Search results

The Customary Land Delivery Institutions (CLDIs) provide the platform for the supply of developable land in most cities in sub-Saharan African countries. While there is a need to measure the effectiveness of CLDIs to compare their performance with others or themselves over time, there is however a dearth of evidence-based frameworks that could be adopted for such an assessment. This study developed a framework for the evaluation of the effectiveness of CLDIs. This is with a view to providing a tool for measuring the performance of land governance.

A total of 46 good governance criteria for measuring the various dimensions of CLDIs generated from the literature were transformed into a measurable scale which was validated by a panel of 16 experts through a modified Delphi approach. A pilot study was also conducted on 42 land-based professionals to assess the reliability of the framework. Content Validity Index (CVI) was calculated for relevancy scores while clarity was measured by clarity score. Cronbach alpha was also employed to measure the reliability of the framework.

The result of the 46 criteria validated by the experts revealed that 89.5% of items in the developed instrument have a content validity index (I-CVI) equal to or greater than the 0.85 threshold and a mean I-CVI of 0.90. With the CVI score and the analysis of the comments made by the experts, six items were removed from the instrument and a total of six new items were added. The final corrected instrument after a further iteration had a total of 46 items. The reliability test also revealed a Cronbach alpha score of 0.82.

This paper provides a framework useful for developing countries, especially in the development of land delivery policies and provides a framework for the analysis of the important aspects thereof.

This paper demonstrates the development of a holistic framework for the assessment of CLDIs which hitherto were not in existence.

This paper aims to explore the use of alternative dispute resolution (ADR) techniques as a legitimate means of ejection of recalcitrant tenant in property. This is with a view of providing information that will improve property investment and management.

The paper adopts a case study approach using five selected case studies where ADR approach was used to recover premises.

The experience from the case studies shows that the use of ADR in premises recovery is effective but has its challenges. In the five case studies, consent judgment, mediation and negotiation were used to recover premises in less than three months compared to an average of 18 months using litigation. Also, the cost in all the cases were lower where they exist at all than when litigation are used. The paper provides useful information to practitioners on the use of the effective alternative approach to recover premises from recalcitrant tenants.

The paper provides practical ways through which recovery of premises could be achieved through non-adversarial technique in developing property markets, which hitherto was not available in literature.

Beyond the economic determinants, non-economic criteria of land affordability are also of great importance. From the context of emerging economies, this study investigated the affordability of low-cost land allocation through the lens of non-economic criteria.

Given that the non-economic criteria considered are those related to religion and politics, data were elicited from the owners of residential plots at Redemption City and Ikosi Residential Scheme respectively in Nigeria. The data collected were analysed using statistical methods of analysis: mean and standard deviation.

The result showed that safety and comfort, quality management, proximity to market, proximity to public transportation and proximity to health facilities were the significant non-economic criteria at Redemption City. On the other hand, the non-economic criteria found to be significant at Ikosi Residential Scheme were proximity to public transport, safety and comfort, low presence of environmental problems and income ratio.

This study informs the promotion of private and public partnerships towards reducing the housing deficit in emerging economies. Also, it would help in the formulation and review of land policies, which would benefit not only their members.

This study is among the few that have looked at the non-economic criteria of land affordability, especially in emerging economies.

The purpose of this research is to examine whether valuers consider and interpret intrinsic value elements in a residential property the same way in a familiar location. The price people pay for a complex commodity like residential property is a sum of the utility of various intrinsic and extrinsic characteristics. The skill of the valuer rests in the recognition of value‐enhancing elements in order to arrive at a value for the subject property.

Relevant data for the study were gathered from a controlled‐experiment involving some residential properties and administration of questionnaires backed up with oral interviews on a random sample of 59 valuation firms in metropolitan Lagos, a commercial nerve‐center in the country. The data were analyzed using both descriptive statistics and analysis of variance.

The study showed that there are differences in the means and interpretation of value‐enhancing variables amongst valuation firms sampled. The study, inter alia, concluded that non‐duplicative nature of real estate, differences in the skills and degree of technical competence of the valuation firms including length of practice, absence of a centralized database and lack of valuation practice statements as well as updated guidance notes are the key factors, amongst others, responsible for the variability in the valuers' judgement in the study area.

The paper contributes to the empirical literature in valuation accuracy by establishing the level of interpretative errors in residential property valuations and the key factors responsible for the variability in the valuers' judgement in the study area.

In recent years, studies have established that valuation estimates are likely to be biased estimates of market values due to client influence. These studies, which have made a significant contribution to real estate literature, were based mainly on UK, USA and New Zealand experience. The purpose of this paper is to examine the prevalence of client influence and the impact on valuation in Nigeria.

A questionnaire survey was administered to estate surveyors and valuers to gauge their professional opinion with regard to client influence, sources of such influence and types of threats used by clients. A behavioural experiment, incorporating two non‐valuation factors, was also included for the respondents to role‐play the decision of an estate surveyor and valuer subject to an ethical dilemma.

The survey revealed that nearly 80 per cent of estate surveyors and valuers claimed some knowledge of client influence, mostly from a private individual. The results of the logistic regression model also indicated that the decisions of estate surveyors and valuers as to whether to alter valuation outcome upon clients' request are not affected by either of the two non‐valuation factors (client size and value adjustment).

It is recognised that the findings from the behavioural experiments (role play) utilised in the survey, may or may not be a true reflection of the real world responses of estate surveyors and valuers.

The paper contributes significantly to the empirical literature on behavioural real estate research. In particular, the findings from the study could serve as a framework for improving Estate Surveyors and Valuers Guidance Notes of 1985 to ensure transparency in the valuation process.

The purpose of this paper is to investigate the factors that influence the adoption of private finance initiatives (PFIs) for infrastructure projects in tertiary institutions of learning. It also determines the relationship between the levels of awareness, years of experience and the identified factors.

Data for this study were gathered from administration of questionnaires. The instruments were administered after validation on the stakeholders in the concerned departments. Data collected were analyzed using descriptive, cluster and correlation analyses.

There is a high level of awareness and experience in public private partnerships (PPPs) among the respondents on the initiative. It is found that nature of project, risk involvement and the technical capabilities are the three most influential factors. There is correlation between the identified factors. There is also a significant relationship between the respondents’ years of experience in PPP and “technical capabilities factors.”

The study is limited to four selected public tertiary institutions in a single geo-political zone (six states) in southwestern Nigeria, out of four geo-political zones in Nigeria. Southwestern Nigeria is a major zone where tertiary institutions embrace PPP/PFIs initiative.

Empirically, PPPs in the educational sector of a developing economy have been explored and consequently implied that there is a relationship among the factors that determine the adoption of PPP. Hence, findings would be useful for the policy makers and stakeholders on decision relating to infrastructure provision in tertiary institutions.

This study is one of the few empirical studies in relation to educational sector in developing/emerging economies on the subject of PPP/PFIs for infrastructure projects.

Quite a substantial number of academic papers have examined the performance of both direct and indirect real estate relative to other investment assets. While these studies are valuable in the field of real estate investment performance measurements, a gap still exist in the literature on the comparative performance of investment assets in the various sectors of the stock markets of most emerging economies. This paper aims to fill the gap by providing analysis of the historical performance of real estate and other securities in the Nigerian capital market.

Annual open and closing market prices of shares and dividend of sampled listed companies in addition to data on all share index (ASI), consumer price index (CPI) and yield on 90‐days T‐Bill were obtained for the period 1999‐2005. These were then analysed using descriptive, risk‐adjusted measures and regression models.

The empirical evidence suggests that while real estate outperformed the market on a nominal basis, it underperformed the market stock on a risk‐adjusted basis over the time period of analysis. Unexpectedly, real estate security did not provide a good protection against inflation and is also uncorrelated with the stock market.

This paper provides empirical evidence of the investment characteristic of indirect real estate investment in Nigeria. The results suggest that real estate security does not after all provide a good substitute to direct real estate investment.

This study aims to evaluate the practice of dispute resolution in Lagos International Trade Fair Complex, Lagos State.

Questionnaires were distributed to two study groups of 400 users/occupiers and officials of the managing agents. A total of 100 were returned and found useable for the study. The study adopted the descriptive method of percentages, mean and proportion method for analysis.

The study found that there often existed disputes and when it occurs, the common reaction is for them to alert other users of the building. Other findings are that the methods of dispute resolution adopted are arbitration, mediation, conciliation and litigation and that the most commonly adopted method is arbitration.

Limiting the scope of the study to the perception of the respondents could reflect an element of bias and might pose a great challenge to the representativeness of the findings. Also, the use of closed question questionnaire may limit the validity of the results.

The study has major implications on real estate investment and practice in Nigeria. There is the need to incorporate behavioural knowledge in the curriculum of estate management and valuation to prepare graduates for efficient practice and the continuous re-training of practitioners to prevent future declining real estate profession.

The paper documents the requisite information needed for developing contemporary policy on real estate education in the country. It also serves as a guide for real estate practitioners and regulatory bodies for developing contemporary real estate practice to meet emerging trends in CREM practice and for relevance in the practice of CREM as an evolving sub-discipline of estate management.

This paper aims to evaluate the strategies adopted by Nigerian banks to integrate the management of their real estate assets into the overall business objectives.

Questionnaires were distributed to the corporate real estate managers of the 24 recapitalised banks in the country and supplemented with interview. The study adopted the descriptive method of percentages, mean and proportion methods for analysis.

The study found that Nigerian banks have distinct real estate units that manage their substantial real estate holdings, which they revalue at the open market basis every six months. The study also found that in spite of the fact that Nigerian banks have substantial real estate holdings, employees of the real estate unit spend more time on the core business of the organisations than on real estate activities. While some of them have sole responsibility for real estate activities, others are gradually shifting attention to the importance of their real estate assets.

The study has major implications on corporate real estate management and banking practice in Nigeria. There is the need for organisations to re‐direct their focus towards the strategic perspective of CRE as an important and profit inducing tool of business. This may require exposing CRE executives to requisite training that will equip them for effective service delivery.

Inefficient real estate management can result in huge loss of shareholders fund by investors and subsequently affect the economy.

The study identified real estate as a “turn around” tool that can be adopted by bank executives to improve their financial status and a pro active step towards building an efficient and virile profession to handle the emerging corporate real estate management sub discipline in real estate.

A significant number of published empirical studies of real estate auctions abound in real estate literature. These studies focus on the auction price formation process through the comparison of sales from different auctions to revenue from private negotiations. While these studies have made useful contributions to the literature, they are largely confined to data emanating from auctions in the UK format. Other auction formats have been virtually ignored; thus creating a gap in the literature. This study, therefore seeks to extend research in the auction price formation process through an empirical analysis of transaction prices from the perspective of another auction format: first sealed bid auction.

The data for this study consist of a sample size of 120 residential properties sold at auction of the Federal Government Landed Properties (FGLP) in Ikoyi, Lagos, Nigeria. Transaction data for each of the sampled properties were compiled from Vol. 11, No. 3834 of Thisday newspaper. These include open market values (reserve prices), bid prices, numbers of bids, property specific and bidders' attributes. These were then analysed using descriptive, paired t‐test statistic and regression model.

The empirical evidence suggests that auction properties sell at an 11.33 per cent premium relative to predicted market values. Also provided, through the regression model, are variables having a significant impact on the auction prices.

The paper provides empirical evidence of the auction price formation process in first sealed bid auction where published empirical studies are still relatively few. Overall, the results of the analysis presented suggest that auctions offer an optimal method of selling property.