E. Chapinduka Nyasulu and C.E. Cloete
The purpose of this research is to investigate the unaffordability of housing and limited access to finance as limiting factors to the provision of adequate housing in the urban…
Abstract
Purpose
The purpose of this research is to investigate the unaffordability of housing and limited access to finance as limiting factors to the provision of adequate housing in the urban areas of Malawi.
Design/methodology/approach
Primary data were collected by means of questionnaires followed up by semi‐structured personal interviews. These interviews were conducted with all major role players in the urban housing finance industry. Secondary data were obtained through scrutiny of the stakeholders' relevant official records and reports kept at their offices. The subset of analysis was chosen to be the local authorities of Blantyre, Zomba, Lilongwe and Mzuzu.
Findings
Finance from the formal sector is accessible to fewer than 35 per cent of the urban population and less than 16 per cent of households in the major urban areas can afford an average house. No government subsidies are available for end users and development financing is limited and extremely dear. The contribution from non‐conventional finance sources to housing finance is negligible.
Practical implications
It is suggested that the use of various instruments may alleviate the situation. Such instruments could include a housing tax for the implementation of subsidies, subsidies from developed countries, the formation of cooperatives and the implementation of securitisation.
Originality/value
Limited research exists on the problem of housing finance in Malawi. This paper quantifies the situation. Implementation of the recommendations will contribute to the provision of adequate housing in Malawi.
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Johnson Kampamba, Emmanuel Tembo and Boipuso Nkwae
The purpose of this paper is to establish the relevance of the real estate curricula being offered by the two universities in Botswana to industry.
Abstract
Purpose
The purpose of this paper is to establish the relevance of the real estate curricula being offered by the two universities in Botswana to industry.
Design/methodology/approach
This is a cross-sectional study in which a designed questionnaire was administered to the practitioners in real estate obtained from the membership list of the Real Estate Institute of Botswana (REIB), final-year students and former graduates of the Bachelor of Land Management programme using proportionate stratified random sampling technique. This resulted into the total population of 150 elements. Students for the Bachelor of Commerce in Real Estate (BCom RE) at Ba Isago and BSc Real Estate programme at the University of Botswana were excluded from the population because they did not have graduate degrees yet; therefore the study sample was drawn from the identified population at 90 per cent confidence level with a 10 per cent margin of error. The sampling frame composed of 122 registered property valuers and managers, 14 alumni and 14 final-year students of Land Management (150). The sample size of 60 was determined at 90 per cent level of confidence with a 10 per cent margin of error. The questionnaire was administered through e-mail using a contact list from the REIB to their members. It was also e-mailed to the alumni and physically administered to the final-year students as well. A 60 per cent response rate was achieved.
Findings
It was established that the three programmes offered at the two universities in their current form are relevant to the industry. The overall average scores out of 5 for these programmes were 4.14 for BSc Real Estate – UB, 4.10 for Bachelor Land Management – UB and 3.97 for BCom RE – Ba Isago University College. By using analysis of variance, the study further established that there were no significant differences between the two programmes that are offered at UB and the one at Ba Isago University College. This was established by looking at the computed F-test (0.89) and the critical F-test (2.36). Since the computed F-test was less than the critical F-test value, it was concluded that there is no significant statistical differences among the three programmes being offered in the two universities.
Research limitations/implications
The major limitation in this study was the use of an e-mailed questionnaire to the property practitioners and alumni of the Land Management programme which is characterised by a low response rate.
Practical implications
Since the three overall mean scores are close to and above 4.00, it means the current programmes offered at the two universities are relevant to the industry.
Social implications
The research results might be useful to the society and should be used to enhance the social uplifting of society by contributing to the decisions that are made which might affect the society as a whole.
Originality/value
This is the first study to be conducted in Botswana which was meant to establish if the real estate programmes offered in the two universities were relevant. It is the first study to compare and evaluate the relevance of the contents of three real estate programmes locally.
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Ephraim K. Munshifwa, Chota M. Mwenya and Anthony Mushinge
As population grows, industries blossom and demand for space increases, cities become the centre point for myriads of challenges for urban administrators. This chapter…
Abstract
As population grows, industries blossom and demand for space increases, cities become the centre point for myriads of challenges for urban administrators. This chapter investigated challenges of urban development, land use changes and environmental impacts resulting from pressure on urban land. The study was primarily qualitative in nature and adopted a case study approach. The city of Ndola was selected for this purpose. Four institutions, namely, Zambia Environmental Management Agency (ZEMA), Water Resources Management Agency (WARMA), Kafubu Water and Sewerage Company (KWSC) and Ndola City Council (NCC), were used for data collection. At each institution, one official was purposively selected by management based on their knowledge and experience on the subject. The primary data were collected mainly through semi-structured questionnaires in face-to-face interviews. The chapter concludes that pressure for development land has resulted in increased demand for change of use, allocation and construction in environmentally vulnerable areas such as the Kafubu and Itawa River basins and their tributaries. This has further resulted in serious threats to the environment due to pollution of water sources from domestic and industrial waste. The chapter though argues that tools for overcoming these challenges are already provided for in the legislation, it is the implementation and effective coordination among agencies charged with planning, land allocation, water distribution and protection of the environment, such as ZEMA, WARMA, KWSC and NCC, which is lacking. Considering the foregoing, it is recommended that land and water administrative systems should be improved through among other things, effective consultation between various agencies involved in environmental management, zero tolerance to illegal land allocation and effective implementation of statutes.
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This paper provides an overview of real estate educational programmes currently being offered in the Republic of South Africa as well as the role of the South African Property…
Abstract
This paper provides an overview of real estate educational programmes currently being offered in the Republic of South Africa as well as the role of the South African Property Education Committee in this respect. The emphasis is on programmes offered by formal tertiary educational institutions (i.e. universities and technikons) as well as on programmes offered by the major professional bodies in the field of real estate. Both undergraduate and post‐graduate courses at all universities and technikons are addressed and the implications of recent developments in this field are indicated. The background to the recently established national qualifications framework (NQF) is sketched and the present progress with the implementation of the outcomes‐based NQF with regard to real estate education is summarised. This overview provides a sound basis for comparing real estate educational programmes in South Africa with those offered in other countries.
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Gert Abraham Lowies, John Henry Hall and Christiaan Ernst Cloete
The purpose of this paper is to determine whether anchoring and adjustment as heuristic-driven bias and herding behaviour influences listed property fund managers in South…
Abstract
Purpose
The purpose of this paper is to determine whether anchoring and adjustment as heuristic-driven bias and herding behaviour influences listed property fund managers in South Africa’s property investment decisions. The study contributes to the understanding of the influence of heuristic-driven bias and herding behaviour on property investment decisions made in a highly volatile environment.
Design/methodology/approach
This study is focused on the subject field of behavioural finance and follows a survey-based design. A questionnaire was finalised after completion of the pilot study and was sent via e-mail to fund managers of all South African-based property funds listed on the Johannesburg Securities Exchange. Non-parametric statistical measures were used.
Findings
Consistency with other studies suggests that anchoring and adjustment may exist in the decisions made by listed property fund managers. However, fund managers tend to not adjust to new information due to the current socio-political environment in South Africa rather than a lack of understanding of the new information.
Practical implications
It is recommended that investors form developed and emerging economies take notice of the highly volatile circumstances in which property fund managers in an emerging economy such as South Africa have to make investment decisions. The probability of missed gains as a result of conservative investment strategies may have an impact on future returns.
Originality/value
This study enhanced the understanding of the role that heuristic-driven bias plays in the South African property industry and more importantly, it went some way towards enhancing understanding of behavioural aspects and their influence on property investment decision making in an emerging market.
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Kuo-Ning Liu and Clark Hu
This study aims to address research gaps by constructing critical success factors (CSFs) in the context of green hotel investment in Taiwan. It contributes to the domain knowledge…
Abstract
Purpose
This study aims to address research gaps by constructing critical success factors (CSFs) in the context of green hotel investment in Taiwan. It contributes to the domain knowledge to cultivate Taiwan’s green hotel development in the future.
Design/methodology/approach
The authors secured 20 prominent green hotel management/owners/architects as crucial informants. The first stage used the Delphi method to collect expert opinions (i.e. CSFs) and the second stage applied the analytic hierarchy process to analyze the importance of CSFs.
Findings
The results show that the “financial investment benefits” is considered the most crucial success factor for the green hotel investment. However, to balance long-term economic development with environmental impact, green hotel investors should consider other aspects of the research to sustain future financial performance returns.
Research limitations/implications
Further studies should consider regional characteristics to accommodate geographic/social differences and hotel types to explore possible CSFs for the green hotel investment. The authors suggest including panel experts from government officials and prominent scholars to represent a broader but different view on subject matters. They also offer implications for investors’ governmental policies, hotelier cognition and customer-related aspects in green hotel investment.
Originality/value
This study built a hierarchical framework based on the CSF concept by evaluating priority differences between hotel management and hotel owners/architects. Such findings help investors’ effective decision-making through considering factors’ relative importance for green hotel investments.
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Pre‐1994 apartheid laws had a marked impact on urban land use patterns in South Africa. A new government came into power in 1994 and the Group Areas Act had been abolished. The…
Abstract
Pre‐1994 apartheid laws had a marked impact on urban land use patterns in South Africa. A new government came into power in 1994 and the Group Areas Act had been abolished. The resultant integration of residential suburbs was initially slow, but is occurring at an increasing rate. In this paper, relocation patterns in Johannesburg and Pretoria are analysed. Analysis of the process indicates that the socio‐economic status and the affordability levels of the home‐buyer will drive the relocation process. Integration levels will initially be highest in low‐ and middle‐income residential areas. Shopping centres in certain areas had to change their products and tenant mix to cater for the specific needs of new black residents, while the increasing integration of residential areas will also have an impact on the location of office firms. Attention is drawn to certain similarities with the process of residential integration in the USA.
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John Edward Graham and Adam Talbot Jones
Speed bumps invite varied responses from homeowners, drivers and policymakers. Parents of small children like speed bumps, if they slow the passing traffic, but prospective home…
Abstract
Purpose
Speed bumps invite varied responses from homeowners, drivers and policymakers. Parents of small children like speed bumps, if they slow the passing traffic, but prospective home buyers may reject a home with a speed bump nearby, contemplating the traversal of it thousand times during an ownership period. The purpose of this study is to empirically identify the effect of speed bumps on home values.
Design/methodology/approach
Analysis presented here is based on an examination of home sales prices and exploits variation in the number of speed bumps traversed and the installation of speed bumps to identify the effect of speed bumps on home values. An anonymous online survey is also used to shed light on drivers of the empirical results.
Findings
Initial results exploiting variation in the number of bumps traversed suggest speed bumps are associated with reduced residential property values. An estimated treatment effect of speed bump installation underscores the original findings. Finally, survey results imply that older homeowners and homeowners with children may favor speed bumps but less than the disfavor of those who do not.
Research limitations/implications
The research presented here applies to speed bumps in residential areas and on streets not considered through streets.
Practical implications
The findings suggest that planners should investigate options such as medians and roundabouts instead of speed bumps.
Social implications
These results suggest that communities can be visually improved and home values lifted through the removal of speed bumps and installation of other traffic control devices.
Originality/value
This research is valuable to residential developers, planners and neighborhood associations across the country.
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Linda K. Moseki, Emmanuel Tembo and Chris E. Cloete
The purpose of this paper is to evaluate the current practice of facilities management (FM) in Botswana, particularly as it relates to building maintenance.
Abstract
Purpose
The purpose of this paper is to evaluate the current practice of facilities management (FM) in Botswana, particularly as it relates to building maintenance.
Design/methodology/approach
Both qualitative and quantitative research methods (observations made from visual inspection of buildings and questionnaires) were used to obtain data in order to meet the objective of the study. A survey involving a self‐administered questionnaire to facility managers was used.
Findings
The study revealed that there was generally a lack of information on facilities managed due to a number of factors. The study also found that maintenance expenditure was not in accordance with recommended best practice ratios, that there was a lack of knowledge on the different types of maintenance and that the focus was mostly on emergency and day‐to‐day maintenance. Top management in some organisations also seemed to lack an understanding of the importance of FM, while maintenance departments suffered from under funding and budget cuts.
Originality/value
From the key findings, recommendations are made in this paper to improve the practice of FM in Botswana.