ASSESSMENT OF THE IMPACT OF OBSOLESCENCE ON RESIDENTIAL PROPERTY VALUES IN SULEJA, NIGER STATE

Purpose: The study assessed the impact of obsolescence on residential property values in Suleja with a view to evaluating the dimensions of physical, functional, and economic obsolescence and their impacts on residential property values.

Design/methodology/approach: Primary data were collected through structured questionnaires administered to 120 respondents (property owners, tenants, and estate surveyors) across four neighbourhoods in Suleja: Kwanba, Second Gate, Angwan Bayi, and Emines. Respondents provided information on building condition, functionality of design, neighbourhood infrastructure, and rental values. The study employed mean score and the Pearson correlation method to determine the average condition of obsolescence and the relationship between obsolescence and property value, respectively.

Findings: the result revealed poor physical attributes, low functional services and poor economic activities in housing across the study areas due to high obsolescence. Furthermore, there is a negative impact of the relationship between obsolescence and property value.

Research limitations/Implications: the limitation includes the use of only primary data that comprised responses from respondents and rental values.

Practical implications: obsolescence impact dampens the property values and negatively affects real estate investment if an effective maintenance plan is not put in place.

Originality/value: Obsolescence has a strong negative correlation with residential property values