THE EFFECT OF COMMERCIAL LAND USE AND LAND VALUE ON REAL ESTATE DEVELOPMENT (CASE STUDY ANYIGBA, KOGI STATE).
Abstract
This study examines the relationship between commercial land use, land value, and real estate development in Anyigba, with the aim of identifying the key factors that influence development patterns in the town. The research adopted a quantitative approach, utilizing structured questionnaires administered to a sample of 125 respondents, selected to represent various stakeholders in the real estate sector. Data collected were analyzed using descriptive statistics, correlation analysis, and multiple regression techniques to determine the strength and significance of relationships among the variables. The findings reveal that both commercial land use and land value significantly influence real estate development in Anyigba, with land value emerging as the stronger predictor. Commercial land use affects development indirectly by shaping land values, especially through increased demand in central business areas and proximity to major institutions. Changes in land values were found to determine the type, location, and profitability of real estate projects, with rising land prices encouraging more intensive forms of development, such as multi-storey buildings in commercial zones. Conversely, while key factors such as accessibility, proximity to institutions, and market demand were recognized as influencing commercial land use patterns, they did not have a statistically significant independent impact on real estate development when analyzed alongside land value and commercial use. The study concludes that a coordinated planning approach that integrates commercial land use strategies with real estate development policies is essential for promoting sustainable urban growth in Anyigba. Recommendations include strategic zoning, investment in infrastructure, regular land market monitoring, and the promotion of mixed-use development to maximize land efficiency and economic returns. These measures, supported by adaptive and responsive land policies, have the potential to create a balanced, vibrant, and economically resilient urban environment that benefits investors, residents, and the wider community.
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