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ABSTRACT
The study examined the effect of dilapidation on residential property values: a case study of Ekosodin housing market. Three (3) objectives were raised for the study which are: to identify dilapidated residential properties within the study area; examine the factors that are responsible for dilapidation in residential properties, within the study area; and to access the impact of dilapidation on residential rental value of properties within the study area. The study adopted survey research design. The instrument for data collection was questionnaire; it was built around the research question and validated by the supervisor. Data collected were analysed using descriptive statistics (Mean and Standard deviation). The findings of the study revealed that through a comprehensive analysis of various factors, it becomes evident that dilapidated properties not only fetch lower prices but also contribute to the overall depreciation of property values within the neighbourhood. This study has shed light on the importance of proactive maintenance and renovation efforts in sustaining and increasing property values, which can ultimately benefit homeowners, real estate investors, and the broader community alike. Property developers and owners in the Ekosodin housing market can use these findings as a basis for implementing strategies aimed at improving property conditions and, consequently, bolstering property values, which in turn enhances the overall quality of living in the area. It was however recommended that property owners and landlords in the Ekosodin housing market should prioritize regular maintenance and renovation efforts. Implementing a proactive maintenance schedule and investing in necessary repairs can help prevent properties from falling into a state of dilapidation; and that local authorities and housing regulators should strengthen code enforcement mechanisms to ensure that properties meet minimum quality standards. This includes regular inspections to identify dilapidated structures and code violations. Implementing and strictly enforcing housing regulations can deter property owners from neglecting their properties and can help maintain the overall visual appeal of the neighbourhood, thus preserving property values.
