EFFECT OF URBAN REGENERATION ON RESIDENTIAL PROPERTY VALUE IN UYO METROPOLIS

Fedpuka Journal of Science, Technology & Contemporary Studies Vol 2 No 2 2024

Abstract

Urban regeneration strategies are now essential in every city in Nigeria and other third-world countries due to the necessity to revitalize abandoned and outdated city structures and city expansion. This is typically observed in cities that could have been better designed or planned. The purpose of the study is to evaluate how Uyo City's residential property value is affected by urban renewal. The study has four main goals: to prove that urban regeneration initiatives are carried out in Uyo Metropolis; to pinpoint the primary signs that the area needs urban regeneration; to pinpoint the obstacles that prevent Akwa Ibom state from carrying out its urban regeneration initiatives; and to determine any potential effects it may have on Uyo Metropolis property values. The stratified random sampling technique was adopted in the study. The data collection instrument was validated by being scrutinized by professionals in the field of research. A total of 396 questionnaires were administered, but 380 were retrieved. The study's findings included an overview of the city's most significant urban regeneration projects. It concluded that the main issues impeding the implementation of the redevelopment plan were inadequate compensation and post-construction effects. Successful urban regeneration initiatives improve society and raise property values.