FLOOD RISK AND ITS INFLUENCE ON RESIDENTIAL PROPERTY VALUES: A CASE STUDY OF VICTORIA ISLAND, LAGOS STATE

Abstract

This study investigates the impact of flood risk on residential property values in Victoria Island, Lagos State, Nigeria. Victoria Island, a prime coastal area, has experienced recurrent flooding due to heavy rainfall, poor drainage systems, and rising sea levels. The research employs a mixed-methods approach, combining spatial analysis with surveys of property owners, estate surveyors, and residents. Findings indicate that properties in flood-prone zones suffer significant depreciation, with values declining by up to 10% compared to similar properties in safer areas. Factors such as accessibility, infrastructure, and neighborhood amenities also influence investment decisions. The study underscores the need for integrated flood risk management strategies to protect property investments and ensure sustainable urban development.