URBAN INFRASTRUCTURE AND ITS INFLUENCE ON COMMERCIAL REAL ESTATE MARKET IN BENIN CITY

Abstract The study is aimed at examining urban infrastructure and its influence on commercial real estate market in Benin City. To achieve the aim, research questions and objectives were raised and relevant literature reviewed. The survey research design method was used in the study. Data was collected with the use of questionnaire administered to 339commercial properties owner in the study area out of which 298 were retrieved and found to be useful representing 87.9%. The data obtained from the field were presented and analyzed with the use of simple descriptive statistics which included frequency table, weighted mean score (WMS), Chi-square/correlation Relative Importance Index (RII). The study revealed that the major factors influencing commercial real estate market in Benin City were population growth, infrastructure development and government policies, result showed that economic growth and development, accessibility and property values have most significant relationship between urban infrastructure and commercial real estate market in Benin City, Findings also showed that the major impacts of infrastructure on commercial real estate market in Benin City were enhancement of investment opportunities; increases the value of commercial properties and higher property values. The study recommended that there is need to prioritize investments in transportation networks, utilities, and communication systems to improve accessibility and reliability for commercial areas because of the population growth, there should be more adequate planning policies that will promote environmental development and consequently enhance property value among others.