IMPACTS OF RECREATIONAL PARKS AND OPEN SPACES ON COMMERCIAL PROPERTY VALUE IN OSOGBO

ABSTRACT This paper analyzes the commercial property values in the Olaiya Area and Freedom Park in Osogbo, the effects of recreational parks and open spaces on property values. Parks and open spaces are vital urban elements that offer recreational, social, environmental, and economic advantages and enhance the well-being of the community and neighborhood development. Even with the significance, various cities in Nigeria have numerous problems, including lack of maintenance, ineffective use, inadequate planning policies, and the lack of empirical studies about the effects of parks on the lives of residents. This research was done to offer an evaluation of the different uses of parks and open spaces, determine the socio-economic impacts and also examine the current maintenance of the area of study. The study employed the survey method and the information was obtained using structured questionnaires in which 128 respondents (residents, shop owners, and employees of the Works Department that deals with park facilities) responded to them. Eighty-six questionnaires were recalled, which is a 67.2 percent response rate. Simple percentages and frequency distributions were used in analyzing the data. The results showed that the residents utilize Freedom Park due to its various purposes that include exercise, socialization, relaxation, tourism and recreation, which prove the multifunctionality of the park in promoting the urban life. The research also determined that parks and open spaces play an important role in the physical and psychological well-being of the residents, property value, social interaction, and local economy in terms of commercial practices and tourism related opportunities. Nonetheless, inadequate maintenance of the facilities, security, insufficient seating and restroom facilities, and lack of economic gains by some of the residents were also some of the challenges that the research identified. Works Department was also only average in sustaining infrastructure which includes the waste management, electricity supply, water supply and play grounds.