IDEAS home Printed from https://ideas.repec.org/a/bjc/journl/v7y2020i4p10-15.html
   My bibliography  Save this article

Effect of Flooding on Property Value: A Case Study of Isheri North, Isheri, Lagos State

Author

Listed:
  • Ogungbemi, A.O

    (Department of Estate Management and Valuation, Lagos State Polytechnic, Nigeria)

  • Fagbemi, K.B.

    (Department of Architectural Technology, Federal Polytechnic, Ile-Oluji, Ondo State, Nigeria)

  • Abdul, N.A.

    (Department of Urban and Regional Planning, Lagos State Polytechnic, Nigeria)

  • Eniolawun, O.S.

    (Department of Urban and Regional Planning, Lagos State Polytechnic, Nigeria)

  • Obatuase, B.

    (Department of Quantity Surveying, Lagos State Polytechnic, Nigeria)

  • Hassan, Y.O.

    (Department of Architectural Technology, Federal Polytechnic, Ile-Oluji, Ondo State, Nigeria)

Abstract

This paper assesses the effect of flooding on property value in Isheri North of Lagos mega city, Nigeria. The sample frame for this study comprises of 251 properties located in the study area out of which 20% was sampled represent 50 respondents in order of 1 house of every 5 houses; and 20 Estate Surveying and Valuation Firms on Isheri, Ojodu, Omole, Ikeja environ. Random sampling technique was adopted in the selection of the sampled properties. Data collection was done with the administration of instrument (questionnaire) on the selected respondents. The result of the findings shows that 96% of the respondents have witnessed flood which is caused by heavy rainfall, damp spills, poor drainage system, inappropriate refuse disposal was suggested to the respondents. The study reveals that properties in non-flooded areas of Isheri community attract higher rental values than similar properties in the flooded area of Isheri North. The study recommends needs for public enlightenment on the dangers of flooding and restriction of flood-prone areas as not non-buildable zone for the security of life and property.

Suggested Citation

  • Ogungbemi, A.O & Fagbemi, K.B. & Abdul, N.A. & Eniolawun, O.S. & Obatuase, B. & Hassan, Y.O., 2020. "Effect of Flooding on Property Value: A Case Study of Isheri North, Isheri, Lagos State," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 7(4), pages 10-15, April.
    • Handle: RePEc:bjc:journl:v:7:y:2020:i:4:p:10-15
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijrsi/digital-library/volume-7-issue-4/10-15.pdf
    Download Restriction: no
    File URL: https://www.rsisinternational.org/virtual-library/papers/effect-of-flooding-on-property-value-a-case-study-of-isheri-north-isheri-lagos-state/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. William J. McCluskey & William G. Deddis & Ian G. Lamont & Richard A. Borst, 2000. "The application of surface generated interpolation models for the prediction of residential property values," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 18(2), pages 162-176, April.
    2. Alexander Joslin, 2005. "An investigation into the expression of uncertainty in property valuations," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 23(3), pages 269-285, June.
    3. James M. Holway & Raymond J. Burby, 1990. "The Effects of Floodplain Development Controls on Residential Land Values," Land Economics, University of Wisconsin Press, vol. 66(3), pages 259-271.
    4. Don N. MacDonald & James C. Murdoch & Harry L. White, 1987. "Uncertain Hazards, Insurance, and Consumer Choice: Evidence from Housing Markets," Land Economics, University of Wisconsin Press, vol. 63(4), pages 361-371.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Daniel, Vanessa E. & Florax, Raymond J.G.M. & Rietveld, Piet, 2009. "Flooding risk and housing values: An economic assessment of environmental hazard," Ecological Economics, Elsevier, vol. 69(2), pages 355-365, December.
    2. James R. Meldrum, 2016. "Floodplain Price Impacts by Property Type in Boulder County, Colorado: Condominiums Versus Standalone Properties," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 64(4), pages 725-750, August.
    3. Allan Beltrán & David Maddison & Robert J. R. Elliott, 2018. "Assessing the Economic Benefits of Flood Defenses: A Repeat‐Sales Approach," Risk Analysis, John Wiley & Sons, vol. 38(11), pages 2340-2367, November.
    4. K. Chau & S. Wong & C. Yiu & Maurice Tse & Frederik Pretorius, 2010. "Do Unexpected Land Auction Outcomes Bring New Information to the Real Estate Market?," The Journal of Real Estate Finance and Economics, Springer, vol. 40(4), pages 480-496, May.
    5. Hardie, Ian W. & Nickerson, Cynthia J., 2003. "The Effect Of A Forest Conservation Regulation On The Value Of Subdivisions In Maryland," Working Papers 28575, University of Maryland, Department of Agricultural and Resource Economics.
    6. Samarasinghe, Oshadhi & Sharp, Basil M.H., 2008. "Flood prone risk and amenity values: a spatial hedonic analysis," 2008 Conference (52nd), February 5-8, 2008, Canberra, Australia 6013, Australian Agricultural and Resource Economics Society.
    7. Craig E. Landry & Mohammad R. Jahan‐Parvar, 2011. "Flood Insurance Coverage in the Coastal Zone," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 78(2), pages 361-388, June.
    8. Donadelli, M. & Jüppner, M. & Paradiso, A. & Ghisletti, M., 2020. "Tornado activity, house prices, and stock returns," The North American Journal of Economics and Finance, Elsevier, vol. 52(C).
    9. Kevin Simmons & Daniel Sutter, 2007. "Tornado shelters and the housing market," Construction Management and Economics, Taylor & Francis Journals, vol. 25(11), pages 1119-1126.
    10. Beltrán, Allan & Maddison, David & Elliott, Robert J R, 2018. "Is Flood Risk Capitalised Into Property Values?," Ecological Economics, Elsevier, vol. 146(C), pages 668-685.
    11. Bin, Okmyung, 2004. "A prediction comparison of housing sales prices by parametric versus semi-parametric regressions," Journal of Housing Economics, Elsevier, vol. 13(1), pages 68-84, March.
    12. Bin, Okmyung & Landry, Craig E., 2013. "Changes in implicit flood risk premiums: Empirical evidence from the housing market," Journal of Environmental Economics and Management, Elsevier, vol. 65(3), pages 361-376.
    13. Ashu Tiwari & Archana Patro, 2018. "Memory, Risk Aversion, and Nonlife Insurance Consumption: Evidence from Emerging and Developing Markets," Risks, MDPI, vol. 6(4), pages 1-17, December.
    14. Lei Zhang & Tammy Leonard, 2019. "Flood Hazards Impact on Neighborhood House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 58(4), pages 656-674, May.
    15. Luechinger, Simon & Raschky, Paul A., 2009. "Valuing flood disasters using the life satisfaction approach," Journal of Public Economics, Elsevier, vol. 93(3-4), pages 620-633, April.
    16. Naoi, Michio & Seko, Miki & Sumita, Kazuto, 2009. "Earthquake risk and housing prices in Japan: Evidence before and after massive earthquakes," Regional Science and Urban Economics, Elsevier, vol. 39(6), pages 658-669, November.
    17. Kriesel, Warren & Landry, Craig E. & Keeler, Andrew G., 2000. "Costs Of Coastal Hazards: Evidence From The Property Market," 2000 Annual meeting, July 30-August 2, Tampa, FL 21745, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    18. Carolyn Kousky, 2010. "Learning from Extreme Events: Risk Perceptions after the Flood," Land Economics, University of Wisconsin Press, vol. 86(3).
    19. Billings, Stephen B. & Schnepel, Kevin T., 2017. "The value of a healthy home: Lead paint remediation and housing values," Journal of Public Economics, Elsevier, vol. 153(C), pages 69-81.
    20. Quyen Nguyen & Paul Thorsnes & Ivan Diaz‐Rainey & Antoni Moore & Simon Cox & Leon Stirk‐Wang, 2022. "Price recovery after the flood: risk to residential property values from climate change‐related flooding," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 66(3), pages 532-560, July.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bjc:journl:v:7:y:2020:i:4:p:10-15. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Renu Malsaria (email available below). General contact details of provider: https://rsisinternational.org/journals/ijrsi/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.