An Analysis of the Impact of Zoning Policies on Residential Property Values in Abuja

摘要

cqvip:Zoning policies are measures used to enforce compliance and control the development of an area.These measures have been used in different countries to achieve a well-planned and habitable residential environment.Enforcement of these measures has tended to increase or decrease property values in some jurisdictions.Thus,the objective of this study was to measure the influence of zoning policies on rental values in Abuja,Nigeria.Due to the dearth of data related to the subject matter of this research,residents,property developers and personnel responsible for enforcement of these policies were targeted and used for data gathering.The hedonic price modeling(HPM)was used to assess the contribution of zoning policies to rental values in this analysis.The results,however,revealed that zoning is negatively correlated to rental values,while other zoning policies used in the study area are positively correlated to rental values.The result extends the debate that the impact of zoning could either be positively or negatively correlated to price relative to the underlying measures adopted within a jurisdiction.This result suggests that it is imperative to undertake a study in a jurisdiction before decisions could be made.Again,zoning policies should be extended to other suburbs of Abuja so that population pressure within Abuja and its immediate suburbs could be mitigated.