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Article
Publication date: 27 March 2018

Solomon Akinbogun and Colin Jones

Planning is logically applied to address negative externalities, but an alternative is financial compensation to the victim of negative spillover effects. This paper aims to…

251

Abstract

Purpose

Planning is logically applied to address negative externalities, but an alternative is financial compensation to the victim of negative spillover effects. This paper aims to examine the rent discount required to compensate tenants in an African city for a negative externality of the location of a grave within the bounds of their home. It also assesses the suitability of this as a remedy.

Design/methodology/approach

This study adopts a discrete choice experiment to analyse tenants’ acceptability of the level of rent discounts when a grave is imposed on their home.

Findings

The study estimates that tenants in the Nigerian city of Akure require between 15 per cent and 20 per cent reduction in the rental value of a residential property to compensate for the imposition of a grave. However, many households would prefer to move elsewhere rather than negotiate a discount. Others, especially those on low incomes, were likely to suffer the loss of welfare without a rent discount. The study concludes that a compensatory approach is not an acceptable solution for welfare issues caused by the planning failure.

Research limitations/implications

The investigation is based on a hypothetical choice experiment. However, the results obtained are subject to a series of validation processes.

Practical implications

As reductions in the rent to compensate for the effect of a grave in a private home are unlikely in a market with excess demand, it is a clear argument for effective planning and environmental law.

Originality/value

This study is the first to assess the impact of negative externalities on the housing market of an African city.

Details

International Journal of Housing Markets and Analysis, vol. 11 no. 2
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 14 July 2020

Solomon Pelumi Akinbogun, Clinton Aigbbavboa and Trynos Gumbo

The factors affecting housing rent and take-up had been largely examined in a cluster. This leaves a dearth of knowledge on the influences of other disparate factors, such as the…

158

Abstract

Purpose

The factors affecting housing rent and take-up had been largely examined in a cluster. This leaves a dearth of knowledge on the influences of other disparate factors, such as the aesthetics of the building facade. This paper examines the effects of a deteriorated external wall paint on the tenants, rent and take-up of housing located in a high-end housing estate in Akure, Nigeria. The logic is to examine the place of aesthetics among the general factors affecting take-up and rental prices.

Design/methodology/approach

Data were collected through census from 133 respondents residing in houses with deteriorated external wall paint. It applied both descriptive and multinomial logistic regression (MLR) to analyse the data.

Findings

Findings reveal that close to 60% of the respondents were psychologically affected by the visible deterioration of external wall paint. This translated to a significance reduction in rent compared with the rental prices of similar houses the appearance of which was not deteriorated. Generally, this study found that aesthetics paled into insignificance in the analysis of the general factors affecting housing take-up and rent. However, it ranked first when these were analysed on the structural characteristics of the house only. This is consistent with findings from the MLR parameter estimate, which shows that those who were psychologically affected are more likely to pay a 15% increase in their current rent to take up a similar house without paint deterioration.

Practical implications

The findings of this study have implications on practice and theory. First, while the location mantra is a key determinant of rental prices in theory, in practice, rent on comparable houses could differ if the aesthetics of the external wall paint is compromised. This implies an avoidable loss of rent to the owner of a property who compromises the aesthetic quality of the external wall paint in a high-end location where affordability is arguably high. The implication on public authority is that a lower rent may have a negative implication on government revenue and specifically property tax which is normally based on market rent of a property.

Originality/value

A novel quality of the study is that it separates the structural characteristics of a house from the general factors in order to examine the specific effect of deteriorated aesthetics of external wall paint on take-up and rent.

Details

Property Management, vol. 38 no. 5
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 15 December 2023

Victor Olutope Ige and Solomon Pelumi Akinbogun

The design of buildings is crucial to functionality and safety for senior citizens. People often refrain from talking about old age and its related support; however, it is…

36

Abstract

Purpose

The design of buildings is crucial to functionality and safety for senior citizens. People often refrain from talking about old age and its related support; however, it is inevitable. The paper aims to highlight the essentials of a home design that considers the aged citizens in Nigeria.

Design/methodology/approach

A qualitative research technique is used in the study. A closed-ended questionnaire and an interview were used to gather information on the requirements for aging-in-place basics in home design from middle-aged and elderly households.

Findings

Findings from the study revealed that a majority of the respondents considered old age as a phase of life to prioritize in home design. Lighting, furniture and fixtures and electrical installations are variously perceived by the respondents as aging-in-place essentials.

Practical implications

The study has far-reaching consequences for the built environment, particularly for homeowners. It is related to the third sustainable development goal (SDG), which seeks to secure the health and well-being of people of all ages.

Originality/value

The study's uniqueness and usefulness are highlighted in the gaps between present house design culture and the reality of senior citizen occupants' dwellings, as well as the appropriateness to satisfy changing demands associated with old age. It would encourage homes to develop the culture and duty of providing a sustainable home that is accessible to everybody and provides emotional and physical safety for the elderly.

Details

International Journal of Building Pathology and Adaptation, vol. 43 no. 2
Type: Research Article
ISSN: 2398-4708

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Article
Publication date: 18 August 2022

Solomon Pelumi Akinbogun, Olayemisi Funmi Kayode and Tunbosun Biodun Oyedokun

The purpose of this study is to examine the impact of a soft facility practice in the organized retail sector. In specifics, it draws context from a security practice and assesses…

173

Abstract

Purpose

The purpose of this study is to examine the impact of a soft facility practice in the organized retail sector. In specifics, it draws context from a security practice and assesses its effect on customers’ satisfaction and patronage in retail properties.

Design/methodology/approach

The research method is quantitative. The study used a survey research design with the use of a structured questionnaire for data collection. The data were collected from the head of households who purchase items in the retail shops. It applied a logistic regression model to estimate customers’ satisfaction and the effect of the current security practice on patronage.

Findings

Contrary to expectation, descriptive analysis of data shows that respondents were satisfied with the security procedure with weighted means scores (3.62, 3.74, 3.78 and 3.66) above average for bag check at exits, reconciliation of receipts with purchase, the attitude of security personnel during exit checks and time taken during exit checks. With specific reference to bag checks at the exit, logit shows that 32% were neutral while 8% were dissatisfied with the security practice. Among the dissatisfied, logit shows an odds ratio of 0.059, which implies that they are likely to verbally express their dissatisfaction with the shop. On the other hand, the chances that they would not do this are more likely with an odds ratio of 162818201.343. Further, continuous patronage (Loyalty) is strongly less likely with an odds ratio of 1.250E-22. This was corroborated by a similar odd ratio of 4.068E-11 estimated for those that would take the exit option due to the bag’s check.

Research limitations/implications

The limitation of this study is that samples were randomly drawn from an unknown population of customers. However, the study was guided by Cochran (1963) to select a valid representative sample and support the reliability of the research findings.

Practical implications

The findings on satisfaction imply that the convenience and swiftness associated with shopping in a retail shop had been eroded by the current security facility practices which may lead to a reduction in the growth and retail sector turnover. While many dissatisfied customers would have exited if there are alternative shops with more customer-friendly security practices, the limited number of organized retail shops in the study area will prevent this from happening.

Originality/value

Literature on the management of facilities in real estate is quite vast; however, not much attention has been paid to the management of security in the retail sector particularly in Nigeria. This study is, therefore, novel, as it provides seminal evidence on this important topic and will serve as a reference for further research in Nigeria.

Details

Journal of Facilities Management , vol. 22 no. 3
Type: Research Article
ISSN: 1472-5967

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Article
Publication date: 18 June 2018

Solomon Pelumi Akinbogun

The purpose of this paper is to examine the impact of a compulsory pass in physics on undergraduate admission into estate management programme and the requisite skill for practice.

168

Abstract

Purpose

The purpose of this paper is to examine the impact of a compulsory pass in physics on undergraduate admission into estate management programme and the requisite skill for practice.

Design/methodology/approach

Data were collected from students in selected Polytechnics and a University in South-western Nigeria. Descriptive statistics was used to analyse the data. Also, One-Way Analysis of Variance (ANOVA) was applied to test the difference between the means of the independent variables and application for admission. The mean plot was used to analyse the different groups of students seeking direct entry admission into the university.

Findings

Analysis shows that 18 per cent of the students seeking admission through direct entry would be denied because they have no credit score or a pass in physics in their Ordinary Level (“O” level) result. Remarkably, high school physics is a compulsory requirement for admission. Findings show that the subject is unacceptable in the Unified Tertiary Matriculation Examination (UTME). An annual average of 10 prospective students who wrote physics in the UTME, but with a pass in it in the Senior Secondary School (“O” level) examination were denied admission at the point of registration. Findings from the hypothesis test show that there is no significant relationship between the rate of application for university admission into Real Estate programmes and students who took physics and had at least a pass in it. Also, the mean plot shows that more Art students would apply for admission compared with science and commercial students. Finally, analysis shows that 83.3 per cent of the students who have gone for Industrial Work Experience Scheme were of the opinion that physics has no role to play in their acquisition of the requisite job skills in Real Estate.

Research limitations/implications

This study may be limited by the sample size of the universities selected for data collection. The impact of the requirement of a compulsory pass in physics for admission into real estate programme in other universities with a similar requirement is not covered.

Practical implications

The findings implied that a compulsory pass in physics constitutes a clog in the wheel of admission of prospective estate management students. This may affect career progression and the number of the Estate Surveyors and Valuers that are expected to render professional service to real estate investors in Nigeria.

Originality/value

This is the first attempt to examine the impact of variation in admission requirement into the real estate undergraduate programme in Nigeria. The novelty is in the analysis of a compulsory requirement of pass in physics for admission and the requisite skill for real estate practice in Nigeria.

Details

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

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Article
Publication date: 5 May 2021

Tunbosun Biodun Oyedokun, Rotimi Boluwatife Abidoye and Solomon Pelumi Akinbogun

Beyond contributing to literature, research findings are expected to reinforce existing best practices while also serving as a springboard for formulating new and more efficient…

209

Abstract

Purpose

Beyond contributing to literature, research findings are expected to reinforce existing best practices while also serving as a springboard for formulating new and more efficient methods of undertaking economic activities. However, academic research is sometimes divorced from implementation and research findings are not always translated into practice. This study, therefore, assesses the impact of real estate research activities and findings on the practice of real estate surveying and valuation in Nigeria as the largest real estate market in Africa.

Design/methodology/approach

An online questionnaire survey was conducted to obtain relevant data from Estate Surveyors and Valuers across the country. The survey questions cover reading of academic papers from the field of real estate and the reasons for doing so; whether they have made any changes to their professional practice based on findings from academic papers; and possible barriers to adoption academic research findings in your practice. Mean score ranking and principal component analysis were employed for data analysis.

Findings

Out of a total of 61 participants, only 35 have made a change to their professional practice based on findings from academic papers they have read. “Personal development and enlightenment” ranks first on the list of reasons for reading academic papers among the participants while barriers to the adoption of academic research findings relate mainly to education, dissemination and lack of guidance on how to apply research findings.

Practical implications

The study demonstrates how findings from real estate research are being applied and identifies possible barriers that must be addressed to improve the level of application and consequently, the value of academic studies.

Originality/value

The study provides evidence on barriers to the adoption of academic research and contributes to the global effort to bridge the gap between academia and practice.

Details

Property Management, vol. 39 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

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: 9 November 2021

Nicola Livingstone and Danielle Sanderson

The UK's purpose-built student accommodation (PBSA) sector has seen significant institutional investment in recent decades. This paper unpacks contemporary trends and perspectives…

1080

Abstract

Purpose

The UK's purpose-built student accommodation (PBSA) sector has seen significant institutional investment in recent decades. This paper unpacks contemporary trends and perspectives on the sector. It questions whether PBSA has moved from being an “alternative” to “mainstream” residential asset class, framing the analysis through the lens of market maturity.

Design/methodology/approach

The methods triangulate perspectives drawn from literature on the evolution of PBSA as an asset class with illustrations of investment trends across the UK between 2005 and 2020 using data from Real Capital Analytics (RCA), combined with findings from 40 semi-structured interviews with investors and stakeholders in PBSA in the UK London is the focus of the work, whilst other regional cities are integrated for comparison.

Findings

The results demonstrate that London's PBSA market is ahead of trends currently being replicated in regional cities. However, the regions currently offer greater return potential and opportunities for risk taking compared to London, where yields are compressed, and the market is considered lower risk. The concept of maturity remains useful as a framework for evaluating markets, however a more granular analysis of sectors is necessary to further understand asset classes within sectors. PBSA continues to trade at a premium across the UK; it is considered the most mature residential asset class.

Practical implications

The emergence of PBSA as an asset class continues to play a developing role within the residential sector and UK investment market. Risk, value and local context remain key when integrating PBSA into institutional portfolios, and as the first to consider the UK market from a qualitative research approach, this research provides a snapshot of these influences in 2021.

Originality/value

Our approach offers original insight into investment trends across the UK and is the first to focus reflections on the London market specifically. The research highlights the role of PBSA as a vanguard asset class for investors into residential, situating its growth within the framework of market maturity and drawing out market nuances from interviews.

Details

Journal of Property Investment & Finance, vol. 40 no. 6
Type: Research Article
ISSN: 1463-578X

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