The aim of this research work was to examine the effect of Godswill Akpabio International stadium on residential properties in Obio Etoi. The research examined various conditions which can affect a particular area. To achieve this aim, eleven research questions were raised. The survey research design was adopted for the study. The research design used was the before and after which enable me to observe the changes in the values of residential properties by looking at the before and after the establishment of the stadium in the area. The population of study is made up of property owners and tenants in the study area. The researcher used questionnaires, interview and self- observation as method of data collection. A sample size of 123 was derived using simple random sampling technique. The hypothesis developed was tested using Chi-Square. It was observed that the types of residential properties built before the establishment of the stadium were tenement properties, bungalow and blocks of flat. But after the establishment of the stadium, it was observed that more of blocks of flat, bungalow, self contains and duplexes which led to changes and increase in rent passing and populations of the area. The data collected was analyzed based on the interpretation and conclusion made. This research has investigated into a comparative analysis of the effect of the stadium in the area.
1.1 BACKGROUND OF THE STUDY
Infrastructure is an umbrella term for many activities referred to as social overhead capital, which include public utilities. The adequacy of infrastructure helps to determine the level of success that a country achieves in terms of coping with population growth, reducing poverty, or improving environmental conditions (World bank, 1994). Infrastructure represents a wide range of economic and social amenities which are crucial to create an enabling environment for sustainable urban growth. It includes physical structures and facilities that are developed or services provided by the public or private institutions to enhance institutions to enhance the efficient functioning of an urban center. It constitutes the main fabric of urban physical systems; what may be described as the bedrock on which development stands (Udoudoh, 2016). Infrastructural facilities provide the basic environment for the production as well as the distribution of goods and services. It is a necessary ingredient for the effective growth and functioning of towns and cities and for the national promotion of social and physical development activities (Olugbamila, 2008).
In this regard, infrastructure refers to those facilities and services that provide the backbone for the development of other sectors of the economy. Its role as an important agent of development cannot be overemphasized. The provision of infrastructural facilities is very crucial to the development of a nation. The manner in which provision of these basic infrastructural facilities are dispensed to meet the demands of the public in general will determine the level of economic activity and, in turn, the overall development of a nation. In many countries and for many years, economist, planners and surveyors have tried to provide answer to why economic growth is faster in some regions than others and why some cities grow faster than other. The availability of major investments in infrastructure of any city will result in automatic population increase that would influence massive property development. Khan and Haupt (2006) state that one of the benchmarks used in determining the wellbeing of the populace is to have the minimal infrastructural services. Evidence suggests that inadequate infrastructure is an impediment to the rate of growth in Africa, which has resulted in some African countries trailing behind other developing countries (Foster and Bricena- Garmendia, 2010). For developing countries, investments in infrastructure have benefits as well as costs associated with the benefits.
The Godswill Akpabio International stadium is a world class stadium built for track and field events that is well maintained. Major sports events, like the world cup and sports facilities are expected to have multiple impacts on the regional or national economy. The event has the potential to boost economic growth, create new job opportunities, increase tourism levels, regenerate host regions and boost civic pride (Kavetsos and Szymanski, 2010)
The purpose of this research is to examine the effects of the stadium on neighbourhood residential properties. Many new Olympic stadiums have been constructed in low and moderate income areas for the “potential to find bargain” prices on properties (Brookings Institute 2001). Within a few years, the community that previously boasted multiple locally owned businesses, an affordable family housing stock and a high low-income minority population is replaced with upper- middle class. Though higher property values, increased walkability and access to amenities and environmental benefits. Therefore, there is need for the studies to be carried out to ascertain the basic transformation that had taken place in terms of population, economic activities, types of properties developed in the area and change in property values before and after the sitting of the Godswill Akpabio international Stadium. This is what the research intends to analyze and investigate.
1.2 STATEMENT OF PROBLEM
The increasing rate of variations on values of residential properties among varying residential neighborhoods in Uyo in recent time has continued to dominate discussions within the spheres of practicing estate surveyors and valuers, property owners, investors, users, estate brokers, as well as policy makers on housing investment and management in Uyo.
The establishment and sitting of Godswill Akpabio International Stadium has gradually made the neighbourhood to grow in terms of population increase, business activities, real estate development etc. This is as a result of the direct coming of real estate investors etc. who in one way or the other have a need for land in the area. This people contribute in increasing the demand for land which directly impact on property values in the area.
Therefore, the research wants to find out the effect of the stadium on residential values, the different types of residential properties that are developed and the rent passing on these properties.
1.3 RESEARCH AIM AND OBJECTIVES
The aim is to assess the effect of Godswill Akpabio International Stadium on neighbourhood residential property values.
The objectives of the study are:
i. To identify the different types of residential properties that are developed within the vicinity of Godswill Akpabio International Stadium
ii. To determine the rent passing on these properties.
iii. To identify the effect of the stadium on residential property values in the neighbourhood.
1.4 RESEARCH QUESTIONS
The research questions observed from the objectives shall include;
i. What are the types of residential properties that are developed within the vicinity of Godswill Akpabio International Stadium?
ii. What is the rent passing on these properties in the area?
iii. What is the effect of the stadium on residential property values in the neighbourhood?
1.5 RESEARCH HYPOTHESIS
Null hypothesis (Ho): The location of the stadium does not have significant effect on the residential property values.
Alternative hypothesis (Hi): The location of the stadium has significant effect on the resid