CHALLENGES AND PROSPECTS OF PROPERTY REDEVELOPMENT IN OSHOGBO

ABSTRACT Property redevelopment refers to the process of rebuilding existing properties to enhance their value, functionality, and appeal. The city of Osogbo, like many urban areas in Nigeria, is facing numerous challenges related to property redevelopment. These challenges include inadequate infrastructure, limited access to finance, land use restrictions, and the presence of dilapidated and underutilized properties. The aim of this study is to examine the challenges and prospects of property redevelopment in Osogbo and objectives of the study is to identify the main challenges facing property redevelopment in Osogbo, assess the prospects for property redevelopment in the city and explore the potential benefits of property redevelopment for the local community and economy.. Quantitative approach was adopted for the study and Simple random sampling was used to select estate surveyor and valuer and urban and regional planning in Osogbo Osun State, south west Nigeria. Eighty six (86) structured questionnaires were administered physically to the respondents in Osogbo Osun state in which eighty five (85) questionnaires were properly filled and returned for analysis with a response rate of 98.21%, the results were analysed using descriptive statistics (percentage, pie chart, and bar chart), Severity Index (S.I) and Relative importance Index (RII). Property redevelopment in Nigeria presents a unique blend of challenges and opportunities. The effects of such projects are multifaceted, contributing to job creation, improved living standards, and a more vibrant real estate market. However, to fully harness the benefits of property redevelopment, strategic approaches must be adopted to overcome the existing challenges. The study recommended that government should streamline planning regulations and simplify the approval process for redevelopment projects.