Assessing the mechanisms of saakpenwa-bori-kono road infrastructure influencing residential property values in bori, rivers state, Nigeria

Abstract

This study is aimed at examining the mechanisms of road infrastructure influencing residential property values in Bori Urban of Rivers State, Nigeria. The purpose is to identify the features of road infrastructure influencing residential properties rental/capital values. Structured questionnaires were administered on some purposely selected 125 landlords and tenants living in residential properties along newly dualalized Saakpenwa-Bori-Kono road under study and out of the selected 125 landlords and tenants, 95 respondents duly completed and returned their questionnaires representing 76% response rate, all of which were found useful for the study. And the data collected were analysed using descriptive statistics. The findings showed that the features of road infrastructure influencing the choice of location for a residential property include facilitation of accessibility, reduce traffic from road widening, free flow of water, good drainage, provision of street light, provision of pedestrian walkway and provision of cover drainage. Furthermore, findings revealed that more than half of the respondents with mean score >3.00 identified the mechanisms of road infrastructure influencing residential property values to include increases rental values, stimulates aggregate demand & supply and attracts additional flow of income, provides accessibility to the property, marketability & viability of the property and reduce time and resources spent on property, provides amenities that enhances quality of life, provides mobility to investors and provides free flow of information. The study therefore suggests that the relative increase in rental values may be attributed to features of road infrastructure; as an affirmative response that road infrastructure increases rental/capital values respondents. It was therefore recommended among other things that governments at all levels should take the matters of road construction, maintenance and rehabilitation as a matter of priority because these processes enhance property values and indirectly increase revenue accruable from property as tax to government coffers.