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The Impact of Neighbourhood Attributes on Real Property Value in Port Harcourt Metropolis

Journal: International Journal of Science and Research (IJSR) (Vol.11, No. 3)

Publication Date:

Authors : ; ;

Page : 1136-1139

Keywords : Hedonic Pricing Model; Multiple Regression Analysis; Neighbourhood Attributes; Property Value; Real Property;

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There are different attributes that influences real property values and these attributes are modeled to assess their impact on property values. Several literatures have revealed that locational, neighbourhood, structural and environmental attributes influence property values. This study looked at the impact of neighbourhood attributes on property values using two locations of Rukpokwu/ Rumuagholu and Abuloma in the Port Harcourt metropolis to analyse these variables. The study collected information from the 119 estate firms practicing in the metropolis on the influence of 4 neighbourhood attributes noticed from literature to be relevant to the study areas. These variables were then regressed to ascertain their impacts on property values in the areas. The result of the multiple regression analysis revealed that electricity connection and presence of good road network have very strong correlation to property values in the study areas while the other presence of borehole water and security had negative correlation to property values in the study areas. The variable with the strongest correlation is electricity connection. The study therefore recommends that government should provide the needed facilities and amenities in the metropolis so as to enhance property values.

Last modified: 2022-05-14 21:02:36