Assessment of the Impact of Urban Floods on Real Property Development in the Port Harcourt Metropolis, Nigeria

Abstract

Property value is a product of property characteristics, accessibility, neighborhood and environment. Property development is therefore progressive when all the above-mentioned attributes are favourable as it is a capital-intensive project. Flooding in most cases are natural occurrences causing great damage to life and properties. A once-off flood is unlikely to damage property value; however, the likelihood of a reoccurrence will definitely affect property value and discourage property development. The study examines the impact of flooding on property development in the Port Harcourt metropolis. In achieving the objectives of the study, questionnaires were administered to 266 respondents and professional opinions were also harnessed from 5 estate firms with 10 questionnaires administered to each of the five selected estate firms. The researchers sought to know if people are aware of the relationship between flooding and property development, what effect does flood have on property development and existing control and management measures for real property development in flood prone areas in Port Harcourt Metropolis. The study results showed disparity in rental values of property in flood-prone areas and non-flood prone-areas, resulting to a difference in pace of property development at both areas. Further evidence from the study revealed that if feasibility study was carried out either by written or verbal opinion of a professional, an intending property developer is most likely to refrain from investing in flood-prone areas. The study therefore recommended enforcement of urban planning control measures and intensified efforts by relevant authorities to be proactive in planning. Expansion of existing drainage channels to improve their water carrying capacity and adequate provision of drainage systems were also suggested. A further need for the creation of landuse system for Port Harcourt metropolis was recommended, as this will help value appreciation of properties. The research also recommended the need for viability and feasibility appraisals to be carried out by real estate developers to avoid loss of investment.