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Article
Publication date: 12 October 2018

Ikenna Cosmos Chukwudumogu, Deborah Levy and Harvey Perkins

The purpose of this paper is to provide a nuanced understanding of the complex factors driving the decision of commercial property owners (investors and developers) to…

Abstract

Purpose

The purpose of this paper is to provide a nuanced understanding of the complex factors driving the decision of commercial property owners (investors and developers) to stay and rebuild after a major disaster. The study examines what happens in the post-disaster rebuild of a central business district (CBD) from the perspective of commercial property owners in Christchurch, New Zealand.

Design/methodology/approach

An interpretive approach is adopted to understand what it takes to rebuild in a post-disaster environment through the lens and experiences of property owners. The study has observed the significant physical changes that have occurred in the Christchurch CBD as a result of the earthquakes. For this study, qualitative data were obtained through semi-structured interviews from 20 purposively identified property owners rebuilding the Christchurch CBD. The interview findings were subjected to a thematic analysis used to provide a factual way of characterising the viewpoints of those interviewed.

Findings

The findings have highlighted that the decision-making behaviour of property owners in Christchurch’s CBD post-disaster rebuild has been driven significantly by an emotional attachments to people and place.

Practical implications

The global trend in increasing destruction from natural disasters has raised the need for more efficient and effective post-disaster responses and activities. The paper has developed a knowledge base required to inform public policy and advice all those involved in the rebuilding of cities after a major disaster.

Originality/value

This paper contributes to the property literature and debates about the decision-making behaviour of commercial property owners who are engaged in rebuilding after a major natural disaster. The qualitative methodology used presents a novel approach to property research. The findings challenge the underlying premises of much of the mainstream property literature on normative investment behaviour and decision making.

Details

Property Management, vol. 37 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 12 August 2020

Muhammed Bolomope, Abdul-Rasheed Amidu, Olga Filippova and Deborah Levy

Decision-making behaviour of property investors has been the focus of real estate research for decades. Yet, there is no consensus on a generally accepted behavioural…

Abstract

Purpose

Decision-making behaviour of property investors has been the focus of real estate research for decades. Yet, there is no consensus on a generally accepted behavioural model that suits all market conditions and investment peculiarities. While scholars have emphasized the significance of rational reasoning and cognitive influences on property investment decision-making preferences, gaps remain regarding the impacts of market disruptions on property investment decision-making behaviour. This paper, therefore, explores the institutional framework as a theoretical basis for understanding property investment decision-making behaviour amidst market disruptions.

Design/methodology/approach

This paper reports a systematic review of pertinent theories that have explored decision-making behaviour. Commencing with an index search of high impact peer-reviewed journals, a snowball identification of relevant citations was also deployed to assemble theories from the field of psychology, sociology, economics and urban studies. Although a preliminary dataset of 82 papers with relevant decision-making theories was identified, the final dataset comprised 27 papers and 7 theories. The identified theories were reviewed accordingly.

Findings

The outcome of this study suggests that the institutional framework offers a robust approach to property investment decision-making amidst market disruptions, especially because it recognizes the dynamism in the investment environment and the roles of formal and informal rules that exist therein.

Originality/value

This study advances the current understanding of property investment decision-making behaviour by recognising the dynamism of the investment environment and how factors such as principles, laws, tradition and routines can lead to an established and legitimate standard of reasoning. By integrating both rational and cognitive attributes, the study provides a holistic perspective to property investors' decision-making behaviour in response to market disruptions.

Details

Property Management, vol. 39 no. 1
Type: Research Article
ISSN: 0263-7472

Keywords

Content available
Article
Publication date: 1 April 2014

Deborah Levy

80

Abstract

Details

Journal of Property Investment & Finance, vol. 32 no. 3
Type: Research Article
ISSN: 1463-578X

Book part
Publication date: 29 September 2021

Clare Holdsworth

Abstract

Details

The Social Life of Busyness
Type: Book
ISBN: 978-1-78743-699-2

Article
Publication date: 29 July 2014

Deborah Levy and Quan-Hui Sim

The purpose of paper is to investigate the dissatisfaction and what specifically prompts multi-owned housing owners to change their body corporate management provider…

Abstract

Purpose

The purpose of paper is to investigate the dissatisfaction and what specifically prompts multi-owned housing owners to change their body corporate management provider. Globally there has been a substantial growth reported in the number of residents living in multi-owned housing in recent years. There is increasing evidence that residents in these developments are experiencing dissatisfaction and frustration especially with the service received from their body corporate management company.

Design/methodology/approach

The paper includes a review of both the body corporate literature and customer switching literature which serves to inform the research. The investigation takes the form of a qualitative study comprising eight in-depth one-to-one interviews with residential body corporate owners who have recently switched to an alternative body corporate management provider.

Findings

The dissatisfaction experienced by body corporate owners leading them to change management companies bears a close similarity to the retail banking industry. The interviews record highly emotive responses from interviewees and the desire for an improved quality of service and better value for money from their service provider. These findings allow a deeper understanding of the outcome of studies that have been carried out previously in England and New Zealand.

Practical implications

The findings will assist directors of body corporate companies, property management and real-estate companies to understand the needs and wants of their clients and may also benefit property developers in their selection of a body corporate management company and legislators in providing a suitable legal framework.

Originality/value

This paper provides in-depth insights into switching behaviour within the context of body corporate management companies which has not before been published within academic journals.

Details

International Journal of Housing Markets and Analysis, vol. 7 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Content available
Article
Publication date: 1 December 2004

Nick French and Deborah Levy

556

Abstract

Details

Journal of Property Investment & Finance, vol. 22 no. 6
Type: Research Article
ISSN: 1463-578X

Content available
Article
Publication date: 2 February 2015

Deborah Levy

463

Abstract

Details

Journal of Property Investment & Finance, vol. 33 no. 1
Type: Research Article
ISSN: 1463-578X

Article
Publication date: 1 April 2005

Deborah Levy and Edward Schuck

This study aims to consider the theoretical potential for client influences to bias valuations, and assess the validity of the resulting framework by seeking input from…

4526

Abstract

Purpose

This study aims to consider the theoretical potential for client influences to bias valuations, and assess the validity of the resulting framework by seeking input from practising valuers and commissioning clients.

Design/methodology/approach

Reports upon a series of individual interviews with senior New Zealand property executives responsible for the management of large portfolios of institutional‐grade property assets.

Findings

The results indicate that clients with expertise and a high level of knowledge of the property market are able to influence valuers by way of expert and information power. Opportunities to exert influence are afforded by the control the client has over the valuation process including the common practice in New Zealand of permitting clients to review draft valuations prior to their formalisation.

Research limitations/implications

The general aim of this paper is to build on the theory as opposed to testing theory. In order to achieve this aim a qualitative approach was taken, this permits a focus on the search for meaning and understanding. As in most qualitative research therefore it does not claim that the findings can be generalised to a wider population, but it provides theory for later testing. The results however, not only provide a more in‐depth understanding of the process, motivation and opportunities for client influence but also help to highlight the justification for further theoretical and empirical research in this area in order to achieve a more in‐depth knowledge of the valuation process.

Originality/value

This paper succeeded in its objective of developing an holistic and deeper understanding of valuation by gaining insights from clients involved directly in the commissioning of valuations for property funds in New Zealand. The results suggest that there are a number of specific influences that have not been previously documented, but appear to have the potential to affect valuation outcomes and valuations that are ultimately reported to stakeholders.

Details

Journal of Property Investment & Finance, vol. 23 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 11 October 2011

Deborah Levy and Christina K.C. Lee

Previous research suggests that household location choice is determined by factors, such as affordability, family life cycle, distance from work and accessibility to the…

1141

Abstract

Purpose

Previous research suggests that household location choice is determined by factors, such as affordability, family life cycle, distance from work and accessibility to the city centre. The purpose of this paper is to understand other psychological factors that may influence this decision, and specifically the effects of self identity and neighbourhood identity.

Design/methodology/approach

A qualitative methodology using an interpretive approach is adopted, seeking to understand the complex nature of reality. In‐depth interviews were carried out with eight experienced real estate agents working in two affluent suburbs close to Auckland's central business district in New Zealand.

Findings

Findings suggest that, subject to factors such as affordability and availability of appropriate accommodation, individual identity and suburb identity play an important role in determining neighbourhood choice. In addition to these findings, the paper proposes a conceptual model of the construction and manifestation of suburb identity incorporating both the results of the study and an understanding of the extant literature.

Research limitations/implications

The study is not an attempt to generalise its results and therefore further research into neighbourhood branding and how it links to suburb choice is recommended

Social implications

The study also adds a further behavioural dimension to the understanding of a collective interpretation of cities. Since part of the unique character of a city is reflected through its residents, planners need to understand what attracts different types of people to a city.

Originality/value

Whilst preliminary, the implications of this study emphasise the importance for valuers and real estate agents of understanding the type of people who are attracted to particular neighbourhoods, how these individuals perceive themselves and why they are attracted to specific locations.

Details

Journal of Place Management and Development, vol. 4 no. 3
Type: Research Article
ISSN: 1753-8335

Keywords

Article
Publication date: 19 April 2013

Deborah Levy and Gemma Peterson

The purpose of this paper is to explore how the availability of sustainable buildings may affect the decisions made by office occupiers in their building selection process.

2096

Abstract

Purpose

The purpose of this paper is to explore how the availability of sustainable buildings may affect the decisions made by office occupiers in their building selection process.

Design/methodology/approach

The structure of the paper includes a review of both the sustainability literature and traditional location literature which serves to inform the study. A qualitative study comprising 13 in‐depth one‐to‐one interviews with decision makers of a variety of organisations who have chosen to locate in a “sustainable” building within the central business district in Auckland, New Zealand is undertaken.

Findings

The research suggests that selecting a building that is perceived to be sustainable by the market may not be the ultimate driving factor in the office location decision and that more emphasis is placed on micro location factors, attractiveness to staff, marketing and flexibility. The importance of each of these factors tends to be influenced by the size and type of organisation as well as the availability of suitable buildings in the market. The research reinforces the finding that organisations generally seek accommodation that can “add value” to their specific business.

Practical implications

The study provides a deeper understanding on the impact of the emergence of sustainable buildings in the decision‐making process of office tenants and how this may be affected by the size and type of the occupier organisation. These findings will be of practical application to property professionals involved in the development, sale and valuing of sustainable buildings.

Originality/value

This paper provides in‐depth insights into business location decisions from the perspective of a variety of tenants choosing to locate within a CBD.

Details

Journal of Property Investment & Finance, vol. 31 no. 3
Type: Research Article
ISSN: 1463-578X

Keywords

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