IMPACT OF SMART HOME TECHNOLOGIES ON RESIDENTIAL PROPERTY VALUES: A CASE STUDY OF LEKKI, LAGOS STATE

The integration of smart home technologies (SHTs) into the housing sector is increasingly reshaping global real estate markets. These technologies—defined broadly as digitally enabled systems designed to enhance the safety, efficiency, and comfort of residential environments—have become markers of premium property valuation across developed and emerging economies. According to Wilson, Hargreaves, and Hauxwell-Baldwin (2020), “the smart home is not only a technological frontier but also a cultural and economic symbol of modern living” (p. 75). Such innovations include smart locks, biometric access systems, intelligent energy management devices, automated lighting, and app-controlled appliances, all of which influence how consumers perceive value in the housing sector. In Nigeria, the discourse on smart housing is relatively recent but rapidly expanding. Lagos, often referred to as Nigeria’s economic capital, is at the forefront of this shift due to its fast-growing urban population and rising demand for luxury real estate (Oladipo, 2022). Within Lagos, the Lekki Peninsula stands out as a case study area because of its concentration of high-income residential estates and its positioning as a hub for technologically advanced housing projects. Yet, empirical studies investigating the measurable impacts of smart technologies on residential property values remain sparse. This gap necessitates academic inquiry to determine whether the adoption of smart systems translates into tangible premiums in property valuation. The study employed a mixed-methods approach, drawing data from surveys, interviews, and secondary sources. Findings reveal that smart-enabled homes in Lekki attract a price premium ranging between 15% and 30% over comparable traditional houses. This aligns with global research where similar adoption patterns are observed (Lee, Park, & Kim, 2019). Respondents emphasized that features such as smart security and energy management systems play a decisive role in shaping purchasing decisions. As one estate valuer noted during interviews: “Clients are willing to pay significantly more if a property guarantees both safety and efficiency through integrated technologies” (field interview, 2025). The implications of these findings are profound. On the one hand, smart home technologies are redefining residential value structures in Lagos. On the other hand, challenges such as affordability, infrastructural gaps, and maintenance costs pose barriers to widespread adoption. Thus, the study calls for a balanced perspective that not only appreciates the value-enhancing role of smart housing but also addresses systemic challenges. By situating the Nigerian experience within global debates on smart housing, this research provides both scholarly and practical contributions to real estate development and valuation.