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Article
Publication date: 8 February 2021

Benjamin Gbolahan Ekemode

This study reinvestigates the short-run and long-run inflation-hedging attributes of residential property assets in the Nigerian property market, based on variations in…

Abstract

Purpose

This study reinvestigates the short-run and long-run inflation-hedging attributes of residential property assets in the Nigerian property market, based on variations in property types and location.

Design/methodology/approach

Data used for this study comprised the holding period returns of three residential property types, namely bungalow, block of flats and detached house during 1999–2018. These were obtained from property practitioners in Lagos, Abuja and Port Harcourt, respectively. The inflation values obtained from the National Bureau of Statistics were split into actual, expected and unexpected components. Fama and Schwert’s (1977) ordered least square (OLS) regression was used to assess the short-term inflation hedging efficacy. Afterwards, the long-run link between residential property and inflation was examined using the Johansen and Juselius cointegration test.

Findings

The results showed that despite the variations in hedging behaviour across property types in the three locations, residential property assets significantly provided protection over actual, expected and unexpected inflation in the short run based on the OLS regression analysis. The result of the Johansen and Juselius cointegration test also established a long-term link between the residential property assets and actual inflation. However, mixed results were found on the link between residential property and expected and unexpected inflation, as some of the assets did not effectively hedge these inflation components in the long run.

Practical implications

The study implied that the differences in property types and geographic locations are crucial in establishing the short-run and long-run inflation-hedging attributes of residential property assets and should be factored into consideration.

Originality/value

The paper complements the existing body of knowledge on the inflation-hedging attributes of residential property in emerging markets by determining the effects of variation in house types and geographic differences on the analysis.

Details

Property Management, vol. 39 no. 3
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 7 November 2016

Benjamin Gbolahan Ekemode and Abel Olaleye

This paper aimed to examine the return/risk performance of direct and indirect real estate (listed property stock) in the Nigerian real estate market and analyzed the…

Abstract

Purpose

This paper aimed to examine the return/risk performance of direct and indirect real estate (listed property stock) in the Nigerian real estate market and analyzed the short-term integration between the two classes of real estate assets. It also established whether investors could achieve diversification benefits by combining both assets in a portfolio.

Design/methodology/approach

The data utilized comprised annual returns on direct real estate calculated from the rental and capital values of 226 direct commercial properties obtained from property valuers in Lagos, Nigeria, for a period of January 1999-December 2014. The appraisal-based direct real estate returns were de-smoothed using the Geltner (1993) procedure. The annual returns of indirect real estate were also computed from the transactions of listed property stock on the Nigerian Stock Exchange for the study period. The return-risk profiles were also broken down into short- and medium-term sub-periods, comprising 3, 5, 8 and 12 years to reflect the level of volatility in the market, whereas the nature of the short-term relationship between the two real estate assets classes was tested using Granger causality technique.

Findings

The results revealed that listed property stock performed better than unsmoothed direct real estate on a risk-adjusted performance basis. The performance profile, however, varies over the different sub-periods considered. Short-term integration analysis showed that there was no bidirectional relationship between direct and listed property stock, implying diversification and risk reduction possibilities in combining both assets with other asset classes in a domestic asset portfolio. Overall, the results confirm the findings of previous study that listed property stocks return is segmented from the direct real estate market upon which its pricing and trading in the stock market are based.

Practical implications

The conclusion of the study suggests that investors could achieve improved performance by investing in listed property stocks than direct real estate in the Nigerian real estate market. The inclusion of both assets in a domestic mixed-asset portfolio could also be expected to offer diversification and risk reduction benefits.

Originality/value

This is one of the few studies that examine the short-run integration between direct real estate and listed property stocks with a focus on an emerging African market.

Details

Journal of Financial Management of Property and Construction, vol. 21 no. 3
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 25 October 2019

Benjamin Gbolahan Ekemode

The purpose of this paper is to assess the effect of urban regeneration and renewal activities initiated by the Osun State Government in Nigeria on the rental values of…

Abstract

Purpose

The purpose of this paper is to assess the effect of urban regeneration and renewal activities initiated by the Osun State Government in Nigeria on the rental values of commercial properties in Osogbo, the state capital between 2008, before the urban renewal programme through 2017, after the urban renewal programme had been completed.

Design/methodology/approach

Primary data utilised for this study were collected from all the Estate Surveying and Valuation firms involved in the formal management of commercial properties in Osogbo, Osun-State, Nigeria. Information on the types of urban infrastructure renewed and rental values of 63 commercial properties from 2008 to 2017 were obtained from the sampled estate surveying and valuation firms practicing in the study area. Data were analysed using descriptive statistics, analysis of variance and Duncan post hoc test.

Findings

The findings showed that physical urban infrastructure such as roads, drainages, water supply and wastes disposal have been upgraded in the study area. Also, the study established that the urban regeneration programme had significant impact on the rental values of commercial properties in Osogbo, arising from the statistically significant difference (F(7, 600) = 22.264, p<0.000) between and within annual rental values of commercial properties in the study area. The annual rental values of the commercial properties also exhibited considerable variation based on the Duncan post hoc test.

Practical implications

The findings from this study indicate that urban regeneration programme by the Osun state Government has significantly increased the investment performance of commercial properties in the study area. Hence, while investors could achieve higher returns on investment by venturing into commercial property investment, revenue could also be generated for government through the collection of property taxes in the study area.

Originality/value

This study is one of the few studies that have analysed the effect of urban regeneration programme on commercial property values from the perspective of an emerging African economy, using data from Osun State, Nigeria.

Details

Smart and Sustainable Built Environment, vol. 9 no. 4
Type: Research Article
ISSN: 2046-6099

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Article
Publication date: 26 September 2020

Timothy Oluwafemi Ayodele, Benjamin Gbolahan Ekemode, Sunday Oladokun and Kahilu Kajimo-Shakantu

This study aims to investigate the influence of socioeconomic characteristics as well as organisational profile as predictors of the organisational and career commitments…

Abstract

Purpose

This study aims to investigate the influence of socioeconomic characteristics as well as organisational profile as predictors of the organisational and career commitments of real estate employees in the employment of private estate surveying and valuation firms.

Design/methodology/approach

A total of 333 closed-ended questionnaires were administered on estate surveyors and valuers practicing in private real estate firms in Lagos State, Nigeria, out of which 124 (37.2%) were retrieved and found suitable for analysis. The data were analysed using frequencies, percentage, mean rating, one sample t-test and ANOVA.

Findings

The findings showed that though the male real estate employees rated a higher level of organisational commitment than their female counterparts, the female employees showed a higher level of career commitment. Besides, the results showed that across both genders and on an overall basis, there was a significant relationship between career commitment and organisational commitment. Also, while demographic factors such as age, management level and professional qualification have a statistically significant relationship with career commitment, factors relating to marital status, academic qualification, management level and firms’ year of the establishment were statistically significant with employees’ organisational commitment.

Practical implications

The study deepens the understanding of the influence of demographic and firms’ correlates in explaining the performance of real estate employees in Nigeria, an emerging African market, where issues of absenteeism, poor remuneration and low retention appear prevalent.

Originality/value

To the best of the authors’ knowledge, this is the first attempt at examining the influence of demographic variables on the organisational and career commitment of real estate employees in Nigeria.

Details

Journal of Facilities Management , vol. 18 no. 5
Type: Research Article
ISSN: 1472-5967

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Article
Publication date: 7 June 2019

Daramola Thompson Olapade, Benjamin Gbolahan Ekemode and Abel Olaleye

Earlier studies have suggested the creation of a central database of concluded property transactions as a panacea to the property data debacle. It is in this regard that…

Abstract

Purpose

Earlier studies have suggested the creation of a central database of concluded property transactions as a panacea to the property data debacle. It is in this regard that the purpose of this paper is to examine the perception of potential users of centralised property database on the consideration for the design and management of such database.

Design/methodology/approach

Questionnaires were administered on 190 property practitioners (referred as estate surveying and valuation firms) in Lagos property market. Frequency index, frequency distribution and percentage were employed for data analysis.

Findings

The result showed that respondents preferred a web-based databank and free access to the information in the databank by those who recorded their market data in it. They also preferred uniform recording standard in the databank, an interface that must be user friendly and secure to prevent unauthorised user from gaining access, amongst others. The practitioners also preferred that their professional body manage the databank when it is created.

Practical implications

The paper provides useful insights into creating a property database that will improve accessibility to property data in opaque markets.

Originality/value

There is still little or no empirical research on framework/end-users’ requirements for the creation of property transaction database in emerging property markets.

Details

Journal of Property Investment & Finance, vol. 37 no. 5
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 9 October 2017

Benjamin Gbolahan Ekemode, Oluseyi Joshua Adegoke and Adetunji Aderibigbe

The registration of land titles is an important component of title documentation and certification process that is influenced by a variety of factors. The purpose of this…

Abstract

Purpose

The registration of land titles is an important component of title documentation and certification process that is influenced by a variety of factors. The purpose of this paper is, therefore, to examine factors influencing land title registration practice in Osun State, Nigeria.

Design/methodology/approach

Data used for this paper were collected from 520 land title registration applicants, representing 48.10 per cent of the total number of applicants for land title/property rights registration in Osun State, Southwestern Nigeria, using systematic random sampling technique, with sampling interval k = 5. Data collected were analyzed using descriptive and inferential statistical techniques, such as frequency distribution and percentages, relative importance index (RII) and factor analysis.

Findings

The findings revealed that factors such as high cost of title documentation and corrupt practices of land registry staff had significant influence on land title/property rights registration process, while factors such as suitability of organizational structure and personnel competence/low morale had less influence on land title registration in the study area.

Practical implications

The findings of this paper suggest the inadequacies inherent in the land title registration process in the study area which has significant implications for land titling registration process in Osun State, the entire Nigerian state and other emerging African economies.

Originality/value

The paper is one of the few papers that analyzed the factors influencing land title registration from the perspective of end-users in an emerging African economy like Nigeria.

Details

International Journal of Law in the Built Environment, vol. 9 no. 3
Type: Research Article
ISSN: 1756-1450

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Article
Publication date: 1 October 2018

Daramola Thompson Olapade and Benjamin Gbolahan Ekemode

This paper aims to examine the awareness and utilisation of building information modelling (BIM) for facility management (FM) among FM companies in Lagos, Nigeria. This…

Abstract

Purpose

This paper aims to examine the awareness and utilisation of building information modelling (BIM) for facility management (FM) among FM companies in Lagos, Nigeria. This was with a view of increasing the awareness level and promoting adoption of BIM in FM practice.

Design/methodology/approach

Primary data used for the study were sourced through questionnaire administered on the 37 FM companies that are corporate members of International Facility Management Association in Lagos, Nigeria. Frequency distribution and relative significance index were used for data analysis.

Findings

Findings of the study suggest a low level of awareness and adoption of BIM for FM in the study area. Only 2 of the 31 FM companies surveyed were using BIM for their FM services. Also, the majority of the respondents (n = 22, 71 per cent) perceived that the awareness of BIM in the facilities management industry in Nigeria is very low.

Practical implications

The findings of this study provided industry stakeholders with information on the level of awareness and utilisation of BIM for FM practice in Nigeria, thereby giving insights on the possible integration of BIM with FM practices in developing countries.

Originality/value

The paper is a pioneer research on the awareness and utilisation of BIM for facilities management from the perspective of an emerging property market like Nigeria.

Details

Journal of Facilities Management, vol. 16 no. 4
Type: Research Article
ISSN: 1472-5967

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Article
Publication date: 30 September 2019

Benjamin Gbolahan Ekemode and Abel Olaleye

In a bid to broaden the understanding of the real estate investment decision-making framework, the purpose of this paper is to examine the real estate asset allocation…

Abstract

Purpose

In a bid to broaden the understanding of the real estate investment decision-making framework, the purpose of this paper is to examine the real estate asset allocation decision-making practices of real estate funds in Nigeria, a developing economy. This is with a view to providing information toward enhancing real estate investment decisions.

Design/methodology/approach

A mixed-methods approach comprising a combination of literature review, expert interviews and semi-structured questionnaire survey is adopted for this study. Through literature review and expert interviews, the asset allocation decision-making process of institutional real estate funds was identified. Based on the literature review and expert discussions, a semi-structured questionnaire was developed and self-administered on fund/portfolio managers of 59 institutional real estate funds in Nigeria to investigate their asset allocation decision-making practice. Data were analyzed using descriptive and inferential statistics for the closed-ended questions while the open-ended questions were content analyzed.

Findings

The findings revealed that the asset allocation decision-making process utilized by public and private real estate funds follows an opportunistic asset accumulation approach. The decision-making process also varies depending on the nature of the fund. Further findings showed that government policies, political uncertainties and regulatory mechanism motivate asset allocation decisions. Moreover, majority of the sampled real estate funds employed a combination of in-house personnel and external consultants (hybrid), while mean/standard deviation and cash flow analysis (DCF, NPV) were mostly utilized by the funds in making property investment decisions.

Practical implications

The findings implied that the real estate asset allocation decision-making process of institutional property investors in Nigeria deviates from the normative model of the asset allocation process prescribed in the literature and varies depending on the nature of the real estate funds. As such, familiarization of institutional investors with government policies, political climate and other regulatory mechanism (barriers to entry) guiding the ownership and operation of real estate assets in the country could improve their real estate investment decisions.

Originality/value

The study complements and extends existing literature on real estate asset allocation decision-making process of institutional investors from the viewpoint of the actors involved in a developing African economy.

Details

Property Management, vol. 38 no. 3
Type: Research Article
ISSN: 0263-7472

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Book part
Publication date: 29 March 2021

Benjamin Gbolahan Ekemode and Daramola Thompson Olapade

The purpose of this chapter is to investigate the adoption and use of building information modelling (BIM) for residential real estate development in Nigeria (using Lagos…

Abstract

The purpose of this chapter is to investigate the adoption and use of building information modelling (BIM) for residential real estate development in Nigeria (using Lagos as a case study), with a view to providing information towards improving BIM uptake, which could enhance sustainable housing delivery in the country. A quantitative research methodology was adopted involving the use of questionnaire survey to collect primary data. The data were obtained from private real estate developers in Lagos State. The self-administered questionnaire was distributed to all the 72 active real estate developers in the study area, and the response rate was 62.5%. The collected data were analysed using statistical tools such as frequency and percentages, mean rating and chi-square. The results revealed a low level of awareness and usage of the transformative and contemporary BIM technology (6D BIM version) by real estate developers. It was established that the 2D and 3D BIM traditional versions were the most utilised across the phases of real estate development process. It was also found that the level of BIM utilisation has a significant relationship with the age and asset base of the real estate developers. The chapter concludes by advocating increase in the asset base and organisational profile of real estate developers to enhance BIM adoption, especially, the 6D BIM, which could facilitate sustainable real estate development.

Details

Sustainable Real Estate in the Developing World
Type: Book
ISBN: 978-1-83867-838-8

Keywords

Content available
Book part
Publication date: 29 March 2021

Abstract

Details

Sustainable Real Estate in the Developing World
Type: Book
ISBN: 978-1-83867-838-8

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