Effect of Neighborhood Security on Housing Price in Lagos

Olalekan Dimeji Bamiteko; Oyeyemi Omodadepo Adebiyi

doi:doi:10.11648/j.ajere.20200504.11

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Effect of Neighborhood Security on Housing Price in Lagos

Olalekan Dimeji Bamiteko, Oyeyemi Omodadepo Adebiyi

Published in American Journal of Environmental and Resource Economics (Volume 5, Issue 4)

Received: 7 October 2020 Accepted: 27 October 2020 Published: 9 November 2020

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Abstract

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.

Published in	American Journal of Environmental and Resource Economics (Volume 5, Issue 4)
DOI	10.11648/j.ajere.20200504.11
Page(s)	80-85
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2020. Published by Science Publishing Group

Keywords

Housing, Neighborhood Security, Housing Price, Crime

References

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Olalekan Dimeji Bamiteko, Oyeyemi Omodadepo Adebiyi. (2020). Effect of Neighborhood Security on Housing Price in Lagos. American Journal of Environmental and Resource Economics, 5(4), 80-85. https://doi.org/10.11648/j.ajere.20200504.11

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Olalekan Dimeji Bamiteko; Oyeyemi Omodadepo Adebiyi. Effect of Neighborhood Security on Housing Price in Lagos. Am. J. Environ. Resour. Econ. 2020, 5(4), 80-85. doi: 10.11648/j.ajere.20200504.11

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AMA Style

Olalekan Dimeji Bamiteko, Oyeyemi Omodadepo Adebiyi. Effect of Neighborhood Security on Housing Price in Lagos. Am J Environ Resour Econ. 2020;5(4):80-85. doi: 10.11648/j.ajere.20200504.11

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@article{10.11648/j.ajere.20200504.11,
  author = {Olalekan Dimeji Bamiteko and Oyeyemi Omodadepo Adebiyi},
  title = {Effect of Neighborhood Security on Housing Price in Lagos},
  journal = {American Journal of Environmental and Resource Economics},
  volume = {5},
  number = {4},
  pages = {80-85},
  doi = {10.11648/j.ajere.20200504.11},
  url = {https://doi.org/10.11648/j.ajere.20200504.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajere.20200504.11},
  abstract = {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.},
 year = {2020}
}

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TY - JOUR
T1 - Effect of Neighborhood Security on Housing Price in Lagos
AU - Olalekan Dimeji Bamiteko
AU - Oyeyemi Omodadepo Adebiyi
Y1 - 2020/11/09
PY - 2020
N1 - https://doi.org/10.11648/j.ajere.20200504.11
DO - 10.11648/j.ajere.20200504.11
T2 - American Journal of Environmental and Resource Economics
JF - American Journal of Environmental and Resource Economics
JO - American Journal of Environmental and Resource Economics
SP - 80
EP - 85
PB - Science Publishing Group
SN - 2578-787X
UR - https://doi.org/10.11648/j.ajere.20200504.11
AB - 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.
VL - 5
IS - 4
ER -

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Author Information

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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APA Style

Olalekan Dimeji Bamiteko, Oyeyemi Omodadepo Adebiyi. (2020). Effect of Neighborhood Security on Housing Price in Lagos. American Journal of Environmental and Resource Economics, 5(4), 80-85. https://doi.org/10.11648/j.ajere.20200504.11

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ACS Style

Olalekan Dimeji Bamiteko; Oyeyemi Omodadepo Adebiyi. Effect of Neighborhood Security on Housing Price in Lagos. Am. J. Environ. Resour. Econ. 2020, 5(4), 80-85. doi: 10.11648/j.ajere.20200504.11

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AMA Style

Olalekan Dimeji Bamiteko, Oyeyemi Omodadepo Adebiyi. Effect of Neighborhood Security on Housing Price in Lagos. Am J Environ Resour Econ. 2020;5(4):80-85. doi: 10.11648/j.ajere.20200504.11

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@article{10.11648/j.ajere.20200504.11,
  author = {Olalekan Dimeji Bamiteko and Oyeyemi Omodadepo Adebiyi},
  title = {Effect of Neighborhood Security on Housing Price in Lagos},
  journal = {American Journal of Environmental and Resource Economics},
  volume = {5},
  number = {4},
  pages = {80-85},
  doi = {10.11648/j.ajere.20200504.11},
  url = {https://doi.org/10.11648/j.ajere.20200504.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajere.20200504.11},
  abstract = {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.},
 year = {2020}
}

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