MARKET VALUATION OF HERITAGE PROPERTIES: A CASE STUDY OF OLD RESIDENTIAL QUARTERS IN ILE-IFE, OSUN STATE

Abstract

This study investigates the market valuation of heritage properties, focusing on old residential quarters in Ile-Ife, Osun State, Nigeria. Ile-Ife, recognized as the cradle of Yoruba civilization, is home to numerous cultural heritage sites that significantly influence the city's architectural landscape and urban development. Despite the rich cultural heritage, there is a paucity of empirical research examining how these heritage sites impact the market value of residential properties in the area. The research employs a mixed-methods approach, integrating quantitative spatial analysis with qualitative assessments. Quantitative data were collected through property transaction records, spatial measurements of proximity to heritage sites, and property valuation reports. Qualitative data were gathered via semi-structured interviews with property owners, real estate professionals, and urban planners. The study area encompasses residential properties within a 2-kilometer radius of selected heritage sites, including the Ooni's Palace, the National Museum, and the Ifa Temple. Findings indicate a positive correlation between proximity to heritage sites and increased property values. Properties situated closer to these cultural landmarks tend to command higher rental and sale prices. However, the study also identifies challenges such as urbanization pressures, inadequate infrastructure, and the high cost of maintaining heritage properties, which can negatively affect their market value. The study contributes to the discourse on heritage conservation by providing empirical evidence on the economic implications of preserving historical residential areas. It underscores the need for integrated urban planning strategies that balance development with the conservation of cultural heritage. The research also highlights the importance of policy interventions to mitigate the adverse effects of urbanization on heritage properties.