Impact of Road Network on Residential Property Values in Ojo Local Government Area, Lagos, Nigeria

Abstract

This study investigated the impact of road network development on residential property values in Ojo Local Government Area (LGA) of Lagos, Nigeria. Road infrastructure development in a country has been considered an important predictor of economic development and prosperity. The relationship between road networks and property values has been widely studied, with findings suggesting that access to well-developed transport systems increases the value of properties. The study uses data from a survey of 473 respondents, conducted across nine major roads in the area, to analyze the relationship between road types, accessibility, and residential property values. The findings reveal that properties located within 100 meters of arterial roads have a 20% higher rental value compared to those situated over 100 meters away. Additionally, properties along well-connected roads exhibit a 15-25% increase in sales value. The study further shows that improvements in road infrastructure result in an average 30% increase in property values, particularly for residential properties near transport hubs or key road junctions. These findings suggest that road network accessibility plays a significant role in shaping the market value of residential properties, offering valuable insights for urban planners and real estate investors. Policymakers should consider the role of road networks in shaping urban growth patterns and property markets. By investing in infrastructure that improves accessibility and connectivity, local governments can foster sustainable urban development and increase property values in previously underserved areas.