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Article
Publication date: 2 April 2019

Jessica Elizabeth Lamond, Namrata Bhattacharya-Mis, Faith Ka Shun Chan, Heidi Kreibich, Burrell Montz, David G. Proverbs and Sara Wilkinson

The purpose of this paper is to understand how built environment professionals approach the valuation of flood risk in commercial property markets and whether insurance…

Abstract

Purpose

The purpose of this paper is to understand how built environment professionals approach the valuation of flood risk in commercial property markets and whether insurance promotes mitigation in different insurance and risk management regimes, draw common conclusions and highlight opportunities to transfer learning.

Design/methodology/approach

An illustrative case study approach involving literature search and 72 interviews with built environment professionals, across five countries in four continents.

Findings

Common difficulties arise in availability, reliability and interpretation of risk information, and in evaluating the impact of mitigation. These factors, coupled with the heterogeneous nature of commercial property, lack of transactional data and remote investors, make valuation of risk particularly challenging in the sector. Insurance incentives for risk mitigation are somewhat effective where employed and could be further developed, however, the influence of insurance is hampered by lack of insurance penetration and underinsurance.

Research limitations/implications

Further investigation of the means to improve uptake of insurance and to develop insurance incentives for mitigation is recommended.

Practical implications

Flood risk is inconsistently reflected in commercial property values leading to lack of mitigation and vulnerability of investments to future flooding. Improvements are needed in: access to adequate risk information; professional skills in valuing risk; guidance on valuation of flood risk; and regulation to ensure adequate consideration of risk and mitigation options.

Originality/value

The research addresses a global issue that threatens local, and regional economies through loss of utility, business profitability and commercial property value. It is unique in consulting professionals across international markets.

Details

Property Management, vol. 37 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

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Article
Publication date: 21 August 2017

Kwasi Gyau Baffour Awuah, Frank Gyamfi-Yeboah, David Proverbs and Jessica Elizabeth Lamond

Adequate reliable property market data are critical to the production of professional and ethical valuations as well as better real estate transaction decision-making…

Abstract

Purpose

Adequate reliable property market data are critical to the production of professional and ethical valuations as well as better real estate transaction decision-making. However, the availability of reliable property market information represents a major barrier to improving valuation practices in Ghana and it is regarded as a key challenge. The purpose of this paper is to investigate the sources and reliability of property market information for valuation practice in Ghana. The aim is to provide input into initiatives to address the availability of reliable property market data challenges.

Design/methodology/approach

A mixed methods research approach is used. The study, thus, relies on a combination of a systematic identification and review of literature, a stakeholder workshop and a questionnaire survey of real estate valuers in Accra, Ghana’s capital city to obtain requisite data to address the aim.

Findings

The study identifies seven property market data sources used by valuers to obtain market data for valuation practice. These are: valuers own database; public institutions; professional colleagues; property owners; estate developers; estate agents; and the media. However, access to property market information for valuations is a challenge although valuers would like to use reliable market data for their valuations. This is due to incomplete and scattered nature of data often borne out of administrative lapses; non-disclosure of details of property transactions due to confidentiality arrangements and the quest to evade taxes; data integrity concerns; and lack of requisite training and experience especially for estate agents to collect and manage market data. Although professional colleagues is the most used market data source, valuers own databases, was regarded as the most reliable source compared to the media, which was considered as the least reliable source.

Research limitations/implications

Findings from the study imply a need for the development of a systematic approach to property market data collection and management. This will require practitioners to demonstrate care, consciousness and a set of data collection skills suggesting a need for valuers and estate agents to undergo regular relevant training to develop and enhance their knowledge, skills and capabilities. The establishment of a property market databank to help in the provision of reliable market data along with a suitable market data collection template to ensure effective and efficient data collection are considered essential steps.

Originality/value

The study makes a significant contribution to the extant knowledge by providing empirical evidence on the frequency of use and the reliability of the various sources of market data. It also provides useful insights for regulators such as the Ghana Institution of Surveyors (GhIS), the Royal Institution of Chartered Surveyors (RICS) and other stakeholders such as the Commonwealth Association of Surveying and Land Economy (CASLE) and the Government to improve the provision of reliable property market information towards developing valuation practice not only in Ghana, but across the Sub-Saharan Africa Region. Also, based on these findings, the study proposes a new property market data collection template and guidelines towards improving the collection of effective property market data. Upon refinement, these could aid valuation practitioners to collect reliable property market data to improve valuation practice.

Details

Property Management, vol. 35 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

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Article
Publication date: 21 October 2013

Kwasi Gyau Baffour Awuah, Felix Nikoi Hammond and Jessica Elizabeth Lamond

The purpose of this paper is to assess cost of land title formalisation in Ghana from the standpoint of individual land/property owners with the view to suggesting a…

Abstract

Purpose

The purpose of this paper is to assess cost of land title formalisation in Ghana from the standpoint of individual land/property owners with the view to suggesting a cost-effective means for title formalisation in the country.

Design/methodology/approach

The paper adopts a quantitative research approach with mainly questionnaire instruments to obtain data from real estate valuers, land agents and lawyers in Accra, Ghana's capital city.

Findings

Consistent with the literature, the paper found that title formalisation cost is high with extensive time lag. A substantial portion of the cost emanates from commuting cost for follow-ups to expedite action on title formalisation activities, cost of time lag and unofficial and professional fees for facilitation of title formalisation activities.

Practical implications

For land title formalisation to contribute to socio-economic development of Ghana and other developing countries, there is a need for effective and efficient land title formalisation regime to reduce excessive time lag and monetary cost for title formalisation.

Originality/value

Few studies have examined the extent of title formalisation cost in sub-Saharan Africa. Most of these studies tend to overlook several indirect costs and give misleading cost reportage or focus on social cost. The study analyses land title formalisation cost from individual land/property owners’ standpoint. The paper incorporates indirect costs and gives an idea as to the cost trend. Being first of its kind, the study presents a new dimension to the assessment of land title formalisation cost in Ghana for policy formulation and practice.

Details

Property Management, vol. 31 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

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Article
Publication date: 13 November 2017

Victor Oluwasina Oladokun, David G. Proverbs and Jessica Lamond

Flood resilience is emerging as a major component of an integrated strategic approach to flood risk management. This approach recognizes that some flooding is inevitable…

Abstract

Purpose

Flood resilience is emerging as a major component of an integrated strategic approach to flood risk management. This approach recognizes that some flooding is inevitable and aligns with the concept of “living with water.” Resilience measurement is a key in making business case for investments in resilient retrofits/adaptations, and could potentially be used to inform the design of new developments in flood prone areas. The literature is, however, sparse on frameworks for measuring flood resilience. The purpose of this paper is to describe the development of a fuzzy logic (FL)-based resilience measuring model, drawing on a synthesis of extant flood resilience and FL literature.

Design/methodology/approach

An abstraction of the flood resilience system followed by identification and characterization of systems’ variables and parameters were carried out. The resulting model was transformed into a fuzzy inference system (FIS) using three input factors: inherent resilience, supportive facilities (SF) and resident capacity.

Findings

The resulting FIS generates resilience index for households with a wide range of techno-economic and socio-environmental features.

Originality/value

It is concluded that the FL-based model provides a veritable tool for the measurement of flood resilience at the level of the individual property, and with the potential to be further developed for larger scale applications, i.e. at the community or regional levels.

Details

International Journal of Building Pathology and Adaptation, vol. 35 no. 5
Type: Research Article
ISSN: 2398-4708

Keywords

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