2.1 BACKGROUND OF THE STUDY
The trend in property development is not however unconnected with the increased awareness in making the highest and best use of land resources among competing uses. According to Balowe (1978) the term ``land`` often mean different things depending upon the content in which it is used and the circumstances under which it is considered. Land takes a fundamental significance as a commodity in daily use for multi-various purpose over the years; it has influenced and continues to influence the daily lives of Nigerians as expressed in social, economic and political organization of various communities in Nigeria. However, the property market is an economic mechanism rationing land between competing and occasionally conflicting uses. The mechanism is often modified by State and local Government policies within the context of town planning, social needs and the distribution of income and wealth. As a means of allocating land between different uses, the market has been criticized to be inefficient because it fails to quickly meet up with the urban land uses particularly in the under-developed world. In an increasing cosmopolitan city like Lagos, the state Town Planning and the New Town Development Authority faces an uphill task of responding to the need for a total re-zoning of some residential layout like Lekki phase 1 with a view of increasing the values of private and profitable land uses. The greater the accessibility of a location, the lower the economic cost of movement in terms of distance, time and convenience the greater the comparative advantage and the greater the demand for property in the location. The increasing demand and the decreasing supply of commercial properties are exerting some expected pressure on residential properties in Lagos. Furthermore, the nearness to transport facilities like bus stations, water /sea ways, motorways, good road network services, facilities such as commercial banks, merchant bank, closeness to areas like Victoria Island, Oniru, Ikoyi, Lekki- Epe Expressway and areas on Lagos island where majority of the business activities takes place in Lagos and also its proximity to High income housing has made this area of study(Admiralty way Lekki phase1) more attracting, accessible and thus more profitable for citing of commercial enterprises. This pattern of accessibility is gradually modifying the pattern of Land-use, which is concomitant with the pattern of land values in Lekki. Thus users are able to put the site to its most productive use, would be prepared to pay the highest price or rent to acquire the developed property. The change of residential into commercial land use along the major roads of most government residential layouts in Lagos state has become so inevitable that people are no longer patient enough to wait for the approval of the Planning Authority. With or without approval or rezoning, offices, schools, churches, eateries, retail outlet, event centers etc are spring up in the study area in response to the need for them. The effect of such changes on the property values, its viability and the societal impact of this phenomenon on the area of study (Admiralty Way Lekki Phase1) are the back ground upon which this dissertation is based. 2.2 STATEMENT OF PROBLEM
Land resources tends to move to users who bid for the most for their control and to those uses that offers the highest return for their utilization. The value of a residential property will most likely increase when it is partly or wholly changed to commercial use. Those issues that come to mind are as follows: 1. What factors are responsible for the change in use from residential to commercial use in the study area? 2. What are the societal vices in the neighourhood?
3. What are the professional imputes from the Lagos State Town Planning Authority and the New Town Planning Authority that are in charge of Lekki axis? 4. What will be the effect of this...
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