Crime impacting property value in Kaduna

High crime rate in our urban centres has led to a corresponding increase in the level of insecurity of lives and property in our cities. The resultant effects of this is sharp drop in rental value of property or corresponding sale of property because of the crime rate in the neighbourhood, which automatically have a […]

High crime rate in our urban centres has led to a corresponding increase in the level of insecurity of lives and property in our cities. The resultant effects of this is sharp drop in rental value of property or corresponding sale of property because of the crime rate in the neighbourhood, which automatically have a great influence and dictate value placed on properties within such crime infested areas.

A survey I conducted recently to examine the perception of crime and its impact on residential property value in neighbourhoods like Malali, Kakure, Banawa etc, showed that residents of these neighbourhoods have negative perception of living in crime prone areas.

The study concluded by recommending that the government should intensify efforts on security matters and also encouraged the establishment of community policing to assist in fighting crime rate in Kaduna.

Urban crimes have a powerful influence on perception of an area. Damages to public and private property symbolise urban decay and create fear of burglary and theft, eliciting feelings of insecurity and anxiety in the residents. Consequently, the effect of low crime rate in a neighbourhood will automatically play a significant role in the high demand for land and landed property, boosting property values both rental/sales.

Neighbourhoods that experience large increase in either violence or property crime generally have declining property values.

As estate surveyors and valuers who are vast with practical experience and well grounded, our major function is to advice our clients on factors that would give their properties optimum value because the functions are indispensable.

Hakeem Ajao, an Estate Surveyor and Valuer, writes from Abuja