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ABSTRACT
This study seeksto examine residential property rental values in proximate areas of Ogba zoo in Benin City, identify the factors influencing the choices of occupants on residential properties in proximate areas of Ogba Zoo and to assess the impact of Ogba Zoo on residential rental property values in the proximate areas of Ogba Zoo. This is with a view to providing information that is useful for professional’s advice on properties within tourist sites. This study targeted a population of residents within 0- 900m radius from the Ogba Zoo and adopts a sample size of 120 tenanted property which was selected based on pilot survey revealed.
This research adopts the research survey design using questionnaire for its primary source of data collection which was structured and consist of close-ended questions including the demographics of the respondents and relative questions to the Study objectives. The study relied on review of literature and questionnaire survey of 120self administered questionnaire to residents of tenanted properties around the Ogba Zoo. This was analyzed using descriptive statistics and presented.
The findings of this study reveals that the farther the residential property from the tourist sites, the lesser the impact and the higher the rental value and the closer the residential property to the tourist site, the lower the rental value as a result of some environmental pollution and nuisances associated with the the tourist site.
It was thereafter concluded that the factors that influences the choice of residents such as; availability of social amenities, prestige and the reputation attached to the neighborhood and proximity to other complementary uses confer the most significant impact on the property values and as such investors and professionals should prioritize these factors when situating residential property around tourist sites.
