He had been in professional practice for upward of twenty (20) years in different private consultancy firms. Currently, he is a faculty member in the Department of Estate Management, University of Ilorin, Kwara State, Nigeria. His research interests are in property valuation and real estate risk assessment.

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Published

2023-06-30

Issue

Vol. 20 No. 2 (2023): Journal of Real Estate Studies

Section

Articles