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Article
Publication date: 8 February 2024

Judith Callanan, Rebecca Leshinsky, Dulani Halvitigala and Effah Amponsah

This paper examines gender diversity in the Australian valuation industry from the perspective of valuers in senior management and leadership roles and discusses gender diversity…

Abstract

Purpose

This paper examines gender diversity in the Australian valuation industry from the perspective of valuers in senior management and leadership roles and discusses gender diversity policies and practices in their organisations. Then, it explores the initiatives that can be implemented to improve gender diversity in the Australian valuation industry.

Design/methodology/approach

A focus group discussion was conducted with valuers in senior management and leadership roles from selected large valuation firms and government valuation agencies in Melbourne, Australia. Data collected through the focus group discussion was combined with secondary data sourced from journals, online articles and archival materials.

Findings

The findings reveal that whilst gender diversity in the Australian valuation industry has improved over the years, females remain underrepresented. Nonetheless, whilst some valuation companies have recognised the need to address the underrepresentation of women and introduced specific gender-focussed human resource policies and practices, these initiatives are not streamlined and implemented across the industry.

Research limitations/implications

The study highlights the need for closer collaboration between key stakeholders such as universities, professional associations, valuation companies and government agencies in devising strategies to attract female talents into the valuation industry.

Originality/value

The paper is the first empirical study to assess gender diversity in the Australian valuation industry from the perspective of valuers in management and leadership roles. The proposed policies can inform future initiatives to improve gender diversity in the valuation industry.

Details

Property Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 7 May 2024

Olusola Joshua Olujobi and Oshobugie Suleiman Irumekhai

The purpose of this paper is to scrutinise the intricate relationship between the inadequate enforcement of anti-corruption laws and the application of good governance and the…

Abstract

Purpose

The purpose of this paper is to scrutinise the intricate relationship between the inadequate enforcement of anti-corruption laws and the application of good governance and the persisting prevalence of coups d'état and poverty in Africa.

Design/methodology/approach

This paper uses a doctrinal legal research approach, synthesising existing literature while extensively analysing primary and secondary legal sources. Its primary aim is to scrutinise the intricate relationship between the inadequate enforcement of anti-corruption laws and the application of good governance and the persisting prevalence of coups d'état and poverty in Africa. The choice of case study countries Burkina Faso, Chad, Gabon, Guinea, Mali, Niger and Sudan stems from their historical significance, regional diversity, data accessibility and potential insights into the interplay among anti-corruption enforcement, governance, poverty and coups d'état in Africa.

Findings

The enforcement of anti-corruption laws and the promotion of good governance are indispensable for democracy and economic stability; their suboptimal enforcement directly contributes to coups d'état and the worsening of poverty in African nations. It emphasises the imperative for African countries to consistently and proficiently enforce anti-corruption laws and adhere to principles of good governance, effectively and responsibly, to mitigate coups d'état and alleviate poverty in the region.

Originality/value

This study designs a model strategy for combating coups d'état and corruption in Africa as contribution to knowledge in the field of study.

Details

Journal of Financial Crime, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 8 April 2024

Rotimi Boluwatife Abidoye, Chibuikem Michael Adilieme, Albert Agbeko Ahiadu, Abood Khaled Alamoudi and Mayowa Idakolo Adegoriola

With the increased demand for the application of technology in property activities, there is a growing need for property professionals adept in using digital technology. Hence, it…

Abstract

Purpose

With the increased demand for the application of technology in property activities, there is a growing need for property professionals adept in using digital technology. Hence, it is important to assess the competence of academia in equipping property professionals with digital technology skills. This study, therefore, assesses property academics in Australian universities to identify their level of knowledge and use of digital technology applicable to the property industry.

Design/methodology/approach

Online questionnaire surveys were administered to 22 out of 110 property academics contacted through the Australia Property Institute (API) database to achieve this aim. The collected data were analysed using mean score ranking and ANOVA.

Findings

The study found that apart from databases and analytics platforms such as Corelogic RP data, price finder and industry-based software such as the Microsoft Office suite and ARGUS software, the academics were not knowledgeable in most identified and sampled proptech tools. Similarly, most proptech tools were not used or taught to the students. It was also found that early career academics (below five years in academia) were the most knowledgeable group about the proptech tools.

Research limitations/implications

Relying on the API database to contact property academics potentially excludes the position of property academics who may not be affiliated or have contacts with API, hence, the findings of this study should be generalised with caution.

Practical implications

The study bears huge implications for the property education sector and industry in Australia; a low knowledge and use of nascent tools such as artificial intelligence, machine learning, blockchain, drones, fintech, which have received intense interest, reveals some level of skill gap of students who pass through that system and may need to be upskilled by employers to meet the current day demand.

Originality/value

In response to the clamour for technology-inclined property professionals, this paper presents itself as the first to assess the knowledge levels and application of digital technology by property academics.

Details

Property Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 12 December 2023

Irene Naliaka Cheloti and Manya Mainza Mooya

This paper examines the effects and root causes of client influence within the valuation profession in Kenya.

Abstract

Purpose

This paper examines the effects and root causes of client influence within the valuation profession in Kenya.

Design/methodology/approach

This study adopted a mixed research design incorporating a survey and experiment of registered and practising valuers in Kenya and interviews of key informants from registered and practising valuers, valuers' clients (commercial banks) and professional bodies.

Findings

The study found that client influence negatively impacts the valuation profession, contributing to inaccurate valuation outcomes, and it exists because of the valuation environment, represented by limited and unreliable information in Kenya and many other developing countries.

Originality/value

This study makes a critical contribution to the empirical literature as it introduces new insights into the impacts and causes of client influence by demonstrating how the valuation environment, characterised by poor information, contributes to client influence in Kenya, which is typical of many other developing countries.

Details

Property Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 12 December 2023

Chibuikem Michael Adilieme, Rotimi Boluwatife Abidoye and Chyi Lin Lee

Given the significant role played by valuers and the evidence of a lack of independence in some property valuation industries, particularly in emerging markets, this study…

Abstract

Purpose

Given the significant role played by valuers and the evidence of a lack of independence in some property valuation industries, particularly in emerging markets, this study analyses the issue of client influence in property valuation by providing a valuer-client perspective and measuring the interrelationships between the clients' influence factors to identify causal factors of prominence, which can assist in developing solutions to address the clients' influence issue.

Design/methodology/approach

The study used a mixed-method approach. Firstly, interviews were conducted with ten property valuers and five financial institution staff in Nigeria, and the data were subject to thematic analysis using Nvivo 12 software. A matrix questionnaire survey was administered to the valuers, and the responses were analysed using the fuzzy Decision-Making Trial and Evaluation Laboratory (DEMATEL) method.

Findings

The results indicate that institutional clients, loan-seeking customers, property valuers and the perception of corruption within the Nigerian environment fuelled the issue of clients' influence. Based on the measurement of the interrelationship between the 14 identified client influence factors, the type of company, perception the public has of the industry, size of the firm, relationship with the client, type of client and regulatory framework were the factors of prominence.

Practical implications

The findings of this study bear huge implications for Nigeria and other similar structured property markets facing the issue of clients' influence in property valuation. With the prominent factors bearing root in a mix of client, valuer and environmental factors such as the valuation structure, process and public perception, there is a need for solutions that level the playing field between institutional clients and valuers, reinforce transparency and establish excellent regulatory standards to address the issue of clients' influence.

Originality/value

This study is the first to measure the interrelationships between the clients' influence factors to identify the prominent causal factors. Accordingly, considering the multi-factors, the research is novel as it focusses on those factors that would likely lead to other factors, thereby providing opportunities to develop solutions that focus on those factors of prominence. Secondly, the study deviates from the narrative on clients' influence in property valuation, which pits it as solely a client or valuer factor, by showing how the interplay of the stakeholders' interests and the environment promotes the issue in a non-transparent property market.

Details

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

Keywords

Article
Publication date: 12 September 2023

Shumank Deep, Sushant Vishnoi, Radhika Malhotra, Smriti Mathur, Hrishikesh Yawale, Amit Kumar and Anju Singla

Augmented Reality (AR) and Virtual Reality (VR) technologies possess the potential to transform the scenario of making real estate investment decisions through the immersive…

Abstract

Purpose

Augmented Reality (AR) and Virtual Reality (VR) technologies possess the potential to transform the scenario of making real estate investment decisions through the immersive experience they offer. From the literature it was observed that the research in this domain is still emergent and there is a need to identify the latent variables that influence real estate investment decisions. Therefore, by examining the effects of these technologies on investment decision-making, the purpose of the study is to provide valuable insights into how AR and VR could be applied to enhance customers' property buying experiences and assist in their decision-making process.

Design/methodology/approach

From an extensive review of the literature four latent variables and their measure were identified, and based on these a survey instrument was developed. The survey was distributed online and received 300 responses from the respondents including home buyers, developers, AEC professionals and real estate agents. To validate the latent variables exploratory factor analysis was used whereas to establish their criticality second-order confirmatory factor analysis was used.

Findings

From the results, the four latent constructs were identified based on standard factor loadings (SFL) that is Confident Value Perception (CVP, SFL = 0.70), Innovative Investment Appeal (IIA, SFL = 0.60), Trusted Property Transactions (TPT, SFL = 0.58) and Effortless Property Engagement (EPE, SFL = 0.54), that significantly influence investor decision-making and property purchase experience.

Originality/value

This study contributes to the literature on real estate investment decisions by providing empirical evidence on the role of AR and VR technologies. The identified key variables provided practical guidelines for developers, investors and policymakers in understanding and leveraging the potential of AR and VR technologies in the real estate industry.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 19 April 2024

Sumant Sharma, Deepak Bajaj and Raghu Dharmapuri Tirumala

Land value in urban areas in India is influenced by regulations, bylaws and the amenities associated with them. Planning interventions play a significant role in enhancing the…

Abstract

Purpose

Land value in urban areas in India is influenced by regulations, bylaws and the amenities associated with them. Planning interventions play a significant role in enhancing the quality of the neighbourhood, thereby resulting in a change in its value. Land is a distinct commodity due to its fixed location, and planning interventions are also specific to certain locations. Consequently, the factors influencing land value will vary across different areas. While recent literature has explored some determinants of land value individually, conducting a comprehensive study specific to each location would be more beneficial for making informed policy decisions. Therefore, this article aims to examine and identify the critical factors that impact the value of residential land in the National Capital Territory of Delhi, India.

Design/methodology/approach

The study employed a combination of semi-structured and structured interview methods to construct a Relative Importance Index (RII) and ascertain the critical determinants affecting residential land value. A sample of 36 experts, comprising property valuers, urban planners and real estate professionals operating within the National Capital Territory of Delhi, India, were selected using snowball sampling techniques. Subsequently, rank correlation and ANOVA methods were employed to evaluate the obtained results.

Findings

Location and stage of urban development are the most critical determinants in determining residential land values in the National Capital Territory of Delhi, India. The study identifies a total of 13 critical determinants.

Practical implications

A scenario planning approach can be developed to achieve an equitable distribution of values and land use entropy. A land value assessment model can also be developed to assist professional valuers.

Originality/value

There has been a lack of emphasis on assessing the impact of planning interventions and territorial regulation on land values in the context of Delhi. This study will contribute to policy decision-making by developing a rank list of planning-based determinants of land value.

Details

Property Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 9 August 2023

Rabi Narayan Mohanty and Ashaprava Mohanta

The infill design approach for heritage settings is a challenging task, and it draws the attention of design professionals and residents. The extant literature has advocated for a…

Abstract

Purpose

The infill design approach for heritage settings is a challenging task, and it draws the attention of design professionals and residents. The extant literature has advocated for a contextual design approach for new buildings in heritage sites. However, the degree of contextualism for a new building in heritage sites is subjective, and it varies between exact replication and contrast scales. This study aims to evaluate an appropriate design approach for historic precincts of Odisha, an eastern state of India.

Design/methodology/approach

Two prime eastern heritage sites (Puri and Ekamra Kshetra) are selected as cases in this study. This research methodology involves identifying key architectural elements from both sites and a questionnaire (prepared by design experts) based on interviewing 400 residents and 36 design professionals on their aesthetic preferences for the different architectural styles and elements. The questionnaire was prepared by the design experts based on the identified architectural styles and elements of both sites. Descriptive statistics and correlation analysis are used to measure the significance of design approaches and elements.

Findings

This study's outcome confirms that most of the respondents (design professionals and residents) prefer the replication design approach with traditional architectural elements of Odisha. Also, documentation of the chronological development of architectural styles and elements of heritage sites of Odisha is done in this research.

Research limitations/implications

This study has a few limitations: first, the land use characters (mixed, residential, commercial, etc.) of buildings in the heritage precinct are not considered in this research; second, this research has not included the financial aspect of infill design and last, the impact of respondents' socioeconomic factors on their aesthetic perceptions is not considered in this research.

Practical implications

The development authorities can use the outcomes of this research to implement a design strategy for infill buildings in the historical sites of Odisha.

Social implications

This research article has documented traditional architectural elements of two prime heritage sites of India.

Originality/value

To date, no quantitative research has been done on infill design approaches in any Indian heritage precincts. This is the first quantitative research on the perception of stakeholders and users on the infill design in historical settings of Eastern India. This research has identified key architectural styles, elements and materials of the heritage sites.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1266

Keywords

Article
Publication date: 14 November 2023

Fong-Yao Chen and Michael Y. Mak

Valuers should independently assess market value. The purpose of this article is to analyze whether the valuation behavior remains independent when commissioned by publicly listed…

Abstract

Purpose

Valuers should independently assess market value. The purpose of this article is to analyze whether the valuation behavior remains independent when commissioned by publicly listed companies in Taiwan.

Design/methodology/approach

This study used both quantitative and qualitative methods. Quantitative data analysis was used to examine the estimated premium ratio and estimated divergent ratio with the independent sample t test and Wilcoxon-Mann-Whitney test. To complement and validate the quantitative analysis, open-ended questionnaires were conducted, providing additional insights into the research findings.

Findings

The results showed that there is a significant difference in estimated valuations commissioned by representatives of buyers and sellers, and the estimated premium ratios commissioned by representatives of buyers were higher than those of sellers. Furthermore, the open-ended questionnaires results indicate that these findings may be influenced by clients for less experienced appraisers. However, for senior appraisers, this is seen as an action to gain a better understanding of the valuation purpose and always within a reasonable price range. In addition, client influence is not a static factor; it may transform into the valuer's behavior as the appraiser's experience grows and deepens.

Practical implications

It is difficult to obtain valuation reports commissioned by representatives of both buyers and sellers for the same property transactions. In this study, data were obtained from the Market Observation Post-System (MOPS) in Taiwan. As valuation reports could not be obtained, estimated valuations and transaction prices are used to calculate estimated premium ratio and estimated divergent ratios.

Originality/value

Previous investigations of the client effect have been conducted using qualitative methods including questionnaire surveys, in-depth interviews and experimental design. However, these studies are subject to moral hazard. This study may be the first study that has access to data on valuations for both buyers and sellers in such a formal setting.

Details

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

Keywords

Article
Publication date: 3 January 2024

Halim Yusuf Agava and Faoziah Afolashade Gamu

This study evaluated the effect of macroeconomic factors on residential real estate (RE) investment returns in the cities of Abuja and Lagos, Nigeria, with a view to guiding RE…

Abstract

Purpose

This study evaluated the effect of macroeconomic factors on residential real estate (RE) investment returns in the cities of Abuja and Lagos, Nigeria, with a view to guiding RE investors and researchers.

Design/methodology/approach

A survey research design was employed using a questionnaire to collect RE transaction data from 2008 to 2022 from estate surveying and valuation firms in the study areas. Rental and capital value data collected were used to construct rental and capital value indices and total returns on investment. The macroeconomic data used were retrieved from the archives of the Central Bank of Nigeria (CBN). Granger causality (GC) and multiple regression models were adopted to evaluate the effect of selected macroeconomic variables on residential RE investment returns in the study areas.

Findings

The study found a progressive upward movement in rental and capital values of residential RE investment in the study areas within the study period. Total and risk-adjusted returns on investment were equally positive within the study period. Only the inflation rate, unemployment rate and real gross domestic product (GDP) per capita were found to be the major determinants of residential RE investment returns in the study areas within the study period.

Research limitations/implications

The secrecy associated with property transaction information/data by RE practitioners in the study areas posed a challenge. Property transaction data were not adequately kept in a way for easier access and retrieval in many of the estate firms and agent offices. Consequently, there was a lack of data that spanned the study period in some of the sampled estate firms or agent offices. This data collection challenge was, however, overcome by the excess time spent retrieving the required data for this study to ensure that the findings appropriately answer the research questions.

Practical implications

Inflation and GDP per capita have been found to be significant factors that influence residential RE investment performance in the study areas. Therefore, investors should pay attention to these identified macroeconomic factors for residential RE investment in the study areas whilst making investment decisions in order to mitigate a possible loss of income or return. The government should formulate and implement economic policies that would address the current high unemployment and inflation rates in Nigeria at large.

Originality/value

This study has extended and further enriched the existing body of knowledge in the field of RE investment analysis in Nigeria. To the best of the authors' knowledge, this study is the first to adopt the Cornish Fisher value-at-risk and modified Sharpe ratio models to analyse risk and risk-adjusted returns on residential RE investment, respectively, in Nigeria. It has therefore redirected the focus of RE researchers and practitioners to a more objective approach to RE investment performance analysis in Nigeria.

Details

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

Keywords

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