Factors Contributing to Peri-Urban Residential Land Prices near Growing Cities in Developing Countries

International Journal of Economics and Management Studies

© 2020 by SSRG - IJEMS Journal

Volume 7 Issue 3

Year of Publication : 2020

Authors : Victor Olutope Ige, Evelyn Iroleunuata Ohio

10.14445/23939125/IJEMS-V7I3P125

How to Cite?

Victor Olutope Ige, Evelyn Iroleunuata Ohio, "Factors Contributing to Peri-Urban Residential Land Prices near Growing Cities in Developing Countries," SSRG International Journal of Economics and Management Studies, vol. 7,  no. 3, pp. 189-196, 2020. Crossref, https://doi.org/10.14445/23939125/IJEMS-V7I3P125

Abstract:

The mass exodus of people into the cities of developing countries due to urbanization, and the consequential land scarcity is escalating. This has forced many urban dwellers into the peri-urban areas in a bid to beef up the residential land shortage. The scenario has, over time, heightened the rapidity in the peri-urban land price increase. The purpose of this paper is hence, to explain the factors that contribute to residential land price in a typical peri-urban area in developing countries. To achieve this, the Oda community, near Akure metropolis in Ondo State, Nigeria, was the focus. Questionnaires are distributed to 320 landowners in the case study areas based on a housing survey conducted on residential properties. Data on land price was obtained from property valuers. Data gathered was analyzed using a 3 stage hierarchical semi-log hedonic price regression to analyze the factors that contribute to residential land price. The findings show that peri-urban land prices are influenced by a combination of attributes. At 1 km radius away from Akure, road network contributed 32.8% to land prices, while accessibility and distance to children school contributed 30.2% and 27.6% at 2km and 3km radius respectively.

Keywords:

Emerging Cities, Peri-Urban, Residential Land Price, Urban Dwellers, Urbanization.

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