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Article
Publication date: 18 June 2018

Chioma Oluwaseun Abere, Olusegun Adebayo Ogunba and Terzungwe Timothy Dugeri

Studies on the maturity status of Sub-Saharan African property markets are scanty. The absence of such studies appear to have made African property markets – such as the Nigerian…

267

Abstract

Purpose

Studies on the maturity status of Sub-Saharan African property markets are scanty. The absence of such studies appear to have made African property markets – such as the Nigerian market – unattractive to foreign investors who require market information to assess the viability of proposed investments. The purpose of this paper is to explore the maturity status of selected city property markets in Southwestern Nigeria (i.e. markets in the capital cities of Lagos, Ibadan and Osogbo), with a view to providing information for enhanced property investment in Africa.

Design/methodology/approach

The study adopted and expanded on property market maturity paradigms suggested by Keogh and D’Arcy (1994), Akinbogun et al. (2014) and Jones Lang LaSalle (2014) to measure the maturity status of the property markets in the Nigerian cities. The study investigated the maturity of three markets in Nigeria by scoring the stated views of a range of stakeholders (estate surveyors and valuers, public land administrators and financiers represented by commercial banks) across a range of ten indicators. The responses were classified by means of a five-point classification scale which expanded on the initial four-point scale developed by Dugeri (2011).

Findings

The three property markets were found to exhibit varying maturity characteristics (with weighted mean scores of 3.07, 2.71 and 2.51, respectively), representing emerging and immature stages of evolution on the maturity path. These results suggest that there is a correlation between the tier of the market and the level of property market maturity.

Practical implications

The study concluded that first- and second-tier city property markets have emerged sufficiently to the point where they may safely attract foreign direct and indirect investment from courageous foreign investors. However, the state governments and real estate professional regulatory bodies in the second and third markets need to undertake substantial remodeling of market structures to make them attractive to international investors.

Originality/value

The value of the paper is in providing much needed information for enhanced property investment in Africa.

Details

Property Management, vol. 36 no. 3
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 18 July 2024

Augustina Chiwuzie, Dabara Ibrahim Daniel, Olusegun Adebayo Ogunba and Jonas Hahn

Workspace equality and inclusivity remain critical in promoting diversity and dynamism across all sectors of the economy. Despite recent progress, gender disparities persist in…

59

Abstract

Purpose

Workspace equality and inclusivity remain critical in promoting diversity and dynamism across all sectors of the economy. Despite recent progress, gender disparities persist in the real estate sector, including education and training programmes. This study employs a quantitative research design to assess gender diversity of real estate education at Federal Polytechnic Ede in Nigeria. The study focuses on female students' enrolment in real estate programmes, their experiences, perceptions and any potential effect on real estate career prospects.

Design/methodology/approach

A self-administered questionnaire was used to collect data from 138 out of all the 150 female students currently enrolled in the real estate programmes. Descriptive statistics and a one-sample t-test were utilised for the data analysis.

Findings

The findings indicate an increased number of females enrolled in real estate programmes. Female students face a lack of access to mentorship opportunities and perceive gender discrimination and bias in the real estate industry. However, these industry factors would not deter female students' decision to pursue a career in the real estate industry after graduation.

Originality/value

This study to the best knowledge of the researchers is the first to investigate gender dimensions of real estate programmes in the context of African higher education institutions; thereby contributing to the body of knowledge on gender diversity in this field.

Details

Property Management, vol. 43 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 30 September 2020

Oluwaseun Chioma Abere, Olusegun Adebayo Ogunba and Terzengwe Timothy Dugeri

The study investigated the factors influencing maturity levels in the Nigerian property market particularly southwestern Nigeria in sub-Saharan Africa. There is a need to identify…

149

Abstract

Purpose

The study investigated the factors influencing maturity levels in the Nigerian property market particularly southwestern Nigeria in sub-Saharan Africa. There is a need to identify the factors responsible for the less notable progress in the market in order to proffer measures that will enhance the property market or attract both local and international real estate investors.

Design/methodology/approach

The method of data analysis adopted is weighted mean scores. The study sampled estate surveyors, public land administrators and financier, which are represented by the commercial bank. The respondents were presented a list of 40 factors and asked to rank them on a seven-point Likert scale. In order to reduce the variables responsible for the maturity levels into a few factors, factor analysis was employed.

Findings

The factors identified by respondents as the most responsible for the maturity levels observed (those with the highest weighted mean score of 6.52, 6.35 and 6.31) include government policy on interest rate, safety of property right/titles and insufficient property market information. Using factor analysis, the variables were further grouped into six factors namely monetary policy, property right registration, property professionalism, investor friendliness, property data and economic factors.

Practical implications

On the basis of findings, the study recommends that the government should create an enabling environment for prospective investors/or property owners by taking measures that will improve the ease of doing business at same time enhance the foreign real estate investment. The government should pass enabling legislation that will make real estate financing a feature of the capital market. The Central Bank of Nigeria can help in managing the rate of inflation in order to reduce the cost of the construction materials so that average Nigerian can be able to own property asset. Prominent real estate firms should in conjunction with The Nigeria Institution of Estate Surveyors and Valuers develop property data bank on market fundamentals, e.g. rental/capital values, yields, construction cost indices, etc.

Originality/value

The paper provided the information on the factors that will enhance property maturity levels in southwestern Nigeria.

Details

Property Management, vol. 39 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 15 March 2022

Deborah Monisola Olawuni, Ayodele Samuel Adegoke, Olusegun Adebayo Ogunba, Job Taiwo Gbadegesin, Deborah Odunayo Balogun and Ibukunola Victoria Omogbehinwa

The Land Use Act of 1978 is a promoter of land occupation regardless of gender. However, the marginalisation of women in the occupation of land remains a serious concern. Hence…

89

Abstract

Purpose

The Land Use Act of 1978 is a promoter of land occupation regardless of gender. However, the marginalisation of women in the occupation of land remains a serious concern. Hence, this study explored the inhibitors to women's right to occupy land in the Ajebamidele Community in Ile-Ife with a view to supporting the need for the proper implementation of land regulations.

Design/methodology/approach

The data for the study were elicited from 13 women who were purposively selected. With the aid of Atlas.ti software, the study took a phenomenological approach to the analysis of the data obtained during structured interviews with the respondents.

Findings

The results revealed the factors inhibiting women's right to occupy land were unavailability of finance, education status/awareness, intrapersonal factor, custom and tradition, mode of acquisition and socio-economic characteristics.

Practical implications

Like their male counterparts, the role that women play in national development are significant. As such, the findings of this study will assist the government in the formulation of policy for the proper implementation of the current land policies and regulations.

Originality/value

Only a few attempts have been made to study the inhibitors to women's right to occupy land using the qualitative approach in emerging economies.

Details

Property Management, vol. 40 no. 5
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 8 March 2011

Olusegun Ogunba

The paper aims to address concerns that valuers' choice of depreciation models in their cost approach to value is not sustainable (is incapable of preserving patronage in present…

1661

Abstract

Purpose

The paper aims to address concerns that valuers' choice of depreciation models in their cost approach to value is not sustainable (is incapable of preserving patronage in present and future generations).

Design/methodology/approach

The paper draws up conceptual expectations regarding how seven UK and US depreciation models pass or fail four identified sustainability indicators: reliability, consistency, usability and separate treatment of depreciation components. Valuation surveyors in Nigeria were offered as a case study of how valuers in one country respond to such conceptual investigations.

Findings

The study found that cross‐sectional models, the breakdown model and hedonic modeling are the depreciation models perceived as most sustainable. However, popular model use follows easiest models rather than most sustainable models.

Practical implications

The paper suggests that the pursuit of sustainability in valuation modeling should involve provision of institutionalized best practice guidance beyond that currently provided so as to assist valuers/appraisers in more sustainable choices.

Originality/value

The paper is probably the first to address both UK and US depreciation models and to assess each using defined sustainability criteria.

Details

Journal of Property Investment & Finance, vol. 29 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 10 July 2009

Yewande Adewunmi, Cyril Ajayi and Olusegun Ogunba

The paper examined the factors influencing the role of estate surveyors in facilities management (FM).

1302

Abstract

Purpose

The paper examined the factors influencing the role of estate surveyors in facilities management (FM).

Design/methodology/approach

The study administered questionnaires on 247 practicing estate surveyors within Lagos metropolis, Nigeria in 2006. These were selected through alphabetic systematic sampling of estate surveyors from the list of financial members with designations (2004/2005) of the Lagos state branch of Nigerian Institution of Estate Surveyors and Valuers. The survey achieved a total response rate of 85 percent. Statistical tools employed in analyzing data were relative importance indices and factor analysis.

Findings

The findings suggest that training in FM and type of business of the organisation managed by the estate surveyor were significant factors that influence surveyors' participation in areas of core competence in FM.

Research limitations/implications

Owing to time constraints, authors have only studied one location. No urban area can be representative of all cities in the country. Nevertheless, the results of the study should at least apply to the majority because most of the estate surveyors in Nigeria are based in Lagos.

Originality/value

The paper introduces an empirical approach to the discussion on role of estate surveyors in FM in Nigeria.

Details

Journal of Facilities Management, vol. 7 no. 3
Type: Research Article
ISSN: 1472-5967

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Available. Content available
Article
Publication date: 18 June 2018

Clive M.J. Warren

282

Abstract

Details

Property Management, vol. 36 no. 3
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 4 April 2016

Oluseyi Joshua Adegoke

In the absence of continuously traded, deep and securitised markets, commercial property valuations perform a vital function in the property market by acting as a surrogate for…

938

Abstract

Purpose

In the absence of continuously traded, deep and securitised markets, commercial property valuations perform a vital function in the property market by acting as a surrogate for transaction prices. The ability of valuers to make effective estimation of value is therefore a vital issue in commercial property market. The purpose of this paper is to examine the effects of valuation variance and inaccuracy on Nigerian commercial property market.

Design/methodology/approach

Questionnaires were used in collecting data from 163 randomly selected estate surveying and valuation firms in Lagos Metropolis with a record of over 60 per cent of the total population of estate surveying and valuation firms in Nigeria. Both descriptive and inferential statistics were used to analyse the data collected.

Findings

The results revealed that valuation variance and inaccuracy causes fluctuation in the price of property, sending wrong signal to the market participants and jeopardising the future of commercial property market. It also, exposed valuers to negligence liability, loss of valuers’ credibility and reduction of valuers’ integrity.

Practical implications

The paper concluded that quality data bank system is needed to obtain accurate comparables which are the cornerstone of market valuation. Also, surveyors in the academia should revisit the techniques they have developed with a view to replacing or modifying them into a format that are easy to use by practitioners. The findings of the study will be of importance to estate surveyors and valuers, estate surveying and valuation firms, government agencies in charge of property taxes as well as investors in commercial properties.

Originality/value

The paper is one of the few attempts at examining valuation variance and accuracy in Nigeria. This paper examined the effect of valuation variance and accuracy on Nigerian commercial property market.

Details

Journal of Property Investment & Finance, vol. 34 no. 3
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 13 February 2007

O.A. Ogunba and C.A. Ajayi

The purpose of paper is to show how the changing property investment landscape in the past 40 years – for example the new requirements of valuation accuracy, rationality and the…

1153

Abstract

Purpose

The purpose of paper is to show how the changing property investment landscape in the past 40 years – for example the new requirements of valuation accuracy, rationality and the risk analysis, etc. – requires a corresponding response from property valuers (academia, professionals and regulatory institutions) in technique development. The issue has however not received sufficient examination in African real estate literature. This study aims to address the concern with a focus on Nigeria.

Design/methodology/approach

The paper reasoned that the process of Nigerian technique development and assimilation into practice could be motivated through a study of issues that triggered off transition towards sophistication in the parent valuation profession in the UK. Accordingly, the paper worked out a seven‐stage model of UK valuation transition in the past 40 years, and used this in diagnosing the level of progress achieved in the Nigerian valuation Industry in the areas of accuracy, rationality and risk analysis.

Findings

The results showed that technique development of is presently largely restricted to the valuation academia, which has been making attempts to persuade practitioners and regulatory Institutions to higher sophistication. Generally, the paper diagnoses the Nigerian valuation profession as being in the second of the seven‐stage process of movement towards investor‐focused transition in the UK.

Practical implications

The paper shows that the way forward for Nigerian evolution was seen to require a strong research base on the part of the regulatory Institutions which should result in the building of awareness, refinement of textbooks, empowerment of valuers and development of valuation standards that meet modern requirements of investor sophistication.

Originality/value

This paper is the first to classify the development of investment technique within academia and practice in the UK for the purpose of identifying how far behind the developing markets are.

Details

Journal of Property Investment & Finance, vol. 25 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 5 December 2016

Nnamdi Madichie and Okechukwu A. Madichie

The purpose of this paper is to highlight the challenges of property development and management in northern Nigeria drawing upon the experiences of Bauchi, Gombe and Kaduna states.

454

Abstract

Purpose

The purpose of this paper is to highlight the challenges of property development and management in northern Nigeria drawing upon the experiences of Bauchi, Gombe and Kaduna states.

Design/methodology/approach

Based on a longitudinal evaluation of these trends and challenges, this study draws upon a literature review and practitioner insights on property investment efforts in northern Nigeria. It also benefits from insider accounts related to the author’s 20-years’ experience of work both in both Nigeria and the UK.

Findings

The study highlights the salient factors that have brought about the housing challenges in northern Nigeria. Arguably poor property development and management initiatives have had direct correlations with the weak property management practices in these states and thereby further restricted investments in the real-estate sector in northern Nigeria.

Research limitations/implications

The limitations of the study are based on those attributable to personal observation and ethnographic studies as adopted in this case. This impacts upon the generalisability of the findings, however, sound the propositions may be. Areas for future research inquiry are also proffered.

Originality/value

The study is a critical reflection of developments in property management taken from the purview of the Nigerian real-estate market. While primarily a viewpoint paper, it does highlight some of the key challenges facing property management in a manner not previously discussed in the literature.

Details

African Journal of Economic and Management Studies, vol. 7 no. 4
Type: Research Article
ISSN: 2040-0705

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