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Briefings in Real Estate Finance
Number of Followers: 7  Hybrid journal * Containing 1  Open Access article(s) in this issue *ISSN (Print) 1473-1894 - ISSN (Online) 1555-0990 Published by John Wiley and Sons  [1764 journals]
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- Performance of commercial and residential real estate investments in
Ibadan property market, Nigeria-
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Authors: Olatoye Ojo , Daniel Ibrahim Dabara , Michael Tolulope Adeyemi Ajayi
Abstract: This study examined the performance of commercial and residential real estate investments in the Ibadan property market to provide information for investment decisions. The study used a mixed research design (qualitative and quantitative). Data were obtained employing in-depth interviews with randomly selected sixteen estate surveyors and valuers practising in the Ibadan property market. Data for the study were analysed using the phenomenological thematic content analysis. Similarly, data on rental and capital values were translated to income, capital and holding period returns. The Kwiatkowski–Phillips–Schmidt–Shin (KPSS) and Philip–Perron (PP) models were used for unit root analysis. Ordinary least square (OLS) regression model was used to test for inflation-hedging characteristics, and the Granger causality tests were carried out to analyse the causal relationship between the variables. The study revealed that the Ibadan property market is still immature. For the return components, the study found that the Ibadan property market provided mean holding period returns of 10.82%, 14.31 and 8.29% for office, shop and residential property types, respectively. The study also revealed that the selected property types are perverse hedges against inflation. Similarly, the study showed a unidirectional causal relationship between inflation and returns on the selected property types. Results of this study revealed the peculiar nature of the Ibadan property market; findings from the survey can be used as a guide for investment decisions by foreign and domestic investors. Shrewd investors can take advantage of the high returns provided by the real estate assets in the Ibadan property market (by investing in the property market) to obtain high returns and expand their investment portfolio. This study is the first to examine, in an eclectic and comparative context, the performance of commercial and residential properties in the Ibadan property market from the perspective of its market maturity level, returns profile, as well as its inflation-hedging characteristics. Findings from the study will equip both individual and institutional investors with valuable information for investment decisions.
Citation: Property Management
PubDate: 2021-10-21
DOI: 10.1108/PM-07-2020-0046
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- Establishing and maintaining property transactions data banks in Ghana
through partnerships and participatory means-
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Authors: Paul Korsi Simpson , Peter Korsi Simpson
Abstract: The credibility of valuation is enhanced by the use of quality and reliable property market data. Nonetheless, the availability of quality and reliable market data remains a problem for valuers in Ghana, as current market data sources are tainted with issues of reliability. The purpose of this study is to examine the possibility of establishing property market data banks in Ghana, to help solve the market data problem faced by valuers. This study adopted a mixed-method approach consisting of the identification and review of literature, interviews with officials from the Lands Valuation Division of the Lands Commission and a questionnaire survey of property valuers. The study finds that it is possible for property market data banks to be established, and in the absence of facilitating legislation, partnerships among various stakeholders are the best way of achieving this. The study identifies the lack of initiative and the lack of partnerships among the various stakeholders inter alia as the major factors limiting the establishment of property market data banks. The findings imply a need for stakeholders to take initiative to establish a property market data bank aimed at improving the quality and reliability of market data to enhance the valuation practice. The study asserts the possibility of creating a property market data bank in Ghana, notwithstanding the limiting factors. The findings will provide a basis for relevant institutions and agencies to take cooperative action for the establishment of property market data banks, towards enhancing the valuation practice in Ghana as well as in other developing countries. The study will also prompt research into various tools and mechanisms to be adopted towards the establishment of property market data banks through participatory means.
Citation: Property Management
PubDate: 2021-10-11
DOI: 10.1108/PM-11-2020-0079
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- Challenges of strategic corporate real estate management in Ghana
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Authors: Naana Amakie Boakye-Agyeman , John Tiah Bugri , Frank Gyamfi-Yeboah
Abstract: Research shows that strategic corporate real estate management (SCREM) practice contributes to organizational performance. However, globally, SCREM practice is hindered by numerous challenges especially in developing countries such as Ghana. This study examines the challenges of SCREM practice in Ghana from business and corporate real estate managers’ perspectives. A mixed-method design was adopted for the study. The largely quantitative study was supported with qualitative data. The multi-stage sampling technique was used to select respondents from 35 institutions in five sectors. The relative importance index, consensus/agreement framework and Mann–Whitney U test were used for analysis. Analysis revealed that there is latent resistance to the provision of CRE policy, adequate authority and resources as well as resistance to change in organizational culture for the adoption of SCREM practice. The CRE management function is thus not well integrated into corporate activities. It is seen as a non-core organizational function merely providing physical space and support services. The research has identified the challenges of SCREM and how these could be addressed to ensure that CRE is managed strategically to contribute effectively to organizational performance. The paper is the first to identify the challenges of SCREM practice from business and CRE managers’ perspective in five sectors in Ghana, thus contributing to the limited literature on the subject globally.
Citation: Property Management
PubDate: 2021-10-06
DOI: 10.1108/PM-10-2020-0065
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- A study on automated property management in commercial real estate: a case
of India-
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Authors: Taran Kaur , Priya Solomon
Abstract: Property management in commercial real estate (CRE) is an important operational function that needs to be managed because it brings large cost implications to the organization. As India aspires to become a developed real estate market, analysis of the growing importance of automating property services and technology acceptance by stakeholders are two key concerns that need to be explicitly addressed. This study aims to examine the extent of property technology (PropTech) adoption in India and propose a technology-enabled stakeholder management model in Indian CRE. The research is qualitative in nature and follows the grounded theory approach. Research data were collected by conducting a series of semi-structured interviews with 18 property management professionals from different prominent Indian companies using PropTech. The findings suggested the nine most typical automated property management functions in Indian CRE. The result of this research is the automated property services model for stakeholder management in CRE. The model demonstrates the value of implementing technology in property services in India. The study provides useful insights into how artificial intelligence (AI) in property management can be applied to address property-related challenges, various stakeholder needs and improve property performance in accordance with energy efficiency policies. This paper attempts to add to the limited body of literature on technology in the property management domain. The model demonstrates how automated property services meet the needs of different stakeholders in CRE and provides remote working procedures within the COVID-19 pandemic context.
Citation: Property Management
PubDate: 2021-09-30
DOI: 10.1108/PM-05-2021-0031
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- Rented apartments an alternative shelter: characteristics and quality
across the residential densities in the ancient town of Ile-Ife-
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Authors: Falilat Yetunde Olowu , Hafeez Idowu Agbabiaka , Emmanuel Babatunde Jaiyeoba , Abiola Aminat Adesanya
Abstract: The study had examined the dynamism in rental housing characteristic in Ile-Ife, Nigeria. Data were collected through questionnaire administration on 550 tenants selected across high, medium and low density areas, using systematic random sampling. Findings revealed that rented apartments in the traditional town are built with modern materials like sandcrete blocks, cement, corrugated roofing sheet and aluminium. Further findings revealed a statistical significant variation in the rental housing typologies across the residential densities (χ2 = 94.732a, df = 10 and p = 0.000). The dominant housing typology in the low income earners areas is rooming apartments known traditionally as (face-to-face), in the middle income earners areas detached and semi-detached bungalows (Mini, 2bedroms and 3 bedrooms flat); and lastly, bungalows and duplexes dominates the high income earners areas. Therefore, the study likened the variation across the income areas to deferential in socioeconomic characteristics of tenants, surroundings peculiarities and the landlord and tenant relationships. The outcome of this study could strengthen policies in creating design standards for construction of housing for renters; this is step towards achieving Sustainable Development Goal (SDG) 11, creating an inclusive communities.
Citation: Property Management
PubDate: 2021-09-30
DOI: 10.1108/PM-05-2021-0032
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- Pricing office rents in Sydney CBD: testing the water on automated rent
reviews-
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Authors: Olga Filippova , Jeremy Gabe , Michael Rehm
Abstract: Automated valuation models (AVMs) are statistical asset pricing models omnipresent in residential real estate markets, where they inform property tax assessment, mortgage underwriting and marketing. Use of these asset pricing models outside of residential real estate is rare. The purpose of the paper is to explore key characteristics of commercial office lease contracts and test an application in estimating office market rental prices using an AVM. The authors apply a semi-log ordinary least squares hedonic regression approach to estimate either contract rent or the total costs of occupancy (TOC) (“grossed up” rent). Furthermore, the authors adopt a training/test split in the observed leasing data to evaluate the accuracy of using these pricing models for prediction. In the study, 80% of the samples are randomly selected to train the AVM and 20% was held back to test accuracy out of sample. A naive prediction model is used to establish accuracy prediction benchmarks for the AVM using the out-of-sample test data. To evaluate the performance of the AVM, the authors use a Monte Carlo simulation to run the selection process 100 times and calculate the test dataset's mean error (ME), mean absolute error (MAE), mean absolute percentage error (MAPE), median absolute percentage error (MdAPE), coefficient of dispersion (COD) and the training model's r-squared statistic (R2) for each run. Using a sample of office lease transactions in Sydney CBD (Central Business District), Australia, the authors demonstrate accuracy statistics that are comparable to those used in residential valuation and outperform a naive model. AVMs in an office leasing context have significant implications for practice. First, an AVM can act as an impartial arbiter in market rent review disputes. Second, the technology may enable frequent market rent reviews as a lease negotiation strategy that allows tenants and property owners to share market risk by limiting concerns over high costs and adversarial litigation that can emerge in a market rent review dispute.
Citation: Property Management
PubDate: 2021-09-28
DOI: 10.1108/PM-10-2020-0070
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- The causes of poor infrastructure management and maintenance in South
African municipalities-
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Authors: Odwa Mazele , Christopher Amoah
Abstract: Infrastructure development and management form the central part of the government's commitment and responsibility to deliver essential services to the communities. However, much focus has been placed on the development aspect, with very little focus on the management and maintenance aspects, causing service delivery problems. This study explores the causes of poor management of immovable municipal infrastructure in South Africa. A qualitative approach was adopted; thus, a sample of 15 participants consisting of senior municipal workers, local organizations and forums in Ngqushwa Municipality in Eastern Cape were identified and interviewed. The interview data were analyzed using thematic content analysis to determine the common themes and the frequencies. The study's findings indicate numerous causes of poor municipal infrastructure management, including lack of funding, lack of capacity, poor planning and oversight, lack of By-laws, grant dependency and corruption. The municipality's failure to address these issues has resulted in increased service protests, destruction of public property, interruption of services and loss of confidence in municipal administrations. Although the study concentrated on one municipality, the findings may be applicable to other South African municipalities. To provide efficient services for the inhabitants to curtail aggravated service delivery protests, there is an urgent need for the municipalities to institute effective measures to manage and maintain the infrastructure that serves the communities. The study has identified the factors underpinning ineffective management of the municipalities' facilities and the resultant's effects. Thus, the findings will guide the government and the authorities on the infrastructural management strategies for effective service delivery.
Citation: Property Management
PubDate: 2021-09-24
DOI: 10.1108/PM-06-2021-0042
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- Potential for optimising organisational structures in the technical due
diligence for real estate transactions in Germany
Open Access Article-
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Authors: Yannis Steffen Oetken , Christian Hofstadler , Felix Meckmann
Abstract: The individual levels involved in real estate management are thoroughly discussed in the literature. This paper provides a structured meta-analysis of the different theoretical approaches in German-speaking countries. It also investigates the integration of transaction management and technical due diligence into the concepts of organisation theory. In this process, the interfaces are analysed and optimised models are developed for transferring the technical due diligence findings to the operational level. Interviews with transaction management experts were conducted based on a narrative literature review. These interviews shed light on how the components of transaction management and due diligence are integrated into the transaction process, with a particular focus on technical due diligence. They also provide insights into how the related results are taken into account in relation to the transaction, and how they are transferred into the operational phase. It becomes apparent that the role of transaction management is not clearly defined and delimited in the structural model of the real estate industry. Technical due diligence findings are usually transferred to the operation of the property via several, manual interfaces with corresponding losses of knowledge. The related models derived and developed for the purpose of operational optimisation define the role of transaction management against a technical background and identify the interfaces to be considered. The significance of transaction management for subsequent operations is discussed and elaborated on. More specifically, transferring safety-relevant, high-priority findings from the technical due diligence exercise plays a crucial role for the modelling stage. On the implementation level, the derived models serve as a basis for customising the internal organisational structure. In Germany, there has hardly been any research into the involvement of technical experts in the real estate transaction process to date. This paper provides initial approaches to optimising organisational structures and sustainably integrating technical due diligence findings into real estate operations.
Citation: Property Management
PubDate: 2021-09-02
DOI: 10.1108/PM-04-2021-0027
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- Model for promoting green certification of buildings in developing
nations: a case study of Nigeria-
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Authors: Andrew Ebekozien , Matthew Ikuabe , Andrew Igiebor Awo-Osagie , Clinton Aigbavboa , Solomon Oisasoje Ayo-Odifiri
Abstract: Several studies have shown that climate change is a threat to sustainable human living and high consumption of energy by buildings is a contributory factor. However, green practices in buildings have been proved as one of the successful technologies to mitigate global warming. Previous studies have shown lax green practices in developing countries’ buildings, but how far concerning green certification of buildings in Nigeria is yet to be explored. Therefore, this paper investigated the barriers to green certification of buildings (GCB). Also, the paper proposed a model for promoting GCB in Nigeria. Eighteen experts with green building certification knowledge were engaged across three of Nigeria’s cities (Benin City, Abuja and Lagos) via scheduled WhatsApp video and teams calls. Collated interview data were analysed and presented in themes. Findings show that there is an absence of a framework to promote GCB in Nigeria. Hence, GCB is low across the states. Twelve main sub-themes emerged as the barriers to GCB in Nigeria. Also, eight key sub-themes emerged as the possible concepts that can be used to improve GCB in Nigeria and formulated into a proposed framework to promote GCB in Nigeria. This paper is limited to GCB in Nigeria and only 18 participants were engaged. Thus, this paper suggests that a mixed-methods approach should be conducted in future studies with wider coverage. This may assist to validate the paper’s findings. Findings from this paper will stir up practitioners in green building and influence the promotion of GCB in the sector. As part of this study’s implications, suggestions through the paper’s proposed framework will benefit Nigeria’s policymakers to make decisions towards achieving GCB. This can be achieved via the proposed framework to promote the concept across Nigeria. This paper is probably the first that attempted to investigate the barriers and proffer policy solutions via a framework to promote GCB in Nigeria and by extension in other developing countries.
Citation: Property Management
PubDate: 2021-08-31
DOI: 10.1108/PM-05-2021-0033
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- Choosing informal ways to acquire land
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Authors: Victor Olutope Ige , Job Taiwo Gbadegesin
Abstract: This paper examines why some sets of people choose an informal way to acquire land. It also examines challenges and drivers within indigenous communities in South-western Nigeria. Policy recommendations were proposed for formalization. What precisely are the contextual reasons that can be established empirically for the prevailing extra-legal practices in the developing land market' What are the challenges, and how can the informal land market be graduated into the formal system' It begins with identifying the contextual features, drivers and challenges of the informal land market through a combination of literature synthesis and a pilot survey. Subsequently, copies of questionnaires were developed, tested and distributed to the critical actors in the informal land market. Lastly, a structured interview was conducted to elicit possible solutions from key actors (both formal and informal stakeholders). Data were analyzed using descriptive, inferential statistics and computer-aided qualitative data analysis software (CAQDAS, Atlas. ti). The absence of administrative bureaucracy was the predominant characteristic of the informal urban land market, while household income is the strongest predictor of the informal land market drivers. Informal documentation of transactions is also one of the most severe challenges in the informal urban land market. Consensus between statutory and customary institutions and other 15 governance-related recommendations is proposed to confirm informality to formality. The paper's outcome will provide a rational guide to landowners, land administrators and other stakeholders on relevant information needed to develop a viable and healthy urban and rural land market.
Citation: Property Management
PubDate: 2021-08-24
DOI: 10.1108/PM-01-2021-0010
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- The Delphi method to identify attributes for a valuation approach for
residential property exposed to flood risk-
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Authors: Siti Hafsah Zulkarnain , Muhammad Najib Razali
Abstract: This study is aimed to identify the attributes for a valuation approach of flood risk exposure, in particular for residential property. With frequent flood events in Malaysia, there is a need for valuation methods to evolve and represent the increased risk of natural disasters. This study employed the Delphi method which is a systematic and interactive research technique in obtaining variables for a valuation approach for residential property exposed to flood risk. Results from the Delphi method revealed four categories of attributes, namely environmental, locational, structural and economical. The findings from this research will transform the valuation approach in Malaysia to identify the value of residential property exposed to flood risk. The determination of variables will represent the current risk in valuations, especially for residential property in flood-prone areas.
Citation: Property Management
PubDate: 2021-08-04
DOI: 10.1108/PM-10-2020-0067
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- Bankruptcy filings, flooding, real estate prices and Leading Index
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Authors: Billie Ann Brotman
Abstract: Flood damage to uninsured single-family homes shifts the entire burden of costly repairs onto the homeowner. Homeowners in the United States and in much of Europe can purchase flood insurance. The Netherlands and Asian countries generally do not offer flood insurance protection to homeowners. Uninsured households incur the entire cost of repairing/replacing properties damaged due to flooding. Homeowners’ policies do not cover damage caused by flooding. The paper examines the link between personal bankruptcy and the severity of flooding events, property prices and financial condition levels. A fully modified ordinary least squares (FMOLS) regression model is developed which uses personal bankruptcy filings as its dependent variable during the years 2000 through 2018. This time-series model considers the association between personal bankruptcy court filings and costly, widespread flooding events. Independent variables were selected that potentially act as mitigating factors reducing bankruptcy filings. The FMOLS regression results found a significant, positive association between flooding events and the total number of personal bankruptcy filings. Higher flooding costs were associated with higher bankruptcy filings. The Home Price Index is inversely related to the bankruptcy dependent variable. The R-squared results indicate that 0.65% of the movement in the dependent variable personal bankruptcy filings is explained by the severity of a flooding event and other independent variables. The severity of the flooding event is measured using dollar losses incurred by the National Flood Insurance program. A macro-case study was undertaken, but the research results would have been enhanced by examining local areas and demographic factors that may have made bankruptcy filing following a flooding event more or less likely. The paper considers the impact of the natural disaster flooding on bankruptcy rates filings. The findings may have implications for multi-family properties as well as single-family housing. Purchasing flood insurance generally mitigates the likelihood of severe financial risk to the property owner. Natural flood insurance is underwritten by the federal government and/or by private insurers. The financial health of private property insurers that underwrite flooding and their ability to meet losses incurred needs to be carefully scrutinized by the insured. Prior studies analyzing the linkages existing between housing prices, natural disasters and bankruptcy used descriptive data, mostly percentages, when considering this association. The study herein posits the same questions as these prior studies but used regression analysis to analyze the linkages. The methodology enables additional independent variables to be added to the analysis.
Citation: Property Management
PubDate: 2021-07-26
DOI: 10.1108/PM-02-2021-0018
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- Accommodating a tree asset register of street trees in a local government
authority setting-
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Authors: Humphrey Boogaerdt , Alistair Brown
Abstract: The purpose of this study is to consider how a local government authority may present a tree asset register of street trees for the decision-making of the authority's stakeholders. Using the tenets of population density theory, urban form theory and social stratification theory, the approach of the study is to develop a tree asset register in a local government authority's setting that could be modelled using many different attributes to derive important information for decision-making purposes. Tree asset registers represent a critical tool in managing street trees across local government authorities. Although the efficacy of an asset tree register may be curtailed by lack of internal audit or yearly updates, the practical consequence of an asset tree register is that local administrators may use the register to gather summarised, organised and parsimonious measures of a wide range of environmental, historical, cultural, aesthetic and scientific values of street trees. Tree asset registers affords ratepayers, developers, tree managers and valuers a technology to plan, coordinate and manage street trees to support ecosystem services. Asset tree registers offer planners a means to bring about sustainable change management. The originality of the study rests in introducing tree registers as a means to meet diverse strategies for street tree management by interested stakeholders.
Citation: Property Management
PubDate: 2021-07-26
DOI: 10.1108/PM-04-2021-0023
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- Evolution of the housing market under the framework of adaptive market
hypothesis and martingale difference hypothesis: a case of India-
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Authors: Richa Pandey , V. Mary Jessica
Abstract: The purpose of this study to evaluate the evolving market efficiency of the housing market under the framework of adaptive market hypothesis and martingale difference hypothesis taking a case of India. The study used a wild bootstrap version of the generalized spectral (GS) test in the rolling window framework to measure possible time-varying linear and non-linear dependence in the housing market. The study finds that the Indian housing market, in general, is not efficient, and this efficiency is dynamic, which changes with time lending support to the adaptive market hypothesis. The study confirms that the evolutionary model of individuals adapting to a changing environment via behavioural biases affects the efficiency of the housing market, which leads to the evolving efficiency of the housing market prices. The study believes that the potential implications go beyond evolutionary forces and the adaptive market hypothesis , which, does not only depend on an individual's decision-making process but also on social psychology. Thus, a further attempt in this line, taking into account the social psychology and quantitative rigour towards drivers of evolving efficiency is suggested for future research. The study suggests that there is a possibility of extra returns for market players, but not always. The Indian housing market has witnessed several landmark reforms in recent years, so it is believed that these reforms would decrease the inefficiency level of this market. Contrary to this, the study’s findings reveal an increase in the inefficiency level in recent years. As the Indian housing market shows evolving efficiency, it is believed that the increased inefficiency is temporary. The increased inefficiency can be regarded as the settlement stage of the various policy and technical reforms. Confirming the presence or absence of adaptive efficiency in the housing market under possible non-linear dependence will be a significant addition to the existing literature.
Citation: Property Management
PubDate: 2021-07-06
DOI: 10.1108/PM-11-2020-0075
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- CEO behavior and sustainability performance: the moderating role of
corporate governance-
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Authors: Amel Kouaib , Asma Bouzouitina , Anis Jarboui
Abstract: This paper explores how the tension between a firm's CEO overconfidence feature and externally observable hubris attribute may determine the level of corporate sustainability performance. This work also contemplates the impact of the moderator “corporate governance practices.” This study uses a sample of 658 firm-year-observations using a sample of European real estate firms indexed on Stoxx Europe 600 Index from 2006 to 2019. To test the developed hypotheses, feasible generalized least square (FGLS) regression is applied. Findings suggest that a good corporate governance score strengthens the positive effect of the psychological bias (CEO overconfidence) on corporate sustainability performance while it fails to attenuate the negative effect of the cognitive bias (CEO hubris). The research provides an overview of the impact of CEO personality traits on the corporate sustainability performance level in the European real estate sup-sector. As corporate governance can have a major impact to control these traits, the authors recommend European real estate companies to improve their corporate governance practices. This study contributes to the existent literature this gap with two empirical novelties: (1) providing a novel insight into sustainability involvement using a sample of European real estate sup-sector and (2) investigating the moderating effect on the link between CEO psychological and cognitive biases and sustainability performance. This study provides empirical evidence that entrenchment problems arising from CEO hubris would not be mitigated by a good corporate governance practice.
Citation: Property Management
PubDate: 2021-07-01
DOI: 10.1108/PM-01-2021-0009
Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
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- The relevance of inter-market research to knowledge accessibility in
property markets: lessons for Nigeria from the UK-
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Authors: Ndubisi Onwuanyi , Abiodun Kolawole Oyetunji
Abstract: This paper explores the relevance of inter-market research to improving knowledge in property markets. It focuses on Nigeria's emergent property market which JLL (2018) suggests is information challenged. Given the country's lack of property data management, it is posited that inter-market studies can help to improve information supply and market knowledge. Inter-market research in Nigeria is compared with the UK's established market where such research is a key information source. An online database search was used to collate published intra-market and inter-market research on Nigeria's property market between 2009 and 2019. The inter-market research were thereafter examined as to volume and scope (geographical and thematic) and compared with the UK's. Relative to the UK, the volume as well as scope (geographical and thematic) of inter-market research in Nigeria are respectively far lower and narrower, thereby producing less information overall. Only a few Nigerian studies provide insights of two or more local markets. There is little or no research on many important market issues and other urban markets in the system. This suggests that inter-market research is relatively undeveloped in Nigeria. The online search approach used to assemble extant research in the absence of a research repository may have resulted in the omission of some inter-market research undertaken between 2009 and 2019 if these were not published online. The dearth of inter-market research in Nigeria suggests an inadequately researched market. This limits market information, market knowledge, suggests a low market competitiveness with implications for development in view of the role of property in the modern economy. In view of the little attention given to inter-market research in Nigeria, this study draws attention to its potential for improving market knowledge by the production of information which has a wider market relevance.
Citation: Property Management
PubDate: 2021-07-09
DOI: 10.1108/PM-01-2021-0001
Issue No: Vol. 39 , No. 5 (2021)
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- An evaluative study of public property maintenance practices in a tertiary
institution in Ghana-
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Authors: Kofi Amponsah-Kwatiah , Seth Anim Owusu , Isaac Afranie
Abstract: The purpose of the study is to evaluate key factors considered in the maintenance and management of property and facilities in a public tertiary institution in Ghana, taking reflective cognizance of the poor maintenance culture in the country. The cross-sectional design was adopted, employing both structured and semi-structured interview questionnaires for quantitative and qualitative interview data, respectively from multiple individuals in the Koforidua Technical University. The Statistical Package for the Social Sciences (SPSS) tool was deployed to analyze the quantitative data, while the focus group interview was recorded, transcribed and thematically analyzed. The paper reveals the need for a working policy and strategy for the maintenance of public property to ensure sustainability of practices. Essential factors such as effective communication flow and the competence of the maintenance team were highly ranked in the maintenance of public property. The use of computerized systems and other technological tools in maintenance practice featured low, and this calls for improvement in the delivery of maintenance services. Another critical finding was the need for effective engagement of all stakeholders in the planning and development of strategies to improve property maintenance. The findings have practical implications for practitioners and society at large. Notably, they enjoin public sector institutions to embrace policy-driven public property management and maintenance, strategic outlooks for public property maintenance, technological advancement in property management and effective engagement of all stakeholders in property maintenance delivery. This paper reviews a collection of maintenance practices and moves further to evaluate them using a case study of a public institution to draw useful outcomes. It offers new knowledge pursued to fill a revealed gap in the literature.
Citation: Property Management
PubDate: 2021-06-25
DOI: 10.1108/PM-01-2021-0002
Issue No: Vol. 39 , No. 5 (2021)
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- Quantifying the value of high-quality property management
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Authors: Jayantha Wadu Mesthrige
Abstract: “Ill-maintenance of common areas” in multi-owner residential properties is described as the “tragedy of anti-commons problem”. The problem can be addressed by outsourcing the management of the property to a company possessing quality property management (PMGT) certification. The PMGT certification is normally hailed as an effective means of reassuring occupiers and prospective property buyers of the good level of quality of the property management to be expected. This study investigated whether PMGT certification carries with it a price premium for residential properties. A fixed-effects modelling approach was employed in relation to a large residential properties dataset in Hong Kong, in the period 2009–2018. The results indicate, on average, that the PMGT certification commands a price premium of between 3.3 and 3.9%. This premium can be called, the “tragedy of anti-commons premium (TAC premium)”. The results further suggest that significant price premium differences relate to the four different types of certifications studied. The price of a residential unit managed by a property management company (PMC) with Q-mark certification is about 3.4% higher than a unit managed by a non-certified PMC, ceteris paribus. Likewise, corresponding price premiums for units certified related to ISO9001 and HKMAQA certifications are 3.5 and 2.4%, respectively. To the best of author's knowledge, this is the first attempt to investigate if there is any relationship between the property price premium attributed to “tragedy of anti-commons” and PMGT certification.
Citation: Property Management
PubDate: 2021-06-15
DOI: 10.1108/PM-01-2021-0003
Issue No: Vol. 39 , No. 5 (2021)
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- On the Property Management Services Ordinance of Hong Kong: concerns and
implications-
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Authors: Philip Wong , Joseph Lai
Abstract: This paper aims to examine the concerns and implications of the recently enacted Property Management Services Ordinance (Cap. 626) (PMSO) of Hong Kong. A review was undertaken to identify the characteristics of the property management-related legislation of common law jurisdictions similar to Hong Kong, which include Australia, Canada and the United Kingdom. Then, the development of the property management-related ordinances in Hong Kong and the key features of the PMSO were examined. Finally, a case study was conducted to demonstrate the potential problems of the PMSO. There are various kinds of legislative controls on property management services in the above common law jurisdictions. The PMSO, which is the first to regulate property management services providers through a licencing system and introduce control on training and professional development, imposes limits on freedom of contract and self-regulation of professionals. Potential problems with the implementation of the PMSO are also revealed. This research analyses four common law jurisdictions. Property management services contracts in these jurisdictions are subject to governance by their case laws and market operations. By virtue of the new licencing system of the PMSO, property management services contracts in Hong Kong become a new kind of specific contracts. This paper illustrates the relationship between freedom of contract and public benefit. It contributes knowledge to the area of government policy formulation in property management.
Citation: Property Management
PubDate: 2021-06-08
DOI: 10.1108/PM-12-2019-0071
Issue No: Vol. 39 , No. 5 (2021)
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- The socio-economic impact of land redistribution on the beneficiaries in
the Greater Kokstad Municipality of South Africa-
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Authors: Christopher Amoah , Nwabisa Tyekela
Abstract: The Government of South Africa, in 1997, embarked on the land redistribution programme in some communities to address the land ownership injustices suffered by indigenous during the apartheid regime. The objective of this study is to assess the socio-economic experiences of communities that have benefitted from the government's land redistribution programme in the Greater Kokstad Municipality in KwaZulu-Natal, South Africa. The study employed a qualitative research methodology. The population of interest comprised two communities (Franklin and Makhoba) located within the Greater Kokstad Municipality. A purposefully selected sampling technique was used to select the relevant land beneficiaries to form part of the study's sample. An interview guide made up of both closed-ended and open-ended questions was used to solicit information from the participants. The findings revealed that the key social-economic variables, such as the living standards of the beneficiaries, have not yet experienced much improvement. Moreover, it became evident that some socio-economic aspects such as food security, low-cost housing, basic services, wealth (land), transport, infrastructure and training had improved somewhat; although other similar aspects such as total household incomes, unemployment, general community safety and corruption had not improved. It can, therefore, be concluded that all socio-economic aspects of beneficiaries' lives had not improved/changed entirely; thus, the experiences of the land redistribution beneficiaries of the Greater Kokstad Municipality represent a mixed bag of major failures and minor successes. The study recommends some policy improvement on the land redistribution programme such as an increase in the combined budgets of the land redistribution and tenure reform programmes and the revision of the proceeds paid to landowners from market value to production value, which if adopted by the government, will help address the deficiencies in socio-economic benefit of the programme to the beneficiaries in the communities. The findings give an insight into the effectiveness of the government's land redistribution programme to the beneficiaries' socio-economic lives and areas where the government needs to improve to make the project a success. The paper also adds to the literature in terms of knowledge and may serve as a reference for future studies in this area.
Citation: Property Management
PubDate: 2021-06-07
DOI: 10.1108/PM-01-2021-0008
Issue No: Vol. 39 , No. 5 (2021)
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- Impact assessment of contemporary international and national accounting
standards adoption: evidence from Greek hotels-
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Authors: Nikolaos Iason Koufodontis , Stella Zounta , Maria Papagiouvanni
Abstract: This paper aims to offer new insights on how the adoption of contemporary international accounting standards can affect the financial performance of a hotel. It provides significant input for strategic decision making in property management, especially in countries where hotels properties are given a choice between different accounting standards. Data was collected from 3-, 4- and 5- star hotels in Greece, through primary research with questionnaires, filled by hotel financial managers. Greece was selected because hotels can choose between national and international accounting standards; therefore, the research could focus on actual factors beyond mandatory adoption. Microeconomic factors such as category or legal form of the hotel in combination with other factors can affect the perceived benefits of the selected accounting standards. Macroeconomic factors such as the overall tourism development of the destination also affect the perceived impact. The research was targeted at hotel executives with knowledge and participation in decision making regarding accounting standards. This requirement limited the sample since all hotels do not have a financial manager position. The new knowledge can be utilized in property management as an element of hospitality strategic planning for improved assessment of anticipated effects resulting from the adoption of specific accounting standards. The research fills a gap in existing knowledge by introducing elements not previously examined; additionally, it expands previous knowledge from other sectors to hospitality and tourism, while verifying or rejecting past findings.
Citation: Property Management
PubDate: 2021-06-01
DOI: 10.1108/PM-12-2020-0086
Issue No: Vol. 39 , No. 5 (2021)
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- Valuation inaccuracy, approaches, basis and procedures for judgment
execution in Ethiopia-
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Authors: Masresha Belete Asnakew , Minale Kassahun Amogne
Abstract: The causes of valuation inaccuracy, the approaches, basis and procedures used for value estimation were not profoundly identified in Ethiopia. Particularly, the causes of property valuation inaccuracy for court decisions have not been assiduously studied by scholars. Hence, the ultimate goal of this study aims to identify the determinant variables of valuation inaccuracy, the approaches, basis and procedures used for court execution purposes. This study employed both qualitative and quantitative approaches. The target populations of the study were the courts at the federal and regional levels. A purposive sampling technique was employed to undertake this study. The survey data was analyzed using the Relative Importance Index (RII). The finding of this research revealed that courts have not outshined and uniform valuation manuals and guidelines that clearly state the approaches, procedures and bases of valuation. As a consequence, courts execute based on the opinion of value determined by other institutions. The insignificant numbers of independent valuation institution with the lack of uniform standards in the country prejudice the implementation of the decision of the court and faced injustice. The finding also reveals as there are several causative variables for real property valuation inaccuracy. To alleviate the problem, the government should strengthen the valuation sector by creating an independent institution for advancing valuation regulation and policymaking. This study was the first of all and could be a pointer for different government and non-government bodies regarding the limitations of valuation for judgment execution purposes.
Citation: Property Management
PubDate: 2021-05-31
DOI: 10.1108/PM-11-2020-0080
Issue No: Vol. 39 , No. 5 (2021)
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- Factors influencing real estate graduates soft skill gap in Nigeria
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Authors: Timothy Oluwafemi Ayodele , Oluseyi Joshua Adegoke , Kahilu Kajimo-Shakantu , Olaitan Olaoye
Abstract: The purpose of this study is to evaluate the soft skill gap of graduate employees, as well as the factors influencing the skill gaps of real estate graduates in the employment of real estate firms in Nigeria. Primary data were employed for the study. Close-ended questionnaire served on real estate employers in the two major property markets of Nigeria: Lagos and Abuja. From a total of 343 questionnaires administered, 172 (59.7%) questionnaires were retrieved. While data from the graduate employees were obtained via a web-based survey sent out to a total of 558 graduates, 119 (21.33%) responses were received. Descriptive and inferential statistical techniques were employed in the data analysis. The findings showed that employers had high expectations for soft skillsets relating to responsibility, administrative, listening and communication skills. These have respective mean scores of 6.38, 6.33, 6.31 and 6.31 on a seven point scale. However, the results revealed significant skill gaps with skills such as logical thinking, business negotiation, responsibility and marketing. Further, the analysis revealed that factors influencing the skill gap, in decreasing order of influence, are training/professional mentors/remuneration, personal preferences/industry characteristics and curriculum/faculties. Real estate graduate soft skills are investigated to uncover areas of emphasis and skill gaps. These outcomes could serve as important feedbacks for stakeholders towards improving real estate teaching and curriculum. The findings could also assist real estate graduates to know employers areas of emphasis in relation to graduate employability skills. Extant studies have reiterated and evaluated the soft skills gaps based on the perceptions of employers, faculties and institutions of higher learning. However, there is the need to investigate the perception of graduate employees, being the recipient and major stakeholders in the training process.
Citation: Property Management
PubDate: 2021-05-13
DOI: 10.1108/PM-08-2020-0051
Issue No: Vol. 39 , No. 5 (2021)
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- Property Management
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