in Ikono South District, Ikono,
Akwa Ibom State of Nigeria
FEATURED PAPER
By Mbosowo Ebong EKPO i, PhD[1], Dianabasi Reuben AKWAOWO ii and Hosanna Moses ATTAI iii
i Department of Estate Management and Valuation, Akwa Ibom State Polytechnic, Ikot Osurua. Ikot Ekpene. Akwa Ibom State.
ii Department of Architecture, Akwa Ibom State Polytechnic, Ikot Osurua. Ikot Ekpene. Akwa Ibom State.
iii Department of Surveying and Geoinformatics, Akwa Ibom State Polytechnic, Ikot Osurua. Ikot Ekpene. Akwa Ibom State.
Nigeria
Abstract
This research examined the impact of crime on rental values of residential properties in Ikono South, Ikono, Akwa Ibom State. In order to achieve the stated aim, the objectives were to assess the trend of crime in Ikono South, Ikono Local Government Area, to evaluate the trend of rental values of residential properties in Ikono South, Ikono Local Government Area and to establish the relationship between crime and property values in Ikono South, Ikono Local Government Area. The research work adopted the cross-sectional survey type of design. The research population comprised occupiers of residential real estate in the study area. Stratified random sampling method was used to stratify Ikono South District into thirty-six villages forming the Ikono South District. Disproportionate stratified random sampling was then used to select 10 respondents from each of the villages forming the Ikono South District, thereby bringing the sample size to 360. Data from 2015 to 2022 was obtained from the questionnaire and was analysed using both descriptive and inferential statistics. Findings from the study revealed that there was a consistent year-to-year increase in crime rate between 2015 and 2022. The study also found out varying rental values, with the maximum rental value of N240,000.00 per annum observed in 2022 in Ekang village, while the minimum rental value of N70,000.00 per annum was observed in 2015 and 2016 in Ukpom Ikot Akpakam village in the study area. The regression results showed a statistically significant negative relationship between crime and rental value. This implied that as crime rate increases, the rental value decreases. The study then concluded that increase in crime rate in the study area has a negative effect on the rental value of residential properties.
Keywords: Crime, rental value, residential property, Ikono South, Akwa Ibom State.
Introduction
Residential real estate investment is very vital in the physical and economic development of settlements, including rural communities, towns and cities all over the world. Development is hampered in economies that are ravaged with acrimony, disunity, unrest, insecurity, war or social conflict. Crime generally may breed loss of human life, insecurity, and unrest. It has also been found to disorganise productive activities and affect the economic wellbeing of the people, households as well as destroy the economy of the nation (Otu, 2010). The problem of skyrocketing rural crime has become a phenomenon of concern to all and sundry. Crime affects residents’ quality of life and the rental values of real estate with attendant loss of returns on investments (Ahmed, 2012).
Studies have been carried out on the relationship between crime and residential property values, both in a developed country by Jargowsky and Yoonhwan 2009; and in Nigeria, by Pope, (2008) but little or no effort has been made in this direction in Ikono-South, Ikono Local Government Area of Akwa Ibom State. In addition, there are existing studies on crime rate and the effect of crime on property value (Afon 2001; Otu 2010) as well as patterns of violent crime in urban areas (Ahmed 2012). Ikono South, which is a suburb in Ikono Local Government Area of Akwa Ibom State in Nigeria, has been experiencing a rise in crime. Ikono Local Government Area comprises Ibakesi District, Odoro Ikpe District, Uquok District, Ibiaku District, Asanting District, Mbiafun District, Mbiabong II District, Ikpe District, Iwerre District, Nquot District, Ekpene-Ediene District, Ikono-South District, Nung-Ukem District, Nkari District, Itu-Mbonuso District, Aka-Ekpeme District, Ndiya District and Itak District.
Ikono-South District was chosen for this research because of the economy of the area. There are convincing indicators for unrefined petroleum in Ikono, which has attracted investments from all walks of life. There is an increase in crime rate in the study area as a result of the investment potential. This study, therefore, investigates the impact that crime might have on the rental value of residential real estate in Ikono South District. This is done by obtaining the incidence of different crimes within the villages making up the study area. The study also used parametric analysis to ascertain the relationship between crime and rental value of residential real estate.
Study Area
This research was carried out in Ikono South District, Ikono Local Government Area, a fast-growing hub with an estimated population of 48,072 (Village Council Records, 2022). It is a ward in Ikono located between latitude 5˚0′0″N and longitude 7˚50′28″E. It has a population density of 850.9 per square kilometers. Ikono South is a typical example of a rapidly growing commercial hub in Akwa Ibom State of Nigeria. Most investors have now indicated interests in carrying out massive real estate investments in the study area, which has led to influx of people into the area alongside men of the underworld who are good at committing diverse types of crimes including burglary, rape, murder, kidnapping, among other crimes. This has seriously influenced land and landed property investment in the area.
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How to cite this paper: Ekpo, M. E., Akwaowo, D. R., Attai, H. M. (2024). Crime and Rental Values of Residential Property in Ikono South District, Ikono, Adwa Ibom State of Nigeria; PM World Journal, Vol. XIII, Issue IV, April. Available online at https://pmworldlibrary.net/wp-content/uploads/2024/04/pmwj140-Apr2024-Ekpo-Akwaowo-Attai-crime-and-rental-values-in-ikono-south.pdf
About the Authors
Mbosowo Ebong EKPO, PhD
Akwa Ibom State.
Dr. Mbosowo Ebong EKPO [BSc (Est. Mgt.), MSc (Est. Mgt.), PhD (Est. Mgt.) ANIVS, RSV] is a native of Utu Ikpe in Ikot Ekpene Local Government Area of Akwa Ibom State, Nigeria. He is the Principal Partner of Mbosowo Ebong & Associates – a firm of Estate Surveyors and Valuers with its Corporate Headquarters at No. 93 Abak Road, Ikot Ekpene, Akwa Ibom State. He obtained his First School Leaving Certificate from Methodist School, Utu, Abak Road, Ikot Ekpene. He attended St. Mary’s Science College and obtained his West African Secondary School Certificate in 1998. He gained admission into the prestigious University of Uyo where he studied Estate Management and successfully graduated in 2007 and obtained his Bachelor of Science (HONS) in Estate Management. He taught in Yobe State Polytechnic, Damaturu when he was posted to Yobe State for his compulsory NYSC programme in 2007. He holds a Master of Science (MSc) degree from the University of Uyo, with specialization in Property Valuation. His love for education earned him a Doctor of Philosophy (PhD) in Estate Management from the same prestigious University of Uyo, with specialization in Real Estate Investment Appraisal. He holds a Diploma Certificate in Statistical Data Analysis.
He is an associate member of the Nigerian Institution of Estate Surveyors and Valuers and has been conferred with the rights and privileges to practice professionally as a Registered Estate Surveyor and Valuer by the Estate Surveying and Valuation Board of Nigeria. He is a lecturer with over 15 years’ experience in research and academia. He is happily married to Dr. Unwana Mbosowo Ebong and the marriage blessed with children. He plays all musical instruments and can speak Annang, English and Hausa languages fluently. Dr. Ekpo can be contacted at mbosowoebong@gmail.com
Dianabasi Reuben AKWAOWO
Akwa Ibom State, Nigeria
Dianabasi Reuben Akwaowo, B.Sc (Architecture), M.Sc (Architecture), currently undergoing his PhD Programme in Architecture is a native of Edem Idim Ishiet in ONNA Local Government Area of Akwa Ibom State, Nigeria. He is a Principal Partner of DesignImpacts & Associates – a firm of Architects, Engineers, Planners and Interior designers with its Corporate Headquarters at No. 31 Enen Afaha Street, off Atiku Abubakah way, Uyo. He obtained his First Leaving Certificate from U.A.C.C. School, Ikot Akpan Ishiet. He attended Senior Science College, Ndon Eyo and obtained his West African Secondary School Certificates in 1998. He gained admission into the prestigious University of Uyo where he studied Architecture and successfully graduated in 2007 and obtained his Bachelor of Science (HONS) in Architecture. He obtained his Certificate of National Service in 2008 after a successful one-year National Youth Service Corps programme. He holds a Master of Science (MSc) degree from the University of Uyo. He is currently undergoing his PhD programme in Architecture in Abia State University, Uturu, where he specializes in Thermal Comfort in dwellings.
He is a licensed Architect with the Architects Registration Council of Nigeria (ARCON) and has been conferred with the rights and privileges to practice Architecture professionally as a principal in Nigeria. He is a full member of The Nigerian Institute of Architects (NIA), and the immediate past PRO of the Institute’s State Chapter. He is a lecturer with over 10 years’ experience in research and academia. He is a pastor in Believers Loveworld Nation aka Christ Embassy. He is happily married to Jenny Dianabasi Akwaowo, and the marriage is blessed with 4 children. He speaks Ibibio and English languages fluently.
Akwaowo can be contacted at arcdianabasiakwaowo@gmail.com
Hosanna Moses ATTAI, MSc
Akwa Ibom State, Nigeria
Hosanna Moses ATTAI, BSc, MSc hails from Ikot Ntuen in Oruk Anam Local Government Area of Akwa Ibom State of Nigeria. He had his BSc from University of Uyo and MSc University of Nigeria, Enugu with specialization in GIS and Remote Sensing. He is a Lecturer in Surveying and Geo-informatics Department, Akwa Ibom Polytechnic, Ikot Ekpene. He has published in Several local and international Journals. He is a Registered Surveyor. He can be contacted at hosannaattai@gmail.com
[1] Corresponding Author: mbosowo.ebong@akwaibompoly.edu.ng
