Analysis of Accessibility Impact On Commercial Property Values In Ikeja,Nigeria
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A number of factors determine commercial property values with road network being
one of them . This study was carried out to determine the contributions of arterial
road network to variability in commercial property values in lkeja, Nigeria, in the
presence or absence of other value determinants. In attaining the aim , road network
was decomposed into its explanatory variables and regression models set at 0.05
alpha level used to determine their individual and joint impacts with other factors on
commercial property values. It was found that accessibility has a P-value of 0.0024;
demand, P-value = 0.0011; and supply returned P-value of 0.0059; all have
significant impact on commercial property values. Also, the Analysis of Variance
indicates that F-ratio = 3.88, P-value = 0.0193, with R2 of 69.37% explaining 69%
variability in commercial property value. However, further analysis using Backward
Selection Method of Stepwise Regression Model indicated that location in addition to
demand, supply, and accessibility have significant impacts on commercial property
values in the study area. It recommended that road network be improved to enhance
values of commercial properties in the study area to the benefit of Government
through enhanced property tax; to property owners through improved rental values;
and occupiers of commercial properties through better neighbourhood quality.
Keywords
TH Building construction