Tourism Development and Its Impact on Real Estate Values: Case Study of Ikogosi Warm Springs, Ekiti State

Abstract

This study explores the relationship between tourism development and real estate values, focusing on Ikogosi Warm Springs in Ekiti State, Nigeria. Ikogosi Warm Springs, a unique natural site where warm and cold springs meet, has been a focal point for ecotourism initiatives aimed at boosting local economies and infrastructure. Despite its potential, empirical research on the impact of tourism development on real estate markets in rural Nigerian contexts remains limited. This research aims to fill this gap by examining how the growth of tourism infrastructure and visitor influx affect property demand, land prices, and investment patterns in the surrounding areas. Data was collected through surveys and interviews with local residents, real estate agents, and tourism stakeholders. The findings indicate a positive correlation between tourism development and increased real estate values, highlighting the potential of tourism as a catalyst for economic growth in rural communities. The study also identifies key factors influencing property demand, including improved infrastructure, increased employment opportunities, and enhanced local amenities. These findings underscore the importance of integrated planning between tourism and real estate development sectors to ensure sustainable growth and equitable distribution of benefits. This research contributes to the understanding of the socio-economic impacts of tourism on real estate markets in rural Nigeria, offering valuable insights for policymakers, investors, and community stakeholders. By highlighting the interconnectedness of tourism development and real estate values, the study advocates for strategic investments in tourism infrastructure as a means to stimulate broader economic development.