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Effect of Flooding on Property Value: A Case Study of Isheri North, Isheri, Lagos State

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  • Ogungbemi, A.O

    (Department of Estate Management and Valuation, Lagos State Polytechnic, Nigeria)

  • Fagbemi, K.B.

    (Department of Architectural Technology, Federal Polytechnic, Ile-Oluji, Ondo State, Nigeria)

  • Abdul, N.A.

    (Department of Urban and Regional Planning, Lagos State Polytechnic, Nigeria)

  • Eniolawun, O.S.

    (Department of Urban and Regional Planning, Lagos State Polytechnic, Nigeria)

  • Obatuase, B.

    (Department of Quantity Surveying, Lagos State Polytechnic, Nigeria)

  • Hassan, Y.O.

    (Department of Architectural Technology, Federal Polytechnic, Ile-Oluji, Ondo State, Nigeria)

Abstract

This paper assesses the effect of flooding on property value in Isheri North of Lagos mega city, Nigeria. The sample frame for this study comprises of 251 properties located in the study area out of which 20% was sampled represent 50 respondents in order of 1 house of every 5 houses; and 20 Estate Surveying and Valuation Firms on Isheri, Ojodu, Omole, Ikeja environ. Random sampling technique was adopted in the selection of the sampled properties. Data collection was done with the administration of instrument (questionnaire) on the selected respondents. The result of the findings shows that 96% of the respondents have witnessed flood which is caused by heavy rainfall, damp spills, poor drainage system, inappropriate refuse disposal was suggested to the respondents. The study reveals that properties in non-flooded areas of Isheri community attract higher rental values than similar properties in the flooded area of Isheri North. The study recommends needs for public enlightenment on the dangers of flooding and restriction of flood-prone areas as not non-buildable zone for the security of life and property.

Suggested Citation

  • Ogungbemi, A.O & Fagbemi, K.B. & Abdul, N.A. & Eniolawun, O.S. & Obatuase, B. & Hassan, Y.O., 2020. "Effect of Flooding on Property Value: A Case Study of Isheri North, Isheri, Lagos State," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 7(4), pages 10-15, April.
    • Handle: RePEc:bjc:journl:v:7:y:2020:i:4:p:10-15
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    References listed on IDEAS

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    1. William J. McCluskey & William G. Deddis & Ian G. Lamont & Richard A. Borst, 2000. "The application of surface generated interpolation models for the prediction of residential property values," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 18(2), pages 162-176, April.
    2. Alexander Joslin, 2005. "An investigation into the expression of uncertainty in property valuations," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 23(3), pages 269-285, June.
    3. James M. Holway & Raymond J. Burby, 1990. "The Effects of Floodplain Development Controls on Residential Land Values," Land Economics, University of Wisconsin Press, vol. 66(3), pages 259-271.
    4. Don N. MacDonald & James C. Murdoch & Harry L. White, 1987. "Uncertain Hazards, Insurance, and Consumer Choice: Evidence from Housing Markets," Land Economics, University of Wisconsin Press, vol. 63(4), pages 361-371.
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