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Article
Publication date: 1 March 2023

Ibrahim Rotimi Aliu

While the declining rate of urban security and its potential effects have been globally acknowledged, the ways urban neighborhood security shapes real estate markets in African…

Abstract

Purpose

While the declining rate of urban security and its potential effects have been globally acknowledged, the ways urban neighborhood security shapes real estate markets in African cities remain largely unexplained. The purpose of this paper therefore is to present the findings from a study of the nexus between urban neighborhood security and home rental prices in Lagos, Nigeria.

Design/methodology/approach

This paper is based on the hedonic price theory, an objectively derived urban neighborhood security index (UNSI) and property rental price data in Ojo, Lagos, Nigeria. This is a quantitative cross-sectional study that employs multistage sampling survey procedure. Data are analyzed using descriptive statistics, nonparametric correlation and hedonic price function with ordinary least squares (OLS).

Findings

Results show that nearly 50% of the study area is prone to insecurity and average rental values in Ojo, Lagos range from N151329.41 ($302.66) to N167333.33 ($334.67) per annum. Correlation analysis shows that home rental prices have high, positive and significant correlations (rs = 0.725 and p < 0) with UNSI. After controlling for neighborhood and structural factors, it is found that urban neighborhood security positively influences home rental values as a unit improvement in security leads to N81000.00 ($162.00) increase in rental value per annum.

Practical implications

Urban neighborhood security risk threatens residential property values, creates unintended residential mobility and destabilizes families. Findings from this study point to the facts that security is a key component of urban housing values and developers, and real estate investors must ensure that this component is well factored into property design, construction and valuation.

Originality/value

This is perhaps the first study that uses an objectively derived UNSI to study home rental price dynamics in Nigeria. The study extends knowledge on urban housing price determinants and contributes to literature on the crucial place of security in property management.

Details

Property Management, vol. 41 no. 3
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 8 August 2019

Mohamed Ibrahim Nor, Tajul Ariffin Masron and Sharif Yusuf Gedi

Real estate is one of the fundamental growth engines for developing economies as it contributes urbanization and infrastructure development. In recent years, Somalia has witnessed…

Abstract

Purpose

Real estate is one of the fundamental growth engines for developing economies as it contributes urbanization and infrastructure development. In recent years, Somalia has witnessed massive real estate development in both housing and commercial buildings. The purpose of this study is twofold. First, the study examines the determinants of residential property rents. Second, it investigates whether residential property rents are fairly valued.

Design/methodology/approach

This study uses two-stage modeling. A hedonic regression model is used in the first stage, while an artificial neural network is applied in the second stage.

Findings

After analysis, this study established that size, location and security of a residential property have a significant influence on its monthly rents. Alternatively, the study identified that residential property rents are not fairly valued in Mogadishu and overvaluation is more frequent than undervaluation.

Originality/value

This implies that Somalia’s real estate industry is more speculative-driven than real demand-driven. Though Somali real estate is an infant industry with huge potentials in the long run, it may end up disastrously following the well-known bubble-then-burst behavior. To avoid such crisis, this study recommends formulating government policies that regulates, supervises and protects the infant real estate industry without undermining the needs of the poor and low-income citizens.

Details

International Journal of Housing Markets and Analysis, vol. 13 no. 2
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 15 May 2021

Alicia María García-Amaya, Rafael Temes-Cordovez, Moisés Simancas-Cruz and María Pilar Peñarrubia-Zaragoza

In the past decade, urban tourism has increased worldwide as a result of the development of peer-to-peer (P2P) accommodation platforms such as Airbnb, causing a major disruption…

Abstract

Purpose

In the past decade, urban tourism has increased worldwide as a result of the development of peer-to-peer (P2P) accommodation platforms such as Airbnb, causing a major disruption to the tourism industry and urban space. The expansion of tourist accommodation in cities has motivated many governments to act, to control its effects and reduce conflicts between tourists and residents. The purpose of this paper is to identify the attractions that have motivated the concentration of P2P accommodation and its effects in specific areas of Valencia different from the historical centre: the Russafa and El Cabanyal-Canyamelar neighbourhoods.

Design/methodology/approach

The methodology used includes fieldwork and spatial analysis of factors such as the housing market, tourist attractions, local businesses and urban renewal policies.

Findings

The current spatial distribution pattern of tourist housing in Valencia is the result of the convergence of various factors: the initial presence of tourists in some areas; the evolution of certain aspects of the neighbourhood due to urban renewal; the concentration of tourist and leisure activities; the effects of the legal framework

Originality/value

Many researchers have addressed the effects of rising short-term rentals (STRs) in cities, but the causes of their concentration in specific neighbourhoods different from historical centres have not yet been sufficiently investigated. This research looks in depth at the urban causes and effects of the spatial distribution of tourist housing in Valencia, to anticipate possible future concentrations of STRs in other areas and to avoid gentrification. The methodology and results could be applied to other cities. The research implies a detailed and analysis of different aspects that act simultaneously such as the housing market, the evolution of the population and changes in the business.

Details

International Journal of Tourism Cities, vol. 7 no. 2
Type: Research Article
ISSN: 2056-5607

Keywords

Content available
Article
Publication date: 1 March 2011

Herbert Sherman, Adva Dinur and Daniel Rowley

In this two-part case, Richard Davis and Stephen Hodgetts, co-owners of D&H Management LLC, are trying to come to terms with changes in the real estate market‐changes that have…

Abstract

In this two-part case, Richard Davis and Stephen Hodgetts, co-owners of D&H Management LLC, are trying to come to terms with changes in the real estate market‐changes that have made their rental homes worth less than their mortgages and at best yielding at most a break-even cash flow. In Part A Davis and Hodgetts are weighing the following options: (1) sell all of the properties, assume a loss (walk away with nothing), and avoid the negative cash flow; (2) walk away from all of the properties, assume a loss (walk away with nothing), and avoid the negative cash flow; (3) delay paying the mortgage on some of the homes, allow these properties, if necessary, to go into foreclosure, and in the interim use the positive cash flow to shore up some of the more positive cash flow homes; (4) contact all of the lenders and try to renegotiate the mortgages so as to have lower monthly rates.

In Part B Davis proposes that he and Hodgetts go their separate ways. Davis walks away with the two properties that have mortgages in his name, while Hodgetts obtains the four properties that have mortgages in his. From Hodgettsʼ perspective this is a losing proposition since (1) he would have to take over the management of four “loser” properties rather than Davisʼs two, an ʼunfairʼ split of the liabilities; (2) he had no interest in managing properties; and (3) he and Davis would be splitting up a long-standing team.

Details

New England Journal of Entrepreneurship, vol. 14 no. 2
Type: Research Article
ISSN: 2574-8904

Expert briefing
Publication date: 15 June 2018

Furthermore, in the year to April, sales fell by 19.2% year-on-year. After a decade of sharp rises, home prices have been declining since September 2017.

Details

DOI: 10.1108/OXAN-DB235464

ISSN: 2633-304X

Keywords

Geographic
Topical
Article
Publication date: 8 July 2020

M. Kabir Hassan, Sirajo Aliyu, Buerhan Saiti and Zairihan Abdul Halim

This paper reviews economic and finance research on Islamic investments. In the course of our review, we focus on the following issues: the performance of Islamic stock indexes…

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Abstract

Purpose

This paper reviews economic and finance research on Islamic investments. In the course of our review, we focus on the following issues: the performance of Islamic stock indexes, Islamic finance–growth nexus and Islamic real-estate investment trust market.

Design/methodology/approach

This literature survey consists of two stages such as random and systematic. It begins with a random search of articles with the intention to explore the three different areas of Islamic banking and finance. In order to maintain some level of quality of the literature review, we explored inside citations of articles based on relevant and recent articles from SCOPUS and Web of Science.

Findings

This paper represents an attempt to organise current research on Islamic stock markets, Islamic finance-growth nexus and Islamic real-estate finance: (1) the first prevailing finding is that Islamic stock indices are less volatile than conventional stock indices; (2) most empirical studies regarding Islamic finance–growth nexus focus on the impacts of banking sectors on growth and neglect other segments of the Islamic financial market; (3) based on our review of existing studies, there is no unanimous model for Islamic home financing in Islamic banks.

Practical implications

The mixed findings in this area hinder the understanding of Islamic investment and prevent identifying trends that support decision-making. Our review provides suggestions for prospective research directions. Most empirical studies regarding Islamic finance–growth nexus focus on the impacts of banking sectors on growth and neglect other segments of the Islamic financial market.

Originality/value

There is no literature review on Islamic finance-growth nexus and Islamic real-estate literature. Therefore, we are going to fill this gap to review these three different aspects of Islamic banking and finance.

Details

International Journal of Emerging Markets, vol. 16 no. 7
Type: Research Article
ISSN: 1746-8809

Keywords

Case study
Publication date: 23 April 2024

Daniel Murphy

In February 2018, Jerome Powell had taken over as chair of the FOMC. At first glance, the macroeconomic conditions inherited by Powell appeared favorable for continued stability…

Abstract

In February 2018, Jerome Powell had taken over as chair of the FOMC. At first glance, the macroeconomic conditions inherited by Powell appeared favorable for continued stability: unemployment and inflation were low, and the economy had been steadily growing for nearly a decade. Yet despite the appearance of stability, the economy faced significant risks that required the Federal Reserve's attention. Was an uptick in inflation imminent, and if so, should Powell raise rates to limit any inflationary pressure? Or was the economy still operating below capacity, and if so, should the Federal Reserve take a more accommodative stance? To gain perspective, Powell needed to look back at the past fifty years of monetary policy in the United States.

Details

Darden Business Publishing Cases, vol. no.
Type: Case Study
ISSN: 2474-7890
Published by: University of Virginia Darden School Foundation

Keywords

Article
Publication date: 19 February 2024

Tchai Tavor

This research investigates Airbnb’s financial implications in emerging economies and their potential to influence stock market profitability.

Abstract

Purpose

This research investigates Airbnb’s financial implications in emerging economies and their potential to influence stock market profitability.

Design/methodology/approach

Employing a multifaceted approach, the study combines parametric and nonparametric tests, robustness checks, and regression analysis to assess the impact of Airbnb’s announcements on emerging economy stock markets.

Findings

Airbnb’s announcements affect emerging economies' stock markets with a distinct pattern of cumulative abnormal returns (CAR): negative before the announcement and positive afterward. Informed investors strategically leverage this opportunity through short selling before the announcement and acquiring positions following it. Regression analysis validates these trends, revealing that stock index returns and inbound tourism affect CAR before announcements, while GDP growth influences CAR afterward. Announcements pertaining to emerging economies exert a more pronounced impact on stock indices compared to city-specific announcements, with COVID-19 period announcements demonstrating greater significance in abnormal returns than non-COVID-19 period announcements.

Originality/value

This study advances existing literature through a comprehensive range of statistical tests, differentiation between emerging countries and cities, introduction of five macroeconomic variables, and reliance on credible primary Airbnb data. It highlights the potential for investors to leverage Airbnb announcements in emerging markets for stock market profits, emphasizing the need for adaptive investment strategies considering broader macroeconomic factors.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 16 September 2020

Nilanjan Raghunath and Tony Tan

Socioeconomic status (SES) has been known to be associated with many aspects of social life such as health. We argue that social stratification remains relevant in understanding…

2442

Abstract

Purpose

Socioeconomic status (SES) has been known to be associated with many aspects of social life such as health. We argue that social stratification remains relevant in understanding differentials in health during a pandemic, as countries globally have encouraged or enforced social distancing and remote work measures.

Design/methodology/approach

By examining data sources and news reports on the COVID-19 pandemic, we aim to highlight the relationship between SES and morbidity, through the ability to adopt social distancing measures and work remotely. Utilizing publicly available data from the Maryland Transport Institute and the US Census, we performed linear regressions on median income, social distancing index and percentage of individuals working from home.

Findings

Individuals with higher SES are more likely to have jobs that provide opportunities for remote work to be performed, which allows for social distancing. Comparatively, individuals with lower SES are more likely to be involved in jobs that cannot be performed remotely. The linear regression models suggest a positive moderate and significant correlation between median income and social distancing index (R2 = 0.4981, p-value < 0.001), and a positive weak and significant correlation between median income and remote work (R2 = 0.2460, p-value < 0.001).

Research limitations/implications

Governments need to account for SES in policymaking to reduce inequalities in health.

Originality/value

The paper aims to improve the understanding of social stratification and morbidity through examining data on the COVID-19 pandemic.

Details

International Journal of Sociology and Social Policy, vol. 40 no. 9/10
Type: Research Article
ISSN: 0144-333X

Keywords

Article
Publication date: 26 September 2007

Stuart Roper and Binita Shah

The purpose of this paper is to focus on a relatively unexplored area of branding literature, which is a study of the social impact of branding upon “tweens,” pre‐adolescent…

9168

Abstract

Purpose

The purpose of this paper is to focus on a relatively unexplored area of branding literature, which is a study of the social impact of branding upon “tweens,” pre‐adolescent children aged between seven and eleven. Brands promote a desire in consumers that allows a premium price to be commanded. What is the impact upon children from lower socio‐economic groups who may not be able to afford these premium brands?

Design/methodology/approach

An exploratory qualitative study involving focus groups with primary school teachers in the UK and Kenya and open‐ended projective questionnaires with primary school children in both countries formed the primary data collection. The data were then analysed using thematic analysis. The research objectives were as follows: to assess the importance of brands in the lives of primary school children and whether the exposure to brands has a positive or negative impact on children; to investigate the social impact of branding on children from low income families from the viewpoint of children and teachers; and to assess the cross‐cultural impact of brands by carrying out a comparative study on children/teachers from Kenya as well as the UK.

Findings

Brands can be the cause of social division amongst children resulting in the formation of “in” groups and “out” groups. Those who do not own the right brands may be discriminated against and experience social impacts which include being teased, bullied, having low self esteem and being socially excluded. Their parents also felt the effects through pester power, the guilt of not being able to buy their children the latest brands or by financially struggling to provide these brands for their children. However, positive impacts of branding also emerged from the study.

Research limitations/implications

A brand‐oriented culture impacts upon school life in both developed and developing nations. This is an exploratory study and therefore small sample.

Originality/value

A contribution to address the paucity of research on the negative impact of branding to primary school children.

Details

Equal Opportunities International, vol. 26 no. 7
Type: Research Article
ISSN: 0261-0159

Keywords

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