Keywords Abstract
Mends, George, and Theodora M. Mends. "Accessing Customary LandCustomary Land for Real Estate Development in Accra, Ghana. A case of the Private Developer." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Land Management system; Landowners; private developers; tenure security

This paper is developed against the background of the problems associated with the acquisition of lands in customary land areas for housing development in Accra and the country as a whole by the Private Sector. It is common knowledge that the housing deficit in Ghana now stands well over one (1) million houses and Government policy on housing currently has therefore been to create an enabling environment for the private sector delivery housing to Ghanaians. One of the major problem facing Real Estate Developers in the country when it comes to housing delivery is the security of land tenure for housing development in urban customary land areas.

This paper seeks to examine the challenges confronting Private Developers in the Real Estate Sector with respect to land acquisition for housing delivery in Accra, Ghana. Methods applied to source data for the study comes from personal interviews with some Private Estate Developers and customary landowners. In addition, a look was also taken at publications and papers presented at seminars and conferences. Some of the challenges identified in the study relate to the lack of proper documentation on customary lands which hinder the security of tenure which is necessary for the sale of Real Estate on the market, lack of trust between developers and landowners on the sale of lands and the mismanagement of revenue accruing from such sales to the communal landowning groups which leads to encroachments on land already sold to Private Developers. An appropriately developed land management system which caters to the needs of both parties as partners in development will go a long way to address these challenges.

In conclusion, this paper will seek to make land readily available with better tenure security through the introduction of a land management system called “Landowners and Developers Partnership Initiative”. This system is a win-win partnership between landowners and Private Developers to make available land for Real Estate Development and help solve the housing delivery problem.

Mends, Theodora. "Accessing Customary Lands for Real Estate Development in Accra, Ghana Using the Landowner/Developer Partnership Initiative Model (LDPI-Model)." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Land Management system; Landowners; private developers; tenure security

This paper is developed against the background of the problems associated with the acquisition of lands in customary land areas for housing development in Accra and the country as a whole by the Private Sector. It is common knowledge that the housing deficit in Ghana now stands well over one (1) million houses and Government policy on housing currently has therefore been to create an enabling environment for the private sector delivery housing to Ghanaians. One of the major problem facing Real Estate Developers in the country when it comes to housing delivery is the security of land tenure for housing development in urban customary land areas. This paper seeks to examine the challenges confronting Private Developers in the Real Estate Sector with respect to land acquisition for housing delivery in Accra, Ghana. Methods applied to source data for the study comes from personal interviews with some Private Estate Developers and customary land owners. In addition, a look was also taken at publications and papers presented at seminars and conferences. Some of the challenges identified in the study relate to the lack of proper documentation on customary lands which hinder the security of tenure which is necessary for the sale of Real Estate on the market, lack of trust between developers and landowners on the sale of lands and the mismanagement of revenue accruing from such sales to the communal land owning groups which leads to encroachments on land already sold to Private Developers. An appropriately developed land management system which caters to the needs of both parties as partners in development will go a long way to address these challenges. In conclusion, this paper will seek to make land readily available with better tenure security through the introduction of a land management system called “Landowners and Developers Partnership Initiative”. This system is a win-win partnership between landowners and Private Developers to make available land for Real Estate Development and help solve the housing delivery problem.

Nkote, Isaac. "Agent Behavior and Customer Satisfaction in Residential Real Estate Market in Uganda." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Behavior; Customer satisfaction; Uganda

The paper investigates the behavior of real estate agents and customer satisfaction in the residential real estate market in Kampala City, Uganda. The city’s residential housing market though growing depicts a disequilibrium position between the demand and the investment/supply generally. It is a highly segmented market with oversupply in the high and undersupply in the low-income categories. To obtain a residential unit, customers approach the numerous real estate agents in their various operation locations to inquire about the offers on the market. The landlords multiple list their vacant residential units to numerous agents to transact but usually with no mechanism of updating the agents on the conclusion of the transactions. This information asymmetry and behavior of agents lead the customers to mistrust the agents in their delivery of the desired services. Since the agents charge a one-off commission tagged to a monthly rental income, the propensity to inflate rental rates is high in order to maximize the commission they earn but also exploiting the customers who enter long term contracts with the landlords.

To study the above problem, we use a cross sectional design and examine the behavior of real estate agents in the lower market segment. The data will be collected using a five Likert scale questionnaire and analyze it using SPSS to generate descriptive and inferential statistics on the findings. We expect that the results will be of significant relevance to policy makers and scholars in understanding the real estate residential sector. The implications will suggest that behavior and honesty of the agents may be the expected norm, and thus leads to satisfaction with the service encounter instead of the current perception that creates dissatisfaction.

O, Adetokunboh, Aibinuomo Iyi, and Agbato S. "An analysis of Land Acquisition Problems of Corporate Real Estate Developers in Lagos State." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. corporate real estate developer; land/site acquisition

Site acquisition is often the corporate real estate developer’s first major commitment to a project but access to an acceptable site is a key challenge. Its process can be frustrating and unpredictable since many factors, often outside the developer’s control, can influence its success. Considering the importance of site acquisition in the corporate real estate development process and peculiarity of the developmental challenges posed by the land factor, this study exploits the real estate transactions and activities data of Lagos State, Nigeria to examine the process/procedure of land acquisition for corporate real estate development, to identify the distinctive site acquisition problems and subsequently assess the level of occurrence and impact of these identified problems on the corporate real estate development performance and rank in order of consequence. With the aid of self-administered questionnaire to sample the opinion of the selected Lagos-based corporate real estate development companies, 24 distinctive site acquisition problems were identified and further analysis revealed that lack of basic infrastructure to selected sites, high cost of acquisition, cumbersome government allocation and high cost of titling perfection were the top-ranked site acquisition problems employing relative indices and mean item score data analysis techniques. However, this study suggests that the public sector and the corporate real estate developers should work hand in hand especially in the availability and accessibility of developable sites for corporate real estate development.

Iyi, Aibinuomo, Adetokunboh O, Agbato S, and A Adekunle. "An Assessment of the Relative Importance of Land Titling In Land Pricing in Lagos Metropolis." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Land pricing and Land value; land titling

Several studies have identified land titling as a major cause of poor and unsustainable development. Yet, researchers often leave out land titling in their analysis of land price determination. This study investigated the relative importance of land titling in land price determination in Lagos metropolis. The data used in the study was collected from the centre and periphery of Lagos Metropolitan area. The data was gathered over a period of six months. The effect of forty-two variables grouped under eleven different factors on price of land was assessed. Estate surveyors and developers were asked to rate the level to which they consider each of the 42 variables as a determinant of land price (Relative Consideration Index) through a questionnaire survey supported by semi-structured interviews. The respondents were also asked to rate the level of importance (Relative Importance Index) of each of the variables. These derivations were subjected to further analysis to obtain the Relative Weight of each variable based on a combination of their relative consideration and relative importance indices. However, output from an exploratory factor analysis extracted 14 factors. The factors were difficult to rename, perhaps, this is due to the complex nature of the variables under study. The overall result of the analyses ranked land title as third among other factors affecting land pricing while buyer’s preference and lot size ranked first and second respectively, thus suggesting declining importance of conventional variables. Statutory Certificate of Occupancy ranked first as the most important among the identified types of title.

Jackson, Niyokwizigira, and Manirakiza Richard. "Appropriate Housing Finance Strategies for the Low-income Earners Urban Areas through Lending Finance-Institutions: The case of Manzese informal settlement, Dar es Salaam, Tanzania." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Collateral; Conventional lending strategies; down payment; housing; Housing finance-strategies; Low-income earners

Housing policies create conducive environment for housing improvement in a country, particularly for low-income earners in informal settlements as a result of inadequacy in the shelter delivery system and by so doing, appropriate housing finance-strategies for low-income households can be improved. The objective of this paper is to provide an assessment of various strategies which can promote affordable housing for the urban low-income earners through lending finance-institutions. The underlying questions for this paper are the following: What are the lending conditions set by the existing housing finance-institutions? Who is qualified to acquire loan from the existing housing finance institutions? What should be advised as appropriate housing financial strategies to develop affordable housing for low-income earners?

The research was carried out in two sub-wards of Manzese, namely, Uzuri and Kilimani where a sample of 50 households were randomly selected. Some data are from literatures related to the topic. Household interviews were conducted so as to explore challenges and opportunities relating to housing affordability. Various officials were interviewed so as to know the key roles played by housing financial institutions, their considerations and limitations towards eligibility and lending criteria. Also observation and photographing were used so as to have the real situation of accommodation facilities for the low-income earners.

The study revealed how the meager incomes of those people which allow households’ expenditure to satisfy the basic need influence greatly on housing condition. The study discovered that Azania is trustworthy for housing development, but its collateral requirements make it not confortable with the low-income earners. Only, the WAT-SACCOS plays great role in housing development for low-income people, however it is hindered by its weak capital base hence few borrowers are reached. Also, some of the conventional lending strategies may suit the low-income groups if well administered and monitored and others may not.

Job, Gbadegesin, Ayorinde Ola, and Oladokun S. "Bridging the Finance Gap in Infrasrture through Buil-operate Transfer Mechanism in Nigeria." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. BOT; Finance; Infrastructure; Public; State

Recent studies suggest that the usual delays experienced in the procurement of infrastructure and abandonment cases which arise as a result of insufficient fund necessitate the need for innovative approach towards financing infrastructural projects in Nigeria. This paper therefore considers the tendency for the contractors and public project executors in the public organizations and aims to explore the advantages of private finance initiatives. To accomplish this aim, questionnaires were administered purposively on the staff of Oyo State Housing Corporation and selected registered contractors (private developers) with the Ministry. Using mean rating point, the survey ranked three different major factors from both group of respondents as the most perceptual factors influencing the adoption of BOT as a mean of financing state projects. The result of the chi-square test did not however provide any statistical relationship between the amount of experience and education of the respondent professionals and their perception on the comparative importance of the identified influencing factors. The study recommends the need for public awareness on the idea of Public-Private Partnership (PPP) and the necessity to blend to the dynamism of developed World.

Zodwa, Selina Mavhungu. "Challenges in Dealing with the Unlawfully Occupied Land “The South African Case Studies”." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Compensation; informal structures; legislation; Risk; valuation approach

This paper looks at the common risk of acquiring vacant land in speculation which is not ready for development in South Africa. 

Land in urban areas is a scarce commodity hence and the demand thereof far exceeds the supply and that is confirmed by the exorbitant price attached to it. 

The movement of communities from the rural settlements to the urban areas for economic reasons has aggravated the land scarcity thus affecting the poor communities in a big way.

The Constitution of South Africa and the Bill of Rights stipulates that every citizen in the country has a right to housing therefore the people take advantage and demand land from the Government of the day. 

The rate by which the people flock into the urban areas is so high such that authorities are unable to cope with the demand for social housing resulting in a backlog in the housing delivery.

Due to the scarcity of the social housing, poor communities in the urban areas have adopted a tendency of erecting informal structures in order to provide themselves with shelters. 

Such structures are normally erected unlawfully on the land that belongs to others. These land owners could either be private owners or different spheres of government.

The problem of land invasion affects both private owners and government alike in a way that the land which was reserved for a specific use at a specific time may be unlawfully occupied and used inappropriately thus jeopardising the future plans including financial loss. 

Government is likely to be more affected even though the land in question may be belonging to the private owners because government is obligated by the Constitution to provide basic services including housing to the citizens. 

Affected private owners often approach the government and demand for help in the removal of unlawful land occupiers. The government is normally required by the affected private owners to pay compensation for the interest lost in the value of the occupied land.  In order to determine the fair compensation the value of the unlawfully occupied land must be determined.

This paper will also look at the different approaches that can be used to determine the value of the unlawfully occupied land for the purpose of determining fair compensation thereof.

Different case studies where both government and private owners have a title to the affected land are going to be presented in the paper in order to substantiate the findings or the recommendations.

Different pieces of legislation that are used in dealing with the unlawfully occupied land will be explored in the quest to find answers to the problem in question. The common legislation that is used to tackle the problem is Prevention of Illegal Eviction and unlawful Occupation of land Act, 1998. This Act is normally referred to as “The PIE Act”.

Basically PIE prohibits the owners of the unlawfully occupied properties from evicting the unlawful occupiers.  Eviction can be executed but following the procedures stipulated in the Act.  Recommendations will be tabled in the paper on the best approach of determining the value of the affected land.

O, Adetokunboh, Aibinuomo Iyi, and Agbato S. "Client Perceptions of Valuation Reports in Nigeria." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. clients’ perceptions; valuation report; valuation standards/guidance notes

It is pertinent that the values of properties are accurately communicated to all stakeholders since it is an acknowledged fact that clients (and users) attach so much importance to the quality and reliability of valuation reports in meeting their intended investment objectives and decisions. Nonetheless, a number of key issues regarding the superiority and credibility of the valuation process and valuation reports have been the focus of considerable attention in recent time in Nigeria. As a result of this, the study examines clients’ perspectives on the superiority and reliability of valuation reports in Lagos State, Nigeria through the evaluation of the current valuation report standard of the study area, identification and assessment of issues and problems of valuation reporting in the study area, and assessment of range of factors in respect of clients’ views on the quality and dependability of valuation reports. With the aid of 75 numbers of self-administered questionnaires to sample the opinion of the selected Lagos State-based financial institutions – banks, savings and loan homes, insurance companies and discount houses, the survey summarily affirms that most of these clients and users have no vivid understanding of the basic requirements of a standard valuation report, and are not informed about any stipulated provisions of valuation standards and guidance notes. Moreover, the survey reveals concern on the need for significant increase in economic and market analyses in valuation reporting, i.e. greater emphasis on market position of particular projects and the need for the current demand and supply situation, and a call for considerable review of existing (and intended) valuation standards and guidance notes involving all stakeholders.

Borg, Lena. "Client type and Choice of Construction Technique." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. construction sector; long-term contract; rendered stud-walls; technical innovation

Purpose – The aim is to investigate if there are any indications that different types of clients in the construction sector, with seemingly different incentives, use different construction techniques.

Design/methodology/approach – The key data was obtained by personal interviews with actors in the transport sector but also by a survey and newspaper database search. The survey was directed to clients/ builders in rental multifamily housing companies.

Findings – Findings indicates that long- term contracts with bundling of construction and maintenance aren’t the main key to technical innovations in the construction sector. Even when the contractor is free to choose technique, they use established techniques in order to reduce risk. However, there is some support for the statement that more risks are taken by a builder when they plan to sell to less knowledgeable actors, like households buying condominium.  

Originality/ value – The paper provides empirical evidence and questions a number of statements concerning the behaviour in the context of long-term construction contracts. 

Oladokun, Timothy Tunde, and Bioye Tajudeen Aluko. "Collaboration Practice in the Procurement of Valuation Service in Nigeria." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Collaboration; Procurement; Valuation; Valuers

The paper sought to evaluate the practice of collaboration for the provision of valuation service in Nigeria with a view to strengthening the profession for global practice. Questionnaires were distributed randomly on 270 practising estate surveying firms in Lagos state. Data were analysed with the aid of descriptive statistics of frequency distribution, mean and relative importance index. The findings are that a large proportion of the firms are attracted together by the need to meet the client’s requirements for transparency of service, followed by the need for them to build their requisite technical ability for efficient service delivery. Further findings are that works are apportioned on the basis of professed technical ability while fee is shared on the basis of the involvement of the firms. The problems of unequal yoking and disagreement of fee sharing is no uncommon. The study advised that the adoption and utilisation of standards will ensure uniformity of service provision.

Nxumalo, Cleotilda, and Jennifer Whittal. "Contest in Governance-Local Government Bounderies and Traditional Authority Bounderies in South Africa." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012.

After democracy in 1994, South African underwent a period of reform in order to address inequalities and effect broad social change. As part of this, the Municipal Demarcation Board began demarcating local government boundaries in 1998. There was a lack of public participation by rural communities, and traditional communal lands were often split by municipal boundaries which failed to follow complex social boundaries followed by rural communities for centuries. A duality in governance of traditional areas was thus created and traditional authority and responsibility were severely affected. Contest between the state and traditional governance over land resulted in disputes and even violence (Maharaj, 2002). This research adopts a case study approach to investigate cases of disputes involving municipal boundaries and traditional authority. The causes of disputes are investigated and the processes of municipal demarcation and boundary dispute resolution are analysed against a number of frameworks such as those of good governance and performance measurement. From this critique improvements to the municipal demarcation processes are suggested.

Njiro, Peter. "Differential effects of the global financial crisis on affordable housing markets in Johannesburg, South Africa." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. differential effects; global financial crisis and affordable housing markets

The infamous Global Economic Crisis that began on 2008, originated in the housing sector in the United States of America (USA) and then spread to other parts of the American economy as well as to economies around the world. 

This paper focuses on the affordable housing market in Johannesburg South Africa. The specific focus is on how the crisis has different effects within the same city. Johannesburg is chosen as it is a key node in the economy of South Africa with a critical mass of a range of affordable housing which presents itself in different areas such as in the historical apartheid townships, inner city suburbs, the new townships created after apartheid (so-called RDP housing) and previously white working class areas. The paper will focus on two indicators for the performance of the housing market namely: sale prices, and property rate.

A content analysis approach will be a broad methodology to be used in the study. In this approach, a detailed and systematic examination of the contents of a particular body of material for the purpose of identifying patterns, themes or biases within that material is conducted. The Affordable Land Housing Data Centre database developed by FinMark Trust and Urban Landmark with support from Lightstone Property Services and Eighty 20 (which defines affordable housing as housing less than R500000) will be used as the key database. All of the 176 affordable suburbs/townships in Johannesburg will be considered in this comparative study. They will be differentiated in terms of the category of areas mentioned above. A smaller number of may be identified for a more detailed analysis.

Kundu, Allan Simiyu. "Diversification Opportunities in African Real Estate Markets." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. African real estate markets; Diversification; Johannesburg Stock Exchange; Nairobi Stock Exchange; Segmentation

This paper seeks to establish whether equity markets and real estate markets are integrated or segmented in Kenya and South Africa. Two markets are integrated when an efficient portfolio constructed by investors using assets on both markets earns the same risk-adjusted return since systematic risk, common on both markets, is the only risk priced.  On the other hand, segmentation will exist when a real estate market prices systematic risk relative to real estate market only such that risk-adjusted return on the market portfolio will be significantly different from risk-adjusted return on real estate market portfolio. When segmentation is established, investors can hold assets on both markets at the same time but when integration exists, the assets can only be held as substitutes. Therefore, this study will answer two important questions: 1) are real estate markets and equity markets in selected countries integrated or segmented, 2) what systematic risks are priced in all markets. Quarterly property indices and stock market indices from 2004:Q4 to 2012:Q1 will be collected from HassConsult and Nairobi Stock Exchange for Kenya respectively and from Absa and Johannesburg Stock Exchange for South Africa. Data collected will be subjected to unit root tests to find out whether time series data sets are stationary, linear and non-linear cointegration tests to look for integration between the markets, causality tests and generalized least square estimation to test for common significant explanatory variables. Conclusions drawn from this study will be of essence to rational investors on both markets who want to diversify their portfolios by including assets of both markets. The conclusions will be guided closely by the research questions that will be tested. Recommendations will also be drawn based on the conclusions.

Kazeem, Ajide, Akoka -Yaba, Moruf Alabi, and Gersh Henshaw. "Empirical Estimates of Demand for Residential Real Estate in a Third World Megacity." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Demand; Elasticities; Megacity; Residential Real Estate; Third World

Between 2000 and 2030, the number of people living in cities will jump from fewer than 3 billion to approximately 5 billion and almost all the population increase will be absorbed by the Third World cities. The resultant effect of rapid urbanization in developing world is excessive demand for housing. A vast body of research has been conducted on housing demand but those ones credited to residential real estate in developing economies are still sparse. Also, none of the studies has been able to empirically establish the relevance of different residential density area peculiarities to housing demand. This study aims at estimating residential real estate demand in a Third World megacity of Lagos, Nigeria. Specifically, the study will investigate the main determinants of residential real estate demand in different residential neighbourhoods; and estimates income and price elasticities of the demand for residential real estate by owners and renters in those residential neighbourhoods. The neoclassical consumption theory will provide the theoretical framework on which this study will be anchored. The data for this research will be obtained from both primary and secondary sources and multinomial logit model will be used to analyze simultaneously tenure choice and residential real estate demand decisions in the various residential neighbourhoods identified. The need for this study becomes crucial given the fact that policymakers and executors in Nigeria have a genuine lack of understanding about the operations of the urban residential real estate market. Knowledge of the residential real estate demand parameters is one of the critical elements in designing residential real estate projects and inaccurately foreseeing their impact. 

Oyewole. "Governance and Foreign Direct Investment (FDI) in Nigerian Housing Market." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012.

The purpose of this paper is to examine the effects of governance on foreign direct investment in the Nigerian housing market. The paper proceeds by identifying the advantages of housing investment over other major investment vehicles. In addition, the paper reviews housing situation in the country and the effects of governance on foreign direct investment in housing market in Nigeria. Poor governance characterized by political instability, civil strife, corruption, weak microeconomic management and weak protection of property rights, continually reinforce the perception of Nigeria as a high-risk place to invest. To make the nation housing market attractive to foreign investment, the necessary requirements must be put in place. These include entrenchment of transparency and accountability into governance, pursuance of sound macroeconomic policies, and an efficient judicial system to resolve conflicts impartially, enforces contract and protect property rights.

Ekenta, Chukuemeka, and Moses Baridoma. "Impact of Apex Morgage Finance Institution on Real Property Development Financing in Africa. (A case study of the Federal Mortgage Bank og Noggeria)." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Mortgage Finance; Mortgage institution; Real Property Development

Mortgage financing was conceived as an easy and convenient way of ensuring housing delivery to all cadre of the citizenry, provided one is involved in a productive venture. Nigeria, like any other developing country has finance as one of the most important factors influencing housing delivery. The research objective is to investigate the challenges confronting Real Property Development, through mortgage financing, especially the Nigerians apex mortgage finance institution, its mandate, achievements, possible challenges and the primary mortgage institutions [PMIs]. The methodology employed for the research includes the collection of primary and secondary data from the institutions, beneficiaries and other stakeholders in the building industry. Data obtained were analyzed through simple frequency distribution. The findings showed that the federal mortgage bank of Nigeria nature of business includes not only merchandising, property agency and sale but as well as transport. Challenges confronting the federal mortgage bank spans from the implication of the National Housing Fund policy, National economic climate, high cost of building materials, public apathy, cumbersome access to land and documentation as well as poor collateral, high-interest rates and competitive financial market. Consequently, useful recommendations were made.

Akrofi, Emmanuel Offei, and Jennifer Whittal. "Land issues and policies Compulsory acquisition and Urban Land Delivery in Customry Areas." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Compulsory Acquisition; Customary land; customary tenure systems; Good Governance; land administration; land tenure; peri-urban land; traditional authorities

Most land in Ghana is held by communities under customary tenure. Government owns only about 20% of land in the country, most of this land having been acquired through a legal process of compulsory acquisition. Compulsory acquisition by the Government extinguishes all proprietary and jurisdictional rights, titles, or other interests vested in the stool (traditional authority) or any other person. Among other things, compulsory acquisition aims to provide land for public purposes, to correct economic and social inefficiencies in the use of land and also to deliver on broader goals of social justice and equity in the land sector through the redistribution of land. 

Most compulsory acquisition laws make provision for prompt payment of adequate compensation for those who are dispossessed. However, there has been recent public outcry against compulsory acquisition in Ghana (Kasanga & Kotey, 2001; Larbi, Antwi, & Olomolaiye, 2004; Myjoyonline, 2012b; Myjoyonline, 2011; Myjoyonline, 2012). 

This paper adopts the case study research method to research and analyse cases of compulsory acquisition and to assess the consequences of this process on urban land delivery. The chosen cases are situated in Tema and Kumasi, in Ghana. The study seeks to understand why the affected communities have recently used a variety of tactics to re-occupy land that was acquired from them through compulsory acquisition many years ago. The paper concludes that a review of the general policy on compulsory acquisition is indicated while the issue of the payment of compensation requires further detailed investigation.

Patunola-Ajayi, B.J. "Land policy Reform and Administration as the Basis for Sustainable Development of the Urban City in Nigeria (A perspective of Lagos State, Nigeria)." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012.

An ongoing race for property rights in the Lagos metropolis threatens to overwhelm the planning framework for reconciling economic, environmental and urban reform policy goals. The increasing value of urban land and the lack of consistent rules in allocating public land create incentives to join the race for property rights and to acquire land through any available means. Private actors are moving quickly and aggressively to signal, document, adjudicate, and enforce their claims to property rights in the absence of fully consistent practices. In practice, private actors use the legalization of precarious occupation and fraudu¬lent documentation as the main vehicles in the race for property rights. All these are evident of ineffective land policy and administration in the state and bringing setback to urban development in Nigeria.

The paper proffers an insight into the various means by which Land Policy Reform can help redistribute land allocation in Nigeria. It also gives an elaborate outlook on securing land tenure, improving access to land and proper redistribution of land in the Lagos State. The paper highlights ways to enhance tenure security and the impact of greater tenure security on investment sustainability and land market participation. It looks into the principles that affect the functioning of land markets and discusses policies to expand land access, particularly by the poor, by improving the functioning of markets or through direct transfers in the urban cities of Nigeria and lastly, how amendment of the land policy can gives room for equality in land allocation in Nigeria. 

Komu, Felician. "Lubricating Real Estate Markets in Tanzani." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. financing sources; foreclosures; incentives; Mortgage Finance

This study was motivated by a casual observation of individuals in the City of Dar es Salaam seeking advices and/or project write-ups to enable them negotiate for credit financing of land they owned. Most of them were banking on possibility of a foreign source of funding reflecting on the foreign-direct-investments (FDIs) euphoria in the local economy. It was intriguing to find out why now and who were these financiers that the landowners were targeting. An attempt to find out whether there were similar cases in history or elsewhere around the Eastern Africa region, did not seem to explain the big rush that was being observed in Dar es Salaam for these foreign finances. It was probable that the re-introduction of mortgage finance in Tanzania by Act No. 17 of 2008 and the Bank of Tanzania efforts to set up a Secondary Mortgage facility- the Tanzania Mortgage Refinancing Company (TMRC) in 2010 was sending speculative wave amongst the population. 

Direct interviews with 8 finance seekers and 3 key informants at the Bank of Tanzania and Ministry of Lands confirmed huge opportunities in real estate investment in Dar es Salaam. It was observed that most of the hurdles that had bogged down private real estate investment had been removed and therefore providing incentives to developers. However, it was clear that real estate opportunities in the City would not be simply unlocked by developing a housing mortgage finance market. Past experience indicates externally-influenced development strategies such as the privatization schemes of 1990s to revamp the economy had failed. Unless a coordinated strategy is adopted both at local and central government levels that closely links the land management, housing and legal sectors, it is very probable that Tanzania will experience a short-lived real estate boom like what neighboring Kenya went through in the last 3 years.

Oni, Ayotunde Olawande. "Macroeconomic Developments, Pension Funds and Real Estate Finance in Nigeria." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Finance; Inflation; Monetary Policy; money supply; Pension funds; Property Development; real estate

Macroeconomic indicators have been identified as having significant affect on a nation’s economy including the quantity of money available for real estate development; and arguably, pension funds have been identified as real estate finance option. Consequently, what are relationships between macroeconomic indicators and pension fund contributions? In resolving this question, secondary data were obtained from the websites of Central Bank of Nigeria and National Pension Commission covering 2006 to 2010. The Pearson’s product moment correlation analsis revealed the following variables pairing with pension fund contributions as having P-values < 0.05: AVNM and PFC (P-value = 0.0209; r2=0.93); CPS and PFC (0.0100; 0.96); BsM and PFC (0.0066; 0.97); CiC and PFC (0.0059; 0.97); BRs and PFC (0.0182; 0.94); CoB and PFC (0.0097; 0.96); DdD and PFC (0.0230; 0.93); QuM and PFC (0.0054; 0.97); AVBM and PFC (0.0095; 0.96). This implies that money supply in the economy (narrow and broad money), credit to private sector, base (or reserved) money, currency in circulation, bank reserves, currency outside bank, demand deposit, quasi money, all have high and positively correlated relationships amongst them. Similarly, trend analysis indicated continuous increase in pension fund contributions into the nearest future. It concluded that pension fund contributions would be a veritable source of financing real estate in Nigeria if properly harnessed.

Kofi, Gavu E., Tudzi Eric P, and Jonnathan Zinzi. "Management of Properties on KNUST campus: Emerging Issues." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Facilities Management; Outsourcing

Over the years the management of properties on the Kwame Nkrumah University of Science and Technology (KNUST) campus like the Central Classroom Block (CCB) has been the responsibility of the Estate Organization. End-users (staff and students) are most of the time not satisfied with services provided.

Buildings and other related facilities provide the needed infrastructure for an organization’s core business. Therefore there needs to be a clear balance between the organization’s changing need, and the provision and management of the facilities that are necessary for its effective operations.

The aim of this conceptual paper was to examine the current management practices of the CCB facility vis-à-vis an outsourcing arrangement and analyze the prospects. Main questions that the researchers were concerned about were whether outsourcing can be employed in the management of public educational facilities? If yes, can this arrangement enhance the core business of the University? 

The study reviewed relevant literature and used primary data obtained through interviews, questionnaires and observations in 2012.  Purposive sampling was used to sample the population comprising users of the CCB and staff at the Estate Organization. Two scenarios were used for the analysis; current management structure and the second being a state with the introduction of a private management firm. A valuation of the current and future state of the facility was done and rents accruing analyzed.
The study revealed that the current state of the facility and management approach do not promote effective teaching and learning. The introduction of a private facility management firm will ensure efficient management and end-user satisfaction. 

O, Olawale, Rohan Bennett, and Liza Groenendij. "Measuring the 'Land grap': A case study from Nigeria." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Land acquisition; land administration; Land governance; land grabbing

The number of large-scale land acquisitions in developing countries has increased dramatically since 2007-2008. The phenomenon involves foreign entities purchasing or leasing vast tracts of land for agricultural or speculative gains. The size and manner of these transnational land transactions is prompting concern from international NGOs, media outlets, and other advocacy groups. Various opinions are apparent: some see the transactions as blatant ‘land grabbing’ whereby local people lose access to their lands, other argues that such transactions, if well managed, can bring much-needed capital, technology, employment, and taxation to the host countries. Despite these differences, there is growing agreement that large-scale land acquisitions require better governance. This paper aims to provide input on this front. It works from the premise that evidence-based assessment is needed. An empirical evaluation of the existing situation is undertaken. Nigeria acts as the case study: the country’s national land policy is used as the primary source for assessment. It is tested against the World Bank’s Land Governance Assessment Framework (LGAF). A range of other ‘land grabbing’ source materials including media reports, an expert questionnaire, and aerial imagery are used for validation. Overall, the results showed Nigeria fulfilled only ten (10) of the forty-four (44) dimensions examined (23%). It was found to adhere to dimensions relating to recognition of western style land rights, restrictions, and basic compensation. However, areas for policy upgrade were identified as: enforcement of existing rights; flexible methods for recognizing and registering rights (especially in rural areas); cost-effective survey mechanisms, better definition of land agency responsibilities; more equity and transparency in decision making; improving public land management; enhancing expropriation procedures; better land information collection and provision; and improved dispute resolution processes. The LGAF was found to be a useful diagnostic tool, however, it is recommended that a set of guidelines specific to large-scale land acquisitions be developed.

Gyamfi-Yeboah, Frank. "Mortgage markets in Emerging Economies: Challenges and Prospects." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012.

Access to long-term credit remains one of the major obstacles to solving the perennial housing problems in many emerging economies. These countries have been making serious attempts at developing their mortgage markets in recent times. There is a general consensus on the need for emerging economies to develop housing finance systems that ensure easy and affordable access to credit. The exact nature and the elements of such a system are still subject to debate. 

The development of the mortgage markets in developed economies has been largely attributed to the integration of their mortgage and capital markets as well as the adoption of some form of the secondary mortgage market. In the first instance, the integration of the mortgage market with the broader capital market allows the housing market to compete for funds as mortgages become a mainstream asset class for long-term investors. The institution of secondary mortgage market provides a direct mechanism through which funds are channelled to the housing market thereby removing or reducing the constraints on the supply of credit. This paper discusses the challenges that impede the institution and growth of formal housing finance systems across emerging economies. In particular, the paper examines whether the integration of the mortgage and capital markets is a sufficient step in developing mortgage markets in emerging economies. Should these countries institute some form of secondary mortgage market or will that be an unnecessary complication? 

The paper addresses these questions by examining the development of the South African mortgage market. Using co-integration and VAR techniques, I find that even though the South African mortgage market was integrated with the capital market prior to 2001, there still remained significant constraints on the supply of credit. However, the institution of the secondary mortgage market in 2001 led to a significant reduction in the constraints of supply of credit confirming the role that secondary mortgage markets play in channelling funds into the housing sector.  

Whittal, Jennifer, and Michael Barry. "Property Valuation System Reform: Assessing Change Processes and Performance." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Change Management; fiscal cadastre; Performance Measurement; Valuation

A great deal of research has focused on the development of a generalized method of design, reform, and evaluation of the success of the juridical cadastre which includes land tenure, property location and extent as well as the land ownership record. However, little research of comparable depth has been dedicated to the fiscal cadastre, which is the system of assessing and recording property value. Many property valuation systems are undergoing reform to make use of new technologies, but the processes of reform, as well as the resulting systems should be assessed in order to consolidate and sustain the change they bring about, as well as to provide feedback for further change.

Usual mechanisms to evaluate property valuation systems are identified and critiqued. These focus mainly on property valuation efficiency and effectiveness and rely on quantitative data such as the coverage ratio, valuation ratio, tax ratio, and collection ratio (Kelly, 1999). These measures are limited to measuring the performance of the property valuation and the property tax derived therefrom. They are unable to assess the change process and other goals of change which should be considered in a holistic analysis of a system involving both material and social entities and relationships. Alternative methods to assess performance are investigated from a systems perspective. Such methods provide a holistic approach to performance measurement and are likely to yield sustainable change to the property valuation system.
 

Thiel, Fabian. "Real Estate developemnt for Property reduction- Anew paradigm for Legal and financial Cooperation in Africa and Asia?" In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Development cooperation; land taxation; poverty reduction; Property Rights; Real Estate Markets; Southeast Asia; Sub-Saharan Africa

Land resources are the “hot new bet”. This phenomenon is mainly caused by Foreign Direct Investment (FDI) in agriculture products as well as Foreign Real Estate Investment (FREI), focussing on developing countries in Sub-Saharan Africa and Asia. The programs of the development cooperation agencies such as the German International Cooperation (GIZ) and even the World Bank are lacking fundamental knowledge about the potential of real estate development and access to land for poverty reduction. My paper aims at the possibilities to foster land and real property development primarily in Africa as an instrument to strengthen the economic basis of the inhabitants as well as the countries’ national budgets. Methods unveiled to observe the maturity of real estate markets – undertaken particularly for South Africa and Tanzania – should continuously be integrated in poverty reduction strategy papers. Capacity building for land valuation and property taxation, combined with decentralized planning systems like in Ghana or with land titling projects like in Cambodia, and legal higher education are indispensable. Without these preconditions, especially land value assessment and appraisal applications will lose public trust due to important errors. Moreover, land policy and public or private property management need framework arrangements supported by development cooperation agencies. Reliable institutions for estate management have to be built up in African and Southeast Asian countries via land sector programs. This cross-cutting strategy comprises public property, customary land uses, and private, formalized tenure varieties. The Flexible Land Tenure System in Namibia introduced and guided by GIZ serves as an innovative tool for tenure variety. Private land use under conditions of tenure security is far more efficient and effective to reach national poverty reduction goals. Yet that does not require private property, but could be realized within State Land Management and leasing/concession contracts. Relevant thinking should evolve amongst real estate agencies, public authorities and universities in Sub-Saharan Africa and Southeast Asia.

Anim-Odame, Wilfred. "Real Estate Markets in Ghana: the dynamics and potentials." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012.

Accurate measures of real estate values are highly desirable for economic analysis, financial analysis, and public policy. Real estate, from an economic perspective, is a major store of wealth. Changes in its value strongly influence consumer spending and savings leading to an overall impact on economic performance. Lending institutions rely on estimates of market values to contract mortgages and estimate lending risks to demonstrate the financial perspectives of real estate markets in the country. In the case of social policy, the market value of real estate asset determines housing affordability and the access of different social groups to adequate housing. Premised on these three perspectives, the paper discusses the dynamics of real estate market development in Ghana. It seeks to discuss the residential and commercial real estate markets in Ghana, using transaction-based data from Accra and Tema, the dominant markets as a case study. The paper would afford the opportunity to discuss the development of residential submarkets as well as high quality commercial real estate markets in the two cities.

Ghana is one of the fast-growing economies globally and its high-quality real estate markets – residential and commercial – are increasing at a quicker rate than most developed economies. Capital build-up in the country in recent years has served as an attraction for investors to seek opportunities in the country. This paper is therefore intended to provide a broad platform for a better appreciation of the real estate market in Ghana.

Oyenuga, Sinmisola. "Real Estate Tax Avoidance and Tax Evasion; Consequences to National Development, Case of Lagos State, Nigeria." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Economy; real estate; Tax Avoidance; Tax Evasion

This paper offers an overview on property tax avoidance and tax evasion and the economy by outlining the factors affecting non-compliance, its consequences on national development and possible remedies. Tax avoidance and tax evasion are issues to be sorted out continuously as they affect both the volume of Government finances which is key to sustainable development. Qualitative and quantitative methods of data collection were adopted. The qualitative approach used was to gain an insight into the tax payer’s attitude to paying tax, behaviours and their expectations from the Government. The quantitative aspect is to have an idea of the statistical and numeric data of the volume of tax collected and losses recorded and other issues involved in tax administration. The survey revealed users’ perceptions and expectations from the Government factors affecting non-compliance, consequences of not paying taxes. This paper will enlighten the populace on the consequences of evading and avoiding taxes and will also expansiate on the benefits of paying taxes from the experience of developed countries tax policies. This paper recommends that Government should divert tax funds towards infrastructure provision in order to encourage taxpayers and appropriate professionals should be employed in tax administration.

Oyenuga, Sinmisola. "Real Estate Tax Avoidance and Tax Evasion; Consequences to National Development, Case of Lagos State, Nigeria." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Economy; real estate; Tax Avoidance; Tax Evasion

This paper offers an overview on property tax avoidance and tax evasion and the economy by outlining the factors affecting non-compliance, its consequences on national development and possible remedies. Tax avoidance and tax evasion are issues to be sorted out continuously as they affect both the volume of Government finances which is key to sustainable development. Qualitative and quantitative methods of data collection were adopted. The qualitative approach used was to gain an insight into the tax payer’s attitude to paying tax, behaviours and their expectations from the Government. The quantitative aspect is to have an idea of the statistical and numeric data of the volume of tax collected and losses recorded and other issues involved in tax administration. The survey revealed users’ perceptions and expectations from the Government factors affecting non-compliance, consequences of not paying taxes. This paper will enlighten the populace on the consequences of evading and avoiding taxes and will also expensive on the benefits of paying taxes from the experience of developed countries tax policies. This paper recommends that Government should divert tax funds towards infrastructure provision in order to encourage taxpayers and appropriate professionals should be employed in tax administration.

Gavor, Christopher, and Ruel Williamson. "Realizing the Benefits of an Innovative Approach to Land Governance: The Cape Town, South Africa Story." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Costs; Efficiency; general valuation; Spatial

"The Cape Town, South Africa Story” captures the successful story of Cape Town’s innovative approach to improved land governance and management through continuous investments.  During the past decade, Cape Town has embraced a new set of valuation statutes, updated its technology and processes, and continued to make improvements on an annual basis.  From its general valuations in 2000, 2006, and 2009 to recent systems upgrades, Cape Town has realized quantifiable returns on its investments and added value to improve efficiency and provide better outcomes for its citizens.  The price of administering a very complex tax has continued to go down in cost while at the same time dramatic improvements have been achieved in overall levels of equity and increased customer satisfaction.  Cape Town’s approach and the tools implemented are scalable and applicable to rapidly emerging economies around the world as they seek to establish and administer efficient and equitable property taxation systems that return taxes to communities through public investments like schools, hospitals, roads, water and electrical utilities.  

The establishment, assessment as well as collection of property tax is complex and vital to the financial health of local government.  Professional Valuers are responsible for managing the valuation of property and the administration of property tax using their technical expertise.  The primary task of these Valuers is to identify and value all property in their jurisdiction.  The timely, accurate and efficient administration of property tax is critical to the financial health and cash flow of the city.  As in many municipalities, Cape Town’s property tax is one of the largest revenue sources, accounting for 21% of the R23+ billion budget in FY2010-2011.  To ensure accurate assessment and collection of property tax, the city conducted its first general valuation for 2000. The total cost of the full market value system was in excess of R100m, implemented over several years, and met with many challenges and detractors.  The city transformed criticisms into opportunities to address public concerns.  In addition to proactively seeking feedback from ratepayers, the city sought the assistance of an external, professional organization to perform an operational and procedural audit of the valuation practices.   It used the audit results to establish a continuous improvement of its processes. 

For Cape Town’s second general valuation, which was implemented in 2007, the city was able to build upon the 2000 general valuation results and lessons learned to make improvements in its business processes and saw increases in ratepayer satisfaction. In addition, the city started to add spatial data source components to drive business practices.  Cape Town made numerous valuation improvements in a very aggressive and active real estate market.  Between 2000 and 2006 the city’s real estate market and supplementary valuations saw double and triple-digit increases in overall property values in line with national trends, putting more pressure on the valuation and taxation offices.    

For the 2009 general valuation, the city expanded its use of spatial data and also began to utilize oblique aerial imagery to review data from the office for many functions that were previously handled through field visits.  The addition of a systems upgrade in 2009 and 2010 allowed the city to utilize technology to further drive down costs and significantly increase the quality of results.  Cape Town also started to focus on departmental work processes.  The city underwent a complete business process review.  The evaluation of as-is and to-be business processes provided a clear direction for the efforts. New business processes and practices were outlined and then implemented using workflow tools which allowed for monitoring of the new efficiencies.  The results are now tied to the city’s geographical information system, which is used to drive spatial analytics of the Cape Town property market.  Cape Town has continued to update and implement technology to drive its ever-increasing return on investment.

What Cape Town has accomplished is nothing less than inspiring considering its starting point a little over a decade ago.  The process of implementing a complex tax and then striving for continuous process improvement shows that we are driven to doing our job in the best way possible.  By continuing to focus not just on the requirements of the Municipal Property Rates Act, 2004 but also seeking more efficient ways of doing business will ensure that Cape Town becomes a trendsetter for the region in the next decade.  The authors will show how Cape Town’s capacity building and knowledge transfer through investments in technology and business processes can lead to greater efficiencies and higher customer satisfaction in rapidly emerging economies around the world.    

Anim-Odame, Wilfred. "Residential market as an investment vehicle in Ghana." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012.

Globalization of all forms of real estate investment has increasingly demanded that performance benchmarks of high quality and international standards be made accessible to investors and fund managers. For the first time in Ghana, residential price and rent series are developed from hedonic models. These time series are, in turn, used to generate other performance indicators – measures of investment yields and total returns (nominal and real) – in a rapidly growing residential real estate market, using transaction-based data from Accra and Tema, the dominant markets. Having generated performance indicators for the real estate market, this paper also conducts a further quantitative and comparative analysis of real estate market against other investment vehicles in the country.

The final section provides an international context for the performance of Ghanaian residential investment market, from the viewpoint of a US resident investor. Overall, residential total returns have run at annualised rate made up of a relatively stable income return and highly volatile capital growth between 1992 and 2007. Across investment markets, the differences in long-run returns have been in large part driven by variation in rates of rental value growth.

Oni, Ayotunde Olawande. "Residential Property Market Regulation and Property Values: case study of Lagos Staet, Nigeria." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Intervention; Property Market; property tax; real estate; Rent Control

Increasing demand for commercial and residential properties has caused an increase in rental values while the Government has intervened through the enactment of the Rent Control and Recovery of Residential Premises (RCRRP) Edict (1997) and Tenancy Law (2011). This paper examined the effects of the two laws on residential property values in the study area. In doing so, a process of inference to evaluate the law was adopted in addition to the multiple sample comparisons of the independent means and analysis of variance (ANOVA) to determine the relationship between the regulated and open market rents. Furthermore, design of hypothetical three-bedroom flats was used to illustrate the valuation process under the RCRRP Edict. The study found that the laws have no statistically significant effects on rental values, P-values ranged between 0.0003 and 0.0409 with alpha level set at 0.05. It recommended that Government should not regulate the real estate market but provide enabling environment for investors to provide low-cost housing units that would, in the long run, reduce rental values.

Oni, Ayotunde Olawande. "Residential Property Market Regulation and Property Values: case study of Lagos Staet, Nigeria." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Intervention; Property Market; property tax; Rent Control

Increasing demand for commercial and residential properties has caused increase in rental values while the Government has intervened through the enactment of the Rent Control and Recovery of Residential Premises (RCRRP) Edict (1997) and Tenancy Law (2011). This paper examined the effects of the two laws on residential property values in the study area. In doing so, a process of inference to evaluate the law was adopted in addition to the multiple sample comparisons of the independent means and analysis of variance (ANOVA) to determine the relationship between the regulated and open market rents. Furthermore, design of hypothetical three-bedroom flats was used to illustrate the valuation process under the RCRRP Edict. The study found that the laws have no statistically significant effects on rental values, P-values ranged between 0.0003 and 0.0409 with alpha level set at 0.05. It recommended that Government should not regulate the real estate market but provide enabling environment for investors to provide low-cost housing units that would, in the long run, reduce rental values.

Olanipekun, Alaba. "The Challenges of Plot Subdivision in Government Residential Schemes - Lagos Experience." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Land Use; Plot subdivision; Residential Property

The relationship that exists between real estate development planning and public utilities is often not easily appreciated. What is glaring most of the time is the inadequacy of these utilities. However, it is by means of regulations and adherence to planning that adequacy of these utilities can be ensured. The paper examines the current innovation in land subdivision in government residential schemes as well as the challenges associated with it. Issues concerning land subdivision are discussed with respect to residential land use. The paper also presents the challenges of further division of land for residential development. More efficient designs, increase the existing infrastructural facilities and adjustment of the size of plots are recommended to ensure effective use of the available space. Finally, it is emphasized that the issues of implementation should be taken much more seriously.

Henshaw, Gersh, and Moruf Alabi. "The Impact of Gatekeepers and Urban Managers on Access to Land for Residential Real Estate Development in Lagos State, Nigeria." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Gatekeepers; Land use models; Peri-urban Interface; Residential Real Estate Development; Urban Managers

In a capitalist housing market, the provision and allocation of housing resources and units are in the hands of the gatekeepers and urban managers, whose behaviour effectively constraint access to land for residential real estate development. However, a comprehensive survey of the literature revealed that the impact of these urban actors on residential real estate development has never been carried out in the rural-urban fringes of metropolitan areas and most especially in Third World cities. Against this background, this study specifically examined how the activities of gatekeepers and urban managers constrain low-income group’s access to formal and informal land markets as well as the extent to which access to land for residential real estate development is gender biased in the Peri-Urban Interface (PUI) of metropolitan Lagos, Nigeria. The data for this research were from both primary and secondary sources. A multi-stage sampling technique was adopted for administering the household questionnaire to 1200 respondents in 20 peri-urban settlements where the expansion of housing is most rapid. Secondary sources of data include the records of gatekeeping institutions and urban management authorities operating in the study area. Findings revealed that there is an inverse relationship between the need for state residential plots and the provision of such plots by land managers (r = -0.606, P < 0.01). Moreover, chi-square and t-test analyses indicated that access to state serviced residential plots is gender biased (X2 = 25.6 (d of f =2 ), P < 0.01). The theoretical implication of the study is that because of the activities of gatekeepers and urban managers, land prices have been rising faster in the PUI than at the core of metropolitan Lagos. This contradicts the proposition of land use models that land prices tend to decline with increasing distance from the Central Business District (CBD).

Ayitey, Jonathan Z., Eric P. Tudzi, and Frank Gyamfi-Yeboah. "Valuation of Investment Properties in Sub-Sharan Africa, Time for the DCF Approach?" In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Discounted cash flow (DCF) and Investment property; Valuation

Objective: Without making rules, the paper makes a strong case for the use of Discounted Cash Flow (DCF) techniques in valuation practice in the sub-region. We discussed the current investment property market in Ghana and appraised the valuation methods currently in use by professionals in estimating the price/value and worth of such investments. The traditional capitalization method was critically analyzed and found wanting given, the current state of the property market and technology. The DCF method is explicit, elaborate and theoretically sound. We argue that the time has come for professionals in the sub-region to appreciate the usefulness of DCF and use it when possible and practical. Results: Using secondary data and scenario analysis, we established that for the valuer to meet international standards and position his/her self as a modern appraiser, it is eminent that DCF becomes one of the preferred techniques for valuing income producing assets. With the development of computer software and availability of complex calculators, there is rarely an excuse for reliance on the overall capitalization rate with its several unsupported and often inexplicable components. We established that the traditional capitalization approach increases the uncertainty with the valuation opinion and DCF approach when thoughtfully applied, can report and even reduce the uncertainty in valuation to an extent. Net Present Value (NPV) and Internal Rate of Return (IRR) need to be used and encouraged, specifically in investment property valuation in Ghana and the sub-region in general. Conclusions and Significance: This study shows the practically of the Discounted Cash Flow approaches even in our very unstable and young property markets. In particular the study makes a case for the DCF and will be very useful to professionals in deciding instances when it is very expedient to apply it instead of the capitalization approach. We urge sister institutions in the sub-region to kick-start the process of establishing DCF standards for their members and organize Continues Professional Development (CPD) sessions to educate them on the methodology and software availability.

Muzenda, Archimedes. "Verticalisation Approach to Property Development: A Feasability Study of Harare." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Capacities; Harare; Property Development; sustainability; Verticalisation

This paper’s thrust focuses on the feasibility of verticalisation approach to property development with main emphasis on the capacities, opportunities and restraints to achieve sustainable property development in Harare. It clarifies that escalating urban population has triggered the demand for building infrastructure hence pressure on land so vertical expansion has been a planning approach to urban growth in conquest to curb urban sprawl in interrelated platform with property development in the developing world. Regarding its capabilities to embrace sustainable property development there have been questions arising on, how capable are the urban locales in embracing the concept?, what restraining factors can hinder its application? and what victories can it bring to property development?. In conquest to address these questions an investigation of building heights and land uses , analysis of planning policies, institutions, legislation and regulations in the town of Harare underpins the opportunities of less land consumption, low construction costs and reduced urban sprawl and also challenges of outdated, rigid planning regulations, technological incapacities, financial constraints, incompatible old buildings designs. These research underpinnings calls for reform on policy, legislative and institutional frameworks governing verticalisation. Also the paper clarifies on the need for encompassing verticalisation process in the urban planning regulations and guidelines with considerations of sustainable urban expansion. Technically there is also need to strengthen technological capacity of the construction industry as the paper shall explore.

Kidido, Joseph k, and Jonathan Z. Ayitey. "Who is the Rightful Refcipient? Compensation for Land Use Deprivation: The case of Newmont Gold Ghana limited." In 12th African Real Estate Society Conference. AfRES. Accra, Ghana: African Real Estate Society, 2012. Compensation; deprivation; Land Use; recipients

Taking (eminent domain, expropriation or compulsory purchase) must be accompanied by adequate and effective compensation in all civilised societies where fundamental human rights are protected. The Ghanaian Minerals and Mining Act, 2006 (Act 703) recognises this and among other entitlements has introduced a new head of claim (deprivation of use) to the compensation regime whenever there is taking for mining. However the rightful recipient of deprivation use is have not been defined in the statute. This paper focused on the challenges surrounding the determination of rightful recipients of compensation for deprivation of use dwelling on Newmont Gold Ghana’s Akyem Project experience. Personal observation whilst acting for some affected persons and questionnaire survey was conducted among affected people and practicing valuers to discern their views with regard to the above. Evidence from the compensation exercise revealed that many challenges were encountered in identifying the various interest holders rightfully entitled to receive compensation for the deprivation of use in the absence of legislative direction. Scenarios emerged involving landowners, tenants and sharecropper farmers and sorting out the rightful recipients for compensation was fraught with conflicting and multiple claims. The situation calls for speedy passage of Legislative Instrument (LI) under the Act 703 to offer clear guidelines on how compensation for deprivation of use should be assessed and what entitlement criteria should be adopted.