Many human activities are carried out in buildings, suggesting that the contribution of buildings to global warming is significant. This study examines the awareness of property managers (estate ...surveyors and valuers) about the potential benefits of vertical greenery systems (VGSs) on buildings. The questionnaire for the study was administered online to property managers working with registered estate surveying and valuation firms operating in Lagos. On firm basis, a total of 282 property managers working for the firms were considered. Of this total, 127 responded to the questionnaire, but 121 (representing 42.9%) were of use in the analysis of data. The data were analyzed using the fuzzy synthetic evaluation method. The result showed that property managers were generally less aware, with an overall awareness level of 2.60. Further analysis showed that the property managers were less aware of the benefits of VGSs on buildings. The levels of awareness of the property managers about VGSs' environmental benefits, social benefits, and economic benefits are 2.65, 2.58, and 2.53 respectively. We conclude that an improvement in the level of awareness of the property managers would assist in the formulation of policies by the government towards the achievement of SDGs.
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BFBNIB, GIS, IJS, KISLJ, NUK, PNG, UL, UM, UPUK
Purpose
– This paper aims to examine the performance of UK-listed infrastructure over a unique investment period covering the global financial crisis and investigates the significance of UK ...infrastructure in a multi-asset portfolio. The analysis reveals the level of correlation of UK infrastructure with other major assets classes and substantiates the potential diversification benefits of including UK infrastructure within a mixed-asset portfolio.
Design/methodology/approach
– The study uses monthly investment return indices obtained from Thomson Reuters DataStream over a ten-year period (2001-2010). The paper analyzed the UK-listed infrastructure investment return characteristics including average annual return, annual risk, Sharpe indices, mean variance portfolio and maximum return portfolio and computes the efficient portfolio frontiers using the risk-solver optimization tool.
Findings
– The performance results show that UK infrastructure produced better risk-return trade-offs than those of UK property, private equity, hedge funds and UK stocks over 2001-2010. Overall, for the ten-year period, UK Water was the best performing asset class, outperforming all other asset classes having the highest Sharpe ratio of 0.75.
Practical implications
– Using the monthly return indices over the ten-year period, UK-listed infrastructure investment was found to play a consistently significant role in the optimality of mixed-asset portfolios. However, the diversification benefits were more return enhancing than risk reducing, offering investors a platform for matching investment objectives with expectations resulting from a better understanding of the characteristics of UK-listed infrastructure investments.
Originality/value
– As investors seek better understanding of the performance of infrastructure across the globe, with most previous studies focusing on Australia, USA and China, the paper makes significant contribution to the body of knowledge by focusing on UK, a promising investment space for infrastructure industry. Also, given the debate surrounding the emergence of infrastructure as a separate asset class, the paper particularly projects the potential benefits of investing in UK-listed infrastructure, offering investors a distinctive platform to launch into a vibrant asset class.
PurposeThe upward rise of the prolonged payback period and the inability of the project to generate estimated income that has been linked with the irregular rent payments has been a major problem ...confronting real estate investment. Given the fact that real estate investment is a risky investment venture with a highly uncertain future stream of income, this paper examines the effectiveness of rent recovery strategies in the emerging Nigeria residential real estate practice.Design/methodology/approachThe study employed an exploratory research design. The study identified the five recovery strategies adopted by the estate surveying and valuation firms in Ibadan Metropolis, Nigeria. The study adopts a purposive sampling method to select 52 registered estate firms in the study area and a questionnaire using a five-point Likert scale was used to elicit information. The data obtained were analyzed using descriptive and inferential statistics.FindingsThe result showed that the rent recovery strategies adopted by the respondents include email approach, rent reminder notice, adequate maintenance, eviction notice and dialogue approach. The perceived top-rated strategies that could influence estimated income were dialogue and rent reminder notice. Also, the findings showed the factors that influence the choice of strategy are property type, company policy and the proportion of rent to the tenant's income.Practical implicationsThe study has an implication for real estate investors and property practitioners regarding the willingness of the investors to invest in real estate investment.Originality/valueThis paper is relevant given the fact that the rental property market is prone to risk that could impede the regular streamflow of income. This serves as a need for examination of the effectiveness of adopted rent recovery strategies as it relates to real estate property management practice and investment viability.
Arising from the lack of consensus as to development process that is being used by the real estate developers, this study examined the real estate development process analysis to residential property ...investment with a view to determining significant stages that affect real estate investment appraisal in Nigeria. Close ended questionnaire was used to obtain information from real estate developers in Abuja. The respondents were asked to score on the Likert scale their level of involvement with the development process and its effect on residential development process analysis. The data were then computed using mean scores and relative importance indices. Results showed that the development phases above the mean value of 3.63 were considered as the significant stages in the development process. Also, the effect on development phases to successful residential property development appraisal was ranked as an increased in the final cost of the project (3.38), followed by the changed in time frame (3.33). The findings revealed that the study is one of the few attempts that investigated the development process being adopted in residential property development and this provides an insight into the real estate development decision-making process.
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BFBNIB, GIS, IJS, KISLJ, NUK, PNG, UL, UM, UPUK
Purpose
– Women owning a home may take various forms which may be one of the following: through development of land, buying a home or through inheritance. Meanwhile, in many countries and regions of ...Sub-Saharan African, women’s rights to land and the incidence of exercising rights have been eroded over time. The purpose of this paper is to examine the factors influencing women participation in home ownership in Nigeria with a view to improving housing provision.
Design/methodology/approach
– The study purposively administered 170 questionnaires to female staff of the Federal Polytechnic, Ede, Nigeria, who was the study population. This population was chosen because of the fact that the institution is owned by Federal Government, where Federal characters are well reflected. The population cut across major tribes in Nigeria. Both descriptive and inferential technique was used to analyze the data.
Findings
– The results revealed that income status, cultural norms/traditions, unemployment, structural inequalities have significant influence on the decisions of the women in the study area while tribes, age among others have no significant influence on women decision to own homes.
Practical implications
– The paper recommended that government should enact laws and policies in favor of women to own lands and develop it. Also there should be gender balance in employment opportunities.
Originality/value
– Women’s equal rights to adequate housing, land and property are well elaborated under international human rights law but are often elusive in practice. This paper empirically studied factors influencing women participation in home ownership in Nigeria.
Purpose - A significant number of published empirical studies of real estate auctions abound in real estate literature. These studies focus on the auction price formation process through the ...comparison of sales from different auctions to revenue from private negotiations. While these studies have made useful contributions to the literature, they are largely confined to data emanating from auctions in the UK format. Other auction formats have been virtually ignored; thus creating a gap in the literature. This study, therefore seeks to extend research in the auction price formation process through an empirical analysis of transaction prices from the perspective of another auction format: first sealed bid auction.Design methodology approach - The data for this study consist of a sample size of 120 residential properties sold at auction of the Federal Government Landed Properties (FGLP) in Ikoyi, Lagos, Nigeria. Transaction data for each of the sampled properties were compiled from Vol. 11, No. 3834 of Thisday newspaper. These include open market values (reserve prices), bid prices, numbers of bids, property specific and bidders' attributes. These were then analysed using descriptive, paired t-test statistic and regression model.Findings - The empirical evidence suggests that auction properties sell at an 11.33 per cent premium relative to predicted market values. Also provided, through the regression model, are variables having a significant impact on the auction prices.Originality value - The paper provides empirical evidence of the auction price formation process in first sealed bid auction where published empirical studies are still relatively few. Overall, the results of the analysis presented suggest that auctions offer an optimal method of selling property.
This paper sought to investigate the risk factors associated with residential property development process. The aim was to establish and identify prioritized risk factors in residential development ...that possibly influence development process with a view to providing information that could enhance investment decision-makingprocess. A survey was conducted using questionnaire to obtain both qualitative and quantitative information from members of Real Estate Developers Associations (REDAN) in Abuja. The questionnaire used elicited stage-wise information on the risk associated with residential property development process to establish significant risk factors that are important to each stage of development process. All the 65 real estate developers in the study participated in the survey. The data obtained was analyzed with the use of descriptive statistics and exploratory factor analysis (EFA). Findings revealed that location is rated as the most critical factor in the initiation stage, followed by, interest rate in the feasibility stage, and site condition is rated high in the design and planning stage while workforce availability and community acceptability influence the construction and marketing stage of residential property development. Information provided by the study as to the associated risks with residential property development process enabled a risk measure response that will minimize the likely effect to be put in place in the study area. In conclusion, the study provided information on how risk factors could influence investment decision making at different stages of residential property development in Nigeria. In addition, this paper provided an empirical-based analysis of property development risk factors in Nigeria and may possibly form the basis for further detailed risk factor analysis to be carried out in the real estate development industry.
Infrastructure enhances economic competitiveness and represents an important source of economic empowerment and revenue. At a global level there is increasing demand for infrastructure and as the ...demand and supply gap widens, the financing of infrastructure is becoming increasingly more complex. The desire to remain competitive in the global market has seen governments increasingly seeking to expand the role of the private sector in the financing and delivery of quality infrastructure resources. This study focuses on investors' attraction to infrastructure investment and the evolving role of the private sector in delivering infrastructure, bringing into perspective key vehicles in the financing of infrastructure resources across regions, countries and sectors. The uniqueness of the study stems from the timely assessment of the impact of the global financial crisis on infrastructure transactions and performance comparing infrastructure investment returns with other asset classes across global, European and UK markets. The study employs a quantitative research approach drawing time series data from two distinctive databases in order to fully explore infrastructure investments from both transaction based activities within the industry and the comparative performance of the asset class. Capital flows and trends in infrastructure transactions across geographical locations and sectors are examined and time series data used in the analysis of infrastructure returns over a ten year period (2001-2010). This facilitated the analyses of a broad range of listed infrastructure investment return characteristics. The data obtained were employed in the construction of efficient portfolio frontiers computed with the aid of an optimization tool. The study highlights the debt driven nature of greenfield projects offering investors a more attractive route into the infrastructure market. The oil & gas, power, transport and social infrastructure sectors attracted the highest investor funds within the infrastructure investment space. The role of the private sector within the infrastructure industry is evolving, as reflected in the growing acceptance of the PPP model and in the flexibility of options available across geographical markets. The impact of the global financial crisis (GFC) on infrastructure delivery from the transaction and performance perspectives was characterized by declining capital flows, resulting in a dwindling credit profile for the infrastructure markets. The resilience of infrastructure as a unique asset class was demonstrated during the GFC period by the superior performance shown by European generation utilities and UK infrastructure. The study shows that infrastructure plays a significant role within a mixed asset portfolio by enhancing diversification benefits; a unique investment strategy sought by investors to enhance investment performance.
Purpose - This paper examines the performance of UK listed infrastructure over a unique investment period covering the global financial crisis and investigates the significance of UK infrastructure ...in a multi-asset portfolio. The analysis reveals the level of correlation of UK infrastructure with other major assets classes and substantiates the potential diversification benefits of including UK infrastructure within a mixed asset portfolio. Research Design and Data - The study uses monthly investment return indices obtained from Thomson Reuters DataStream over a ten year period (2001-2010). The paper analysed the UK listed infrastructure investment return characteristics including average annual return, annual risk, Sharpe indices, mean variance portfolio and maximum return portfolio and computes the efficient portfolio frontiers using the risk solver optimization tool. Research Findings - The performance results show that UK infrastructure produced better risk-return trade-offs than those of UK property, private equity, hedge funds and UK stocks over the period 2001-2010. Overall, for the ten year period, UK Water was the best performing asset class outperforming all other asset classes having the highest Sharpe ratio of 0.75. Research Implication - Using the monthly return indices over the ten year period, UK listed infrastructure investment was found to play a consistently significant role in the optimality of mixed-asset portfolios. However, the diversification benefits were more return enhancing than risk reducing, offering investors a platform for matching investment objectives with expectations resulting from a better understanding of the characteristics of UK listed infrastructure investments. Originality - As investors seek better understanding of the performance of infrastructure across the globe, with most previous studies focusing on Australia, US and China, the paper makes significant contribution to the body of knowledge by focusing on UK, a promising investment space for infrastructure industry. Also, given the debate surrounding the emergence of infrastructure as a separate asset class, the paper particularly projects the potential benefits of investing in UK listed infrastructure, offering investors a distinctive platform to launch into a vibrant asset class.
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