The Impact of Accessibility on Commercial Property Values in Wuse Market, Abuja, Nigeria

Abstract

Accessibility is a critical determinant in the valuation of commercial property, directly influencing the costs and returns of development. This study assesses the impact of accessibility on the rental values of retail premises in Wuse Market, Abuja, Nigeria. A quantitative research approach was adopted, employing a stratified random sampling technique to collect data from shop owners and tenants. Data from 250 retrieved questionnaires were analysed using descriptive statistics, regression analysis, and ANOVA. Findings reveal a clear spatial relationship between rental value and distance from major access points; rental prices decline as distance from the market's core increases. Statistical analysis indicates a moderately positive correlation between accessibility and rental values (R = 0.521). Regression and ANOVA results confirm this relationship is statistically significant (F = 87.02, p < 0.001). The study concludes that accessibility significantly influences commercial property rents within the market area. Consequently, it is recommended that government authorities prioritise the provision of dedicated parking facilities and improved traffic management systems. Furthermore, facilitating access to low-interest loans for individual shop owners could stimulate investment in the commercial property sector.