Drivers of the Transition from Residential to Commercial Land Use in Akure, Nigeria
This research investigated the factors driving the transition from residential to commercial land use within the central Area of Akure, Nigeria. Data were gathered through structured questionnaires distributed to 220 property owners and tenants in the study zone and 25 active Estate Surveying and Valuation firms in Akure, as identified in the Nigerian Institution of Estate Surveyors and Valuers directory for the year 2022. The collected data underwent analysis employing the discriminant function analysis method. The findings from this study pointed to the significant role of property value exploitation (with a standardized canonical discriminant function coefficient of 0.634) as the primary predictor of land use changes. Government policy (-0.630) and considerations of the highest and best use of properties (-0.575) also exhibited notable influences, as indicated by their standardized coefficients in the discriminant function analysis. As a result of these findings, it is recommended that the government capitalizes on the investment potential of this transformation to enhance its internally generated revenue. Additionally, urban planning authorities should devise strategies to regulate and accommodate the expansion of the city's core area.
Keywords: Land Use Change, Government Policy, Commercial Land Use, Estate Surveyors and Valuers