Effect of Neighborhood Security on Housing Price in Lagos
Olalekan Dimeji Bamiteko,
Oyeyemi Omodadepo Adebiyi
Issue:
Volume 5, Issue 4, December 2020
Pages:
80-85
Received:
7 October 2020
Accepted:
27 October 2020
Published:
9 November 2020
Abstract: Effect of neighborhood security on housing price in Lagos State Nigeria. The nonstop increase in urban population has created a gap between unceasing demand and limited supply of housing units in Nigeria particularly Lagos State. Housing being an heterogenous commodity has a lot of independent variables attached to it such as structural, location and neighborhood attributes (including crime rate). The population growth equally presented unemployment and insecurity in most neighborhood going by high rate of crime in Lagos State. The inadequate provision of security for life and properties by successive governments over the years along with population growth have caused unimaginably increase in crime rates in the city. The need for safety and prevention of crimes resulted into neighborhood security. The study confirms that the rate of crime in a particular neighborhood have a direct effect on housing price. This study investigates the effect of neighborhood security on housing price in Lagos State using Amuwo-Odofin Local government Area. The study employed primary data and surveyed 140 residents of the LGA through multistage sampling technique. Ordinary Least Squares (OLS) was used to analyze the data. The result, shows that fenced apartment, services of local securities and vigilantes and the presence of gateman have positive influence on price of housing in Lagos state. While high crime rates have a negative influence on housing price. The study concluded that residents pay higher housing price to live in a secured and crime free neighborhood. The study recommends the need for community policing is highly supported by the outcomes of this study.
Abstract: Effect of neighborhood security on housing price in Lagos State Nigeria. The nonstop increase in urban population has created a gap between unceasing demand and limited supply of housing units in Nigeria particularly Lagos State. Housing being an heterogenous commodity has a lot of independent variables attached to it such as structural, location a...
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Flexible Financing and Investment in Renewable Energy Sources: The Case of Biogas Energy in Sidama Region, Ethiopia
Issue:
Volume 5, Issue 4, December 2020
Pages:
86-96
Received:
22 October 2020
Accepted:
3 November 2020
Published:
9 November 2020
Abstract: In attempt to meeting energy demand via provision of renewable energies such as biogas technology, credit arrangements and local involvement in decision-making are key elements for low-income countries in Africa, while the link between investment cost, affordability, financing, and other socioeconomic differences may affect investment in biogas energy. In this article, a survey of 298 households is used to establish the derivers of investment in biogas energy; the findings being conditioned on credit access with flexible loan repayment options. The estimates of marginal effects from conditional (multinomial) logit model show that flexible loan repayment options might encourage a broader spectrum of households to invest in biogas energy. The key derivers of willingness to invest in short-term loan repayment options were the education and gender of household heads, access to fuelwood sources and waste-water systems, and, livestock ownership. Similarly, households’ willingness to invest in biogas energy funded via medium term financing varies with the level of formal education of household heads, wastewater system, and livestock ownership. However, willingness to fund biogas energy with long-term loans was positively correlated with the area of land in use. Policy implications are that local authorities should work with financial institutions to provide credit at market rates, but with flexible loan repayment options. This will reduce the burden of the biogas market on both users and supplier’s, increase functional sustainability, and promote biogas technology among low-income communities.
Abstract: In attempt to meeting energy demand via provision of renewable energies such as biogas technology, credit arrangements and local involvement in decision-making are key elements for low-income countries in Africa, while the link between investment cost, affordability, financing, and other socioeconomic differences may affect investment in biogas ene...
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Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka
Issue:
Volume 5, Issue 4, December 2020
Pages:
97-103
Received:
28 August 2020
Accepted:
19 October 2020
Published:
19 November 2020
Abstract: Within the context of the economic valuation, the presence and absence of open space has an effect on the residential property value in urban areas. Residents in a city esteemed these open spaces differently. They are keen to pay a premium for attractive views willingly. This study only assessed the amenity value of open spaces especially green parks and water bodies of two planned urban residential neighborhoods of Dhaka city in Economic terms. An empirical analysis is carried out by employing Hedonic Price Method (HPM) to analyze the impact of open space attributes on real price of residential properties. The six storied walkup and high-density apartments are typical for upper and middle-income residents in Dhaka city. Together with a set of structural, location and socio-economic variables the research use to explain residential property prices; this study focuses on three amenity or environmental variables which include the existence of views of open spaces, the distance from the residential unit to the nearest open space, and the size of that open space. The regression analysis result from the first stage hedonic estimation reveal that homebuyers are willing to pay only for scenic views and living in the closest proximity to open spaces especially green parks. In contrast results for the size of the nearest open space for houses do not show a significant relationship on nearby property values. This estimated valuation of open spaces and their amenity benefits will be useful for policy making in urban design for both developers and planners, composing new strategies for land use planning and sustainable development, open space conservation and property appraisal.
Abstract: Within the context of the economic valuation, the presence and absence of open space has an effect on the residential property value in urban areas. Residents in a city esteemed these open spaces differently. They are keen to pay a premium for attractive views willingly. This study only assessed the amenity value of open spaces especially green par...
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