Investigation of Factors That Influence Housing Typology and Available Rental Preference in Magodo, Lagos, Nigeria

Abstract

The multi-nucleus metropolis of Lagos State is steadily growing, giving rise to a multitude of business hubs and real estate submarkets. However, in some neighborhoods like Ikoyi, Victoria Island, Lekki-axis, Ikeja, Apapa, Isale Eko, and Amuwo Odofin, investment and return on property are typically seen as juicier. These neighborhoods undoubtedly have a lot in common: they are the hub of economic activity in Lagos State, host a large number of industrial facilities, serve as the corporate headquarters for a number of organizations, and are the last destination of early morning traffic from all across the State. Early theorists were preoccupied with the relationship between accessibility, property values, and land use patterns, and there is evidence that transport expenses were balanced against rents, population densities, and distances from the Central Business District. This study evaluates the validity of this claim in terms of the Magodo dwelling typology, the preference for rentals, and the influence of additional variables including locational, structural, and neighborhood characteristics. Two study groups, the estate surveyors and valuers and the Magodo locals, each received 232 questionnaires. Tables, percentages, and an index of relative importance were used to present and analyze the responses. Among other things, it was discovered that travel expenses and distance do not have the same effects on rental’s choice as other characteristics. Property investors were advised to take into account those factors that have a substantial impact on property values, and the government was advised to work to maximize development opportunities in the study region.