Exploring Spatial Pattern of Residential Property Value around Cultural Heritage Sites in Ile-Ife, Nigeria

Abstract

Cities in both developed and developing economies are characterised by various cultural heritage sites. Such sites can impact the value of residential properties around them either positively or negatively. In view of this, this study explores the spatial pattern of residential property values around cultural heritage sites in Ile-Ife, Nigeria. One (1) cultural heritage site each was purposively selected in the core and sub-urban areas of Ile-Ife. Furthermore, systematic sampling technique was used to select one of every twenty (20) buildings within different radii (1-300, 301-600 and 601-900 meters) of the selected cultural heritage sites. A total of two hundred and twenty-three (223) buildings were selected. Hence, 223 questionnaires were administered on the residents of the buildings. Interview was also conducted on ten (10) real estate practitioners in the study area to optimally provide answers rental values of residential properties around the cultural heritage sites. The extracted data were analysed using multiple regression and rent differential technique. Findings showed that as distance increases from the cultural heritage sites, the average rental value of residential properties was also on the increase in the core and sub-urban areas of Ile-Ife. It was therefore established that there exists a positive relationship between the distance from cultural heritage sites and rental values of residential properties. The study further revealed that cultural heritage sites had a negative impact on the rental values of proximate residential properties in the study area. The study however concluded that the rental values of residential properties reflect distance to cultural heritage sites. It is recommended that property investors should give adequate attention to location to make accurate and dependable decisions on the supply of residential properties, especially in cities where there are cultural heritage sites.