Abstract: Residential property refers to
building that is developed or able to be developed for living. Using
residential property for commercial purposes is generally prohibited. There are
many types of dwellings that may be placed on residential property. These
include mobile homes, single family houses, and apartments. Condominiums and
townhouses may also be placed on residential land.
Also, the
housing good (property) may be to maximize optimum return from outright sale or
letting. If this is the case, the price of the residential property becomes
very important to the landlord and the occupants. There are various value
accrued to residential property, but the focus of this work is on rental value.
The focus of this study is to examine the rental variations
of residential property values in Bariga area of Lagos State from year 2000 to
2014.
The set objectives were to identify
the type of residential properties in the neighborhood, to identify the factors
that affect property value in the study area, to identify the tenant reaction
towards the rent review and lastly to identify the features of residential
property that has significant influence on property market value.
The research method applied was
survey research through questionnaire administration. Questionnaires were
administered to residents and estate surveyors in Bariga area of Lagos State.