Waterfront Versus Non-Waterfront Properties: A Comparative Valuation Analysis in Port Harcourt, Rivers State, Nigeria

This study investigated how residential property values in Port Harcourt, the center of Nigeria's petroleum industry, are affected differently by waterfront location. The study quantifies waterfront premiums while accounting for structural, locational, and environmental factors by analyzing 384 residential properties in a variety of socioeconomic neighborhoods using the hedonic pricing methodology. According to our research, there was a notable disparity between the prices of waterfront properties in wealthy neighborhoods (41.6%) and those in low-income neighborhoods (15.7%). Important mediating factors include flood risk, view quality, and water quality. While properties near polluted waterways experience value discounts of about 35%, those near clean water bodies with excellent views can command premiums of up to 64%. These findings show how conventional waterfront value relationships are radically changed by environmental deterioration brought on by oil industry operations. In addition to offering empirical guidance for valuation practice, investment decisions, and urban environmental policy in resource-extraction contexts, the study adds to the small body of literature on waterfront property valuation in developing nations.