Impact of Urban Crime on Property Values in Osogbo, Nigeria

Abstract

This paper examined the impact of urban crime on property value in Osogbo, Nigeria. The primary source of data collection was through reconnaissance survey, pilot study and structured questionnaires administered among the residents of the area. The target population was the residents of three residential zones (high, medium and low densities) in OsogboOlorunda Local Government Areas. For the purpose of this study, the systematic sampling technique was adopted to select the sample from the entire population. For high density Oja-Oba (Palace Area) was selected; for medium density: “Kobo n Gbobgo e” was selected and for low density areas, GRA was selected. Also, both descriptive and prescriptive inferential methods were used to analyze the data collected. Findings revealed that most (94.8%) of the residents were married, 2.5% of the respondents’ were single while 2.1% were either widow or widower. Only .6% of the respondents’ were either separated or divorced. Findings showed that unemployment was considered a reason by 18.0%, 16.6% and 13.2% of residents in the high, medium and low density areas respectively.Findings also established the different factors that affect the price of property in the study area. The study concluded that there was negative effect of crime on property value which was capable of detrimentally affecting the real estate practice as well as reducing the income from residential property investment.