IMPACT OF ENVIRONMENTAL POLLUTION ON THE RESIDENTIAL PROPERTY VALUES IN NIGERIA

Abstract Environmental hazards, natural calamities, catastrophic earthquakes, and other environmental issues can have a devastating effect on the built environment. As a result, human settlements, properties, and individuals are adversely affected. Environmental pollution significantly reduces residential property values in Nigeria by creating health hazards, reducing living comfort, and diminishing the desirability of affected areas. Studies show a tangible negative impact from sources such as landfills, industrial emissions, and solid waste dumpsites on property values and rental yields. Furthermore, the poor quality of air and foul odours from these pollutants, coupled with other environmental disamenities, directly decrease the economic worth of properties and deter potential residents and investors. This paper assessed the extent of the negative impact of environmental pollution on residential property values in Nigeria. A descriptive survey was adopted through a questionnaire, which was administered to a sample population of 1,000 real estate investors and 500 professional estate surveyors and valuers practising in the South-East of Nigeria. The paper identifies various sources of environmental pollution and their pollutants, and it showcases different strategies to minimise environmental pollution and enhance residential property values in Nigeria. The study concludes by recommending several ways of addressing and combating environmental pollution to improve the built environment and residential property values in Nigeria, particularly in the South-East.