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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Comparative Analysis of the Determinants of Residential Land Values
Author(s)
Ilechukwu Victor Uju, Salau Taofik Iyanda
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DOI:10.17265/1537-1506/2012.02.004
Affiliation(s)
Ilechukwu Victor Uju, Ph.D., Department of Urban and Regional Planning, University of Lagos.
Salau Taofik Iyanda, MSc, MURP, Department of Urban and Regional Planning, University of Lagos.
ABSTRACT
City development is a result of many factors, of which land value is one of the major determinants. The past urban economics studies have shown that land value is largely determined by location factors such as distance from Central Business District (CBD) ignoring the non-location factors like time of purchase and neighbourhood infrastructures. Therefore, this paper attempts to establish the relative importance of location and non-location factors in the determination of residential land value by positing Onitsha, Nigeria as a case study. Eight hundred and fifty residential housing units were selected and questionnaire administered to the landlords through multi-stage sampling technique. The stepwise regression analysis results showed that non-location factors, especially, time of land purchase, contribute more to the variation in residential land values. The paper suggests the revision of the classical economic theories to represent the conditions of urban areas in developing countries.
KEYWORDS
residential land value, location factors, non-location factors
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