EFFECTS OF LANDSCAPING ON PROPERTY VALUE IN IJAPO HOUSING ESTATE, AKURE URBAN, ONDO STATE, NIGERIA.

EFFECTS OF LANDSCAPING ON PROPERTY VALUE IN IJAPO HOUSING ESTATE, AKURE URBAN, ONDO STATE, NIGERIA.

ABSTRACT

The unplanned, uncontrolled, chaotic city growths, population explosion, pollution, erosion, misuse of natural and man-made resources are posing serious challenges to environment. Hence, the search for quality landscapes urban and rural environment and proper use of land and its resources as a crucial developmental issues calling for maximum attention. However, most property owners are often unaware of how healthy attractive landscaping can contribute to their total property aesthetic and value. Poor design, information, site factor, element of space organization, and planning are some of the major factors that affect landscaping in property development. Notwithstanding, landscaping have been shown to bring about not only rental value appreciation but also the capital appreciation on property. The study focuses on the effect of landscape on property value in Ijapo estate, Akure. Specifically the study seeks to examine the perception of property owner/occupier on property landscape in the study area; examine the effect of landscaping on the habitability of the ambient environment; assess the effect of landscape on property rental value and property transaction; and evaluate the willingness to pay for the contributing value of landscape. The study had a population size of 870, house owners/occupiers in Ijapo Estate and 21 registered practicing Estate Surveyors and Valuers in Akure and out of which a sample size of 274 was realized using Taro Yamane’s Formula at 5% error tolerance and 95% level of confidence. Instruments used for data collection were questionnaire and interview. The totals of 274 copies of the questionnaire were distributed while 250 copies were returned. The Survery research design was adopted for the study. Four hypotheses were tested using  chi- square and simple linear regression statistical tools The findings indicate  that there are good perceptions of property owners on property landscape in Ijapo Housing Estate Chi- Square computed X2c= 29.016 is greater than Chi- Square table value X2=9.49, p, < .05) .  Landscape has significant effect on the property value and its transaction in Ijapo   Housing Estate (r = .890, t= 3.800,p,< .05).Landscape has a significant effect on the property rental value and its transaction in Ijapo Housing Estate (r = 0.597, t= 26.584,p,< .05).Property owner/occupier is ready to pay for the contributing value of landscape on property/rental value (Chi- Square computed X2c= 19.016 is greater than Chi- Square table value X2t =9.49,p,< .05). The study concludes that the non readiness of the property owner to incorporate landscape into their property design due to high cost of construction, installation and maintenance have posted a lot of problem to the property environment. In this wise, proper en-lightment should be encourage at the design stage and the service of the landscape horticulturist should be employed both at the planning and installation stage of landscape design in other to achieve the best results. Also the willingness to pay higher rent for property with landscape increase at a high speed per time due to the income of the respondents which varies among them in Ijapo Housing Estate.