Impact of Urban Flood Management on the Values of Properties in Ibadan, Oyo State.

Abstract:

This study investigates the impact of the Ibadan Urban Flood Management Project (IUFMP) on property values in 17 priority project sites across Ibadan, Oyo State, Nigeria. Urban flooding has been a long-standing challenge in Ibadan, causing substantial damage to property and infrastructure, particularly in flood-prone areas, which has led to declining property values. In response to the 2011 floods, the Oyo State government, with World Bank support, initiated the IUFMP to mitigate flood risks through drainage construction, river channelization, and early warning systems. A survey research design was used, combining both quantitative and qualitative data collection methods. Primary data was gathered from 383 respondents, including homeowners, tenants, estate surveyors, and key project officials. Quantitative data were analyzed using descriptive and inferential statistics, while key informant interviews provided insights into project sustainability and management. The study found that 54.8% of respondents strongly disagreed that the IUFMP led to an increase in capital property values, with a mean score of 1.82, and 53% strongly disagreed that rental values increased, with a mean score of 1.89. Although 27.4% of respondents perceived a reduction in capital values, the majority disagreed. Mixed responses were recorded on rental value reduction (mean: 2.66) and property vacancy reduction (mean: 2.39). Furthermore, 66.8% of respondents disagreed that property purchases had increased (mean: 1.48), and 74.4% disagreed that the filthiness in the areas had reduced (mean: 1.26). Thematic insights from key informant interviews revealed positive project outcomes, including improved flood resilience and enhanced livelihoods. However, significant challenges in fostering community engagement and ensuring sustainable environmental benefits were identified. The study concludes that while the IUFMP has successfully reduced flooding and improved infrastructure, its impact on property value appreciation remains limited. It recommends sustainable strategies, including enhanced community involvement, to maximize the long-term benefits of the project.