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Article
Publication date: 16 March 2021

Alirat Olayinka Agboola, Oluwasola Rebecca Jasper and Amamata Larai Zakari

This paper examines the effects of non-professionals' involvements in real estate service provision on real estate agency practice in Ibadan Nigeria, in order to provide…

Abstract

Purpose

This paper examines the effects of non-professionals' involvements in real estate service provision on real estate agency practice in Ibadan Nigeria, in order to provide information that could enhance real estate agency practice in the country.

Design/methodology/approach

Data were gathered through questionnaire administration on a total sample of 232 respondents comprising 82 estate surveyors and valuers, 100 non-professional estate agents and 25 real estate agency service consumers each from the respective clients of the two groups. A respondent-driven sampling (RDS) technique was adopted for data collection and was particularly useful in accessing non-professionals with characteristically less identifiable organizational structure. Data were analysed using mean scores on a Likert type scale while Spearman rank correlation was used to compare and establish if significant differences exist between the perceptions of clients of professionals and non-professionals on the services provided.

Findings

This study revealed that while the involvement of non-professionals in real estate agency practice deprives professionals of opportunities for legitimate earnings and is attributed to incidences of fraudulent transactions in the market, non-professionals often also serve as facilitators of transactions for the professionals. Hence, there seems to be a symbiotic relationship between the two groups and also a tacit validation of the involvement of the former by the latter.

Originality/value

This work contributes to and extends the body of knowledge on non-professionals' involvement in real estate professional practice by providing insights into the effects of activities of individuals who are not members of the real estate profession on real estate agency professional practice, particularly in the context of an emergent and less transparent market.

Details

Property Management, vol. 39 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 2 October 2018

Alirat Olayinka Agboola, Timothy Oluwafemi Ayodele and Aderemi Olofa

The purpose of this paper is to examine the potential of tax increment financing (TIF) as a viable financial mechanism for urban regeneration programmes in Nigeria. This…

Abstract

Purpose

The purpose of this paper is to examine the potential of tax increment financing (TIF) as a viable financial mechanism for urban regeneration programmes in Nigeria. This is with a view to engendering a sustainable, productive and competitive urban land market towards enhancing the economic development of the country.

Design/methodology/approach

This paper adopts a desk-based study approach and review of secondary literature on urban regeneration and TIF to examine the usefulness of TIF for funding local infrastructure development. It then examines the key requirements for the successful application of TIF as a financial instrument for urban regeneration in an emergent economy like Nigeria.

Findings

A number of key requirements for a successful TIF programme particularly in the context of an emergent economy are identified. These are: a functional urban land market with well-developed and documented market indices on performance measurement to serve as reliable benchmarks for investors; an established land use planning system consisting of clear rules and effective decision-making processes; an active capital market that is accessible to institutional and private developers; a viable tax administration system and most importantly an efficient institutional framework with clearly defined formal property rights and sound enforcement mechanisms to monitor contractual agreements and to police deviations.

Originality/value

This paper represents a pioneering attempt at examining the prospects of the application of TIF to urban regeneration in the specific context of an emergent Sub-Saharan African country.

Details

Smart and Sustainable Built Environment, vol. 7 no. 3/4
Type: Research Article
ISSN: 2046-6099

Keywords

Article
Publication date: 23 August 2022

Adedayo Ayodeji Odebode, Shittu Oluwakayode Aro and Alirat Olayinka Agboola

The paper aims to examine the influence of urban violence on residential property rental value in Kaduna metropolis. This is motivated by the spate of insurgency and the…

Abstract

Purpose

The paper aims to examine the influence of urban violence on residential property rental value in Kaduna metropolis. This is motivated by the spate of insurgency and the attendant destructions of land and properties in the past few years in the study area.

Design/methodology/approach

This paper adopted a survey of key sites of urban violence and also a total enumeration of all the 67-estate surveying and valuation firms in the study area to elicit from them vital information on trends on rental from 2011 to 2019. The data obtained were analyzed using both descriptive and inferential methods of statistical analysis.

Findings

The result of this study revealed that among other sources of urban violence, violence fueled by ethnic affiliations/convictions is the only significant factor that influenced rental value of residential property in the study area. The regression analysis shows that ethnic violence accounted for 21.6% of the variability observed in residential property rental value over the period of study. Furthermore, the correlation result showed that ethnic violence is negatively correlated (−0.458) and significantly related to residential property rental value.

Practical implications

This study concluded that the emergence of urban violence in Kaduna metropolis contributed to a fall in the rental value of residential property in the study area. This study thus suggested policy directions that could engender harmonious coexistence among different ethnic groups in the study area.

Originality/value

This study is expected to enhance improvement in residential property rental value in Kaduna metropolis through increase assurance to security of lives and property.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 18 June 2018

Alirat Olayinka Agboola

This purpose of this paper is to introduce property researchers to the principles of Austrian economics and to consider their methodological relevance and potential for…

Abstract

Purpose

This purpose of this paper is to introduce property researchers to the principles of Austrian economics and to consider their methodological relevance and potential for understanding the dynamics of property market processes.

Design/methodology/approach

This paper sets out the basic principles of the Austrian economics thesis, including an outline of the entrepreneurial discovery approach to market processes, a core precept of the Austrian thesis. It then relates the core assumptions of the Austrian school to the workings of the property market.

Findings

It is argued that the driving force of property market process is provided by the entrepreneurial and profit-seeking speculative activities of human agents as they are confronted with incomplete information in an uncertain property market context. Thus, Austrian economics offers a sound and practical alternative theoretical approach to the study of property market, which places the market within its socio-economic context.

Originality/value

In-depth examination of the provisions, assumptions, philosophical orientation and limitations of the Austrian tradition of economic thought toward a better understanding of the workings of the property market.

Article
Publication date: 6 June 2016

Abdul-Rasheed Amidu, Alirat Olayinka Agboola and Mahmud Musa

The paper aims to provide a better understanding of the interactions between housing investment and economic growth. In particular, the paper emphasizes the separate…

Abstract

Purpose

The paper aims to provide a better understanding of the interactions between housing investment and economic growth. In particular, the paper emphasizes the separate effects of private housing investment (PHI) on the aggregate economy using quarterly data in the UK from 1974 to 2015. This is important due to the relatively growing interest around the world, including the UK, in encouraging greater private housing investment as a way of boosting economic growth.

Design/methodology/approach

The paper used the widely accepted and recognized econometric concepts of unit root, Granger causality and co-integration and provides tentative quantitative evidence of the causal and predictive effect of PHI and economic growth.

Findings

The key finding is that the level of investment directed by individual and institution into the private housing sector is key to future development, and will strongly reduce economic performance volatility.

Research limitations/implications

Given that this is a bivariate time series analysis of PHI and economic growth (proxy by gross domestic product), the conclusions of this paper need to treated with caution, as there are other potential variables that might be omitted to make the model more robust so as to reach a more conclusive result.

Originality/value

This study complements existing literature, not only by providing new empirical evidence on the nexus between housing markets and the business cycle but also by being the pioneering attempt at examining the impact of PHI on the economy in the UK.

Details

International Journal of Housing Markets and Analysis, vol. 9 no. 2
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 11 June 2019

Abdul-Rasheed Amidu, David Boyd and Alirat Olayinka Agboola

The purpose of this paper is to explore the role knowledge plays in expert commercial valuer practice to unpack the way theoretical and experiential knowledge operates in…

Abstract

Purpose

The purpose of this paper is to explore the role knowledge plays in expert commercial valuer practice to unpack the way theoretical and experiential knowledge operates in order to improve practice and education.

Design/methodology/approach

Adopting a cognitivist perspective and identifying meta-reasoning, using a grounded theory methodology, through the study of 11 chartered valuation surveyors practicing in Birmingham, United Kingdom, the distinctive theoretical and experiential knowledge they used was elicited through their in-depth reflection on a valuation task followed by analytical interviews exploring meaning and reasons of actions described.

Findings

The results confirmed that multi-sourced and rich valuation knowledge was a key attribute of a valuation expert. However, the experiential knowledge was not used to undertake the task but to select the methods and knowledge appropriate for the task and context. This meta-reasoning is a key to the speed, accuracy and justification of their practices. Thus, the experience gained from many years of valuation provides expert valuers with meta-reasoning involving knowledge of what, how and when to deal with problems in different circumstances such as the knowledge of markets and handling of clients.

Practical implications

Making meta-reasoning a key aspect of valuation will identify its characteristics more clearly, thus assisting the development of practitioners and providing a new focus for education to advance professional goals.

Originality/value

Meta-reasoning and meta-cognitive knowledge have not been identified as a key to successful valuation practice. This meta-reasoning allows a subtle balance of theory and experience in valuation practice that is appropriate to the situation.

Details

Journal of Property Investment & Finance, vol. 37 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 19 October 2010

Alirat Olayinka Agboola, Olatoye Ojo and Abdul‐Rasheed Amidu

This paper aims to investigate and compare both real estate agents and their service consumers' perception on ethics of real estate agents in Nigeria; an emerging economy…

2155

Abstract

Purpose

This paper aims to investigate and compare both real estate agents and their service consumers' perception on ethics of real estate agents in Nigeria; an emerging economy with less organized and transparent property market.

Design/methodology/approach

The study adopts a survey approach to research. Using Bartlett et al.'s model of determining sample size, a total of 125 firms were randomly selected from the list of registered real estate consultancy firms in Lagos metropolis. For each firm contacted (through business addresses), three service consumers were randomly selected from their archives of consumers. Questionnaires were personally administered and retrieved with useful response rates of 70 per cent and 75 per cent for real estate agents and service consumers respectively. Data emanating from the survey were analysed using frequency distribution and ANOVA analyses.

Findings

Among other findings, the results indicate that both real estate agents' and consumers' ratings of ethics of real estate agents is average on a five‐point Likert scale. Furthermore, real estate agents' self perception of the five year trend in their ethics was positive, albeit with a strong belief that commercial consideration should take precedence over an ethical stance in a real estate transaction.

Practical implications

In spite of the uniformly high self‐perception of agent ethics, most practitioners in real estate agency consultancy believe that commercial or economic considerations are more important than an ethical stance in a real estate transaction. This raises a serious fundamental issue about the essence and practical understanding of ethics by practitioners and what ethics entails in the discharge of their professional duty.

Originality/value

The paper complements the existing body of literature on real estate ethics by providing an empirical assessment of real estate agents in an emerging economy.

Details

Property Management, vol. 28 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 19 October 2015

Alirat Olayinka Agboola

The purpose of this paper is to examine the provisions of both the neoclassical economics and new institutional economics theses and assesses the implications of their…

2307

Abstract

Purpose

The purpose of this paper is to examine the provisions of both the neoclassical economics and new institutional economics theses and assesses the implications of their methodologies for property market analysis.

Design/methodology/approach

This research is based on secondary literature review and desk-based study.

Findings

It is argued that new institutional economics, grounded on firmer foundations of human behaviour, offers an analytical approach to the study of the property market which emphasizes the institutionally contingent nature of real estate exchange, thus placing real estate within its socio-economic context.

Originality/value

In-depth examination and juxtaposition of the provisions, assumptions, philosophical orientations and limitations of these main traditions of economic thought towards the achievement of a representative study of the workings of the property market.

Details

Property Management, vol. 33 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

Content available
Article
Publication date: 19 October 2015

Clive Warren

138

Abstract

Details

Property Management, vol. 33 no. 5
Type: Research Article
ISSN: 0263-7472

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