Monetary Implication of Environmental Disamenities on Housing Investment in Lagos State: The Ojota Scenerio

Numerous studies have ascertained the diminutionary tendencies of disamenities such as solid waste landfills on real estate investments despite previous mixed conclusions. This study examines one of the four landfills in Lagos State- Olusosun landfill located in Ojota, Lagos and its estimated financial implication on the real estate market in Lagos State, Nigeria. A relational distance of 1 200m radius was established between the landfill and residential properties by which property values were measured based on consistent intervals of 300meters up to 1 200 meters in concentric rings. The study indicated within the Olusosun landfill neighbourhood, an increase in property values were evident as distance away from the landfills increased indicating that residential houses in close proximity to the landfills suffered value loss. Property appreciation relative to distance averaged 6% within the concentric rings of the landfill while the an estimated total loss on the real estate market via the landfill found to be approximately =N=2.1billion. The study recommended that if improved technology could not be utilised in the effective management of the various sanitary landfills within developed areas of the state, the current landfills in operation be closed down and relocated to the outskirts of the city to forestall a consistent appreciation in real estate investment in the state.