Search results

1 – 10 of 274
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: 2 October 2023

Abhijat Arun Abhyankar, Anand Prakash and Harish Kumar Singla

This study aims to examine whether or not residential properties closer to landfill sites have lower offer values by the developers. That is, by analyzing real estate data and…

Abstract

Purpose

This study aims to examine whether or not residential properties closer to landfill sites have lower offer values by the developers. That is, by analyzing real estate data and landfill site locations, the study seeks to provide insights into whether properties situated closer to landfill sites tend to have a lower offer values than those located farther away.

Design/methodology/approach

The study is exploratory in nature, and a case study approach is applied. A landfill site named “Uruli Devachi” is selected in the region of Pune district, and data is collected from 102 developers selling residential projects within a radius of 15 km (about 9.32 mi). The gathered data is analyzed by using basic descriptive statistics, one-way ANOVA and ordinary least squares (OLS) regression. The OLS regression helps to determine whether there is a relationship between the distance of a residential property from a landfill site and its offer value.

Findings

The findings suggest that landfill sites have a detrimental impact on residential property offer values, with the negative impact increasing with proximity to a landfill site. The negative effect seems to vanish after over 10 km (about 6.21 mi). The developers provide extra facilities including a clubhouse, a children’s play area, a gym and a swimming pool in an effort to mitigate the negative effects of the landfill site on residential properties.

Practical implications

The findings of this study could have implications for property developers, real estate professionals and policymakers in understanding how landfill proximity might impact property offer values.

Originality/value

This study presents many novelties for the Indian housing market: the landfill sites do have a negative effect on the offer value of residential property; the closer the residential property to a landfill site, the higher the negative effect. Further, the developers try and mitigate the negative effect of landfill sites on residential properties by providing additional amenities such as a clubhouse, children’s play park, gym and swimming pool.

Details

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

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: 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: 25 March 2022

Innocent Chigozie Osuizugbo, Kevin Chuks Okolie and Olalekan Shamsideen Oshodi

Improving buildability of building designs with the aid of buildability assessment is essential because of the effect of designs on construction. Despite the plethora of research…

Abstract

Purpose

Improving buildability of building designs with the aid of buildability assessment is essential because of the effect of designs on construction. Despite the plethora of research into buildability reported over the years, a review of the literature shown a dearth of research into the factors supporting the implementation of buildability assessment. Because buildability assessment has been confirmed to be highly beneficial to construction business, this study aims to investigate the factors supporting the implementation of buildability assessment as a tool for buildability improvement using Nigeria as a representative case.

Design/methodology/approach

Survey research method was adopted for the study. Questionnaires were administered to a purposively selected group of architects, engineers, builders and quantity surveyors involved in construction project delivery within client, consulting and contracting organisations in Nigeria. A total of 368 questionnaires were distributed among the sampled participants, out of which, a total of 219 representing 60% were sufficiently filled and returned. Data collected were analysed using inferential and descriptive statistics.

Findings

The results revealed owner’s commitment, clients’ awareness of the benefits of conducting buildability assessment on building design, unity amongst different professionals in the construction industry, designers consider buildability important, adequate coordination amongst different design disciplines, adequate channel for co-ordination and communication between designers and constructors at the design stage and adequate support from the government as the top most seven factors supporting buildability assessment implementation in construction sector of Nigeria. Secondly, the results from the research revealed that there is no statistically significant difference in factors supporting buildability assessment implementation in construction between clients and consulting and contracting construction organisations in Nigeria.

Originality/value

The findings provide in-depth insight of the factors supporting the implementation of buildability assessment in construction that can help principal stakeholders in construction to facilitate development of strategies required in supporting the adoption and implementation of buildability assessment tool for buildability improvement.

Details

Journal of Engineering, Design and Technology , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1726-0531

Keywords

Article
Publication date: 31 January 2024

Chau Ngoc Dang, Warit Wipulanusat, Peem Nuaklong and Boonsap Witchayangkoon

This study aims to explore the relationships between knowledge management (KM) enablers, employee innovativeness (EI) and market development performance (MDP) in architecture…

Abstract

Purpose

This study aims to explore the relationships between knowledge management (KM) enablers, employee innovativeness (EI) and market development performance (MDP) in architecture, engineering and construction (A/E/C) firms.

Design/methodology/approach

A questionnaire survey is conducted to collect empirical data from A/E/C practitioners in Vietnam. First, factor analysis is used to identify KM enablers in A/E/C firms. Then, a framework which shows the links between KM enablers, EI and MDP is proposed. Structural equation modeling (SEM) is used to examine the proposed relationships.

Findings

This study identifies five constructs which can enable A/E/C firms to achieve effective KM implementation, including mutual trust and collaboration, organizational values and norms, information and communication systems, organizational policies and empowerment. Furthermore, the SEM results show that except for organizational policies, four remaining KM enablers significantly affect EI. It is also found that EI has a significant impact on MDP.

Practical implications

The findings could help A/E/C firms to know which KM enablers are critical to EI and provide a better understanding of the link between EI and MDP. Hence, they could make appropriate investments in KM practices to improve both EI and MDP.

Originality/value

The results of this study fill the gap in knowledge by empirically structuring the relationships between KM enablers, EI and MDP. Such results may provide A/E/C firms with useful information to enhance EI and MDP in today’s intensively competitive construction environments.

Details

Construction Innovation , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1471-4175

Keywords

Article
Publication date: 1 February 2024

Innocent Chigozie Osuizugbo, Fidelis Okechukwu Ezeokoli, Kevin Chuks Okolie and Aduragbemi Deborah Olojo

The application of good buildability practices is vital for improving the performance of projects and businesses in the construction sector. Despite the plethora of research into…

Abstract

Purpose

The application of good buildability practices is vital for improving the performance of projects and businesses in the construction sector. Despite the plethora of research into buildability in construction in the previous years, there is little information concerning how buildability practice can be successfully implemented. This paper aims to develop a conceptual framework that explains how buildability practice can be implemented successfully in the construction industry.

Design/methodology/approach

The paper uses an integrative literature review method to synthesise literature from different domains to describe various themes by which buildability assessment can be successfully implemented in the construction industry.

Findings

The findings of the review of literature conceptualised a buildability implementation framework at four principal themes: buildability attributes for improving the practice of construction management, factors supporting the implementation of buildability assessment, measures for improving the buildability of building designs and factors impeding the implementation of buildability assessment.

Originality/value

The outcome of this study contributes to knowledge in three different ways. First, the framework emerging from this study provides guidance to stakeholders on strategies for the successful implementation of buildability. Second, the information gathered in this study is useful for the development of buildability assessment tool. Finally, the framework has a potential of improving the practice of embedding buildability into designs. The detailed descriptions of the relevant variables at each principal theme advance the understanding of buildability in the construction industry and are fundamental to developing buildability assessment tools for the industry.

Details

Journal of Engineering, Design and Technology , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1726-0531

Keywords

Article
Publication date: 23 November 2021

Hüseyin Emre Ilgın, Markku Karjalainen and Sofie Pelsmakers

The paper aims to understand Finnish architects' attitudes towards the use of timber as a structural material in multi-storey (over two--storeys high) residential construction.

Abstract

Purpose

The paper aims to understand Finnish architects' attitudes towards the use of timber as a structural material in multi-storey (over two--storeys high) residential construction.

Design/methodology/approach

The study was conducted through a literature survey mainly including international peer-reviewed journals and similar research projects. Furthermore, the literature survey informed the generation of the web-based survey questionnaire design to gather information on architects' perceptions, attitudes and interest in the use of wood in multi-storey (over two-storeys high) residential buildings.

Findings

The paper's findings are as follows: (1) respondents perceived the most important advantages of wood as a lightweight, local and ecological material; (2) wood construction (compared to concrete) included perceived concerns about it being more costly and needing more complex engineering and (3) respondents had a favourable overall attitude towards the use of wood particularly in low-rise residential construction, whilst their perception of tall housing, including timber ones, was mostly negative.

Originality/value

No studies have evaluated the use of wood in tall residential buildings and architects' perceptions in Finland.

Details

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

Keywords

Article
Publication date: 29 March 2024

Sharmila Devi R., Swamy Perumandla and Som Sekhar Bhattacharyya

The purpose of this study is to understand the investment decision-making of real estate investors in housing, highlighting the interplay between rational and irrational factors…

Abstract

Purpose

The purpose of this study is to understand the investment decision-making of real estate investors in housing, highlighting the interplay between rational and irrational factors. In this study, investment satisfaction was a mediator, while reinvestment intention was the dependent variable.

Design/methodology/approach

A quantitative, cross-sectional and descriptive research design was used, gathering data from a sample of 550 residential real estate investors using a multi-stage stratified sampling technique. The partial least squares structural equation modelling disjoint two-stage approach was used for data analysis. This methodological approach allowed for an in-depth examination of the relationship between rational factors such as location, profitability, financial viability, environmental considerations and legal aspects alongside irrational factors including various biases like overconfidence, availability, anchoring, representative and information cascade.

Findings

This study strongly supports the adaptive market hypothesis, showing that residential real estate investor behaviour is dynamic, combining rational and irrational elements influenced by evolutionary psychology. This challenges traditional views of investment decision-making. It also establishes that behavioural biases, key to adapting to market changes, are crucial in shaping residential property market efficiency. Essentially, the study uncovers an evolving real estate investment landscape driven by evolutionary behavioural patterns.

Research limitations/implications

This research redefines rationality in behavioural finance by illustrating psychological biases as adaptive tools within the residential property market, urging a holistic integration of these insights into real estate investment theories.

Practical implications

The study reshapes property valuation models by blending economic and psychological perspectives, enhancing investor understanding and market efficiency. These interdisciplinary insights offer a blueprint for improved regulatory policies, investor education and targeted real estate marketing, fundamentally transforming the sector’s dynamics.

Originality/value

Unlike previous studies, the research uniquely integrates human cognitive behaviour theories from psychology and business studies, specifically in the context of residential property investment. This interdisciplinary approach offers a more nuanced understanding of investor behaviour.

Details

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

Keywords

Article
Publication date: 6 February 2023

Vidya Umakant Khanapure and Sameer S. Shastri

The importance of lean and sustainability integration in sustainable construction (SC) has been extensively studied. However, a practical and thorough implementation methodology…

Abstract

Purpose

The importance of lean and sustainability integration in sustainable construction (SC) has been extensively studied. However, a practical and thorough implementation methodology addressing the project life cycle phases is still inadequate. The present study has developed a novel phase-wise sustainable–lean implementation methodology for high-rise residential projects.

Design/methodology/approach

The current study has identified the 50 direct conceptual interactions between 11 lean principles and 11 sustainability criteria encompassing 44 different attributes covering 174 sustainability actions. A panel of nine experts validated these interactions, and 50 integration vectors were proposed addressing different phases of the project life cycle of high-rise residential buildings. The experts also analysed the identified integration vectors for their current and likely future implementation in high-rise residential projects.

Findings

The interactions between lean and sustainability principles led to the development of a phase-wise implementation methodology. The experts' survey responses on the current level of implementation revealed that 40, 32 and 28% of integration vectors were implemented rarely, sometimes, and frequently, respectively. For likely future implementation, 28 and 72% integration vectors were reported as very likely and extremely likely to implement, respectively. This survey response highlighted the usefulness of identified integration vectors for enhancing the sustainability of high-rise residential projects.

Originality/value

The proposed sustainable–lean implementation methodology acts as a comprehensive guideline for implementing a lean approach to achieve the objectives of SC in high-rise residential projects. This may facilitate the transition from conventional to sustainable building practices using a lean approach.

Details

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

Keywords

1 – 10 of 274