THE EFFECT OF LOCATION OF TERTIARY INSTITUTION ON NEIGBORHOOD PROPERTY VALUES A CASE STUDY OF FEDERAL POLYTECHNIC ADO EKITI
Abstract
Abstract
The study investigates the impact of the presence of a higher institution, specifically Federal Polytechnic Ado-Ekiti, on the neighboring residential property market. The research explores how proximity to the institution affects the rental values and the general real estate trends in the surrounding areas. Data was collected through the administration of 100 questionnaires to residents, landlords, property agents, and other stakeholders in Aba-Erifun, Iyana Emirin, and Oke Ureje neighborhoods. The findings indicate that proximity to the higher institution significantly increases rental values, with properties located within a 1-kilometer radius experiencing the highest demand and value growth. Additional factors such as security, accessibility, and availability of amenities were also found to contribute to property values. The study concludes with recommendations for property developers, policymakers, and investors on how to harness the growing demand for housing in educational hubs and improve the overall infrastructure to support the rising population.
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