ASSESSMENT OF OBSOLESCENCE AND ITS IMPACT ON RESIDENTIAL PROPERTY VALUES: A CONCEPTUAL PERSPECTIVE

Abstract

Obsolescence remains a significant determinant of residential property value decline, particularly in developing urban environments where maintenance culture, infrastructure, and policy frameworks are weak. This conceptual paper examines the nature, dimensions, and implications of obsolescence on residential property values, with a focus on providing an integrated theoretical understanding of the phenomenon. Drawing on existing literature, the study identifies physical, functional, economic, technological, and environmental obsolescence as interrelated forces that influence property market performance. Using the property life cycle theory and hedonic pricing model as conceptual anchors, the paper argues that obsolescence accelerates value depreciation by reducing a property’s utility, aesthetic relevance, and competitiveness within the market. The analysis further highlights that contextual factor such as poor regulatory enforcement, economic volatility, and limited modernization amplify the adverse effects of obsolescence in emerging real estate markets like Suleja, Niger State as the case study. The paper concludes that effective maintenance management, policy intervention, and adaptive reuse strategies are essential to mitigating obsolescence and sustaining residential property values. Conceptually, it contributes to the broader discourse on property value sustainability by proposing an integrated framework that links obsolescence dimensions to value outcomes. The study recommends the institutionalization of predictive maintenance frameworks, the modernization of valuation standards, and future empirical validation of the proposed model to strengthen real estate policy and practice in Nigeria and other developing economies.