Abstract:

This study highlights the differences in the value of properties in two adjacent communities but different geographical and administrative jurisdiction. Also brought to the fore are the factors responsible for the variations and possible impact on the emerging megacity. Primary and secondary data were made use in the study. Extant literatures on the topic were reviewed to establish divers’ interests, perception and context of the current study. Data were collected basically with close-ended questionnaires administered to two categories of respondents, first, residents in the neighbourhoods and second, professional property brokers. In all, a total of 236 questionnaires were administered.  Statistical tools such as tables, percentages and mean and independent sample T-test statistics was used to analyse and present data collected on rental values of residential properties while Pearson coefficient of correlation was used to establish the degree of relationship. Results of data analysis showed that there exist significant differences in property rental values in the two border communities while the Pearson correlation coefficient revealed a strong positive correlation between rental values of the neighbourhoods. Significant amongst the factors affecting property values in the communities are the level of infrastructure development, adherence/enforcement of physical planning regulations, administrative jurisdiction, population density, proximity to CBD and level of commercial activities. The study concluded by recommending major investment in physical and socio-economic infrastructure in both communities and creation of joint development policy and programme by governments of Lagos and Ogun states so as to overcome administrative jurisdiction barrier militating against the actualization of the megacity project.