Climate Induced Flooding and Its Implications on Property Values in Ibadan, Nigeria

This study examines climate change and its implications on property values in Ibadan, Nigeria,drawing insights from estate surveying and valuation firms. Using the 2024 Nigerian Institutionof Estate Surveyors and Valuers (NIESV) directory, 55 firms were purposively sampled, with38 valid responses retrieved, representing a 69.1% response rate. The majority of firms weresmall to medium sized, with limited staff capacity, yet over 80% managed property portfolios,underscoring their central role in Ibadan’s real estate sector. Findings reveal that structuraldamage (Mean = 4.1, SD = ±0.59), increased management costs (Mean = 4.0, SD = ±1.03), andincreased maintenance costs (Mean = 4.0, SD = ±0.72) are the most critical impacts of climatechange on property. Other notable effects include changes in land use (Mean = 3.8), shifts inmarket demand (Mean = 3.6), decreased property value (Mean = 3.4), and residentdisplacement (Mean = 3.4). A ten year trend (2014–2023) shows that while property incomeshave risen; residential income from ₁20.9 million to ₁25.3 million, commercial income from₁121.7 million to ₁446.6 million, and industrial income from ₁4.5 million to ₁559.8 million,capital values have remained stagnant or declined, reflecting suppressed asset appreciation inclimate vulnerable areas. The study concludes that climate change is exerting profound anduneven pressures on Ibadan’s property market, with rising operational burdens and reducedlong term investment potential. It recommends that estate surveyors integrate climate risk intovaluation models, property managers adopt adaptive maintenance practices, and planningauthorities enforce development controls while investing in resilient infrastructure.Strengthening climate informed governance and professional practice is vital to sustainingproperty values in Ibadan amid escalating environmental risks.