Spatial Analysis of Effect of Location on Prices of Transacted Property in Ile-Ife, State of Osun, Nigeria Using GIS Tools 2017-2018
- November 10, 2019
- Posted by: RSIS
- Categories: Architecture, IJRSI, Urban and Regional Planning
International Journal of Research and Scientific Innovation (IJRSI) | Volume VI, Issue X, October 2019 | ISSN 2321–2705
Awotungase Abayomi S.1, Fagbemi Kayode B.2, Hassan Yakubu O.3, Olaitan, A.P.4, Ibrahim-Adedeji K.B.5; Talabi, J.I.6, Apete-Adebola Lateefah A7
1,6Department of Architecture Technology, Lagos State Polytechnic, Ikorodu, Nigeria
2Department of Architecture Technology, Federal Polytechnic, Ile-Oluji, Nigeria
3Post-graduate Student, Department of Urban and Regional Planning, University of Lagos, Akoka, Nigeria
4,5Department of Urban and Regional Planning, Lagos State Polytechnic, Ikorodu, Nigeria
7Department of Quantity Surveying, Lagos State Polytechnic, Ikorodu, Nigeria
Abstract: – This study analyses the effect of location on price of selected transacted property in Ile-Ife, State of Osun, Nigeria using GIS, with a view to providing information for property owners and government that will guide them in future transactions. By assembling cases of land transactions in the study area from March 2017 –February 2018, this study analyses the connection between physical accessing of sites, the spatial location of their local environment, along with vacant land prices of the respective sites. This finding provides powerful connection between variations in the regulatory environment around the study area and the prices specifying raw land as an input to residential or commercial advancement. However, the study relates variations in land prices to the prices paid by prospective buyers in the study area.
Keywords: Analysis , Location, Selected, Spatial, Transacted, Property
I. INTRODUCTION
It is likely that the most cherished asset possessed by many individuals is their residential property and can serve as a strong basis for the wealth indicator of a residential property showing socioeconomic status (SES). Di et al. (2003) and Coffee et al. (2012) stated that home equity produced 21% net wealth of households in USA. Household wealth percent signified by residential property was significant for households with low SES, resulting to an estimated household net wealth of 50%. Property implies an outstanding proportion of the GDP (gross domestic product) of an economy (Gibb and Hoesli).
