Effect of Accessibility on Commercial Property Rental Values Performance in Oja Oba Market, Ilorin Metropolis

Rayyan Yusuf, Ibrahim Hussaini Muhammad, AbdulAkeem Olasunkanmi Otunola, Sakariyau Jamiu Kayode

Abstract

The value of a commercial property is mainly determined by its inter-accessibility to other land uses; accessibility is a critical component in determining the costs and rewards of any investment. The study is being conducted to investigate the impact of accessibility on the rental values of retail premises. The purpose of this study was to determine the extent to which accessibility affects the rental value of retail premises. The following goals were established: to assess the rent in various locations inside the market from the primary major route. The stratified random sample approach was employed to acquire the data to evaluate if there is a variance in rent and the link between rental value and distance. Data were examined using descriptive statistics and linear regression using SPSS. The data indicated that rent varies within the market as distance increases. It was found that as distance increases to the market, the rental prices of store premises fall, and there is a strong positive linear relationship between distance and rental value. The report also advised that the government establish market parking space. The government should also give private shop property investors appropriate loans at cheap interest rates to boost investment in this sector.




Keywords


commercial properties; accessibility; rental value; Ilorin; Nigeria

Full Text:

PDF


References


Ammann, R. (2019). ESG Integration Among Large Nordic Institutional Asset Owners. Retrieved from http://kth.diva-portal.org/smash/get/diva2:1345874/FULLTEXT01.pdf

Baker, S. R. (2018). Debt and the Response to Household Income Shocks: Validation and Application of Linked Financial Account Data. Journal of Political Economy, 126(4), 1504–1557.

Cvetkovich, A., & Kellner, D. (1996). Articulating the global and the local. Globalization and cultural studies. London: Routledge.

Hassanali, J. Y. (2019). Determinants of investment decisions on uptake of commercial properties: a case of Westlands area in Nairobi – Kenya (Doctoral dissertation). Retrieved from http://erepo.usiu.ac.ke/bitstream/handle/11732/4621/HASSANALI%2c%20JUZER%20YUNUS%20MBA%202019.pdf?sequence=1&isAllowed=y

Henderson, J. V. (2014). Economic theory and the cities. doi: 10.1016/c2009-0-21824-1

Hofman, A., & Aalbers, M. B. (2019). A finance- and real estate-driven regime in the United Kingdom. Geoforum, 100, 89–100. doi: 10.1016/j.geoforum.2019.02.014

Hood, A. (2001). Continuous operation clauses and going dark. Real Property, Probate and Trust Journal, 36(2), 365–390.

Kashef, M. (2016). Urban livability across disciplinary and professional boundaries. Frontiers of Architectural Research, 5(2), 239–253. doi: 10.1016/j.foar.2016.03.003

Lim, Y.-W., & Heng, C. Y. S. (2016). Dynamic internal light shelf for tropical daylighting in high-rise office buildings. Building and Environment, 106, 155–166. doi: 10.1016/j.buildenv.2016.06.030

Lysons, K., & Farrington, B. (2010). Purchasing and supply chain management. London: Pearson Education India.

Malpezzi, S. (2014). Global perspectives on housing markets and policy. Retrieved from https://marroninstitute.nyu.edu/uploads/content/Global_Perspectives_on_Housing_Markets_and_Policy.pdf

Mashiri, L., Karam, A. (2019). Impact of Rail Transit Stations and Value Capture Planning for Transit in Johannesburg, South Africa. Retrieved from https://ideas.repec.org/p/afr/wpaper/2021-025.html

Mohit, M. A., Ibrahim, M., & Rashid, Y. R. (2010). Assessment of residential satisfaction in newly designed public low-cost housing in Kuala Lumpur, Malaysia. Habitat International, 34(1), 18–27. doi: 10.1016/j.habitatint.2009.04.002

Onwuanyi, N., & Oyetunji, A. K. (2021). The relevance of inter-market research to knowledge accessibility in property markets: lessons for Nigeria from the UK. Property Management, 39(5), 702–725. doi: 10.1108/pm-01-2021-0001

Osazuwa, P. E., & Ekenta, C. (2020). Challenges to Commercial Property Taxation in Obio/Akpor Local Government Area of Rivers State. Journal of Environmental Science, Computer Science and Engineering & Technology 9 (1), 58-71.

Osazuwa, P. E., & Ekenta, C. (2020). Challenges to Commercial Property Taxation in Obio/Akpor Local Government Area of Rivers State. Journal of Environmental Science, Computer Science And Engineering & Technology, 9(1). doi: 10.24214/jecet.b.9.1.05871

Rossi, F., & Chintagunta, P. K. (2016). Price Transparency and Retail Prices: Evidence from Fuel Price Signs in the Italian Highway System. Journal of Marketing Research, 53(3), 407–423. doi: 10.1509/jmr.14.0411

Sakariyau, J. K., Ajibade K, R., Muhammad, M. M., Hafsatu, J. B., Joab, S. K., & Yusuf, G. L. (2020). An Analysis of Trends in Residential Property Value in Gwallameji, Bauchi, Bauchi State, Nigeria. International Journal of Management Science and Entrepreneurship, 11(7), 104–135.

Warren‐Myers, G. (2012). The value of sustainability in real estate: a review from a valuation perspective. Journal of Property Investment & Finance, 30(2), 115–144. doi: 10.1108/14635781211206887

Xiao, Y., & Webster, C. (2017). Urban morphology and housing market. Retrieved from https://link.springer.com/book/10.1007/978-981-10-2762-8#toc


Article Metrics

Metrics Loading ...

Metrics powered by PLOS ALM

Refbacks

  • There are currently no refbacks.




Copyright (c) 2021 Rayyan Yusuf, Ibrahim Hussaini Muhammad, AbdulAkeem Olasunkanmi Otunola, Sakariyau Jamiu Kayode

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.