Real Estate Practitioners Research Articles

Determining the Influence of Real Estate Features on Prices with Partial Dependence Plots: A Case Study in Szczecin, Poland

Abstract The study explores the application of Partial Dependence Plots (PDP) in the analysis of real estate features. The study centers on a selected real estate market in Szczecin, Poland, aiming to highlight the efficacy of PDP in understanding and interpreting the complex relationships between various features and property prices. The primary objective is to showcase the potential of PDP in capturing the nuanced interactions between real estate attributes and their impact on market prices. The CatBoost model, known for its robust handling of categorical features and strong predictive capabilities, is employed as the machine learning algorithm for this analysis. The performance of this model will be compared against a traditional multiple linear regression model, providing insights into the advantages of leveraging advanced machine learning techniques in real estate analysis. Results obtained from the analysis will be presented and discussed, shedding light on the interpretability and accuracy of the CatBoost model compared to the traditional linear regression approach. The presentation will conclude with implications for real estate practitioners and researchers, emphasizing the potential for PDP to enhance the transparency and understanding of complex models in the real estate domain. This research contributes to the growing body of knowledge on the application of advanced machine learning techniques in real estate analysis.

Productivity Shocks of Dominant Companies and Local Housing Markets

We extend the literature on the influence of firm-level characteristics on housing markets by exploring the association between the labor productivity shocks of dominant firms and local housing prices. Using a sample of all U.S. firms from COMPUSTAT during 1980-2017, we find that the aggregate shocks of labor productivity of dominant firms at the metropolitan statistical area (MSA)-level explain for a significant portion of the local housing price changes in MSAs while controlling for other housing price determinants. About a year or more is required for the shocks to propagate through the local housing markets, which make them a viable predictor of future housing price. The productivity shock – housing price relation is stronger in areas that have more concentrated high-tech dominant firms or where dominant firms have closer links to their local non-dominant industry peers. Shocks are also more influential during economic expansion than economic contraction. Furthermore, the relation also exists at the zipcode level but the shocks propagate faster than at the MSA-level. The findings provide helpful insights for real estate practitioners and policymakers, especially in areas with a higher concentration of large companies.

Impact of proximity to cell phone tower base stations on residential property prices in the City of Johannesburg, South Africa

Purpose With revolutions in the telecommunication sector having led to wide unprecedented consequences in all facets of human life, this paper aims to examine the relationship between cell phone tower base stations (CPTBSs) and residential property prices within the City of Johannesburg (CoJ), South Africa. Design/methodology/approach The authors align their work with global literature and assess how the impact of CPTBSs influences residential property values in South Africa. The authors use a semi-log hedonic pricing model to test the hypothesis that proximity of CPTBSs to residential properties does not account for any variation in residential property prices. Findings The results show a significant impact that proximity of CPTBS has on residential property sale prices. However, the impact of CTPBSs’ proximity on residential property prices depends on their distance from the residential properties. The closer a residential property is to the CTPBS, the greater the impact that the CTPBS will have on the selling price of the residential property. Originality/value With international studies offering mixed findings on the impact of CPTBSs on residential property values, there is limited research on their impact in South Africa. The findings of this study offer crucial insights for the real estate practitioners, property owners, telecommunications companies and the public, providing a nuanced understanding of the relationship between CPTBSs and property values. This research helps property owners understand the effects of CPTBSs on their properties, and it assists property valuers in gauging the impact of CPTBSs on property values.

Analysis of China's Real Estate Market Volatility and Financial Stability

Fluctuations in China's real estate market profoundly affect the economy, the financial system and social stability. Effective policy regulation, including the adjustment of monetary policy and the control of speculative behavior, is essential to mitigate market volatility and reduce financial risks. This paper uses the historical data analysis method and literature research method to conduct research and analysis based on the study of the meaning of financial stability. Firstly, it divides the historical fluctuation of China's real estate market into four stages and explores the characteristics and causes of real estate price changes in each stage. Thus, the historical fluctuation pattern of China's real estate market and the mechanism by which real estate market fluctuations affect financial stability are derived. The mechanism by which real estate affects financial stability through the personal wealth channel, the balance sheet channel, and the liquidity channel is explored. The findings of this paper can provide a basis for government decision-making and guide real estate practitioners and investors to grasp market fluctuations and avoid potential risks.

Factor Analysis of Office Rent in the Kuala Lumpur City Centre Area

The office rental market often relates to good investment opportunities since it draws a lot of capital but comes with a substantial return. It somehow possessed a complicated market structure, and the heterogeneity of office buildings has become a challenge for investors and real estate practitioners to analyse office rentals data. This research seeks to analyse an office rental factor analysis based on data evidence from the Kuala Lumpur city centre, using two different approaches: Manual SPSS and AutoModel RapidMiner. Quantitative data, obtained through secondary data of office rental transactions, consist of a data set that includes 542 office rental transactions from 2015 to 2021. The results from the two different approaches were significantly related by studying the correlation value achieved through the AutoModel and Spearman rank correlation. The three determinants, namely green certificates, building appearance and design, and amenities and in-house services, can be identified as strong determinants. The research findings also provide support for the use of both manual and automated approaches in factor analysis and suggest that they can be used interchangeably to achieve similar results. This research allowed for a more comprehensive understanding of the office rental market in Kuala Lumpur, and provided real estate practitioners with useful insights into factors that influence office rental prices.

The Impact of Inflation on Real Estate Investment Perfomance And Effective Investment Decisions

Purpose: This study aims to examine the impact of inflation on key variables of real estate investment performance and investment decisions. Theoretical Reference: This paper considers several models of real estate investment performance indicators because the effect of inflation on key variables of real estate investment performance is an important factor in investment decisions. Since effective investment decision is key to avert investment loss especially during inflation period, this paper follows the suggestions by Otegbulu (2022) and Georgiv, et al (2002) that property incomes and values are not static during periods of inflation bur responds to economic dynamics, and could infact trigger favourable investment opportunities in real estate. This paper therefore follows these models/suggestions of Otegbulu (2022) and Geoargiv, et al, (2002) to examine several real estate investment to offer appropriate reflection of how inflation impacts of incomes from real estate investment. Method: Data collected were analysed using Pearson Correlation Analysis to determine the relationship between inflation rate and real estate investment performance (measured by annual returns). Regression analysis was also employed on the data to determine the level of contribution or degree of impact of inflation on real estate performance. Also data collected on the exchange rate and real estate performance over the study period were analysed using Pearson Correlation Analysis to determine the relationship between exchange rate and real estate investment performance (measured by annual returns on investment). Regression analysis was also employed on the data to determine the degree of impact of exchange rate on real estate investment performance. Data collected for the analysis and hypotheses testing were secondary data over a period from 2005 – 2022. Result: The study reveals that real estate investment market generates average total annual returns of 21.39% under average inflation rate of 12.5%. The test statistics (Pearson Correlation) results shows that the higher the inflation rate, the lower the performance of the real estate investment. Also, the study reveals that as inflation persists causing exchange rate fluctuations, the test statistics (Pearson Correlation) results shows that higher exchange rate causes lower performance of real estate investment. This could be because more than 90% of the real estate construction materials in the study are imported. Conclusion: It is clear and obvious that inflation impacts highly on real estate and capable of distorting projections in property investment. Rational investors must therefore factor in inflation risk in investment decisions. The study has shown that inflation has significant impact on annual returns of real estate and consequently affects investment performance. The study concluded that the higher the inflation, the lower the performance of the real estate investment and that the continuous rise in inflation rate reduces the purchasing power of the local currency leading to local currency devaluation. Also, it was concluded that higher exchange rate causes lower performance of the real estate in terms of annual returns. Research Implications: One of the major implications of the findings from this study is that as inflation raises the volatility of local currency which adversely affect the cost of construction, real estate investment performance is hindered. The risk element increases which could lead to project cost over-run, abandonment or increased vacancy rate. Investors become skeptical in making investment decisions because of uncertainties. Policy makers should put in place policies and guidelines that will attract cross-border investors who can take advantage of the local currency devaluation to improve their real estate investment portfolios. Originality/Value: The relationship between inflation rate, exchange rate and real estate performance (measured by rate of returns on the investment) is of great concern for real estate practitioners and investors. The study is original well thought efforts of the authors as contribution to real estate practice and education in developing economies currently being threatened by rising inflation. It is believed that this study will be very useful to global investors who will like to invest in the study area in particular and other emerging markets in general.

The value of incorporating a coworking environment into the real estate portfolios of office-based organization

Purpose This paper aims to determine the advantages and disadvantages associated with integrating a coworking environment into the real estate portfolios of large office-based organizations. The study discusses both external and internal coworking solutions. Design/methodology/approach This paper is a literature review and qualitative research based on 12 semistructured interviews with high-level real estate practitioners, including users, suppliers and consultants. Findings The authors examined the advantages and disadvantages of incorporating coworking environments into the real estate portfolios of large organizations from the four perspectives of Krumm et al. (2000). These perspectives were operationalized through the 12 real estate added value parameters of Jensen and Van der Voordt (2017). The findings show that improved adaptability is the greatest advantage of external coworking solutions (facility management perspective). The most significant advantage of internal coworking is related to stimulation of innovation, creativity and knowledge sharing (general management perspective). The disadvantages of external and internal coworking partly overlap and are mainly the negative effect on the corporate culture (general management perspective). Originality/value The findings contribute to the understanding of the advantages and disadvantages of incorporating both external and internal coworking solutions from multiple perspectives and allow to compare them. The authors developed and tested an operationalization of the four perspectives of Krumm (2000) through the 12 added values of Jensen and Van der Voordt (2017). Opinions and perceptions of professionals regarding internal and external coworking models are presented in a framework and related to earlier findings.

JARER Editorial Volume 8 (1) of 2023

Editorial for JARER Vol. 8 Issue 1, 2023 Editorial Welcome to the Volume 8 (2023) Issue 1 edition of the Journal of African Real Estate Research (JARER). The journal remains an exciting platform for the dissemination of scholarships and the different types of applied research engaged within the real estate sector in Africa, and it has continued to grow in leaps and bounds. As reported in the last issue, JARER has been listed in the Directory of Open Access Journal (DOAJ) since January 2023 and has been recognised as meeting acceptable quality in the three categories (real estate finance, real estate & urban economics and built environment) of the 2021 American Real Estate Society's (ARES) Real Estate Journal List. The list can be found at https://www.aresnet.org/page/journal-list. We want to appreciate the efforts and support of the journal editorial board members, our anonymous reviewers, and other stakeholders, without which these achievements would not be possible. Also, the support we continue to receive from the African Real Estate Society board members, the Library services at the University of Cape Town and the Urban Real Estate Research Unit at the university is appreciated. Our gratitude also goes to the Journal Manager, Ms. Lesedi Kgaka, for her diligent efforts in moving the journal forward. As usual, the current issue contains thought-provoking and informative topics and is a must-read by everyone who cares to have an understanding of African real estate research and related cities. The first paper, focusing on Lagos, Nigeria, examined the benefits and challenges in the adoption of modern technologies for real estate marketing. The work found that real estate practitioners in Nigeria were yet to fully tap into the unfolding benefits of modern technologies due to a low level of enlightenment and a lack of property data. The paper concluded with the need for practitioners to be enlightened, educated, and trained on the use of various modern technologies for real estate marketing. The second paper, which is an examination of the factors influencing the adoption of automating systems in high-rise buildings in Lagos, Nigeria, found the need to protect buildings against failure as the most significant factor influencing the adoption of automation in the management of facilities in high-rise buildings. The paper concluded that the use of automation in facilities management of high-rise buildings presents facility managers with innovative ways of ensuring the functionality of the built environment. The roles played by various actors in household mobility and the eventual reoccurrence of slums in the city of Kampala, Uganda, amidst the slum upgrading initiatives formed the focus of the third paper. The paper, which adopted a case study approach, found that the influence of slum upgrading actors in the low-income household mobility and reoccurrence of the Namuwongo slum was exhibited through three thematic areas. These are the tracking of the residential mobility tendencies, fit-for-purposes of the upgrading programs and actors' collaboration in the process. The paper's conclusion emphasised the need for actors' collaboration and participation of low-income slum-dwelling households to enable adequate fit-for-purposes of the in-situ upgrading initiatives. Given that access to housing is one of the challenges international students face in universities worldwide, the fourth paper examined housing satisfaction among international students studying at Hong Kong's universities. Using the snowball sampling technique, data was collected from seventy-four international students of six nationalities studying at four universities in Hong Kong. This study highlighted some far-reaching implications for Hong Kong universities, including the need to revisit the issue of accommodation and support provided to international students and an increase in the student housing stock to assist international students. The fifth paper examines Blockchain technology's (BCTech) potential in the real estate sector. To achieve this objective, the paper used a systematic review of the literature found in Researchgate, ScienceDirect, Semantic Scholar, IEEE Xplore, and Google Search. Examining a total of 99 publications from 2016 to 2022, the paper found that BCTech could provide platforms for tokenised ownership, smart contracts, quick transactions and cost reduction and offers secure and transparent platforms for real estate stakeholders. The study concluded that though BCTech is not yet widely used, it has a lot of potential to offer in terms of the sustainability of the real estate industry. I am sure that the JARER will continue to grow from strength to strength in the years to come and contribute to the development of African researchers' activities and endeavours. I look forward to receiving your feedback on this and previous issues of the journal. Professor Abel Olaleye Editor-in-Chief

The Adoption of Virtual Reality Technology in Real Estate Marketing: A Review

Real estate marketing has traditionally relied on physical visits to properties to showcase their features and appeal to potential buyers. Property viewing is an important step in the sales process in the real estate industry, and it frequently takes a lot of time and effort from both buyers and agents. Traditional methods of property viewing, such as physical visits or two-dimensional (2D) photos, may not always provide an accurate representation of the property, leading to dissatisfaction and lost sales opportunities. However, the emergence of virtual reality (VR) technology has created new opportunities to offer immersive and engaging experiences to prospective customers, even when buyers are unable to physically visit the properties. VR technology enables potential buyers to explore properties from different angles, customize virtual settings, and interact with different features in real-time, creating a more dynamic and memorable experience. This paper reviews the adoption of VR technology from the perspective of real estate marketing in enhancing the marketing of properties. Five prominent databases were utilised to conduct the literature study, focusing on the data published between 2018-2023 with relevant keywords. It can be concluded that the use of VR technology in real estate marketing could substantially provide competitive advantages by allowing potential buyers to explore properties at their convenience and making the buying process easier. However, the readiness towards optimising the VR technology is hindered due to a lack of awareness and the perception on its complexity. Therefore, significant investment should be considered by real estate practitioners to provide training for the extensive integration of VR technology within the industry.

Adoption of professional indemnity insurance among estate surveying and valuation firms in Oyo State, Nigeria

PurposeErrors or negligence are inherent parts of professional services, thus necessitating the adoption of professional indemnity insurance (PII) as a risk management tool to protect professional interest. This paper sought to examine the adoption of PII among Estate Surveying and Valuation firms in Oyo State, Nigeria.Design/methodology/approachThe quantitative research methodology was adopted, and primary data were collected via questionnaires distributed to 84 purposively selected Estate Surveyors and Valuers (ESVs) who are mostly principal partners or branch managers in the study area. Sixty-three questionnaires representing 75.0% were returned and found useable. Data collected were analysed with the aid of descriptive statistics of percentages and relative importance index (RII).FindingsThe study found that the influence of foreign investors as well as the requirements of PII by the professional body as a basis for annual license renewal were responsible for higher level of awareness among the practitioners. However, about average of the firms had adopted PII with few taking professional insurance policy of as low as ₦500,000 per annum. The study recommends that NIESV/ESVARBON should sensitize, monitor and enforce the adoption of PII by ESVs as a means to increase public confidence and credibility of valuers while rendering professional services to clients.Research limitations/implicationsThe current study was limited in coverage to Ibadan thus necessitating a study with wider area of coverage of national status.Practical implicationsThe study has major implications on real estate education and practice in Nigeria. There is an urgent need for the professional body to devise means of enforcing compliance with the adoption of PII so as to be able to get the confidence of their teeming clients for subsequent patronage.Originality/valueThe paper is one among the scanty studies that provides a useful guide to real estate practitioners in developing countries towards adopting PII to shield the company from unnecessary negative exposure and financial loss.

Challenges to implementing circular economy: empirical evidence among built environment firms in Ghana

This study examines the challenges built environment (BE) professionals (comprising Contractors/Construction Managers, Architects, Engineers, Project Managers, Real Estate Practitioners, and Quantity Surveyors) encounter in implementing the principles of circular economy (CE) in the Ghanaian building industry (GBI). A structured questionnaire survey was used to solicit the views of 162 industry professionals working in construction, consulting, and developer firms on the issue under investigation. The questions were developed through a review of related literature. Data obtained were analyzed via descriptive (i.e. mean score ranking) and inferential statistics (i.e. Kruskal-Wallis H test, exploratory and confirmatory factor analyses). The findings reveal that BE professionals encounter seven major categories of challenges. These are knowledge and facilities challenges, market orientation and operational challenges, financial challenges, environmental and regulatory challenges, preferential challenges, technological challenges, and industrial and consumer-related challenges. This finding can inform the various construction industry stakeholders of the challenges currently encountered in implementing CE principles. Furthermore, these identified challenges must encourage concerted efforts among stakeholders to find ways to boost the practice of CE principles in the GBI.

Key performance indicators in real estate professional business in Lagos, Nigeria

The paper evaluated key indicators adopted by practitioners to drive the performance of real estate consulting firms of estate surveying and valuation in Lagos, Nigeria. Using probabilistic sampling technique, the study empirically found that, to achieve effective performance, estate firms considered annual revenue and return on investment crucial to their operations (financial indicators). The study also found that the non-financial indicators that were key to performance in the real estate business included improved standards, workplace satisfaction, and prompt payments for executed jobs; clients' satisfaction, referrals, and revenue increase. Established and aspiring real estate professionals will find the study beneficial in defining performance strategies for their respective firms. In other words, this study will assist real estate practitioners in determining where they should focus their efforts in order to prosper in business today and through the next decade. The study was an exploratory evaluation of the use of KPIs as a major driver of performance in the business of estate surveying and valuation.

Strategic Procurement Management Practices and Performance of Real Estate firms in Nairobi County, Kenya

In Kenya, the real estate industry provided 9.0% of the GDP of the nation in the second quarter of 2020. It also made a large contribution to employment generation and the provision of residential and commercial space. But because of the weak housing market, which is demonstrated by the housing index's progressive and severe decrease in the 2019- 2020 period, real estate enterprises continue to encounter a variety of performance issues. The real estate firms in Kenya have also had challenges of late delivery of the housing projects, poor quality of delivered projects, client funds misappropriations, and legal challenges with their clients. This study sought to examine the effect of procurement management practices on the performance of real estate firms in Nairobi County, Kenya. This study utilized correlational research design. The study’s population was the 100 senior managers of real estate firms in Nairobi County, Kenya. The study utilized a sample size of 50 respondent’s generated using Naissuma coefficient of variation formula. The study collected data using structured questionnaires. The findings indicated that strategic procurement practices have a significant effect on the performance of real estate firms. The study concludes that applying aspects such as supplier optimization dynamics, supplier development and strategic alliances with suppliers is significant in organization performance among firms. The study recommends that supplier development strategies in terms of financial support and training ought to be underscored. The real estate practitioners and investors in the real estate may gain an understanding on the effect of the strategic management practices on the performance of the real estate firms.

Lead-Lag Relationship between the Price-to-Rent Ratio and the Macroeconomy: An Empirical Study of the Residential Market of Hong Kong

The price-to-rent (PtR) ratio is one of the most commonly used indicators to assess housing market conditions by policy makers and real estate practitioners. It is often employed as an economic barometer to detect whether a housing bubble exists and determine whether the property market has become unaffordable relative to historical trends. Despite a plethora of research studies on the PtR ratio in the housing literature, relatively little is known about its long-term dynamics with macroeconomic and financial determinants. By utilising time series data on the Hong Kong residential property market, this study examines the cointegration and causal relationships between a wide spectrum of macroeconomic indicators and the PtR ratios of housing segments of different tiers which comprise different socioeconomic groups of homebuyers and investors. The results point towards market compartmentalisation, in the sense that the PtR ratios of the housing submarkets respond to changes in macroeconomic fundamentals in a differential manner. For instance, the PtR ratios of housing segments with a greater proportion of owner-occupiers are statistically less y correlated with investment-related macroeconomic attributes, such as foreign direct investment and equity market performance. On the other hand, the pricing of large-sized housing units in prime locations, generally favoured by investors from mainland China, are found to be Granger-caused by the exchange rate of the Chinese Yuan to the Hong Kong dollar.

Estate Surveyors and Valuers’ Perception of the Role of Big Data in Property Marketing in Lagos, Nigeria

Property marketing in Nigeria has frequently been characterised by unique challenges due to inadequate and unreliable data. In recent times, big data has presented a wide range of solutions to contemporary issues in different industries, including real estate. Notwithstanding, there is a paucity of practical studies on the role of big data in property marketing of many developing nations, including Nigeria. Hence, there is a need to investigate the role of big data in transforming property marketing in Nigeria. The aim of this study is therefore to investigate Estate Surveyors and Valuers’ (ESVs) perception of the role of big data in property marketing in Lagos, Nigeria. 82 questionnaires were administered to ESVs in the study area and 55 (67%) of them were found useful for analysis. The data were analysed using frequency, percentage, mean and relative importance index. The results revealed that out of 9 possible roles of big data in property marketing, the 2 most notable ones are that real estate firms can execute laser-focused marketing strategies; and they can match demand with supply. These outcomes distinctly disclosed the merits of adopting big data in marketing properties. The implication of these findings is that big data has the potential of reducing fraud due to the presence of sufficient and reliable data in the property market. This study concludes that big data is a worthy addition to the toolset of real estate practitioners, particularly with respect to property marketing, and wholly recommends its adoption.

An analysis of the determinants of office real estate price modelling in Nigeria: using a Delphi approach

PurposeThere are a plethora of putative influencing variables available in the literature for modelling real estate prices using AI. Their choice tends to differ from one researcher to the other, consequently leading to subjectivity in the selection process. Thus, there is a need to seek the viewpoint of practitioners on the applicability and level of significance of these academically established variables.Design/methodology/approachUsing the Delphi technique, this study collated and structured the 35 underlying micro- and macroeconomic parameters derived from literature and eight variables suggested by 11 selected real estate experts. The experts ranked these variables in order of influence using a seven-point Likert scale with a reasonable consensus during the fourth round (Kendall's W = 0.7418).FindingsThe study discovered that 16 variables are very influential with seven being extremely influential. These extremely influential variables include flexibility, adaptability of design, accessibility to the building, the size of office spaces, quality of construction, state of repairs, expected capital growth and proximity to volatile areas.Practical implicationsThe results of this study improve the quality of data available to valuers towards a fortified price prediction for investors, and thereby, restoring the valuers' credibility and integrity.Originality/valueThe “volatility level of an area”, which was revealed as a distinct factor in the survey is used to add to current knowledge concerning office price. Hence, this study offers real estate practitioners and researchers valuable knowledge on the critical variables that must be considered in AI-based price modelling.

Knowledge and Practice of Valuation Methods by Real Estate Practitioners

Property valuation services provided by real estate practitioners significantly impact global economies because property valuation methods affect the accuracy of the estimates of the market value of real properties. The paper assessed the level of knowledge and extent of practice of real estate practitioners on the valuation methods. Likewise, the study investigated the challenges encountered by respondents in their practice. This descriptive-comparative and correlational study utilized a test questionnaire to measure the level of knowledge and a researcher-made survey instrument to measure the extent of practice on the 98 licensed real estate practitioners. With descriptive and inferential analyses, the findings ascertained respondents' average level of knowledge on both methods of valuation. While for the extent of practice of valuation methods, findings revealed great extent for traditional method while moderate for advanced method. Consequently, significant differences were found when the length of practice of the profession, designation, and educational attainment were used as variables. Results disclosed an inverse relationship between knowledge and practice. The major challenge encountered by real estate practitioners is the influence of property owners in fixing the value of real properties, which hinders a fair, accurate, and ethical valuation.

Supply Chain Management in Real Estate Practices: The Estate Surveyor and Valuers’ Perspective

Real estate practice is a strategic and multi-faceted vocation that connects the clients/owners of real estate projects or products with end users in the building industry. Different aspects of real estate practices require collaboration of real estate practitioners who are professional estate surveyors and valuers, with the built environment professionals and other stakeholders at different levels in order to achieve the transaction objectives. This study, therefore, examined the practice with a view to uncovering the preparedness of the estate surveyors and valuers with respect to the knowledge and application of supply chain management in real estate practices. Empirical data were collected with the aide of questionnaires administered to respondents from the 373 estate firms in Lagos State, Nigeria of which 291 were duly completed and returned constituting 78% rate of response. The Readiness Assessment Model was adapted to determine the operational preparedness of the estate surveying and valuation firms to implement supply chain management with regards to management readiness, employee readiness, services/processes readiness and logistic/ICT readiness on a 5-point Likert scale and the corresponding mean score and relative importance was determined. The Kolmogorov Smirnov Test of Normality was performed and showed that the data was normally distributed. Hence, the Pearson Product Moment Correlation analysis was used to determine the relationship between knowledge and application of supply chain management in real estate businesses. It was observed, among others, that the knowledge of supply chain management is generally low among estate valuers and does not necessarily translate to application in the property market transactions of real estate firms. The study further observed that management and employees of estate surveying and valuation firms do not have adequate knowledge of the principles and practices of supply chain management for productive engagement in property market transactions. This was further identified alongside others such as confidentiality, stiff rivalry and economic instability as critical factors resisting the adoption of supply chain management in the property market. The study therefore suggested capacity building programmes on supply chain management for the estate surveyors and valuers to improve the knowledge of the strategy and harness the benefits.

User’s satisfaction with private housing estates in Abuja using Analytical Hierarchy Process (AHP)

ABSTRACT The underlying factors of housing research emanate from the fact that people's lives and well-being rely on the quality of the house and the surroundings where it is situated. Housing satisfaction goes beyond brick and mortar and aesthetics. It examines housing attributes that are not already visible to the eyes that could influence the occupants’ satisfaction with such buildings. This study investigated user's satisfaction with private housing estates using the Analytical Hierarchy Process (AHP). The research is imperative because most studies in Nigeria focused mainly on government-owned or social housing satisfaction. While private housing estates have received little attention over the years. 280 questionnaires were randomly distributed to the building occupants within the estates under consideration based on their level of availability during the 13 weeks surveyed periods. From the survey, the top-ranked factors that influence user satisfaction were utility adequacy, infrastructural, provision of facilities, and maintenance factors with the priority weight of 0.425, 0.235, and 0.203 accordingly. Therefore, real estate practitioners and housing developers must take these housing attributes into proper consideration to promoting a better quality of living, enhancing building performance that could increase the total return on investment, and meet the overall user satisfaction.

Stimulative Work Valuation Among Real Estate Practitioners in Asia

Stimulative Work Valuation Among Real Estate Practitioners in Asia