Determination of residential property value of Adamu Aleiru Housing Estate, Birnin Kebbi, Kebbi State, Nigeria, using multiple regression analysis

Abstract

For many families, owner-occupied homes are not just a place to live; they are also a source of income. They make up the majority of the assets in these families' portfolios. The study seeks to use Multiple Regression Analysis to determine the residential property value in Birnin Kebbi with emphasis on Adamu Aleiru Housing Estate. The study was adopted both the primary and secondary sources of data collection. Using the sample of 96 transactions data, when the property was made as owner occupiers in the year 2005 and 2011, MRA was used to determine the micro (structural) variables that significantly influence on residential property value. The R2 had shown 0.936 with 343924.070 error of estimation. It means that 93.6% of the residential value could be predicted from number of rooms, fence, additional kitchen, water source, boys’ quarters, security post, condition, position, and house type. It was found that among the variables include in MRA; number of rooms, fence, security post, condition, position, house type, are all significant variable in determining the residential property value in Birnin Kebbi. While Additional kitchen, water source, and boy’s quarters found to be not significant in determining the residential value in Birnin Kebbi. A model was developed in the study area using the variables. Using a statistical test, the accuracy of the model was evaluated. The study was recommended that the model was accuracy to be use in the study area to improve the accuracy, objectivity and fairness of residential property in Birnin Kebbi.