Graph-Theoretic Approach to Resolving the Accessibility and Site Selection Issues in Real Estate Development`

Purpose: The basic goal of an investment in real estate is to make the highest positive net return possible, and the process of attaining the aim commences at the site selection stage with accessibility being of paramount consideration. Many investors, appraisers and developers often base site selection and analysis of accessibility on intuition and mere physical observation of neighbourhoods without scientific approach. The aim of this study is therefore to examine the application of graph-theoretic analysis in resolving the challenge of improper site selection process and accessibility issues in real estate development, using Ikeja city in Nigeria as case study. Methodology: In attaining the aim, the satellite map of the study area was derived and converted into linear graph regardless of the width, length and quality of roads. The nodal points of the roads that form network in the study area were serially numbered and translated into simple matrix of the number to obtain the accessibility indices for the ranking of access routes in the study area. Findings: The study showed the application of graph-theoretic approach in resolving the accessibility and site selection issues in real estate development process.Practical Implications: The findings would provide better understanding of determination of accessibility which hitherto had been done by mere intuition by real estate appraisers and planners through the application of the approach. This is applicable to informing developers in making the choice of locations by scientifically establishing the most accessibility location and thus assists in site selection. Also, this would assist the appraisers in the ranking of several of locations along arterial routes with a view to determining viability of the development relating to choice of sites.