Monetary Implication of Environmental Disamenities on Housing Investment in Lagos State: The Ojota Scenerio

Abstract

Numerous studies have ascertained the diminutionary tendencies of disamenities such as solid waste landfills on real estate
investments despite previous mixed conclusions. This study examines one of the four landfills in Lagos State- Olusosun landfill located
in Ojota, Lagos and its estimated financial implication on the real estate market in Lagos State, Nigeria. A relational distance of 1
200m radius was established between the landfill and residential properties by which property values were measured based on consistent
intervals of 300meters up to 1 200 meters in concentric rings. The study indicated within the Olusosun landfill neighbourhood, an
increase in property values were evident as distance away from the landfills increased indicating that residential houses in close proximity
to the landfills suffered value loss. Property appreciation relative to distance averaged 6% within the concentric rings of the landfill while
the an estimated total loss on the real estate market via the landfill found to be approximately =N=2.1billion. The study recommended
that if improved technology could not be utilised in the effective management of the various sanitary landfills within developed areas of the
state, the current landfills in operation be closed down and relocated to the outskirts of the city to forestall a consistent appreciation in real
estate investment in the state.