PROXIMITY IMPACT OF AIRPORT LOCATION ON RESIDENTIAL REAL ESTATE PROPERTIES IN ADJOINING LAND

Abstract

This study analysed the proximity impact of airport location on residential real estate properties on adjoining land. The specific objectives examined the proximity impact of airport location on residential property rental value and analysed the impact of airport location on residential property sales value. The study adopted a survey research design that analyses the perceptions of the respondents on the impact of the airport location on the real estate properties of the surrounding communities (adjoining lands). Primary data were deployed to achieve descriptive and inferential statistics and a direct observation in the administration of questionnaires at the villages and communities located within a three-kilometre radius of the airport. The result shows the original use of properties in Ajao-Estate, Mafoluku, and Ewutuntun. The respondents agreed with the largest percentages of 81%, 78%, and 77% that the original use of the properties was for residential purposes. 11% of respondents in Ajao-Estate indicated that the original purpose was commercial, while in Mafoluku and Ewutuntun, 7% and 4% indicated that it was for commercial purposes. Also, the result shows the correlation coefficients (r) of locations A, B, and C, which are 0.850, 0.744, and 0.879, and the coefficients of multiple determinants (r2), which are 0.722, 0.554, and 0.772. It was concluded that airports are real estate developers and strategic partners for cities. Airports have the potential to bring in commercial developments that are non-aeronautically related. It was recommended that infrastructural investment boost residential property sales values. Keywords: Airport location, residential, real estate property, sales value, rental price