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Effect of Neighborhood Security on Housing Price in Lagos
American Journal of Environmental and Resource Economics
Volume 5, Issue 4, December 2020, Pages: 80-85
Received: Oct. 7, 2020; Accepted: Oct. 27, 2020; Published: Nov. 9, 2020
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Olalekan Dimeji Bamiteko, Department of Economics, Faculty of Social Sciences, University of Lagos, Akoka, Nigeria
Oyeyemi Omodadepo Adebiyi, Department of Economics, Faculty of Social Sciences, University of Lagos, Akoka, Nigeria
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Effect of neighborhood security on housing price in Lagos State Nigeria. The nonstop increase in urban population has created a gap between unceasing demand and limited supply of housing units in Nigeria particularly Lagos State. Housing being an heterogenous commodity has a lot of independent variables attached to it such as structural, location and neighborhood attributes (including crime rate). The population growth equally presented unemployment and insecurity in most neighborhood going by high rate of crime in Lagos State. The inadequate provision of security for life and properties by successive governments over the years along with population growth have caused unimaginably increase in crime rates in the city. The need for safety and prevention of crimes resulted into neighborhood security. The study confirms that the rate of crime in a particular neighborhood have a direct effect on housing price. This study investigates the effect of neighborhood security on housing price in Lagos State using Amuwo-Odofin Local government Area. The study employed primary data and surveyed 140 residents of the LGA through multistage sampling technique. Ordinary Least Squares (OLS) was used to analyze the data. The result, shows that fenced apartment, services of local securities and vigilantes and the presence of gateman have positive influence on price of housing in Lagos state. While high crime rates have a negative influence on housing price. The study concluded that residents pay higher housing price to live in a secured and crime free neighborhood. The study recommends the need for community policing is highly supported by the outcomes of this study.
Housing, Neighborhood Security, Housing Price, Crime
To cite this article
Olalekan Dimeji Bamiteko, Oyeyemi Omodadepo Adebiyi, Effect of Neighborhood Security on Housing Price in Lagos, American Journal of Environmental and Resource Economics. Vol. 5, No. 4, 2020, pp. 80-85. doi: 10.11648/j.ajere.20200504.11
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