Keywords Abstract
Joyce, OgbondaUche, and Erik Bichard. "AN APPROACH FOR EXAMINING THE STATE AND VALUE OF PUBLIC SCHOOLS IN THE GAS FLARING AREAS OF NIGERIA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. building deterioration; design science; gas flares; health impact; public schools value im- plication

The Niger Delta region produces over 82.8% of the natural gas that is associated with oil production in Nigeria. Due to economic and political reasons, this gas is not retained for energy use but flared causing pollution which creates many environmental, social and economic impacts on the building fabric of public schools, diminishing their value and impacts on the health of the users of such buildings in the vicinity of oil fields. Current construction research has failed to reflect the impact of such negative environmental conditions on the state and value of public schools in the selection of roofing materials. After reviewing building construction research approaches, the design science approach is recommended as an alternative approach for examining the state of public schools in gas flare regions and recommending the appropriate building material choice that may enhance the value of such building.

Aderibigbe, Adetunji Ekemode, Benjamin Gbolahan, and Joshua Oluseyi ADEGOKE. "AN ASSESSMENT OF LAND TITLE REGISTRATION PROCESS IN OSUN STATE, NIGERIA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 76-89. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Land; Land Management/Administration; Land Title Registra- tion; Land Title Registration; Land Titles

PURPOSE: This paper evaluated the land title registration processes in Osun state, Nigeria, with a view to advancing suggestions towards improving the registration of land titles.

DESIGN/METHODOLOGY: The study employed a combination of purposive and stratified sampling technique to obtain data from five (5) land officials and five hundred and twenty (520) land title registration applicants in Osun State, Nigeria between 2004 and 2014 time period.

FINDINGS: The study found that the registration of land titles follows a 14 stage procedure. However, the requirements vary for each category of land titles. Also, the processes were found to be clumsy and cumbersome.

LIMITATIONS: The study only focused on the processes and procedures of land title registration in the study area.

PRACTICAL IMPLICATIONS: The study has implications for land administration practice in the study area.

ORIGINALITY: The study extends literature on land title registration activities in emerging African economies.

Viruly, Francois, and Aly Karam. "AN ASSESSMENT OF THE CHARACTERISTICS OF MEGA REAL ESTATE PROJECTS IN SUB–SAHARAN AFRICA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. feasibility studies; Mega Real Estate Developments; Sub-Saharan property markets; Urban impact of developments

This paper provides an understanding of the viability and investment decision making processes associated with mega , mixed-use developments across Sub-Saharan Africa ( SSA) . In doing so the study questions the economic as well as non-economic parameters that often drive these projects. Because of their size, such developments have specific funding as well as infrastructural requirements which are often not found in smaller developments. They also often also require a significant level of public/ private sector co-operation, and the success or failure of these projects can have considerable private and public implications.

In addressing these questions, the research considers the academic literature that has developed around the characteristics of large mixed use developments in industrialised and emerging countries . Research conclusions are drawn based on four case studies located in Kenya ( Tatu City ) , Nigeria ( Eko Atlantic ), South Africa ( Century City ) and the DRC ( Cite Du Fleuve). These projects are approximately of a similar size; they incorporate a number of residential and non-residential uses, and have the potential to significantly alter local markets and the urban environment in which they are located.

The main finding of the study is that the decision to initiate mega real estate projects in Sub-Saharan Africa is driven by financial and non-financial parameters with often insufficient attention given to market forces . It also suggests that concentrating on financial feasibility studies may not provide an adequate tool for the analysis of these types of projects.

Olanrele, Olusegun Olaopin, Rosli Said, and Md Nasir Daud. "AN EVALUATION OF THE PERFORMANCE AND ACCEPTABILITY OF REIT IN NIGERIA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 269-286. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Nigeria REIT; REIT acceptability; Reit Performance; Risk adjusted returns; Stock market

PURPOSE: The study investigates the performance and acceptability of Real Estate Investment Trusts (REITs) in Nigeria

DESIGN/METHODOLOGY: The study adopted index computation and risk adjusted return (ICRAR) analysis using weekly stock returns. Market weighted capitalization approach is used to develop REIT and property stocks indexes over the period 20082014. A correlation analysis of the returns was done to assess the diversification benefits of N-REIT to the market.

FINDINGS: N-REIT underperformed the market in term of both average return and risk adjusted return but have a superior performance over the property company. With a low insignificant negative correlation N-REIT signals a marginal diversification advantage.

RESEARCH LIMITATIONS/IMPLICATIONS: The sample of REITs in this study is small. There are three (3) REITs in Nigeria but only two REITs in established before 2013 were selected. This research as a potential pioneer study of Nigeria REIT did not consider a mixed asset portfolio effect or benefit

PRACTICAL IMPLICATIONS:The study provides an insight into the characteristics of the Nigeria REIT which will be of interest and practical usefulness to market players. Previous studies focused on UPDC, the only listed property company in Nigeria. Therefore, investors will be guided on decision making with regard to real estate securities because of the clear evidence of the outperformance of REIT compared to the property company.

ORIGINALITY/VALUE OF WORK: This paper is the first empirical studies that investigates Nigeria REIT performance on the basis of risk adjusted analysis. It contributes to the body of knowledge by adding Nigeria market into the global REIT performance analysis. The computation of indices for N-REIT in this study was to provide comparison with market index, there has been no such index in Nigeria market publicly prior to this study.

MUGISHA, John. "ASSESSMENT ON COMPENSATION AND RESETTLEMENT ISSUES IN LAND EXPROPRIATION FOR URBAN REDEVELOPMENT PROGRAMS IN RWANDA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Compensation; land expropriation; Resettlement; Rwanda; valuation approach

Land expropriation is considered as a major tool used by governments to assemble land for various activities aiming at public interest. In Rwanda, this exercise has been characterised by complaints and objections of the amount of compensation payable. This paper examines how the determination of compensation during land expropriation is done and how the expropriated people are resettled, considering two expropriation projects in Kigali city, Rwanda. The data was collected from real property valuers, District land officers, Kigali city council and the project-affected persons. It was found out that valuation for compensation is not consistent with the provisions of the Expropriation law. Whereas the Expropriation law requires that valuation be carried out based on the “market value”, property values published by Kigali City Land Commission and the Ministry of Natural Resources are being used in valuation practice. This practice not only contradicts the law but also distorts the real estate market. It was also found out that there are no resettlement action plans for expropriated persons. There is a substantial need to adopt conventional approaches to valuation based on prevailing land market values. Taking advantage of the current Land Administration Information System in Rwanda, creation of land sales databank would serve as a basic source of comparable sales for comparison approach to valuation. There is also a need for a resettlement policy in Rwanda to guide urban development without undermining efforts made by the government in formalizing urban settlements. This work bridges the gap in research about land expropriation and compensation in Rwanda. Most research works have indicated complaints about unfair compensation but have not assessed the valuation procedures and techniques used in practice.

Bugri, John Tiah, and Eric Yeboah. "CHANGING LAND ACCESS DYNAMICS AND FOOD SECURITY IMPLICATIONS IN GHANA’S OIL ENCLAVE." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Agricultural Productivity; Food Security; Ghana; Land Access; Land Pressures; Oil

Ghana is dominantly an agrarian economy, remains a net importer of food, yet classified as a ‘food deficit country’. An estimated 1.2 million people, (4.8% of the total population) are said to be food insecure and 1.9 million people are at risk of being food insecure. This means, more than 3million people (or 12 percent of the population) do not have access to an adequate and secure source of food supply. For a country which has agriculture as the mainstay of the economy, this is a worrying development.

Agricultural production is determined by a range of factors but access to productive and secure land is critical. However, Ghana’s oil find and other drivers such as (illegal small scale mining, acquisition of large land for real estate development and export oriented agriculture, etc) are jointly contributing to rapidly redefine land tenure dynamics in the south–western part of the country. But to what extent is this affecting land access and food production? By engaging multi-stakeholders through household survey, focus group discussions and interviews within the mixed method research paradigm, the study found land access to be increasingly negotiated through local land market as opposed to inheritance and other non-market pathways. Those who cannot afford are eventually subjected to market driven displacements. This situation is increasing the rate of farmland fragmentation and distance to farms, resulting in increased land pressures. Available arable lands are now being more intensively used, resulting in reducing soil fertility and in turn, agricultural production and productivity.

It was also found that oil drilling and exploration are affecting fishing in the area. Previously, local artisanal fishermen could fish within 90 nautical miles but are presently restricted to 10 nautical miles. Furthermore, the oil activities have resulted in the proliferation of seaweeds which adversely affect fishing. There is now steady reduction of catch per fishing trip in areas within the oil enclave. In effect, food crops production and fish catch are declining. This could exacerbate the existing food insecurity considerations and adversely affect livelihoods. This calls for policy interventions among which include developing high yielding varieties of staple crops, facilitating block farming and developing alternative livelihood strategies which move rural land users up along the agricultural value chain.

Bugri, J.T., E.K. Gavu, and W. Dachaga. "COMPARATIVE ANALYSIS OF PROPERTY MAINTENANCE IN PUBLIC AND PRIVATE INSTITUTIONS: LESSONS FROM A DEVELOPING COUNTRY." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 149-168. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Comparative Analysis; Private Institution; Property Maintenance; Property Management; Public Institution

Maintenance is critical to the longitivity of buildings either in terms of their physical or economic lifespan. However, there is disparity between property maintenance attitudes in public and private institutions. Despite its relevance, property maintenance has received minimum attention across both public and private institutions. Institutions are mostly concerned with the core business of their organizations to the neglect of property maintenance functions which are incidental to the achievement of organizational goals. The main aim of this research is to assess property maintenance practices in both private and public institutions in Ghana.

The research relied on questionnaires, interviews and field observations to gather relevant data to support the research. The paper analysed the views of 60 building users via questionnaires as well as interviews with staff of the Estate Departments in Kumasi Polytechnic and Christian Service University College.

Data revealed that property maintenance in both institutions was ad hoc in nature and was not guided by any documented maintenance policy. Thus maintenance was mainly unplanned and corrective and undertaken upon occurrence or failure of a component or when it is deemed necessary. The results show that inadequate funds, inadequate staff to undertake maintenance activities, non-involvement of property managers at design stage, delayed-response to maintenance requests and general apathy towards maintenance are challenges to property maintenance.

The paper recommends that maintenance should be guided by a well-documented Maintenance Policy, which supports planned and preventive maintenance; a maintenance fund should be setup, and maintenance departments should be adequately staffed. It further recommends that property managers should be duly represented from inception to completion stages of construction.

Alaka, Iheanyi N., and Jovita N. Nnametu. "COMPENSATION DEFICITS: PUBLIC LAND ACQUISITION EXPERIENCES IN SOUTH-EASTERN NIGERIA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 112-127. AfRES. Kumasi, Ghana: African Real Estate Society, 2015.

PURPOSE: This paper aims to review and examine how affected claimants/groups achieve acceptable values for their lands during and after the compensation processes in selected communities in south-eastern Nigeria.

DESIGN/METHODS FOLLOWED/APPROACH: Both desk research and field survey approaches were adopted. Relevant data were retrieved from 27 key informants among the Estate Surveyors and Valuers and 104 affected claimants all within the 5 selected States in the South-Eastern Nigeria. Suitable sampling approaches were adopted in the study. All field data collected from both categories of respondents were processed and analysed using simple percentages, Pearson’s moment of correlation, averages and land price index (LPI), and presented on suitable tables.

FINDINGS: The study revealed that some claimants/groups resisted public developments until more compensation was received, attempts were made to manipulate the existence of landed improvements, groups often forcefully demand ransom in cases where public estates are allocated for developments/investments, and initiate new negotiations with users before such developments could be allowed, Valuers lives and practice are highly threatened and often lose personal properties to compensation crises.

RESEARCH LIMITATIONS/IMPLICATIONS: Further research is required to broaden the scope of information on the extent of individual and community adaptations to land value negotiations and security of public development projects arising from compulsory land acquisition in Nigeria.

PRACTICAL IMPLICATIONS: The study gives insight into the worsening illicit approaches to recovery of fair claims to land values as initiated by affected individuals or group from such communities within the south-eastern region of Nigeria.

ORIGINALITY/VALUE OF WORK: The outcome of this study shall assist both the State governments and the land policy review committee in Nigeria to undertake further extensive researches into the plights and adaptations of the affected groups whose lands are yet to be acquired for overriding public purposes.

Gavu, E.K., J. FRIMPONG-ASANTE, and J.F. SONNE. "COST EFFECTIVE WALLING MATERIALS FOR PIECEMEAL CONSTRUCTION IN DEVELOPING ECONOMIES." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Ghana; housing; Incremental Housing; Piecemeal Construction; Walling Materials

Provision of adequate housing for mankind has been an age old problem for many governments. Many households cannot afford the huge capital commitment to build a house and therefore are left with no alternative than to adopt the piecemeal/ incremental construction. A challenge of piecemeal construction is that, structures are often exposed to varying weather conditions especially in instances where no roofing material has been put in place. It is thus expected that, much importance is placed on walling materials that can stand the test of time. This research assesses and identifies the most suitable walling materials for housing in piecemeal construction. The study analyses the suitability of four walling materials namely sandcrete blocks, bricks, hydraform and landcrete for incremental housing in Ghana.

Primary data was gathered using questionnaires and interviews whiles existing literature on the topic provided the needed secondary data for the study. The sample includes 50 workers each from the informal and formal sectors and individual developers and companies. The research also examined 3 unroofed structures constructed with different walling materials that have been exposed to the same climatic conditions for between 14 to 16 years in Kumasi, Ghana. The results show that; (a) Most Ghanaians finance their housing projects themselves partly due to the difficulty in accessing alternative sources of finance. (b) Sandcrete blocks although comparatively expensive are the most widely used material for piecemeal construction in Ghana.

(c) Most respondents had no knowledge of Hydraform as an alternate construction material to sandcrete blocks.

Construction in piecemeal has come to stay and it is important for developers to ensure that walling materials for construction can withstand weather conditions and ensure value for money.

KOMU, Felician John. "DELIVERING MORTGAGE FINANCE SERVICES IN TANZANIA - SPOTLIGHTS ON HOUSING BOOM AND BURST." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Home loans; Housing market cycles; mortgage literacy

For many years, housing finance in Tanzania was largely informal and conspicuously lacking amongst the low income groups. In 2008, the Government adopted a housing finance legislation that introduced for the first time mortgage finance in Tanzania. This was followed in quick turns by national debates on housing policy, micro finance in housing, changing role of the public national housing corporations and building materials supplier-organizations.

A steady performance of the real estate market has been observed. The once dormant National Housing Corporation was rejuvenated and braced itself to avail to the market 3,000 units a year from the 50 units that it was producing for many years. While traditional players strengthened their grips on the market, new entrants mainly from the private sector in partnership with public organizations have made significant inroads to the market. The take-up of new housing units has been impressive mainly on account of the re-introduced mortgage facility. This has set in a speculative wave not only from local real estate investors but also from outside the country. It is therefore intriguing to conjecture on the long-term effects of the emerging mortgage market on the real estate market on one hand and on the other, in context of the experiences from mature mortgage, look into the potential risk areas such as foreclosures in the delivery of mortgage services in Tanzania.

This paper is an attempt to study the implications of the adopted housing finance approach on the real estate market. It reflects on policy issues and debates that have pre-occupied both the finance and the housing sectors in Tanzania amidst the housing finance crisis elsewhere, drawing parallel to the possible impacts this may have on the emerging mortgage markets in Tanzania and eventually in solving the housing problem.

Akinsomi, Omokolade, Atish Ranchod, Lawrence Ndlovu, and Lerato Morobi. "EFFECTS OF URBAN DECAY ON OFFICE RENT IN JOHANNESBURG CENTRAL BUSINESS DISTRICT." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Johannesburg Central Business District (CBD); Office Buildings; rental prices; Urban decay Effects of urban decay on office rental values have not been researched in South African cities. The purpose of this study is to test if urban decay is still evident and has a negative effect on rental values of office buildings in the Johannesburg Central Business District (CBD). In conducting this research, a questionnaire was distributed to 48 office building managers within the Johannesburg CBD. The results obtained show that the majority of building managers agree to the fact that urban decay is still evident in the Johannesburg CBD and has a negative effect on office rental values. Respondents were of the opinion that factors such as abandoned buildings and high crime rates were features of urban decay which contribute negatively to office rentals in the Johannesburg CBD. This urban decay factors were more prominent or allocated same weightage for instance than factors such as market condition, interest rates and rental property demand. This research paper highlights the economic consequences of urban decay on commercial properties.
AWOLAJA, Adekunle G., and Olurotimi A. KEMIKI. "EMERGING GLOBAL BEST PRACTICES IN URBAN REGENERATION: IMPLICATION FOR ESTATE SURVEYORS AND VALUERS IN NIGERIA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Best Practice; Creativity; Estate Surveyors & Valuers; innovation hubs; Urban Regeneration

Urban regeneration is a global long time practice. While many cities in the world have gone ahead to imbibe emerging concepts in urban regeneration with resounding successes, most urban regeneration programmes in Nigeria cannot be said to be in line with global best practices. In Nigeria, Urban regeneration programmes are characterized with challenges such as lack of resettlement plan, increased poverty, low level of awareness, insufficient urban built environment professionals, differences in stakeholders’ interest and lack of infrastructural database (Shuaeeb, 2011). It is within this analytical context that this paper is conceived. This paper was based on the identification of the concepts of innovation hubs (i-hubs) and responsible property investment (RPI) as the global best practice in urban regeneration. It also delves into literatures and studies on urban regeneration practices in Nigeria to ascertain its level to what is obtainable around the world. The basic finding reveals the challenges in the existing urban regeneration practices in the country and suggests the need for the integration of science, technology, engineering, culture, design, media and arts as driving forces for effective urban regeneration practices and policy formulation in Nigeria. Finally, the paper concludes by recommending that Estate Surveyors and Valuers should be in the driver’s seat in the simplementation of iHub urban regeneration and RPI that will lead to achievement of attractive, harmonious and aesthetically pleasing environment that would guarantee environmental sustainability for the present and future generations.

Adegoke, B. F., and O. J. Adegoke. "EVALUATION OF BENEFITS OF WOMEN PARTICIPATION IN HOMEOWNERSHIP IN NIGERIA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 59-75. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. benefits; Home; Nigeria; Ownership; Women

PURPOSE: Traditionally, homeownership is a sector where women face severe constraints in access and participation because of the existing structures of gender relations despite a lot of benefits to it. This paper thus examined the benefits of women participation in homeownership in Nigeria with a view to improving women status.

DESIGN: The study purposively administered one hundred and seventy (170) questionnaires to females’ staff of the Federal Polytechnic, Ede, Nigeria, that is a Federal established Institution with all the major tribes represented. The study grouped the benefits in homeownership under four main headings; economics, social, physiological health and better family connection. Both descriptive and inferential techniques were used to analyze the data.

FINDINGS: The findings showed that good investments opportunity was the most beneficial factors of women participating in homeownership under economics benefits. Under social benefits; life satisfaction was the most significant benefit while self esteem/prestige was the most significant benefit under physiological health. Improve children education achievement was the most beneficial factor under better family connection. Also, economic benefit top the list of the four main groups ranked.

PRACTICAL IMPLICATIONS: The study recommended that government should encourage women to participate in homeownership by accord them easy access to lands and soft loans for the development.

ORIGINALITY: Women’s equal rights to adequate housing, land and property are well elaborated under international human rights law but are often elusive in practice. This paper empirically examined the benefits of women participating in homeownership in Nigeria.

Nyarko, F.J., and E.K. Gavu. "EVALUATION OF EQUITY FINANCING OPTION IN HOME FINANCING IN GHANA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Debt financing; Equity Financing; Home Financing; housing; Piecemeal housing development

The benefits of mortgage to homeowners in the advanced economies have been well documented. Nevertheless, its importation into developing economies such as Ghana has been met with a marginal success. It can be said that the framework and the macroeconomic environment necessary for a vibrant and effective mortgage finance system is almost non-existent and will require a considerable period and much efforts for such anomalies to be corrected. It is therefore very expedient for Ghana, in her quest to effectively bridge the increasing housing deficit, to devote a proportionate attention to the peculiar needs of low and middle income earners to identify a more viable option that would satisfy the average Ghanaian. Data on the preferred housing finance system by both homeowners and prospective homeowners were sought from 81 randomly selected households in the Kumasi Metropolis.

Findings of the study revealed the most widespread and preferred mode of financing housing to be from the builders’ own equity; which undoubtedly has resulted in piecemeal developments all over the country, many of which never see completion. The study however found many obstacles and fears encountered in this method of financing home construction. Chief among them is shortage of funds (equity) along the line of construction resulting from the general worsening economic conditions of the nation. Equity financing in piecemeal housing development may not be as effective as it should be for the majority of Ghanaians. The research concludes that rental housing options may be the solution to the housing needs of the majority of Ghanaians who are low and middle income earners.

Milamo, Rebecca, and Moses Kusiluka. "EXAMINATION OF AGENCY CONFLICTS IN PROPERTY MANAGEMENT IN INFANT MARKETS." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015.

Property management sector in Tanzania is still at its development stage, which is likely to expose it to more acts of opportunism owing to the inadequacy of institutions to regulate the conduct of various contracting parties. This study aimed at examining the nature, extent and mitigation techniques of agency conflicts in property management in Tanzania. It involved exploring activities of selected large institutional investors. Data collection entailed interviews with senior official representatives of the selected institutional investors, property management firms and reviewing management contracts and reports. The study revealed that property management practice in Tanzania is exposed to agency conflicts due to lack of transparency and comprehensive institutional framework for guiding the practice. The practice was noted to be exposed to both adverse selection and moral hazard problems. Property management firm selection process exposed the investors to adverse selection. Inadequate experts and non-payment of letting fee exposed them to moral hazard. Similarly, property management firms were exposed to adverse selection in the process of hiring their professional staff. Moral hazard was mainly associated with receiving rent in cash, mismanaging service charge account, and dishonesty and non-committed staff. Performance incentives, contract term and monitoring were noted to be commonly employed by principals in mitigating agency conflicts. Moreover, slight deviation of theory and practice in mitigating agency conflicts such as provision of long-term contracts and stock options was noted. To address some problems, it is recommended that a specific law catering for property management practice should be enacted. A regulatory body and professional institutions should also be formed to strengthen the profession, enhance transparency and protect the interests of different parties. Furthermore, institutional investors should restructure the contracts and employ more property management experts.

Owusu-Manu, D., B. Addo, and K.A. Donkor-Hyiaman. "INFRASTRUCTURE REDEVELOPMENT AND PROPERTY RIGHTS TRANSITION IN DEVELOPING COUNTRIES: CASE STUDY OF ADUM, KUMASI-GHANA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Commercialisation; Developing Countries; Infrastructure Redevelopment; Livelihoods; Stake- holders; Urbanisation

Infrastructure redevelopment in central business districts (CBDs) in urban centres has become an important theme in urban development studies in both developed and developing world economies. The study investigates the changes in property use to commercial uses in cities in the developing world using Kumasi-Ghana as a case study. Dwelling on urbanisation and bid-rent theories, the study adopts an in-depth interview to identify change factors in central Kumasi. Findings of the study indicate that population and economic growth, location, financial motivation, institutional pressure, lack of sub-commercial centres and desire of property owners to own commercial properties are factors behind these changes. Such changes have significant effects on the livelihoods of stakeholders including: indigenes, property owners, tenants and state institutions and this forms the basis for a future study. The findings of the study contribute to existing literature on urban regeneration and redevelopment in cities.

Anim-Odame, Wilfred. "INVESTMENT FOCUS ON REAL ESTATE MARKETS IN AFRICA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015.

Real estate is cardinally considered as an asset class and as such an investment vehicle. This strongly held view is the motivation for the current research. Although it remains small compared with advanced economies, there is a growing stock of residential, office, industrial and retail assets in Africa which constitutes the basis of an emergent real estate investment market. Real estate market size is a primary factor bearing upon the interest of global investors. Markets which are small in total value are less likely to offer investments in the large lot sizes, or the levels of liquidity preferred by these investors. Investors outside Africa have often treated the continent as a single market for real estate investment even though there are submarkets provided by each country.

It is not uncommon that research works on African real estate investment markets take viewpoint of investors from the advanced economies. The focus has been on questions like the ability of new markets to meet the standards of professionalism and transparency required by inward investors. Furthermore, both information sources and published literature on African real estate markets are, on the whole, limited. With the partial exception of South Africa, there are few sources, and limited comparison of markets’ performance exists to facilitate regional submarkets analysis.

In examining selected real estate markets in Africa – Ghana, Kenya, Nigeria, South Africa, Uganda, and Namibia – the paper makes an original contribution to the understanding of investment potentials and in particular delivers an appreciation of the uniqueness of each market. The research methodology is from a qualitative perspective and primarily relies on evidence from market reports and survey by the Global Transparency Index produced by Jones Lang LaSalle, Global Competitiveness Index by the World Economic Forum and Global Property Guide.

Evidence from the research suggests that real estate investment markets in Africa (with the exception of South Africa) share characteristics of emerging markets in terms of limited transaction data, low quality of data, transparency issues, valuation standards and the inactive participation of international market intermediaries.

Kidido, Joseph Kwaku, and Jonathan Zinzi Ayitey. "LAND TRADE AND LARGE LAND ACQUISITIONS PHENOMENON: GHANA’S EXPERIENCE SINCE COLONIAL ERA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 30. AfRES. Kumasi, Ghana: African Real Estate Society, 2015.

The challenges of the twenty-first century are enormous. Ensuring adequate food supply, energy, secure livelihoods, water among a host of essential needs of mankind have remained a daunting challenge of many governments across the world. Land is emerging as the point of attraction to solving the many problems emanating from the increasing population. The scramble for land by both the poor and the rich at the household, local community and national levels has in recent times become a topical issue in both local and international political discourses. Ghana has not been insulated from this new paradigm of land investments and thus far had had its fair share. It is ranked fourth among the top ten countries in the world targeted for mixed deals (agrofuels and other purposes) with 421, 808 ha of agricultural land already under acquisition contract. This paper assesses the development of land trade in Ghana from the period of colonial rule to the current democratic dispensation. Using a desktop approach in gathering relevant data, the study found that large acquisitions are not a new phenomenon in Ghana. Large acquisitions occurred in Ghana during the colonial era caused by the abolition of slave trade and industrial revolution, colonial land policies and influence on traditional headship system and economic policy orientations. The current phenomenon is a reawakening of the already existed practice under a different political and economic environment. The customary land owners have been the key suppliers of land in this land trade during both the colonial era and the period after the independence. There is a greater recognition of customary claims to land by the state through constitutional and policy enactments. This recognition however falls short of regulating the customary authorities in their land dispositions especially rural land which are of much interest to the investors. It is recommended that, efforts should be made by government to provide enough structures at the local level to supervise and control land trade by the customary authorities to curb abuse and mismanagement.

Kidido, Joseph Kwaku, Jonathan Zinzi Ayitey, and David Akelumbona Ayariga. "LARGE LAND ACQUISITIONS PHENOMENON IN GHANA: A HISTORICAL OVERVIEW." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 242-257. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Ghana; Historical; land acquisitions The challenges of the twenty-first century are enormous. Ensuring adequate food supply, energy, secure livelihoods, water among a host of essential needs of mankind have remained a daunting challenge of many governments across the world. Land is emerging as the point of attraction to solving the many problems emanating from the increasing population. The scramble for land by both the poor and the rich at the household, local and national levels has in recent times become a topical issue in both local and international political discourses. Ghana has not been insulated from this new paradigm of land scramble and thus far has had its fair share. It is ranked fourth among the top ten countries in the world targeted for mixed deals (agro fuels and other purposes) with 421, 808 ha of agricultural land already under acquisition contract. This paper takes a historical view of large land trade in Ghana from the period of colonial times to the current democratic dispensation. Using secondary data, the study found that the recent large land acquisition is not a new phenomenon in Ghana. It occurred in Ghana during the colonial era. The customary land owners have been the key suppliers of land in this land enterprise during both the colonial era and the period after the independence. There is a greater recognition of customary claims to land by the state through constitutional and policy enactments. This recognition however falls short of regulating the customary authorities in their land dispositions especially rural land which are of much interest to the investors. It has thus created a lacuna in the land control arrangement by the state which has left the customary authorities to engage large land alienations without adequate controls. It is recommended that, efforts be made by government to provide enough structures at the local level to supervise and control land alienations by the customary authorities.
Mubiru. "LOCAL GOVERNMENT RATING ACT (2005) AND PROPERTY TAX COLLECTION MAXIMIZATION IN URBAN UGANDA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015.

PURPOSE: Tax rating instruments play a vital role in determining the level of tax collection maximization. In Uganda for example, the Local Government Rating Act (2005) is the tool used by local government authorities to execute their duties; tax administration and enforcement. Thus; this study examined the effectiveness of Local Government Rating Act (2005) on the property tax collection maximization in Wakiso District, Uganda. The key areas of interest in the Local Government Rating Act (2005) that have been examined in this study included property tax coverage and tax administrative costs while tax collection maximization is determined in terms of revenue inflow and compliance.

DESIGN/METHODOLOGY: Causal research design and linear multiple regression as the underlying statistical tests was employed. The sample size was 48 tax administrators and this was determined from target population of 55 through Sample Size Determination by Krejcie and Morgan (1970). Close-ended questionnaires and interview guides were used as data collection techniques. The validity and reliability of research instruments was determined using Content Validity Index and test and pretest respectively. Data analysis and processing was done through SPSS where frequencies, percentages, mean value, correlation and regression matrixes were employed.

RESULTS: This study found out that Uganda’s Local Government Rating Act (2005) remains ineffective as it makes property tax coverage very limited; and the administrative costs are generally high. The study also found out that property tax inflow and compliance as elements of property tax collection maximization are relatively low in Wakiso District. Ineffectiveness in LGRA as regards to property tax coverage and administration costs was found to be closely associated with low tax collection maximization in the District. The result is that the property tax collection of the district remains minimal and there are always deficits as the district fails to achieve planned revenue targets.

PRACTICAL IMPLICATION: Better accessibility and utility of socio-economic services is key and paramount to all property owners especially in urban areas. To ensure that property owners enjoy the best of these services, local governments need to improve on socio-economic infrastructure development. This requires high levels and equitable tax collection maximization covering the areas of property tax collection maximization. In this regard, the recommendations in this study will be significant to the local governments such that they can enhance tax planning, control and bridge the existing gaps in the LGRA, thus, improving the revenue collection maximization; the recommendations will also help to reduce cases of unfair assessment that sometimes affect compliant taxpayers.

Asante, L.A., A. Sasu, and E.K. Gavu. "PHYSICAL ACCESS FOR PERSONS WITH DISABILITY IN RENTED COMPOUND HOUSES IN KUMASI: EVIDENCE FROM SELECTED NEIGHBOURHOODS IN THE METROPOLIS." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Compound House; Disability; Public Accessibility; Rental Housing

Per local legislations in Ghana and international conventions protecting the rights of persons with disability (PWDs), accessibility to public places and services is a guaranteed right. Persons and institutions that provide service to the general public are mandated to provide facilities that make the service available to PWDs. However, several studies have argued that most of the buildings of public institutions, including those who provide educational and legal service, remain inaccessible to PWDs. With a year to go on the 10-year moratorium set by the PWD Act 2006 (Act 715) for all to comply, this research examines the level of accessibility of compound houses in Kumasi, which constitutes the majority of housing type in Ghana. The study also examines the reasons for landlords’ inability to comply with the accessibility provisions of Act 715. We adopt a stratified random sampling technique to select a total of 120 compound houses and landlords from three neighbourhoods in Kumasi. Through interviews and observations, we observe that more than 90 per cent of compound houses are not accessible to mobility impaired PWDs. All changes in floor level, in and out of the houses, are accessible by stairs only. None of the houses had a ramp; staircases were either too steep, had uneven steps or unrounded nosing; and doors had no kick plate. Lack of awareness of the law, financial constraint and the negative societal perception of PWDs among others are the reasons for landlords’ inability to comply with Act 715. It is recommended that accessibility guidelines that specify the level of access for PWDs should be enacted and also that government applies sanctions to non-conforming landlords to ensure a barrier free environment for all. The National Building Regulations 1996 (L.I. 1630) should be amended and improved at least to cater to the needs of PWDs in new rental housing facilities.

Olaleye, A., B. G. Ekemode, and D. T. Olapade. "PREDICTIVE CAPACITY OF ASKING PRICE ON PROPERTY SALES PRICE IN EMERGING MARKET: EVIDENCE FROM LAGOS, NIGERIA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 258-268. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. asking price; predictive capacity; property asset; ratio analysis; Sales Price; time on sale

PURPOSE: With a focus on Lagos property market, Nigeria, the paper analysed the relationship between asking/listing price, time-on-market and sales price of residential property assets and determined the predictive capacity of asking prices and timeon-market on the eventual sale prices.

DESIGN/METHODS FOLLOWED/APPROACH: Transaction data on listing prices, time-on-market and sales prices involving one hundred and thirteen (113) residential properties were collected from practitioners in Lagos property market. Ratio analysis, skewness and correlation analysis were used to establish the relationship between asking and sales price of the properties, while regression analysis was used to determine the predictive power of asking price and time-on-market on sales price.

FINDINGS: The results showed that the time-on-market of residential properties in the market averaged 145.82 (4 months 26 days). Also, the results showed that there was a strong significant (0.01 level) relationship between the asking price of the properties and sales price at R value of +0.995. The real percentage offered between asking price and sales price of residential properties in the market averaged 87.42%, which amounted to 12.58% off the asking price. The results also revealed that asking price and time-on-market explained about 99% of the variation in the sales price. On individual level, asking price had greater impact at t = 104.657, p < 0.01, while time on market had little impact (t = 0.869, p = 0.387).

PRACTICAL IMPLICATIONS: The paper implied that asking prices of residential properties in Lagos property market could be used to predict their sales prices and that offering about 84% of asking price as sales price in the market would seems to be a reasonable offer.

ORIGINALITY/ VALUE OF WORK: The paper is one of the few studies focusing on the relationship between asking prices, time-on-market and sales prices of properties from emerging market point of view.

Akpan, Uduakobong Enamidem, and Olusegun Adebayo Ogunba. "REAL ESTATE FINANCE & INVESTMENT: AN EVALUATION OF FOREIGN DIRECT AND INDIRECT PROPERTY INVESTMENT OPPORTUNITY IN AFRICA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 90-111. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Africa; Foreign Direct/Indirect Property Investment

PURPOSE: Despite increasing trends of cross-continental property investment, foreign direct and indirect investment in Africa is disproportionately low regardless of the huge population and huge real estate demands on the continent. The JLL (2012, 2014) suggested that this is due to lack of information on the direct and indirect real estate investment opportunity (returns, risk and diversification potential) on the continent. The paper accordingly aimed to investigate the risk-return performance of direct and indirect property investments in Nigeria vis-a-vis those of the US, with a view to providing information that would serve as a preliminary guide for Asian, US and other international investment decision making. Nigeria was offered as an example of an African country with huge population and low foreign investment, while the US was offered as an example of a country/region actively involved with cross regional real estate investment that largely excludes Africa.

METHODS FOLLOWED: Direct and indirect commercial property data in the US were obtained from the NCREIF (2015) and: FTSE NAREIT (2015) indices respectively. Data on indirect property in Nigeria was obtained from the Nigerian Stock Exchange while data on direct commercial property in Nigeria was obtained from total enumeration surveys of real estate firms. This direct property data was de-smoothened to ensure compatibility with indirect data.

FINDINGS: Analysis of findings of the study revealed that Nigerian direct and indirect property outperformed US direct and indirect property investments in terms of both total return and risk-adjusted return in addition to demonstrating considerable diversification potential.

Theoretical and Practical Implications. The paper has implications for the stimulation of direct and indirect property investment in Africa which currently lags the rest of the world in this regard.

Originality: The paper is one of the first to empirically and comprehensively investigate investment potentials of African and non-African real estate.

Ahveninen, Antti-Jussi, and Heidi Falkenbach. "REAL ESTATE MARKET MATURITY AND ATTRACTIVENESS IN RWANDA AND KENYA – INTERNATIONAL INVESTORS’ PERSPECTIVE." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 280-304. AfRES. Kumasi, Ghana: African Real Estate Society, 2015.

PURPOSE: This paper studies the maturity and sophistication level of institutional real estate markets in Kenya and Rwanda, their determinants independently and in relation to one another.

DESIGN/METHODOLOGY/APPROACH: The study reports the findings of an interview study conducted among market participants in Kenya and Rwanda as well as in other East African countries targeting investments in the two researched jurisdictions.

FINDINGS: The study identifies six main determinants for market maturity and sophistication level. It concludes that the two markets have very different drivers of attractiveness for international institutional investor when measured by the six determinants. Of the determinants some increase the attractiveness universally, such as title security, but with some the relative interaction plays a more important role as is the case for example with the relative interaction of investor protection in combination with perceived political stability.

RESEARCH LIMITATIONS/IMPLICATIONS: The paper analyses the maturity and sophistication of Kenya and Rwanda only without drawing parallels to other East African countries that are often analyzed together with the paper’s research target countries by the international investors when making allocation decisions.

PRACTICAL IMPLICATIONS: The study indicates that both, Kenya and Rwanda have many determinants of maturity already at the required institutional grade levels, but the interaction component between the determinants may possibly lower the global allocations to Kenyan and Rwandese property markets.

ORIGINALITY VALUES: East African real estate market is currently amongst the most interesting markets for international real estate investors. Yet, it receives very little direct or indirect investment due to the existing information gap. This study seeks to fill some of this gap and lays the framework for further research.

Ogunba, Olusegun Adebayo, and Ismail Kolawole BELLO. "REAL ESTATE VALUATION: THE MEASUREMENT OF DEPRECIATION IN THE COST APPROACH TO VALUATION." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Cost Valuation; Depreciation

PURPOSE: It has been embarrassing to the valuation profession where it is found that its professional practices have been little more than educated guesses. This has been particularly true in the estimation of depreciation in the use of the cost method for valuing land and buildings and plant and machinery. The study set out to investigate current models adopted for the measurement of depreciation in Nigeria, examine the patterns of depreciation for residential properties in the study area and evaluate the conformity of the identified models to depreciation patterns. These were with a view to improving cost valuation practice.

METHODS FOLLOWED: Questionnaire were administered on a cross sectional surveys of 154 valuation firms across Southwestern Nigeria to address the three questions

FINDINGS: The study found that current models adopted by valuers for the measurement of depreciation of residential buildings were the estimated percentage model and age life models. However, the pattern of depreciation was found to follow an S shape. An analysis of the models usually adopted vis-a-vis the S shaped depreciation pattern using the Student t-test showed no significant relationship.. This showed that the use of depreciation in the cost method of valuation has accuracy deficiencies. Other tests demonstrated that depreciation measurement is user-friendly but is inconsistent and incapable of separating depreciation components.

THEORETICAL AND PRACTICAL IMPLICATIONS: The paper has discomforting implications for the reliability of professionally prepared valuation estimates for residential property and calls for urgent corrective action along the lines of S shaped depreciation.

ORIGINALITY: The paper expands and improves on earlier depreciation measurement studies which were restricted in terms of geographical scope and methodology...

Holger, Adam. "SUSTAINABLE REAL ESTATE IN NIGERIA – ACHIEVEMENTS, POTENTIALS & CHALLENGES." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015.

PURPOSE: This paper analyses the state, potentials and challenges of sustainable real estate in Nigeria.

APPROACH: The impact of sustainability considerations in the real estate industry will be assessed based on the statistical analysis of Green Building Councils and the certifications of sustainable real estate globally and in Africa. Drivers for sustainable real estate and their relevance for the African context are identified also by Nigerian case studies and interviews with property developers and investors from West Africa. This leads to an analysis of the obstacles to the development and certification of sustainable real estate in Africa and ways to overcome them.

FINDINGS: The research points to the awareness and pursuit of sustainability in real estate as a mark of professional excellence, a willingness to consider the long-term implications of real estate and available funds. This is increasingly the case in Nigeria, even if starting from a low level. The certification of properties is restricted by cost, absence of enabling policy framework or client demand and lack of adequate certification systems and organizations.

RESEARCH LIMITATIONS: This paper is based on exploratory research that would need to be expanded to other countries.

PRACTICAL IMPLICATIONS: The paper intends to contribute to the creation of an enabling environment for the creation and certification of sustainable real estate in Nigeria and Africa.

ORIGINALITY: This contribution to the AfRES Annual Conference is based on analysis of current secondary data and primary sources.

Asante, Lewis Abedi, Emmanuel Kofi Gavu, Jonathan Zinzi Ayitey, and Alexander Sasu. "THE CHANGING FACE OF COMPOUND HOUSES IN GHANA AND ITS EFFECT ON RENTAL VALUE: A CASE STUDY OF SELECTED NEIGHBORHOODS IN KUMASI, GHANA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 128-148. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Compound House; Ghana; housing; Kumasi; Rental value; self contained unit

In compound houses in Ghana, tenants share basic facilities such as washrooms, kitchen and electricity meter. Most tenants have problems with queuing to use facilities and equal payment for utilities. Finding solution to these problems has resulted in emerging housing improvement trends on the rental market in Ghana. Results from 88 respondents indicated that this trend has resulted in increasing urban rental values. Landlords are improving the units in their compound houses because tenants find them more convenient and are ready to pay thrice more to live in one. Rent increment is sometimes based on the personal circumstances of landlords.

Hahn, Jonas. "THE COMPETITIVE ADVANTAGE IN REAL ESTATE – A FRAMEWORK FOR AFRICA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 206-241. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Competitive advantage; competitiveness; Investment Attractiveness; Market Development; Real Estate Public Policy

PURPOSE: This paper aims to evaluate and explain differences in the investment attractiveness between African countries and to identify which factors act as drivers or constraints of the national real estate competitiveness.

DESIGN / METHODS FOLLOWED/ APPROACH: This paper proposes an application and specification of the widely renowned “diamond” framework by Michael Porter. This is based on intensive analysis of both scientific literature as well as market-based information. In this context, the paper illustrates possible input variables for empirical foundation.

FINDINGS: This paper finds that Michael Porter’s “diamond” framework is (with few exceptions that call for adjustment) basically well-suited to study the drivers and constraints of the competitive advantage in real estate for African markets. It reveals that differences between the attractiveness to global investment cash flows mainly arise from disparity in the financing environment, in property rights, in transparency issues and search costs as well as the availability of domestic market strength.

RESEARCH LIMITATIONS / IMPLICATIONS: The sample size and constitution significantly differs within the broad range of underlying literature. Due to the scarce availability of current real estate specific documentation, knowledge from product or also trade markets must be transferred occasionally to the specific analysis of African investment markets, while the equality of conclusions may not be finally resolved.

PRACTICAL IMPLICATIONS: The supposed methodology enables the widespread analysis of African nations with regard to their competitive advantage in real estate. The proposed approach helps practitioners and researchers with identifying the drivers and constraints of competitiveness and investment attractiveness.

ORIGINALITY / VALUE OF WOR: This is the first transnational adaption of the “diamond” evaluation model for competitiveness with regard to African real estate investment markets. This analysis contributes towards a fundamental understanding of national environments and how they impact the real estate related competitive position of the respective country.

Dabara, Daniel Ibrahim, Olusegun Adebayo Ogunba, and Fumilayo Moyinola ARALOYIN. "THE DIVERSIFICATION AND INFLATION-HEDGING POTENTIALS OF DIRECT AND INDIRECT REAL ESTATE INVESTMENTS IN NIGERIA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 169-185. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Diversification; hedge; Inflation; Investment; Portfolio

PURPOSE: This study aims at examining the diversification and inflation-hedging potentials of both direct and indirect real estate investments in Nigeria from 2005 to 2014 this is with a view to providing information for investment decisions.

DESIGN/METHODOLOGY/APPROACH: Secondary data on rental/capital values of direct real estate investments covering an average total of 1,587 residential properties was obtained from the records of 5 Estate Surveying and Valuation Firms in Gombe. Similarly, the dividend and share prices of the indirect real estate investment were also collected from the data bank of the Nigerian stock exchange. These data were subsequently translated to holding period returns. Furthermore, secondary data with respect to the Nigerian Consumer Price Index (CPI) which was used as a proxy for actual inflation for the study was collected from the National Bureau of Statistics (NBS). These data groups were used to calculate the asset and portfolio returns as well as the asset and portfolio risks of the selected assets. Furthermore, both descriptive and inferential statistics were used to determine the diversification and inflation-hedging potentials of the selected investment assets. This involved the use of weighted means, Pearson Product Moment Correlation and the Ordinary Least Square Regression.

FINDINGS: The study revealed that investment in direct property provided the highest returns (22.48%) as well as the highest level of risk (8.71548%) over the study period. The study further showed that only the direct property investment demonstrated the existence of diversification potential. Similarly, among the two selected asset classes only direct property showed complete inflation-hedging potential with beta 0.082, while indirect property showed a beta of -0.126, suggesting a perverse hedging characteristics.

PRACTICAL IMPLICATIONS: Diversification and Inflation-hedging potentials of investment asset classes is of particular interest to investors. The results of this study can be useful for investment forecasts as well as investment decisions on asset types to include in portfolios as a measure for protecting investors’ earnings from erosion by inflation and a means of enjoying diversification benefits thereby improving the performance of the investment portfolio.

ORIGINALITY/VALUE: Research work on the subject of diversification and inflation-hedging in Nigeria were majorly conducted in isolation. This study expanded the scope of the diversification and inflation-hedging literature by empirically investigating both investment indicators in a comparative context.

Kariuki, Catherine, Nicky Nzioki, and Jennifer Murigu. "THE DYNAMICS OF RENTAL HOUSING IN NAIROBI AND ITS OUTSKIRTS." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 315-326. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Homeownership; landlord; Maintenance; Policy; Rental Housing; repair; Tenant

The 2012/2013 National Housing Survey in Kenya indicated that the majority of the
population living in urban areas are renters. This study aims to find out why people
rent, what kind of housing units are attractive and the new areas that middle income
households prefer in Nairobi and its outskirts. The study will also establish whether
these renters choose renting as an alternative to purchase even when they can afford
homeownership.

The study will carry out interviews in selected areas of Nairobi and its outskirts. The
study hopes to establish that the rental market is dynamic and any developer planning
to construct houses for this market must understand it first. There are several
reasons already identified in literature as to why people rent. These include mobility,
renting allows people to remain mobile and move when their work place changes or
when a better job becomes available elsewhere. A second reason given is flexibility.
Renting also gives people considerable freedom over how to manage household budgets.
It can also free up some money for their basic needs. The fact that the amount
paid is not large renting frees renters from major financial commitment. With more
funds available renters are able to support other relatives in rural areas. Renting
also brings to focus the landlord and tenant relationship, with associated problems
of non-payment of rent, poor maintenance and repair culture and tenant evictions.

The study hopes to come up with key policy suggestions. That is because not everyone
prefers home ownership, governments must stop promising universal homeownership
and be more sensitive to the needs of the renter and therefore be tenure
neutral. That governments need to come up revised legislation that governors the
landlord and tenant relationship.

Akinsomi, Omokolade, Lloyd Kemp, Boitumelo Masilela, and Ansary Nishaana. "THE EFFECT OF VARIOUS REIT SUB-CATEGORIES ON MIXED-ASSET PORTFOLIOS IN SOUTH AFRICA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015.

This research aims to determine the effect of various REIT sectors on mixed asset portfolios in South Africa. By using quarterly data and the Markowitz Mean Variance framework the effect of each REIT sector on a mixed asset portfolio is determined. The REIT sectors in South Africa are limited to Diversified, Industrial & Office, Retail and Specialty REITs. Data for this research was gathered from the McGregor database which is linked with the Johannesburg Stock Exchange. All of the data including the REITs stock prices, the All Share and the All Bond was sourced from McGregor Database from January 2004 to December 2013. Our results show that there seems to be more substantial evidence that specific REIT sub-categories can achieve lower portfolio risk than All REITs portfolio. Our findings indicate that Diversified REITs, Industrial & Office REITs as well as Specialty REITs are all able to achieve lower portfolio volatility than All REITs. Retail REITS seem to be the riskiest REIT sub-category. This study is relevant for investors such as pension funds, government sovereign funds and mutual funds who are interested in diversifying their portfolios to include REITs and most importantly reducing volatility.

Umaru, Emmanuel, Awolaja Kunle, and Olurotimi Kemiki. "THE GENTRIFICATION PROCESS OF MINNA CITY CENTRE FROM 1990 TO 2015: IMPLICATION FOR URBAN LAND MARKET." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015.

Gentrification is a common process that is experienced in urban areas that are rapidly developing. Based on the report by UN that 70 percent of the world population will be living in the urban areas by 2025. It implied that the problem of gentrification will still be common in many urban areas of the world. Minna, the capital city of Niger State is equally experiencing the gentrification process which has made the rental value to be high and has forced the low income earners to relocate to areas that they can afford. This study intends to investigate the gentrification process as exemplified in Minna city. It will analyze the consequences of gentrification as it relates to the changes in the urban land market. Both primary and secondary data to identify the rental values and also the effects it has had on the populace will be used. The result will reveal the rental values for the city centre in the past and present. It will show some of the consequences of the process on the low income earners. The study will help the policy makers take into consideration of the effect of gentrification on land administration.

Adamu, Kahad, and E.K. Gavu. "THE GROWTH AND CHALLENGES OF MORTGAGE ORIGINATION IN GHANA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 48-57. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Ghana; housing; Housing deficit; Mortgage; Mortgage Debt

Low level of income coupled with the huge capital requirement to buy housing has brought about the crucial need for mortgages. Debt finance has been tested and found to be the most effective mechanism as opposed to equity finance in housing finance. A number of research conducted look at borrowers’ constraints to access the large availability of these funds. Few studies however have focused on the supply side of the industry specifically ascertaining the industry’s growth and constraints to their activities, thus forming the purpose of this study.

The data for the research was gathered through interviews and use of questionnaires administered to 6 of the major mortgage lenders between February and March 2014. The results show that there has been a significant growth of mortgage origination indicated by GH¢57.9 million in 2008 to GH¢341.70 million in 2013. The annual growth has caused a steady increment in the percentage of mortgage-debt to GDP evidenced by 0.24% in 2008 to 0.39% in 2013. The performance of the mortgage industry is largely beset by lack of secure and transparent land title and low levels of income. Other constraints are macroeconomic instability, and access to long term funds to originate debt instruments is lacking.

It is recommended that the bureaucracies and delays surrounding title registration should be reduced to accelerate the process of land and title documentations. Furthermore, institutions must consider using pensions and life insurance funds as alternative of long term funds. Finally, government must ensure to create a stable macroeconomic environment for lending (inflation, currency depreciation and base rate).

Viruly, Francois, and Alan Dinnie. "THE PUBLIC LAND DEVELOPMENT RESEARCH PROJECT (PLDRP)." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015.

PURPOSE: A significant shift in the perceptions of the value of publically owned land in South Africa has occurred in the last decade. Up until the turn of the century, public land not quarantined for municipal use was typically regarded as surplus land with low or minimal value. The disposal of such land was typically executed as an administrative process, often with the main objective of reducing the cost of maintenance of such surplus land to the public authority.

With the saturation of traditional property nodes during the South African property boom, investors and developers began exploring emerging property markets in areas such as townships and rural areas dominated by public land ownership. Large areas of public land became in demand for commercial development. This demand brought private sector property developers and the public land administrators into close and sustained contact, and triggered an evolving reconsideration of the value of surplus public land.

Despite a large evolutions leap, the understanding of the value of public land and in particular the logistics of extracting maximum returns in property development projects remains underdeveloped.

In order to further the understanding the City of Joburg Property Company has together with the UCT established a Public Land Development Research Project (PLDRP) focused on researching issues particular to the property development on public land.

The presentation to Afres in September 2015 will introduce the research project, present details on the research agenda together with preliminary desktop finding of the project. The presentation will also solicit further issues from participants which could be added to the research agenda.

DESIGN / METHODS FOLLOWED/ APPROACH: The Public Land Development Research Project (PLDRP) will focus on researching a collection key issues confronting public officials attempting to extract maximum value in property development projects on public land. It is planned that the Project will operate for a number of years with a defined research agenda set on an annual basis.

Dabara, Daniel Ibrahim, and Mathew Oluwolu Oyewole. "THE TRENDS IN COMMERCIAL PROPERTY VALUES IN AN EMERGING REAL ESTATE MARKET: THE CASE OF IBADAN METROPOLIS, NIGERIA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 169-185. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Emerging property market; Investment; Property Values; Returns; Trends

PURPOSE: This study aims at examining the trends in commercial property’s rental, capital and returns values from 2002 to 2014 in Ibadan metropolis, Nigeria with a view to providing information for investment decision making.

DESIGN/METHODOLOGY/APPROACH:Questionnaire survey was conducted to collect data on rental and capital values from investments in commercial properties in Ibadan metropolis. The data were collected from partners/branch managers of Estate Surveying and Valuation Firms in the study area. There were 56 estate surveying and valuation firms in Ibadan with an average of 2,072 commercial properties in their management portfolios (an average of 37 properties in each management portfolio). A total enumeration of the 56 firms was conducted using structured questionnaire; however, only 31 questionnaires were completed and returned for analysis (representing 55% response rate). Descriptive statistics was used in analysis of the data obtained, hence the use of frequencies; percentages; income, capital and total returns formulae; weighted mean; growth rate formulae and trend analysis.

FINDINGS: The study found that there was a steady and continuous increase in both the rental and capital values of the selected property types throughout the study period. This was depicted by the trendlines generated from data obtained from the field as well as the annual average growth rates calculated (8.35%, 8.1%, 10.3% and 6.3% for office rental values, shop rental values, office capital values and shop capital values respectively). The income, capital and total returns for investments in office property type were observed to have an average of 4.40%, 6.58% and 10.98% respectively. Similarly, the average income, capital and total returns on investments in shop property type were seen to be 4.62%, 5.19% and 9.82% respectively. The income, capital and total returns values indicated positive returns values for both office and shop properties throughout the study period.

PRACTICAL IMPLICATIONS: Due to the dynamism and property market immaturity associated with emerging property markets of developing nations, investors may want to ascertain the trends of returns behavior of real estate investments so as to serve as a guide for their investment decision making, hence this study.

ORIGINALITY/VALUE: This study is unique as it gathered historical data on commercial property investments behaviour and made future forecast or predictions of possible investment behaviour of returns values in an emerging property market which could serve as a guide to property investors in making investment decisions.

Ogunba, Olusegun Adebayo. "TOWARDS GREEN LEASES AND SUSTAINABLE PROPERTY MANAGEMENT PRACTICE IN AFRICA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Green Buildings; Green Leases; sustainable property management

PURPOSE: The literature and practice of green building in most of Africa is dominated by architects and builders rather than property management practitioners. This is a paradox, because literature (for example Yudelson, 2014), suggests that it is at the operational (property management) stage rather than at the design and build stages of the building life cycle that the negative environmental impacts of buildings environment are largely generated. The paper investigated three objectives in this context: the nature of negative impacts generated by buildings in their operational stage; whether property management as presently conventionally practiced contains green features that address the negative impacts; and factors inhibiting full operation of green leases. These were with a view to enhancing green property management practice across Africa. Ibadan, (a major city in Nigeria), was offered as an example of a typical African city suitable for the investigations.

METHODS Followed: The method was to administer questionnaire on a total enumeration survey of all 69 property management firms in Ibadan as well as two each of their tenants (a total of 138 tenants).

FINDINGS: The results identified major carbon dioxide emissions and waste generation as the significant negative impacts of buildings during their operational stage. However, property management practice as conventionally practiced was not found to address these negative impacts; their green focus was restricted to issues such as separate digital metering and use of energy saving bulbs. Major factors pointed to as significantly inhibiting their full adoption of green leases were the lack of awareness of the benefits and cost implications of green leases and lack of training/empowerment of property managers/tenants on operation of such leases.

IMPLICATIONS & VALUE: The study has implications for the stimulation of sustainable property management practices in Africa which currently lags the rest of the world in this regard.

VALUE: The paper is one of the first to empirically and comprehensively investigate green buildings from the property management perspective.

Odunsi, Tayo. "TRENDS IN NIGERIAN REAL ESTATE." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015.

The fall in oil prices from Q3 2014 was the more visible commencement of a string of economic difficulties Nigerians would begin to experience. Stressed and depleted from defending the Naira with its savings, the central bank has had to devalue the Naira on two different occasions and then added a myriad of regulations on one hand to curb foreign exchange demand but also ensure the Dollar price doesn’t go out of the roof.

However, the CBNs recent monetary tightening policies as well as other topical issues such as 2015 elections, fuel scarcity, rising inflation and political uncertainties left the nation in gloom for the most part of H1 2015. As institutional and foreign portfolio investors exited, the equities market closed at a loss of -3.5% and a market capitalization at N11.4trn as against N14.03trn same time last year. While fixed income instruments continued to enjoy patronage, the nations’ bonds are being threatened by the consideration of JPMorgan’s intentions of removing Nigerian bonds from its SSA bond index should the illiquidity in the foreign exchange market persist till year end.

Following this, real estate activity was not as intense as previous periods. These economic and political upheavals were too consecutive and far-reaching for business to continue as usual. Land prices either stayed the same or improved only slightly. In some isolated cases they reduced. A lot of planned developments have been halted while on-going constructions continued at a slower pace as either materials and labour costs needed to be re-priced or factors such as feared political uprisings and fuel scarcity kept workers away from the construction site.

Fascinatingly, the news of a new government in Q2 helped stimulate the sector for the first time in 2015; the unexpected peace and calm rekindled new demand.

This is a concise review of the performance of the Nigerian real estate market in the first half of 2015; one of the toughest times the Nation has seen in over a decade.

Ajayi, O.D., and O. Ojo. "VALUE ADDING CAPABILITIES OF FACILITIES MANAGEMENT APPROACHES IN LAGOS METROPOLIS." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference, 305-314. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Facilities Management (FM); Operational; Strategic; Tactical

The purpose of the study was to examine the broad three (3) Facilities management (FM) classifications in Client organizations in the study area and to determine the extent of the value-adding capabilities of the three FM procurement approaches. The classifications namely Strategic FM functions, Tactical FM functions and Operational FM functions were considered. The methods employed in the collection of data included the administration of questionnaire to client organizations’ directors in the study area. The sample frame comprised the 94 FM client organizations listed in the 2014 edition of the Directory of the International Facilities Management Association (IFMA), Nigeria Chapter). The study undertook a total enumeration survey of all the listed FM organizations in Lagos Metropolis. Also, descriptive statistical techniques such as frequency distribution and Relative Importance Index (RII) were used to analyze data. The findings revealed the inherent value adding capabilities of each of the three procurement approaches. However, for the research implications, the study provided insights on the delivery of optimized value addition for Facilities Managers. The RII will direct and guide facilities managers in either effective budgeting or judicious disbursing of resources for the execution of the FM functions in line with the relative levels of importance of the underlying criteria. Also for the practical implications, insightful ideas on how to expand the overall FM service delivery at best value for money was provided. The originality of the work is such that majority of the studies on FM appear to have only examined the benefits of In house and Outsourcing approaches exclusive of the Hybrid approach; this study not only examined the three (3) approaches but also determined their value-adding capabilities.

Kidido, Joseph Kwaku. "YOUTH ACCESS TO AGRICULTURAL UNDER THE CUSTOMARY TRANSFER MECHANISMS IN THE TECHIMAN TRADITIONAL AREA IN GHANA; PRELIMINARY FINDINGS." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015. Customary Land Transfer; Land Access; Youth

Youth constitute an important human capital needed for economic growth and development. In Ghana, where agriculture remains a key sector in the national economic development, youth access to agricultural land is crucial towards harnessing their potentials whiles also securing future food security. Very little has been done in the research arena on youth land access in Ghana. This study assesses youth access to agricultural land under customary land transfer arrangements. Multi-stage random sampling technique was used to select youth and household heads as respondents for this study. The study covered both peri-urban and rural communities in the Techiman traditional area. The preliminary results from the study show that majority of indigenous youth access agricultural land on license basis from their households whiles the migrant youth access land through rentals, sharecropping system and a small number on license basis. Though the youth generally feel secure in their landholdings, for the indigenous youth family heads and extended family members are great source of insecurity especially after the death of their parents or when their land becomes ripe for residential land use in the peri-urban areas. Provision of consideration either in kind or monetary was found to be an essential requirement in land transfer under customary system. Due to the matrilineal customary practices prevailing in the area, gift of land by fathers to their children is only secure when consideration is provided by the recipients in the presence of witnesses. The study also identified competition from the residential developers in the peri-urban areas, high rental cost, lack of resources, small land holdings and land scarcity occasioned by occupation by the senior lineage members and tenants as the major challenges to youth land access and holdings. It is recommended that, more education be carried out on the provisions of Intestate Succession Law to let the youth know the law and benefit from it in terms of being able to inherit their parents’ lands.

Anim-Odame, Wilfred. "“STOP WORK” AND THE FAILURE OF PLANNING IN GHANA." In Real Estate Markets Development: Meeting the Challenge, Making the Difference - the 15th African Real Estate Society Conference. AfRES. Kumasi, Ghana: African Real Estate Society, 2015.

Ghana requires an efficient and effective land use management and planning system for the sustainable growth of its cities and towns and also to address its rapid urbanization challenges. Total population more than doubled between 1984 and 2013 whilst urban population growth peaks at 4.4% annually. Accompanied by unplanned spatial expansion, the trend has spurred urban centres such as Accra, Kumasi, Takoradi, Koforidua as well as other regional towns to develop into big urban “villages”.

Urban housing in Ghana is significantly characterized as informal and unplanned. About 90% of housing in urban Ghana is built without statutory planning control (UN-habitat, 2012). Developments generally precede planning to account for a large stock of unauthorized houses, the focus of this research.

Institutions established to manage and regulate developments have failed. The paper employs a descriptive analysis from an inventory of developments in Accra to show the inefficiencies of Metropolitan, Municipal and District Assemblies in the country. It concludes that institutional failures in urban planning and development do not only account for limited and unequal access to basic urban services but also a disincentive to mobilize real estate related revenue. An urgent intervention is therefore required to promote effective and efficient urban land administration and management.