Keywords Abstract
Alemu, Belachew Yirsaw. " EXPROPRIATION, VALUATION AND COMPENSATION PRACTICE IN AMHARA NATIONAL REGIONAL STATE (ANRS), THE CASE BAHIR-DAR CITY AND SURROUNDING." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Compensation; Expropriation; Valuation

PURPOSE: Aims to examine the expropriation, valuation and compensation practice. This paper tries to investigate how the expropriation and compensation laws are implemented when privately held land and attached real properties are taken for public purpose development.

DESIGN / METHODOLOGY / APPROACH: The paper reports the findings of a survey of expropriatees from main practices throughout Bhair Dar city and its surroundings. FINDINGS: There is a big gap between the actual practice of expropriation, valuation and compensation and the law. Lack of application of standardized methods and procedures created situations of unfair valuation and compensation.

PRACTICAL IMPLICATION: The practical implication is that the living status of affected people before and after expropriation could be useful.

ORIGINALITY / VALUE: The value of the paper for government officials, real property valuers and investorsis that transparency, consistency and fair compensation are useful.

NG’ANG’A, KEFFA N., and SHARLEEN K. A. B. B. I. S. AUMA. "A CASE STUDY OF THE UNSUSTAINABLE FACILITIES MANAGEMENT PRACTICES IN MAJOR SPORTS STADIA IN KENYA; THE CASE STUDY OF SAFARICOM SPORTS COMPLEX AND NYAYO NATIONAL STADIUM IN NAIROBI CITY COUNTY." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

There is a growing concern amongst sports and entertainment enthusiasts in Kenya about the quality of sports facilities and the nature of management practices that are being implemented in these facilities. The real estate industry on the other hand, has been running major facilities in Kenya such as malls with precise efficiency.

The paper focuses on the systematic analysis of management of two stadiums that is Safaricom Sports Complex and the Nyayo National Stadium while comparing the system with the successful management systems of other facilities. We also interview managers and boards in management of sports as well as sports fans and players who use sports facilities.

There is a loss of revenue from gate collection, little upgrade of the facilities, poor management of available resources, high levels of resource underuse, high levels of vandalism of stadia, poor security measures, as well as the few employees trained on management of stadia in this industry. There is not a lot of information available on the management of these facilities due to poor record keeping resulting in loss of information, unwillingness of the managers to talk or respond to queries, and the high level of corrupt practices within the staff and management boards. The real estate and management industry needs to realize that the absence of managers in the sports facilities is hurting our economy and promoting chaos, unprofessionalism and corruption in the Kenyan sports industry.

The above expressed ideas are my own. The declining standards of sports talent management and development has resulted mainly from the above factors.

Nzioki, Nicky, and David Kitulazzi. "A REVIEW OF STRATEGIC ENVIRONMENTAL ASSESSMENT PROCESS AND ITS IMPLICATION IN REAL ESTATE DEVELOPMENT PROJECTS IN KENYA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Legal Aspects; plan; policy and programmes (PPP); SEA Guidelines; SEA Principles; Strategic Environmental Assessment (SEA); Sustainable Development

Strategic Environmental Assessment (SEA) is widely recognized as a promising approach to take account of the environmental effects of policy, plans and programmes (PPP). This comes after a key challenge of the Environmental Impact Assessment of projects not influencing higher-level, strategic decision-making processes as well as its complexity to capture cumulative effects. SEA is widely recognized as a promising approach to take account of the environmental effects of policy, plans and programs although it is relatively new. However, it has not been fully realized in regard to understanding and addressing cumulative environmental effects at broader regional scales as a precondition to ensuring the sustainable development of the environment. Effective SEA depends on an adaptive and continuous process focused on strengthening institutions, governance and decision-making processes rather than just a simple, technical approach focused on impacts, as is often found in EIA. The clear focus throughout the subsequent process of SEA should be on incorporating sustainability as a means to continue economic growth without undue harm to the environment in regards to the proposed activities or projects that are being developed and evaluated at both regional level and national level. This is therefore, a literature review paper highlighting an introduction of SEA together with its objectives, principles and the stages for undertaking SEA. The paper will also look at the existing guidelines for SEA including its legal framework especially the relevant provisions of Environmental Management and Co-ordination Act (EMCA) of 1999 and the Environmental Impact Assessment (EIA) Regulations of 2009. The paper will review a SEA case study in Kenya and its implication in real estate development projects in Kenya.
 

Pelser, Riaan, and Chris Cloete. "A STRATEGY TO ENTER THE EAST AFRICAN CLOTHING RETAIL MARKET: A PRELIMINARY ANALYSIS." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. clothing retail market; East Africa; Growth; invest; Strategy


PURPOSE OF THIS PAPER: To characterize the major factors to be considered in the development of a strategy to enter the East African clothing retail market.

DESIGN / METHODOLOGY / APPROACH: A preliminary selection of potential geographical markets in East Africa was made based upon size and political stability. Four countries were selected and major cities and towns in these countries were visited on two occasions, to obtain firsthand knowledge of the current retail market as well as to identify possible investment opportunities. The four selected countries were ranked according to probable ease of market penetration. Shopping malls in the two most attractive countries were visited and characterized.

FINDINGS: It is recommended that Kenya should be established as springboard for expansion into East Africa, with Uganda earmarked as the second country to invest in. Stores rollout should start in Nairobi with a rapid rollout to key rural cities and towns. Once the operation is stabilized a sales area team with logistics support should be established in Kampala with the focus to grow the footprint rapidly westward.

RESEARCH LIMITATIONS / IMPLICATIONS: The research is a preliminary survey of factors to be considered in the establishment of a strategy to enter the East African clothing retail market. Sudan and Somalia was excluded from the study due to political turmoil currently present in these countries while Eritrea, Djibouti, Rwanda and Burundi were excluded due to size.

PRACTICAL IMPLICATIONS (IF APPLICABLE): Understanding the factors required to enter the relevant markets will increase the potential success of an entrant.

ORIGINALITY / VALUE OF PAPER: Although specific markets in some of the countries in East Africa had been investigated in the past, this is the first systematic study of the strategy required to successfully enter the clothing retail market in East Africa.

Abiodun, Abolade, and Terzungwe Dugeri. "AFFORDABILITY OF HOUSING AMONG MIDDLE INCOME DWELLERS IN KADUNA STATE." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. affordability; housing; housing challenge; middle income; Nigeria

PURPOSE: To investigate the factors inhibiting the affordability of housing among middle income dwellers. To examine the effects of non-affordability of housing on middle income dwellers and to offer solution to the problem.

DESIGN / METHOD / APPROACH: A list of factors, effects and solutions to the problem of non-affordability of housing was drawn into a questionnaire and administered on government middle income group of Kaduna State. This was subsequently subjected to analysis through SPSS and the results presented in tables using the frequencies, percentages, means and ranking. The factors, effects and solutions were presented in a five point likert scale.

FINDINGS: The results of the study indicate that the top factors inhibiting affordability of housing among middle income dwellers of Kaduna state include lack of access to loan facilities in the state and non-affordability of land in Government Reserved Areas (GRA). The effects include long distance travels to work places leading to less productivity and low standard of living. The solutions identified include government making land available for middle income groups at subsidized rate. This will enable them to build their own houses or engage the private sector in a Private Public Partnership. Such partnerships will enable an arrangement that affords housing at prolonged mortgages on subsidized rates.

RESEARCH LIMITATIONS: The major limitation to this work is access to the middle income group of Kaduna state. Thus, the study is limited to government workers in the state.

PRACTICAL IMPLICATIONS: At various points in time, public and private sectors in Kaduna State has embarked on the provision of affordable housing. This appears not to have been affordable to the majority of middle income dwellers in Kaduna state. However, the results of this study can be handed to the appropriate government authority for the recommendation of the study to be implemented.

ORIGINALITY/ VALUE OF WORK: This study on housing affordability has not been conducted anywhere to the best of my knowledge.

Komu, Felician. "Alternative Compensation Schemes in Large Scale Investments in Agricultural Land." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Adequate Compensation; Equity; Land acquisition; livelihood

Purpose: Over the last decade, there has been a general outcry on the loss of livelihood by communities through land acquisition schemes to accommodate large scale farming in Africa. Interventions by the African Union through Declaration on Land Issues and Challenges in July 2009 – the LSLBI and the FAO Voluntary Guidelines on Responsible Governance of the Tenure of Land, Forests and Fisheries (VGGT) have addressed this to a very great extent. Notwithstanding these interventions, local communities continue to be insufficiently compensated, under-consulted, and left with their livelihoods threatened. The basic question as to who is to improve land governance in LSLBI remains unanswered and, it is intriguing to establish whether the VGGT are sufficiently understood and operational.

Methodology: through documentary and government policy reviews, the study evaluated three projects in the Coast and Kigoma regions of Tanzania.

Findings: It is clear where local communities were directly consulted; there was consensus on how to address the livelihood issue and the project objectives were more likely to be achieved. Local communities were more readily to adapt to a new arrangement if offered some ownership rights in the subsequent investors’ project than monetary compensation.

Research limitations the studied projects had been stalled on account of hostile communities and political interventions in the past. They nevertheless present a good case for understanding the underlying factors that may hinder large scale agricultural investment in countries such as Tanzania.

Practi al implication Monetary compensation for land to be acquired has been a source of disputes for too long. An alternative scheme such as equity participation in a new venture assures continued rights and food security.

Value of Work: A framework for improving FAO Guidelines and customizing them for the African local conditions is given. Besides, the land assessment and compensation problem has been addressed.

Clement, C.C., O.A. Ogunba, and T.T. Dugeri. "AN EVALUATION OF THE INVESTMENT MATURITY OF PROPERTY MARKETS IN SOUTHWESTERN NIGERIA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 343-374. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Globalization; maturity characteristics; Nigeria; Property Investment

PURPOSE: Studies on the maturity status of sub-Saharan African property markets are scanty. The absence of such studies appear to have made African property markets such as the Nigerian market unattractive to foreign investors who require market information to assess the viability of proposed investments. This paper explores the maturity status of selected city property markets in Southwestern Nigeria (that is, markets in the capital cities of Lagos, Ibadan and Osogbo), with a view to providing information for enhanced property investment in Africa.

DESIGN / METHODS: The study adopted and expanded on property market maturity paradigms suggested by Keogh and D’Arcy (1994), Akinbogun (2012) and Jones Lang LaSalle (2014) to measure the maturity status of the property markets in the Nigerian cities. In achieving this objective, the study sampled players in the markets estate surveyors and valuers, public land administrators and financiers (represented by commercial banks) using questionnaire surveys and structured interviews. The responses were classified by means of a five-point classification scale which expanded on the initial scale developed by Dugeri (2011).

FINDINGS: The three property markets were found to exhibit varying maturity characteristics (with weighted mean scores of 3.07, 2.71, 2.51 respectively), representing emerging and immature stages of evolution on the maturity path.

PRACTICAL IMPLICATIONS: The study concluded that the Ibadan and Osogbo markets require substantial remodeling to make them attractive to international investors

ORIGINALITY/VALUE: The value of the paper is in providing much needed information for enhanced property investment in Africa

Mubiru, Moses. "AN INVESTIGATION ON THE IMPACT SERVICE CHARGE ADMINISTRATION ON THE MAINTENANCE OF CIVIL SERVANTS HOUSING FACILITIES IN UGANDA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Building Maintenance; civil servant’s housing; service charges

PURPOSE: The purpose of the study is to assess the effectiveness of service charge administration in Uganda and to establish how it has affected the maintenance of civil servant’s housing facilities in selected government estates in Kampala City, Uganda.

METHODS FOLLOWED / APPROACH: The analysis of this study covered 55 properties housing civil servants in selected estates. Causal research design and linear multiple regression as the underlying statistical tests were employed in this study. This method was used to find the relationship between service charge administration and the maintenance of selected government estates in Uganda. The study further employed both systematic and purposive random sampling procedures in data collection. A combination of both interviews and questionnaires were us to engage with the selected respondents and determine the impact of service charge administration on the overall serviceability of the civil servant’s buildings.

FINDINGS: The results of this research based on the evidence gathered indicate that, being one of the few sources of income for the administrators of civil servants’ housing, if adequately structured and administered, service charges can go a long way in sustaining not only the building fabric and serviceability, but also ensuring comfort of the users.

VALUE OF WORK: This research exposes the fundamental solution to the persistent challenges facing the management of civil servants’ housing in Uganda, leading to a systematic dilapidation of most of them even before their planned lifespan.

Bismark, Aha, and Iyandemye Samuel. "ASPECTS OF MORTGAGE PRICING IN DEVELOPING COUNTRIES: THE CASE OF RWANDA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

PURPOSE: Access to decent and affordable housing remains one of the greatest challenges in Sub-Sahara African exacerbated by its exponential population growth rate and low income levels. Whilst mortgage has proven to be a superior approach to housing finance in developed countries, this has not been the case in developing countries where ridiculous interest charges have effectively priced the middle and low income groups out of the mortgage market. This study provides an empirical examination of the determinants of mortgage interest rates and effective borrowing costs in Rwanda, and the implications thereof for residential mortgage demand and affordability.

DESIGN: The study combines secondary data (mainly macroeconomic indicators) with primary information obtained by questionnaires and interviews with the major mortgage lenders in Rwanda.

FINDINGS: The study reveals that, at the current interest rates, mortgages are affordable to less than five percent of the Rwandan population. The high cost of borrowing is driven primarily by the lender’s cost of funds, unstable macroeconomic environment (exchange rate and inflation), inflation, liquidity, default risks, and lack of access to long term funds.

RESEARCH LIMITATIONS: The mortgage market in Rwanda is still very young, and as such, access to longer time-series data was unavailable to permit a more robust analysis.

PRACTICAL IMPLICATIONS: There is the need to integrate the housing finance market to the broader capital market to ensure access to long time funding and reduce asset-liability mismatches on the part of mortgage lenders. This will also reduce the risk borne by the primary mortgage lenders and transfer the risk to capital market investors who are better able to handle such risks. The government of Rwanda should partner with Rwanda Social Security Board (RSSB) and life insurance companies to provide a mortgage liquidity facility to ensure constant supply of mortgage funds to the commercial banks.

ORIGINALITY: The study provides primary empirical explanations for the reasons behind the high interest rates on mortgages. By identifying the primary reasons behind this, it offers more relevant recommendations to help curtail this situation Keywords: housing, mortgage, interest rate, effective borrowing cost, affordability, mortgage liquidity facility

Aha, Bismark, and Jonathan Zinzi Ayitey. "BIOFUELS AND THE HAZARDS OF LAND GRABBING: TENURE (IN)SECURITY AND INDIGENOUS FARMERS’ INVESTMENT DECISIONS IN GHANA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. agricultural investments; communal lands; Ghana; land grabbing; tenure insecurity

The past decade has witnessed a renewed interest in transnational land deals in the developing land-abundant countries of Sub Sahara Africa (SSA), Asia and Latin America following the convergence of the global financial, food and energy crises in the mid 2000s. In much of SSA, these deals occur on customary (communal) lands which are managed by traditional chiefs in trust for the entire local community and hence occupied by local farmers. Traditional authorities have, for unexplained reasons, become much interested in these deals; alienating large tracts of customary lands to foreign investors for biofuel and food crop plantations. In this paper, we examine the effects of the current mode of communal land acquisition for Jatropha cultivation in Ghana on the security of indigenous farmers’ land rights and their decisions to invest in their farms. Empirical evidence is based on primary data collected from field surveys conducted in two districts in Ghana; Yeji and Ejura in the Ashanti and Brong Ahafo regions respectively. We show that the increasing alienation of communal lands to biofuel investors without fair and adequate compensation to the indigenous land holders has resulted in higher levels of uncertainty and land tenure insecurity among farmers in affected communities. Consequently, such farmers have become apathetic to farming, cultivate smaller farm sizes and thereby show low agricultural investments. These findings provide a new perspective for considering the nexus between increasing biofuel cultivation and food security in developing countries.

Mugisha, Raissa, and Christine Umug aneza. "CAPITAL STRUCTURE DECISIONS IN COMMERCIAL PROPERTY INVESTMENTS IN RWANDA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Capital Structure; commercial real estate; debt; debt to equity ratio; Equity; Rwanda

The commercial real estate sector is one of the fastest developing sectors in Rwanda, evidenced by an explosion in the development of high-rise properties especially within the CBD of Kigali city. A peculiar feature of commercial real estate investment is the requirement for huge initial capital outlay with a maturity commensurate through the economic life of the investment holding period. Thus, it is often impractical or finically imprudent for investors to finance such acquisitions or developments solely from their personal savings. This necessitates the use of external funding to finance the cost of developing or purchasing commercial properties. This paper provides an empirical examination of the factors which underpin commercial real estate investors’ decisions to combine debt, equity and other financing options the way they do. It focuses on Rwanda, where 10 commercial properties in the city of Kigali were examined. The analysis revealed that the majority of investors prefer combining debt and equity in their capital structure, with the types of equity capital mainly used being partnerships and personal savings, whereas the debt financing option mainly used is bank loans secured by the subject property. The main difference in the capital structure lies in the proportionate fractions of debt and equity that makes up the capital stack. This difference appears in two ways, where an investor might choose a high debt-to-equity ratio or a low debt-to-equity ratio, high debt to equity ratio being the most commonly chosen. The differences were then analyzed to understand the reasons for the observed capital structures. From this understanding we were able to determine empirically the factors that influence investors’ capital structure decisions of commercial properties in Rwanda. The key determinants were interest rates, risk diversification, portfolio considerations and the tax deductibility. The implications of the adopted capital structure on investment performance and risk were also examined.

Mosimanegape, Neltah Tshepiso. "CHALLENGES FACING PROPERTY/FACILITIES MANAGEMENT PROFESSIONALS OF MIXED USED DEVELOPMENTS: A CASE STUDY OF THE NEW CENTRAL BUSINESS DISTRICT OF GABORONE, BOTSWANA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

PURPOSE: This paper investigates the challenges encountered by property managers of mixed use developments in the new Central Business District of Gaborone, Botswana. Property developers are steadily diversifying their investment portfolios by including mixed use developments, given the opportunity-bound evolution of the local industry.

This research paper seeks to identify the challenges that property managers of mixed use developments face in comparison to managing contemporary properties consisting of one type of tenancy. In particular, comparisons in the management styles employed by property managers in relation to the different types of properties will be considered.

DESIGN / METHODS FOLLOWED / APPROACH: In order to expedite this research, managers of identified mixed use developments will be engaged. Qualitative and quantitative methods of research including, but not limited to, conducting interviews, surveys and hypothesis testing will be employed to achieve the study’s research objectives. Tenants who have occupied both single use and mixed used developments will be invited to contribute their views on the managerial styles of the different properties they have occupied.

FINDINGS: The anticipated outcome of this study is the identification of the challenges of managing mixed-use developments, as well as outlining solutions that property managers of these complex developments with an array of tenants can undertake. The findings of the study will be useful in improving the management approach and understanding the intricacy of developing, managing and occupying mixed use developments for stakeholders.

LIMITATIONS: Mixed use developments are a fairly new concept, not only in Gaborone but also countrywide. Therefore, only a limited number of participants will be suitable for the study.

PRACTICAL IMPLICATIONS: With the progressively increasing popularity of mixed use developments, based on the findings, the conclusions of the study will serve as a precedent for future property managers of mixed-use developments to tackle the challenges faced by managing multifaceted properties.

ORIGINALITY / VALUE OF WORK: This statement certifies that the content of this paper will contain my original piece of work. All the assistance, references and sources to be used to prepare this paper will be duly acknowledged.

Asante, Lewis Abedi, and Alexander Sasu. "CHALLENGES OF A CENTRALIZED CUSTOMARY LAND REGIS- TRATION IN GHANA: A CASE OF SELECTED DISTRICTS IN THE ASHANTI REGION OF GHANA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Ashanti region; Decentralization; Ghana; Land service delivery; Lands Commission

Ghana’s National Land Policy provides that secured tenure, through title registration, can be achieved if capacity building for land service delivery is created and maintained at the national, regional and district levels. Although the second phase of the Land Administration Project (LAP-2) aims at decentralizing land service delivery in Ghana, this is yet to become a reality five years since the onset of LAP-2. The Lands Commission (LC) [focusing on Public & Vested Land Management (PVLMD) and Survey & Mapping Divisions (SMD)] is barely visible at the district levels, albeit its visibility at the regional levels.

This paper poses the question: ‘to what extent is land registration at the regional level enhancing clearly defined property rights and security of tenure at the district levels’. This study was conducted at Sekyere Afram Plains, Sekyere East and Offinso North district assemblies and at the premises of the LC of the Ashanti region. Using qualitative approach, data was drawn by adopting purposive and convenience sampling. Respondents sampled were mainly traditional authorities, staff of LC and lessees. The study revealed that over 85% of the lessees appreciate the benefits of attaining property rights and security of tenure through registration of their respective interests in land. However, they are disinclined in attaining same for reasons not limited to (a) travelling distance (over 100 kilometers) covered to the regional land service delivery divisions in Kumasi, (b) reluctance on the part of some personnel of the LC to go for site inspection, and (c) the perception that payment of ground rent to the Office of the Administrator of Stool Lands is a guarantee of security of tenure. The study recommends, amongst others, collaboration between the LC and the traditional authorities to establish district offices of the LC to enhance security of tenure at the district levels.

Yacim, Joseph Awoamim, and Douw Gert Bosho. "COMPARISON OF MASS APPRAISAL MODELS FOR EFFECTIVE PREDICTION OF PROPERTY VALUES." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 218-252. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. accuracy; market values; mass appraisal models; predictions; properties

There are a number of models that are used for mass appraisal of properties. However, the choice of a model is predicated on a number of criteria. One of these criteria is to compare models predictive accuracies that are reflected in minimum error of estimates. This study focuses on comparing predictive accuracies of mass appraisal models with a datasets of 3494 property transactions from the city of Cape Town, South Africa. Five mass appraisal models including back propagation trained artificial neural networks, multiple regression model, M5P tree, support vector machine optimise with sequential minimal optimisation and additive nonparametric regression were used for the simulations. Waikato Environment for Knowledge Analysis (WEKA) explorer; an open source data mining software was used to pre-processed property data to normalised values and model property prices. The analysis shows that BP trained artificial neural networks (BP-ANN) and M5P tree utilised in this study predicted better results with root mean squared error and mean absolute error within acceptable threshold of 5%. But M5P tree shows distinctiveness in predicted results between normalised and absolute values which require further examination. The other three mass appraisal models including multiple regression model, additive nonparametric regression and support vector machines with simulated minimal optimisation predicted RMSE that are higher than 5% acceptable threshold. With these results it is hereby recommended that mortgage lenders, valuation offices in South Africa, the rest of Africa and beyond should consider utilising BP-ANN in their mass appraisal predictions.
 

Berhanu, Gizachew. "CONCEPTUAL MODEL FOR INTEGRATION OF AMP ON GIS SYSTEM FOR ASSET FACILITY MANAGEMENT." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

The topic deals with a brief presentation of the manual on conceptual models for integration of AMP on GIS systems, which was written by me. The client is Ministry of Urban Development and Housing. The topic deals with integrated physical municipal asset management (road, drainage, building, water supply and so on) using GIS based on the new experience of Urban Local Governance Development Program. It is further based on the author’s experience of manual preparations on the subject of ULGDP cities.

As the manual belongs to Ministry of Urban Development, Housing and Construction, authorization for the writer to present is required by the client. The manual is going to be practically implemented for Asset Management Plan Preparation for ULGDP cities using GIS. The manual is a practical manual supporting the new Asset Management Plan manual written by Professor DR. John Abott (while the author is Ministry of Urban Development).

The new manual deals with a conceptual model backed with demonstration on cyclic and procedural management of physical assets through the management of information on physical asset, maintenance condition and deficit assessment, valuation and finance, maintenance plans, new asset plans, maintenance projects and new asset projects. The destined objective is the preparation of an Asset Management Plan.

It is envisaged to demonstrate with selected assets, the conceptual model and system developed through testing the operation of physical asset, maintenance condition and deficit, valuation and finance, planning and project preparation for efficient operation of Asset Management Plan of the Municipality. It also specifically deals with a dynamic segmentation model and its use for management of linear assets of road, drainage and water.

SHAIDI, NANCYMERINA. "CONDOMINIUMS, GATED COMMUNITIES AND HOUSING ESTATES: AN INVESTIGATION INTO THE FACTORS INFLUENCING HOUSE BUYING DECISION: A CASE OF DAR ES SALAAM." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 430-452. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Condominium; Consumer Behavior; Gated Communities; house purchase decision; Housing Estates

Tanzanians’ house ownership cultural practice is dominated by people resorting to build houses on their own in incremental basis from their personal savings and by a small contractor “mafundi”. However, about a decade ago real estate developers have introduced modernized residents i.e. condominium and gated communities that are offered for sale through presale arrangement. This contravenes the popular self-built house traditional yet there has been a significant market response. However, recently developers are struggling to achieve sale as prospective buyers hesitate to take part.

Residential developers ought to grasp a better understanding of the interests, perceptions and preferences of their prospective in order to outshine. This study investigates the key criteria that take precedency among house buyers as they make house purchase decision as it is a platform to explain the most probable reason for slow sales. To triumph this aim the study adopts a quantitative research approach administered to 150 homeowners and prospective buyers, accompanied with interviews to developers as well as lending institutions.

Findings reveals that, income level, household size, quality of the house, design of the house, location from the social amenities, mortgage interest rate, investment purposes living condition and government participation to be the most significant factors influencing Tanzanian house buying decision. Thus developer ought to put extreme attention in situation analysis on the significant attributes highlighted herein so as to be able to capture the market.

SHAIDI, NANCYMERINA. "CONDOMINUIMS AND GATED COMMUNTIES: AN INVESTIGATION OF THE ATTRIBUTES INFLUENCING BUYING DECIONS: A CASE OF DAR ES SALAAM." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.


The ultimate aim of the study was to investigate an emerging trend of home buying amongst individuals in Tanzania from commercial real estate developers “What attributes influences their decision in to purchase or not to purchase housing units?” The study adopts both a quantitative and qualitative case study approach focusing on the condominium and gated communities in Dar es Salaam. The data collection methods used in the research includes a self-administered questionnaire to 200 home owners and prospective buyers. It was developed by using attributes in theories but only those that applied to Tanzanian content as verified by interviews carried out prior to the survey. Data collected were analysed by using a multiple linear regression model in SPSS, the interpretation has developed a ranking of criteria that people prefer when purchasing houses. The availability of buyers of the condominiums that were sold on pre-sale arrangement was a challenge, but this was well addressed.

The findings of the study revealed that location, demographic variables notably income level, the family size, occupation, investments purposes, chaos of incremental construction, and developers have significantly influenced housing purchase decisions. Whereas factors like price against quality, and means of housing finance negatively influenced housing purchase decisions.The study implies to develop a guideline to assist buyers in making house purchase decisions. At the same time, the finding forms a feedback to developers on customers’ preferences in order to diverse strategies to improve their products, increase their market share, and to enjoy medium to long term returns. The study shall also enlighten and lay a platform to the government in developing more appropriate housing policies to curb the housing problem.

L. Iwarere, Jide, and John E. Williams. "DEMOGRAPHIC INVERSION: THE CASE OF WASHINGTON, DC." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

Demographic Inversion involves a socioeconomic reordering of the uses and occupants of properties inside the boundaries of major US cities. The concept is akin to gentrification, which has generally been defined by the outplacement of less affluent minority groups by more affluent residents, but has a broader impact on both the people and types of property affected by the process. Employing 2000 and 2010 census data, we examined the demographic changes of residential patterns of Washington, DC. Analysis of this data revealed that the demographics of the residents of the city changed significantly between 2000 and 2010, including household income, number of households with children, selling prices of homes, foreclosure rates and ethnic composition. The change in ethnic composition also had an impact on a diversity index that was devised for the study.

Adeleke, F. G., and A. Olaleye. "DETERMINANTS OF HOUSING AFFORDABILITY: A LITERATURE REVIEW." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. affordability; civil servants; housing; low-income; Nigeria

PURPOSE: This paper is expected to provide information on the factors indicating housing affordability levels of low income civil servants in Southwestern Nigeria.

DESIGN / METHODS: Desktop analysis of literature was employed to achieve the stated objective.

FINDINGS: The study provides an overview of various discussions on affordable housing among low income earners. The preliminary findings suggests that socioeconomic characteristics of low income civil servants, their housing choice and individual preferences are some of the factors that have significant influence on the affordability level

PRACTICAL IMPLICATION: The paper explored the challenges confronting the provision of affordable housing for low income civil servants in Southwestern Nigeria.

ORIGINALITY: This study contributes to the increasing debate for affordable housing among low income civil servants.

Zhou, Addmore. "DISCUSSING HOUSING FINANCE AND INVESTMENT IN DEVELOPING COUNTRIES: THE ZIMBABWEAN CASE." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 453-462. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Developing Countries; FDI; Housing Finance; Low Income Housing

The world is witnessing unprecedented levels of urbanisation. UN-HABITAT (2009) predicted that two thirds of the world’s population will be living in cities and towns by 2030. Cities in developing countries are the fastest growing. However, the most worrying phenomena have been the rapid growth of slums in and around some cities coupled with acute shortages of housing in many others. In 2004, the U.N reported that more than a billion people in developing countries live in slums, a figure expected to double over the next 30 years. Developing countries continue to grapple with challenges of providing housing to their communities. Investment and new development in housing remain low and slow. The major problem has been lack of finance and investment towards housing.

This paper will discuss Zimbabwe’s finance industry particularly the banking sector and the extent to which it has committed resources towards housing. The paper will also discuss the challenges faced by the banking sector over the years. The banking industry is a major player in every country’s economy and it influences the growth and prosperity of a nation.

In discussing Zimbabwe’s housing finance, the paper will look at both domestic and foreign sources of finance, their volumes and the factors which influence their deployment. The paper is an extract from a broader ongoing Ph.D. research study whose main aim is to investigate why Zimbabwe is failing to provide adequate housing in the context of both private investment and public housing. In the study, it is found that housing finance in Zimbabwe is not adequate and falls far short of the levels required to effectively address the shortage of housing.

Sasu, Alexander, Lewis Abedi Asante, and Joseph Kwaku Kidido. "DISPOSITION OF STOOL LAND IN PERI-URBAN GHANA: THE CONSTITUTIONAL REQUIREMENT AND COMPLIANCE IN THE EJISU-JUABEN MUNICIPALITY." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 179-217. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Constitution; Development; Ghana; Land Use Planning; Stool land disposition;  Stool land

Article 267 (3) of the 1992 Constitution of Ghana provides that stool land disposition or development must be consistent with the planning scheme approved by the Town and Country Planning Department (TCPD) of the area in which the land is situated, without which traditional authorities are not expected to dispose same to prospective allottees. The study sought to address the questions: (a) ‘to what extent does stool land disposition and development in peri-urban Ejisu Juaben Municipality complying with Article 267 (3) of the 1992 Constitution of Ghana’; (b) ‘what are the driving factor(s) for compliance or non-compliance with the constitutional provision’. Data were gathered from traditional authorities(Chiefs), allottees and officials of Town and Country Planning Department (TCPD) and Public & Vested Land Management Division (PVLMD) of Regional Lands Commission (RLC). The study showed a high rate of non compliance to the constitutional provision. This scenario is occasioned by conflicting relations between the traditional authorities, TCPD and PVLMD coupled with high cost of base map and planning scheme preparation. The study recommends a partnership between the traditional authorities and metropolitan, municipal and district assemblies (MMDAs) in the preparation of base maps and planning scheme aimed at regulating land disposition and development. The MMDAs should also directly support the chiefs both financially and technically to ensure easy adherence to the constitutional provision and in so doing guarantee the preparation of planning schemes ahead of development.

Okoro, Rose C., and James B. Effiong. "ECONOMIC GROWTH AND DEVELOPMENT THROUGH REAL ESTATE MARKET RESEARCH." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 375-429. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. economic return; interest; investors; Market; market segment; Nigeria; Property; real estate; Renters; supply gabs

Real estate markets are not centrally organized but are organized by existing market outlets where interests, rights, etcetera, in real estates are sold, bought or leased. Major players within the markets are investors, lessees, financiers, buyers and sellers. The markets may be local, national or international, specializing in different types of property. The market possesses special characteristics which make its operations uniquely different from the conventional commodity markets. Success in any investment venture require prior research into the intended business arena to discover the strength of demand, number of suppliers, the goods or services needed and their quality, the market segments and the supply gaps. Most real estate investors, globally, fail to undertake market research to discover the market segments they intend to serve before venturing into them. They employ human intuition for investment decisions. Often these result in entering saturated markets thereby loosing huge investment funds and truncating overall economic development in the process. Prudent economic principles for investment are to discover unexplored or underexplored markets and to design appropriate products and services for economically empowered consumers for good economic returns. This paper examines appropriate real estate market researches that need to be undertaken prior to investment decisions and execution thereof. Survey approach was used to find out how the property investors approach the market research before embarking on developmental investments and the investment outcomes. The place of study encompasses major cities in Akwa Ibom, Cross River and Abia states of Nigeria.
 

edu, Gabriel Kofi Owi, Alexander Sasu, and Lewis Abedi Asante. "ENSURING AN EFFICIENT CONCURRENCE AND LAND REGISTRATION PROCESS IN GHANA: ASSESSING THE PRACTICAL APPLICATION OF THE SURVEY (SUPERVISION AND APPROVAL OF PLANS) REGULATIONS, 1989 IN THE AWUTU SENYA EAST MUNICIPALITY, CENTRAL REGION, GHANA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

Section 6 of the Survey Act, 1962 (Act 127) requires that any map and plan attached to an instrument for registration must be prepared and certified by an official or licensed land surveyor. However, Act 127 made no provision for supervision and approval of these maps and plans by the Survey and Mapping Division (SMD) of the Lands Commission. Consequently. Errors that were made in relation to maps and plans distorted geo-land information on ownership, size and extent of land boundaries, invariably affecting the land registration process. It is against this background that the Survey Regulations, 1989 (LI 1444) was passed to strengthen the supervisory role of the SMD with respect to prospective plans attached to an instrument for registration. This paper poses the question: ‘has the passage of the L1 1444 enhanced concurrence and the land registration process?’ Using Awutu Senya East municipality as a study area, respondents were selected by means of purposive and convenience sampling techniques. Respondents sampled were mainly traditional authorities, lessees and staff of land sector agencies. The study revealed that there is a strong enforcement of the LI 1444 by the Lands Commission; however, the expected improvement with respect to duration and cost for title registration is yet to be achieved. Findings also indicated (a) poor supervision of licensed surveyors by SMD due to inadequate staff, (b) backlog of concurrence at PVLMD due to delay in approving cadastral plans submitted by land surveyors for and on behalf of lessees, and (c) PVMLD denying lessees concurrence due to disparities between the approved cadastral plan and planning scheme of the area (some as far as 100 feet interval). The study recommends, amongst others, the increment in staff strength and establishment of district offices of the SMD to ensure effective supervision and efficient land administration at all levels.
 

Akakandelwa, Nalumino, Steven Devaney, and Kathy Pain. "EXPLORING REAL ESTATE INVESTMENT TRUST (REIT) AS A HOUSING FINANCE OPTION IN NIGERIA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 281-290. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.
Havugimana, Vedaste, Marie Grace Nyinawabeza, and Bernard Nsanzimana. "FORCED SALE OF MORTGAGED PROPERTIES IN KIGALI: THE IMAGE OF REAL PROPERTY VALUERS." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. forced sale; mortgage loan; property valuer

Valuation as an art and science of determining the monetary worth of real property has had a direct and critical relationship with mortgage lending. This led directly to the high involvement of real property valuers in mortgage lending decisions. The aim of this paper is to understand the role of valuations in the mortgage approval process in order to find out whether the valuers are contributing to the loss caused by forced sales of mortgaged properties and come up with an approach to regulate financial systems in a country to reduce loan default. To accomplish this aim, questionnaires, structured interviews, and observations have been used among different research groups. Moreover, views taken from related literature to discover important variables relevant to the topic, and gaining a new perspective. Statistical and content analysis were used to discuss and analyze data collected to provide a meaningful context vis-a-vis the study aims. It found the liable party for the loss accounted for by the borrowers and lenders during forced sales. The research also reveals little influence in valuation in Rwandan valuation practice, which was recommended for further research to determine its associated effects. The best practice found is one from Seoul, Korea called “Countercyclical Macro Prudential Approach”. Recommendations have been made by researchers in order to govern financial systems by avoiding mortgage loan default to all involved groups in the mortgage market in Kigali.

Hahn, Jonas. "HOTEL PROPERTIES IN ANGOLA – ANALYSIS OF MARKET CHARACTERISTICS AND SUSTAINABLE COMPETITIVENESS." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

Current developments indicate a significant increase in hotel investment inflows from hotel chains throughout Africa. Specifically, large multi-national players such as Hilton, Accor or Marriott have confirmed their interest in further investments and revealed specific plans for expansion on the continent. This paper comprises an explorative study to identify the status and attractiveness of the tourism sector, hotel properties and related investment markets in Angola. This paper collects and interprets a variety of tourism-and property market-driven primary data in order to gain a fundamental understanding of risks, the competitiveness and upside potential in a developing hospitality market with high orientation in the business tourism segment. The paper analyses the tourism fundamentals as well as the development pipeline of major hotel chains and elaborates typical regional hotel investment patterns. The overall finding is that, while well-known for business tourism within the Southern African Development Community, Angola’s hotel market is perceived in the context of high volatility and risk due to its dependency of the oil and gas sector, which will impact foreign visitor spending going forward.

AYODELE, Timothy Oluwafemi, and Abel OLALEYE. "IMPACT OF ADDING SECURITISED PROPERTY INTO MIXED-ASSET PORTFOLIO IN EMERGING MARKETS: EVIDENCE FROM NIGERIA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 74-105. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Diversification; Emerging Market; Investment; Mixed-asset Portfolio; Nigeria; securitised property

PURPOSE: The paper examined the performance of securitised property and analysed its diversification benefits when added into domestic mixed-asset portfolios, constructed using Naïve and MPT optimization techniques. The paper also tested the hypothesis that the performance of naïve portfolios with securitised properties is better than naïve portfolios without such.

DESIGN/METHODS: The data comprised of quarterly returns on securitised property, all share, Federal bonds, State bonds, Debentures and Treasury bills for years 2000 to 2013. Return-risk analysis was compared using mean return, standard deviation, Sharpe ratio and correlation coefficient. The data sets were also analysed for stationarity using the Philip Perron unit root test. Furthermore, the static and time varying correlations (DCC) between LPS and other assets in the portfolio were examined. In assessing securitised property return enhancements and risk reduction benefits in mixed asset portfolio, 24 naïve portfolios (18 with securitised property and 6 without) were constructed and the effectiveness of diversification was assessed for each portfolio. This is in addition to examining the impact of securitised property on optimal portfolios using Markowitz quadratic function.

FINDINGS: The results showed that securitised property did not offer superior returns and underperformed most other assets on risk adjusted basis. Furthermore, inclusion of securitised property into mixed asset portfolios might not bring statistically significant improvement in portfolios performance. The results are however dependent on the percentage weightings of assets and the asset class being replaced.

PRACTICAL IMPLICATION: The study has implications for investors interested in emerging markets like the Nigerian investment market.

ORIGINALITY: It is one of the few attempts within the context of Africa’s emerging market and Nigeria in particular.

Ekenta, Chukwuemeka, and Moses Baridi Baridoma. "IMPACT OF PROPERTY TAX ADJUSTMENT ON RENTAL VALUE IN NIGERIA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 107-118. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Impact; landed property; Rental value; Taxation

Tax adjustment in every economy is significantly affected by monetary policies and by implication real property taxes. This study examines the effect of property tax adjustments with respect to their impact on rental value in Nigeria. Data were obtained from 150 respondents. The multiple regression models and SPSS package were adopted for data analysis. The study found that there is a statistically significant relationship between landed property taxation and rental value. The implication is that the rental income from property is significantly affected by tax adjustments thus discouraging real property investments. It was recommended that tax reform and related institutional reform should entail actions that are consistent with local conditions rather than an attempt to realize abstract principles.

Berhanu, Gizachew. "LAND INVENTORY AND ITS USE FOR PROTECTION OF STATE LAND FROM LEGAL PROPRIETORS AND ILLEGAL INVADERS BASED ON THE CASE OF SHASHEMENE." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

This abstract is based on the writer’s experience of parcel based land inventory preparation for the whole of Shashemene City. The work is done by COMPASS AEPED consultant while the writer is involved with the capacity of coordinating the land inventory work of Shahsemene. The client is Shasheme City Administration.

The author is specifically interested in revealing general land inventory profiles and patterns and the review of policy on land inventory and registration. It also analyses, quantify and reveal spatial pattern on the extent of state land encroachment by tenure types and sub cities. Based on the analysis results, the author will suggest remedial actions that can be taken to protect state land from encroachment of legal and illegal invaders, lessons learned, conclusions and recommendations.

Kloosterboer, Marjan, and Femke van Noorloos. "LOOKING EAST: CHINA’S INVOLVEMENT IN ETHIOPIA’S URBAN SECTOR." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

It is estimated that at least 80% of Addis Ababa’s urban population lives in slum defined settlements which are populated by the urban poor, in dilapidated conditions, overcrowded, and generally lack access to basic services. The government therefore promotes a large-scale city-wide approach to effectively address the multitude of problems. This takes shape in two practices: (1) government initiated area-wise renewal and (2) plot wise renewal by the private sector. In this regards, the Chinese government is increasingly engaged as a stakeholder in the private sector and by now well-represented in urban development projects in Ethiopia, through both Chinese state-owned and private companies, often via public-private partnerships. Chinese urban projects in Ethiopia include; the Eastern Industrial Zone (Dukum), Poli Lotus International Centre (Addis Ababa), the new Headquarter for the Commercial Bank of Ethiopia (Addis Ababa) and the Light Rail Train (LRT) (Addis Ababa).

Until recently academics mainly focused on China’s presence in Africa in terms of natural resources and extractives, infrastructure, industrial and agricultural development projects. However, while Chinese investments in housing and urban development are increasingly reaching Africa (as a ‘last frontier’ for global capital), little is known about China’s engagement with urban development projects in Africa. With this study we aim to capture China’s presence in Ethiopia’s urban sector through highlighting the projects’ cultural and financial trajectories, and their (potential) impacts in terms of equitable and sustainable development. What types of urban models are being implemented, and what views of modernization and development are invoked? What types of urban transformations and effects can be expected, e.g. in terms of access to land and housing? This research is based on analysis of both primary sources (in-depth interviews with key stakeholders and residents) and secondary sources (policy and planning documents) and focuses on both commercial and residential projects.

Pelser, Riaan, and Chris Cloete. "Potential retail properties in East Africa: A preliminary analysis." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 134-178. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. clothing retail market; Growth; invest; Strategy;  East Africa

Purpose of this paper To characterize the major factors to be considered in the development of a strategy to enter the East African retail property market.

Design/methodology/approach A preliminary selection of potential geographical markets in East Africa was made based upon size and political stability. Four countries were selected and major cities and towns in these countries were visited on two occasions, to obtain first hand knowledge of the current retail market as well as to identify possible investment opportunities. The four selected countries were ranked according to probable ease of market penetration. Shopping malls in the two most attractive countries were visited and characterized.

Findings: The preliminary study shows that Kenya should be established as springboard for expansion into East Africa, with Uganda earmarked as the second country to invest in. Stores rollout should start in Nairobi with a rapid rollout to key rural cities and towns. Once the operation is stabilized a sales area team with logistics support should be established in Kampala with the focus to grow the footprint rapidly westward.

Research limitations/implication: The research is a preliminary survey of factors to be considered in the establishment of a strategy to enter the East African retail property market. Sudan and Somalia were excluded from the study due to political turmoil currently present in these countries while Eritrea, Djibouti, Rwanda and Burundi were excluded due to size.

Practical implications (if appli able): Understanding the factors required to enter the relevant markets will increase the potential success of an entrant.

Originality/value of paper: Although specific markets in some of the countries in East Africa had been investigated in the past, this is the first systematic study of the strategy required to successfully enter the retail property market in East Africa.

Mirembe, Rachael Daisy, Augustine M'Tovu, Isaac Nkote, and Nabirye Immaculate. "PREDICTORS OF CHOICE OF RESIDENTIAL HOUSING IN KAMPALA, UGANDA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. housing; Mobility; Residential Choice; Tenants; Uganda

PURPOSE: This study investigates the predictors of choice of residential housing in Kampala, the largest metropolitan area in Uganda. The city is growing exponentially with a diverse population estimated at 1.5 million. As a result, there has been a steady growth in the residential market. The city is working on a range of housing solutions to meet the market needs. The study will draw from the APH Model comprising of the three key dimensions, mobility, community facilities, and community social capital to examine whether and when choosing a housing option, decision makers are subject to a variety of influences.

METHODOLOGY: The researchers investigated the choice behavior of residential houses based on a sample of 384 respondents and adopted the exploratory, cross sectional, and quantitative research designs in this study. The data was collected through five point scale questionnaire survey, coded using Epi Data and analyzed using SPSS.

FINDINGS: Findings suggest that there is a positive relationship between residential choice and mobility, community facility and community social capital.

PRACTICAL IMPLICATIONS: Findings suggest that ease of mobility, access to amenities, and community social capital are key determinants in influencing the tenants’ decision on choice of residence.

ORIGINALITY: The methodology applied in this paper provides an innovative way to measure choice of residential housing among tenants in developing countries.

KIRABO, ANGELLA. "PROPERTY MANAGEMENT OF COMMERCIAL BUILDINGS IN UGANDA: THE TENANT’S EXPERIENCE!" In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

PURPOSE: The purpose of this study is to assess whether the expectations of tenants are met in the newly setup commercial buildings in Kampala, Uganda.

DESIGN / METHODS FOLLOWED / APPROACH: The data collected will be analysed quantitatively, carefully tabulated and some illustrated graphically. The analysis will be done using Microsoft Excel. The methods of data collection include: Questionnaires will be administered to the tenants of the selected commercial buildings.

Personal interviews will be held with some of the tenants and managers of the selected commercial buildings that will be relevant to this study.

The desk research will involve looking through magazines, journals, websites related to the study.

Visits to some of the properties in question will be done to give a better understanding on what the tenants and managers of commercial buildings are involved in.

FINDINGS: The major expected output will be a study with the following data, among others:

Considerations taken by tenants as they select the properties to rent in Kampala. Considerations taken by property managers as they accept offers from tenants in Kampala.

Expectations by property managers from tenants and vice versa.

Proposed appropriate guidelines of selection of properties by tenants of commercial buildings in Kampala.

RESEARCH LIMITATIONS / IMPLICATIONS: The study will focus on some selected newly constructed commercial buildings in Kampala, Uganda.

PRACTICAL IMPLICATIONS: Develop and make recommendations of the appropriate practices of handling tenants in commercial buildings in Kampala, Uganda

ORIGINALITY / VALUE OF WORK: This study is being carried out by the researcher herself, contributing to existing literature.

Anim-Odame, Wilfred. "PROPERTY VALUATION IN EMERGING ECONOMIES: THE HANDS ON EXPERIENCE." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

Businesses, individuals, financial institutions and governments globally require property valuations for several purposes. Property value as a proxy for price is usually determined on the basis of market value. Typical purposes for which property valuation may be required include sale, purchase, mortgage, insurance, rating and stamp duty whilst rental value is determined for a tenancy arrangement or the associated tax payment.

This research is indeed, motivated by the view that property plays an important role in the development agenda of all nations. For instance, the expansion of property stock and rise in its market value form part of the accumulation of wealth with successful economic development. As a potential source of tax revenue for central and local governments, especial in emerging economies where cash-based informal sectors hamper the collection of other forms of taxation, property markets will continue to play an important role in national development. And as exemplified by the Asian crisis in the late 1990s, incorrectly valued and unstable property markets are major risk components for the banking and financial systems (Renaud and Mera, 2000).

The credibility, reliability and accuracy of property value determination in emerging economies are therefore critical. This paper examines the practice of property valuation in Ghana to establish that five underlying requirements – Property Valuation Guidelines and Standards, electronic database, automated property valuation, research and development, and property market intermediaries – are a necessity for the development of the valuation profession. The research concludes that these requirements are the corner pillars to promote property market development in Ghana, which may also be applicable to other African countries with similar property market characteristics.

Anim-Odame, Wilfred. "PROVIDING A VEHICLE FOR CITIES GROWTH IN AFRICA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

Cities in Africa are characterized by the rapid spread of informal settlements, lack of affordable serviced plots and zoning policies to guide the process. Through the process of urbanization, the property market does not only grow to stimulate economic development but also improve the living quality of residents with sustainable infrastructural development. In principle, cities have greater potential to raise local revenues. Firstly, the larger urban economy provides a significant local tax base, although its predominantly informal nature prevents the authorities from capturing taxes. Secondly, high-value urban properties constitute a major tax base, although the lack of clear property titles prevents this from being realized.

This paper reviews historical interventions in land administration in Ghana. The development of the first ever land policy in 1999 and implementation of land administration project – phase 1 and 2 (between 2004 and date) have still not adequately addressed the fundamentals. Sectorial gaps in achieving a sustainable land market development in the country remain unresolved.

A qualitative approach is employed to investigate how the gains of the land administration project in Ghana have addressed the fundamentals of the country’s land policy. The findings reveal significant interventions in land administration in Ghana over the past 12 years; yet there are gaps in the nation’s effort to provide a sustainable platform for cities growth. This paper makes a considered contribution that land use and building regulations become more important as urbanization advances. Urban planning must guide cities growth and the associated infrastructure needed.

The paper further establishes a strong connection between three thematic areas – sustainable land administration, participatory land use planning, and infrastructure investment – as a vehicle for cities growth, an explicit added value. It comparatively analyses sub-regional performance and concludes that by every measure of infrastructure coverage, African countries lag behind their peers in other parts of the developing world.

Akakandelwa, Nalumino, Steven Devaney, and Kathy Pain. "SOCIAL NETWORKS AND SALES TRANSACTIONS IN SOUTH AFRICAN OFFICE MARKETS." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 291-312. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

Scarcity of information on office transaction opportunities contributes to office markets being illiquid. Asset and vendor identity is problematic since information is privately held and highly localised in geographically dispersed markets. DiMaggio and Louch (1998) and Rangan, (2000) demonstrate how social networks resolve market uncertainty where conversional mechanisms which rely on publicly available information are not practical. The research question is how social networks are used to resolve uncertainty in commercial office sales markets.

METHODOLOGY: The paper adopted an exploratory research approach. Data was collected through in-depth face-to-face interviews with opportunistically sampled commercial real estate brokers in Johannesburg, South Africa. Data was organised using NVivo (1999) ® and employed constructivist theoretical thematic analysis.

FINDINGS: Social networks seem relevant in high-value office sales transactions involving sophisticated clients. Brokers use social networks to access private information on clients’ acquisition and disposal criteria, manage information on transaction activity as per clients’ interests, pool potential buyers, channel business opportunities, and build relations and trust. Transaction are likely to be publicly marketed when they involve unsophisticated clients or unknown buyers.

RESEARCH LIMITATIONS: There is descriptive validity threat relating to factual validity of respondents’ accounts. There are also interpretive validity threats on accuracy of respondents’ interpretation of contexts, and researcher’s interpretation of responses. Introducing non-mainstream real estate concepts and using an opportunistic sample presents a theoretical validity threat of a plausible theoretical framework associating social networks to office sales transactions.

RESEARCH IMPLICATIONS: This paper contributes to understanding how social networks address information asymmetry in sales transactions where conventional mechanisms are not able to cost-effectively do so.

Njeri, Mwai Tilda, and Mwirigi Pamela Mukiri. "SUSTAINABLE REAL ESTATE: AN ANALYSIS OF OPEN PUBLIC SPACES INCORPORATION IN REAL ESTATE DEVELOPMENT IN KENYA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 119-133. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. economic value; open public spaces; real estate; social value; Sustainable Development

Open public spaces are an integral part in sustainable development by enhancing the quality of life through human interaction. The social value that emanates from this interaction within the spaces has been greatly undermined by the economic value of the developments within the country in the recent past. The introductory part of this paper seeks to define public spaces, their value and importance to sustainable real estate. It also attempts to explain the extent to which these spaces have been undermined and the under lying causes for this. The paper further seeks to investigate the conservation techniques applied on the already existent open public spaces in Kenya.

The paper presents an analysis of real estate developments in different parts of the city of Nairobi, Kenya. The essence of the analysis is to give a clear depiction of the extent to which public and private developers have incorporated open public spaces in their developments. The paper analyses the legal framework governing the allocation of open public spaces in developments within the country. In addition, it seeks to analyse best use practices in the world over and how this can be replicated in Kenya.

The paper concludes by making recommendations on how to incorporate open public spaces in real estate developments and their appropriate conservation methods.

Tesfaw, Daniel. "SUSTAINABLE RESIDENTIAL REAL ESTATE DEVELOPMENT IN EMERGING DEVELOPMENTAL STATES: THE CASE OF ETHIOPIA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. developmental states; emerging economy; inclusive approach perspective; Residential Real Estate; Sustainable Development; the economic growth perspective

This paper explores the theoretical perspectives of sustainable real estate development in an emerging developmental state, taking Ethiopia as a case study. The paper argues that the contemporary notion of real estate development sets aside the developmental state political economy approach which allows government involvement in the sector; rather emphasis is given to the economic growth perspective that gives priority for the market interaction of demand and supply. This conceptual paper points out the main theoretical perspectives on sustainable residential real estate development that prevail in the contemporary world and their application in emerging economy developmental states. Taking this into consideration, the aim of this paper is to look at a sound residential real estate development perspective for the emerging economic developmental states political economy, which maintains sustainability and optimizing equity and efficacy. It also reveals the existing empirical research gaps in the area of residential real estate development practice, which contributes to sound decision and policy measures for harmonious and sustainable development in the area. The paper puts forward policy options as well as adding inputs on the inclusive sustainable real estate development approaches theoretical perspectives, which will be compatible for emerging developmental state political economy.
 

Olaleye, T. T., Oladokun, and T. O. Ayodele. "THE BODY OF KNOWLEDGE FOR REAL ESTATE EDUCATION CURRICULUM: A LITERATURE REVIEW." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. body of knowledge; competencies and attributes; Real Estate Education

PURPOSE: This paper gives an overview of the body of knowledge (BOK) which often forms the foundation of the curriculum development for real estate programs and discipline. It provides an overall background to understanding the expectations of the real estate profession on the knowledge, skills and attributes of real estate practitioners.

DESIGN/METHODS: Desktop analysis of literature was employed to achieve these objectives.

FINDINGS: The paper prescribes aggregation of knowledge, essential competencies and attributes that prospective real estate practitioners are expected to be certified in. This was done so that real estate education can align with industry requirements. The review showed that the BOK for real estate education focuses on three broad approaches/perspectives. These include the U.K. model, the U.S. model and a multi or inter-disciplinary approach to real estate education. The U.K. model allows real estate practitioners to have skills in legal and planning framework, as well as in building construction techniques but with little knowledge in the area of business and finance. They also appreciate their roles in the property development process. Contrarily, the U.S. model is anchored on applied finance and business. Their approach to knowledge of real estate is that of a business manager and has greater emphasis on finance and business management than building construction and surveying as found in the U.K. The multidisciplinary approach, which is a more diverse model, combines some of the components of the U.K. and U.S. models and advocated an interdisciplinary dimension to real estate education.

PRACTICAL IMPLICATION: The paper concludes that BOK in real estate education and curriculum development are marked with differences from one country to another and varied depending on the needs and characteristics of every environment and nation.

ORIGINALITY: This paper adds to the debate on the definition of the BOK for real estate education for which there is yet to be a clear cut direction either in academic or profession.
 

Aluko, Bioye Tajudeen, Benjamin Gbolahan Ekemode, and Daramola Thompson Olapade. "THE CONCEPT OF MARRIAGE VALUE IN PROPERTY INVESTMENT VALUATION – MYTH OR REALITY." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 60-73. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. concept; estate surveyor and valuer; marriage value; Methodology; real property

Where two real properties, either physically or legally, merged into one, the new one produces a higher value than the values of both when they are separately sold. The excess in value is known as marriage value (UK). This concept has been closely linked with “abutment value” or “enhancement value” (USA); and, at times, confused with “monopoly value” in the literature. Besides, its valuation had become a mirage in practice and requires careful thought of appropriate methodology that will capture value to be estimated. However, appraisal literature is filled with methodologies that hardly work in reality. Through interactions with focused groups of senior estate surveyors and valuers that had practiced for not less than two decades in Nigeria, the authors seek to develop more consistent and descriptive ways of handling marriage valuation.

Akinsomi, Omokolade, and Nikiwe Mkhabela. "THE DRIVERS OF DIRECT COMMERCIAL REAL ESTATE RETURNS IN AN EMERGING MARKET: EVIDENCE FROM SOUTH AFRICA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

There is limited research and robust data on the performance drivers of the underlying commercial real estate assets in investment portfolios as opposed to the residential and listed property sectors in the South African context. SA real estate competes internationally and the rapid growth in emerging countries is creating new real estate players and growing competition for real estate investment opportunities (PwC, 2015). It is important for investors in the industry to understand the factors that affect the sector’s performance to be able to plan and revise investment strategies, to allocate resources efficiently and to understand past trends and manage future risks.

The study is aimed at understanding the performance of the SA direct commercial real estate sector and identifying the key factors that affect the sector’s returns in the country. Using Pearson’s correlation analysis and regression analysis, the study statistically tests for relationships between macroeconomic indicators, property performance variables and direct commercial real estate returns as measured by the International Property Databank (IPD) over the past 20 years from 1994 to 2014. The study finds gross rental escalation and real GDP growth rate to be the key drivers of direct commercial real estate total returns which suggests that real estate rental income growth and performance are highly related to the economy. The findings assist in understanding the behaviour of the direct commercial real estate sector and provide a basis for property investment analysis and asset allocation decisions at different economic conditions.

ORIGINALITY: This paper is extracted from the first author’s PhD research on liquidity in commercial real estate markets. Social networks have been explored in business and built environment, but there are no previous studies that have sought to understand social networks in office sales markets.

Gangaram, Vishesh. "THE DYNAMICS OF PROPERTY DEVELOPMENT IN MAURITIUS." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

Mauritius is nominated in several global indices as an attractive country in which to do business. In Africa, Mauritius is also often nominated as the best country to do business, a leader in economic freedom, the most competitive nation, and a success story of good governance. Mauritius has positioned itself as a country where the right conditions are in place for the conduct of business, for investing, working, and living a high quality of life. This research considers the social, technological, financial, economical, investment and political trends affecting Mauritius which in turn have made it an attractive investment destination. Focus is also placed on the major property developments and opportunities in Mauritius. It will also look at how does a population of 1.2 million, in an area of 2040 km2, with no natural resources, achieve financial stability. Real estate makes a contribution of 5.4% to the National Gross Domestic Product (GDP). The real estate sector is of critical importance to the local economy and forms part of the national policy framework. This includes Smart Cities development and the Property Development Schemes policy framework. There are currently major projects underway to attract Foreign Direct Investments as well as to boost the local economy. The research concluded that a correct policy framework can play an important role in fostering the real estate sector of country.

Yishak, Nathanael. "THE GROWTH OF REAL ESTATE PRIVATE EQUITY IN ETHIOPIA, AND AN IN-DEPTH LOOK INTO THE SUSTAINABILITY THAT THE GROWTH WILL HAVE ON THE ETHIOPIAN ECONOMY." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

PURPOSE: As the youngest ever Chairman of the Cass Real Estate Society, I am a 21-year-old passionate, well informed and driven Post Graduate student who has been granted the privilege of being an Ethiopian, whilst being born and educated in London. Holding a position such as the Chairman of the Cass Real Estate Society enables me to analyse and assess the appetite of investors, but one thing I have realised is that Ethiopia is the best kept secret within the global real estate industry, I believe it is my duty to invest the knowledge I have developed about the real estate investment industry for the primary development of the Ethiopian economy. The reason for this specific proposed topic, is firstly, due to my sincere passion as an Ethiopian to actually delve deeper into this growing industry of the private equity model in Ethiopian Real Estate, and whether there is actually growing benefit to the Ethiopian population both from an economic, and a social perception, whilst delving into the intriguing question, as to what this model of investment holds for Ethiopia in the next 10-20 years. It is a topic that has been expounded, but not by an actual Ethiopian who has a passion to understand how sustainable this investment model will be for the Ethiopian population. This coupled with my interest to see how a growing economic system such as Ethiopia’s would react to such a specialised investment model into real estate investment, and whether the actual financial industry would embrace this level of investment sophistication.

DESIGN / METHODOLOGY: From critically analysing various research sources, and consulting senior professionals within the Ethiopian real estate industry, the trend is that real estate private equity will reduce in the level of investment capital, until there is progressive development of the country’s private sector. However, trends also highlight that private equity firms will begin to increase their investment in neighbouring countries, and this trend would also be assessed on the basis of comparison between different countries in Sub Saharan countries and their capacity to embrace real estate private equity investment. In addition, the question as to why the current governmental structure has not embraced and implemented investment friendly regulations creates a question as to whether investing into Ethiopia would be sustainable for private equity firms.

The method I utilised is based on three key research techniques. Firstly, interviewing 70 active investors within the real estate industry within Africa, with 10 key contacts within the real estate private equity industry. From these sources, I conducted informal qualitative interviews, to assess how deals are structured differently within the Ethiopian real estate industry. I also gathered their thoughts on what developments would be needed for their current holdings within Ethiopia to enhance in investment value. I also have had access to the Ethiopian Ambassador to the United Kingdom, which shared invaluable information on the implications of private equity in Ethiopia.

FINDINGS: There are various findings from this research, one of many is the sheer distance that real estate private equity investment creates for the Ethiopian, and how it adds to the class segregation, due to the sheer lack of understanding and the level of sophistication of the investment model. In addition, there were findings that highlighted how corruptive private equity could be, due to the method of foreign private equity firms holding knowledge only at the top hierarchy. There were findings that reinforced the benefits of foreign credible Universities which have developed finance teaching capacities, to conduct short courses in partnership with the Ethiopian Government on models such as private equity, which would create awareness, as well as develop the financial “intellectual capacity” of the country. For institutions such as Harvard University, Cambridge and Oxford University to partner with the domestic Universities in Ethiopia with the intention of developing the country’s training of the financial world.

RESEARCH QUESTIONS / LIMITATIONS: The key questions that would be answered by this body of research will be following:

How is the real estate private equity market being structured, expanded and executed in Ethiopia, (the limitations and advantages of this model of investment into a growth nation)?

Is the real estate private equity market actually a subsidy to the Ethiopian population (How can it be utilised to solve levels of deprivation within the country)?

How sustainable is this current overflow in foreign capital into the Ethiopian real estate market, would it actually be economically beneficial to the country in the next 10-20 years, and whether the actual benefits are centralised?

How can the Ethiopian Government create a private equity scheme which enables foreign private equity firms investing into Ethiopia, to provide community development as one form of paying corporate taxes i.e. enhancing the primary, secondary and graduate / post graduate educational system, i.e. training schemes for aspiring entrepreneurs, i.e. think tanks / idea incubators for the main purpose of inspiring creativity and developing a budding entrepreneurial nation?

After thorough research, I have added the emergence of real estate venture capital investment into the research topic, as I believe that this would provide a more diverse method of comparing the emergence of real estate private equity against real estate venture capital. I can then utilise these two investment methods and assess which would be most sustainable for the Ethiopian economy in the long term, as one argues for more of a corporate and sophisticated investment approach, whilst the latter reinforces an entrepreneurial take on the Ethiopian start up enterprise industry.

PRACTICAL IMPLICATIONS: The research reveals a numerous amount of practical implications. Firstly, how the private equity industry that is slowly progressing in Ethiopia must do more for the actual Ethiopian community, as opposed to capitalising on companies that lack knowledge of the private equity model. In addition, the need for robust financial education in the educational system. There must be an incorporation of how the financial system operates and how the financial dynamic of the country is changing. This will develop a level of understanding among graduates that can assist them to embark on interesting career paths. Also, the need for close inspection of private equity deals, and the need for private equity firms to actually conduct robust training and contribute to the employees, as a pose to keeping them lower down the hierarchy simply for man power.

ORIGINALITY / VALUE OF WORK: The research project is highly original due to the fact that the concept of real estate private equity within Ethiopia has not been researched or written about within a research context. This provides a unique and compelling opportunity to shine the spotlight on the real estate private equity investment model and to answer the current debate in Sub Saharan Africa as to what the most sustainable investment models are for such a flourishing nation such as Ethiopia. The value of the work speaks of academic excellence. The sheer value that this piece of research could create can be judged from a political as well as an economic development perspective. The value of the research will be timely, as more than 40 conferences commence specifically regarding private equity in Africa per annum, and this research would provide an exceptional foundation to build upon whilst providing real estate investors with a more conscious understanding as to how they can develop the country as well as create wealth from it. The research will be presented more so as a guideline on how to actually utilise real estate private equity in Ethiopia. This is a one of the most sophisticated investment models, in such a delicate season of the Ethiopian economy, therefore concluding with the statement “are the two meant to be?”. In simple terms, the research project would answer this question “how can we take real estate private equity in Ethiopia, and develop the lay man or lay woman in Ethiopia?”. I believe by answering this question, we could utilise this investment model to pioneer the country with Ethiopians themselves pioneering the race.

Nzioki, Nicky, Catherine Kariuki, and Augustine Juma Katiamb. "THE IMPACT OF INCREASED REAL ESTATE DEVELOPMENT ON AGRO-PASTORAL LANDS IN THE NAIROBI CITY SUBURBS IN KENYA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. amalgamation; arid and semi-arid land; change of use; pastoral activities; Real Estate Development; Subdivision; sustainability

The combination of high land values and increased demand for houses in Nairobi and its suburbs, has led to high investment in real estate. The real estate developers have opted to purchase and development land into real estate products within agro-pastoral areas like the Kajiado County. This is due their cheap land values and proximity to the Nairobi city which is a major economic hub in the eastern Africa region. This paper explores the effects of the developments in real estate on agro-pastoral land in Kajiado County since the county has experienced massive developments in real estate in terms of increased property investment, high demand and supply of real estate property and land use changes.

This paper explores the prevalence of real estate development; the effects of real estate development on agricultural activities, and the challenges in safeguarding pastoral activities within arid and semi-arid areas. The paper also explores the best practices that ought to be applied in order to safeguard the agricultural activities in arid and semi-arid areas and achieve sustainable real estate development in Kenya. This paper shall present the findings from Kajiado North District in the Northern part of Kajiado County which is situated next the Nairobi City County. The paper targets the recent real estate developments within the areas, near the city, and compares them with the agro-pastoral lands which are yet to be transformed. The paper will mainly focus on real estate developers, property owners, pastoralist and the key informants within the affected areas. The paper will summarise and conclude with a set of observations for creating a harmonious balance in the sustainable use of agricultural lands adjacent to major city suburbs and the continued sustainable pastoral practice in these affected areas.

Ogunleye, Bamidele, Y Adeniran, and M.Sc Olusegun. "THE IMPACT OF RELIGIOUS CAMPS DEVELOPMENTON RESIDENTIAL PROPERTY VALUES: A CASE STUDY OF LAGOS IBADAN EXPRESSWAY, NIGERIA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 313-342. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Estate Surveyors and Valuers; Religious Camps; Rental value; residential properties

This study examines the impact of religious camps developments on residential property with reference to selected areas along Lagos/Ibadan Expressway in Nigeria with a view to guiding property investors on the viability of residential property development in close proximity to religious camps. It assessed the types of residential property developments, rental values obtainable from such properties between the years 2005 -2015 and the impacts of these camps on the rental values of the residential properties. The register available at the Ogun State Branch of the Nigerian Institution of Estate Surveyors and Valuers were used to determine the population of registered firms of Estate Surveyors and Valuers practicing in Ogun State within the proximity of the study area which amounts to twelve (12) in numbers. Since they were manageable and could be traced, they were all taken for the study upon which structured questionnaires were administered. Data collected were analyzed using descriptive statistics and regression analysis. The study revealed that most of the investors prefer to build tenement buildings as it provides more accommodation that can house many population; findings also showed an upward trend in the values of residential properties as a result of the presence of religious camps developments. The regression analysis result revealed that religious camps development has significant impact on residential property values as the p-value (0.004) shows that the presence of religious camps development in close proximity of residential neighbourhood influences the rental value obtainable from such residential apartments. The study recommended that since religious camp sites developments brings about increase in property development; investors are employed to invest more and encourage seeking the guidance of Estate Surveyors and Valuers on the type of property development to embark on.

Baridoma, Moses Baridi. "THE INCIDENT OF LOW OCCUPANCY RATE FOR RESIDENTIAL PROPERTIES IN NIGERIA. A CASE STUDY OF ABUJA-NIGERIA FEDERAL CAPITAL TERRITORY." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Abuja (FCT); low occupancy rate; residential properties

One of the most important housing challenges in Nigeria and particularly Abuja, is not the availability of housing but the inability of citizens to afford the rent of the existing stock, especially in the Federal Capital City. The extremely high cost of rent and service charges culminates into a low occupancy rate for finished residential properties. Property owners create an artificial scarcity by continually increasing rent on empty completed properties and on property developments not principally investment-driven. This study x-rayed the causes of voids and the solution whereby government can impose taxes on unoccupied residential properties by enacting relevant legislation to check this trend. A simple questionnaire was designed to elicit answers from estate surveyors, agents, lawyers, estate developers, property owners, and prospective tenants. The use of bar and pie-charts were adopted to interpret the responses and inferences drawn. The city was zoned into four major parts to make it easier for this study, because part of the challenge was the large size of the city and the impossibility to cover all the streets. It was discovered that the majority of the residential properties developed, were not with financial assistance from financial institutions. They were purely private equities of politicians and businessmen who only want to consolidate their assets in physical structures but not for profit. The implication of this is the mass exodus of civil servants to seek accommodation outside the Federal Capital City where rent is cheap. This denies government of valuable manhours as a result of lateness to work due to the distance away from the office. The solution proffered, if followed, will help to alleviate the present situation of housing scarcity in the Federal Capital City.

OGUNBA, Olusegun Adebayo, and Ismail Kolawole BELLO. "THE MEASUREMENT OF DEPRECIATION IN THE COST APPROACH TO VALUATION." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016.

PURPOSE: It has been an embarrassment to the valuation profession where it found that its professional practices have been a 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 plants 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 done with a view to improving cost valuation practice.

METHODS FOLLOWED: Questionnaires were administered on a cross sectional survey 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 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. Keywords: cost valuation, depreciation
 

Nzioki, Nicky, and Kirk K. Katwa. "THE NEED FOR SOCIAL IMPACT ASSESSMENT (SIA) IN REAL ESTATE DEVELOPMENT PROCESS: THE CASE STUDY OF SELECTED SIA PROJECTS IN KENYA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. community involvement; Real Estate Development; social impact assessment; sustainability

The greatest social impact of many real estate development projects, particularly those planned for community benefits, is the stress that results from the uncertainty associated with it. Stakeholder involvement through social impact assessment during the development process has been ignored, yet it is crucial to directly involve locals in planning teams in real estate development. Understanding the social conditions of the site surroundings in terms of demographic composition, cultural, religious and social behaviours, is important to establish the potential social impact of any real estate development project.

This paper will be based on reviews of related literature on social impact assessments (SIA). It will further endeavour to establish the need of SIA’s based on its importance and highlight potential setbacks that are likely to befall any real estate developments that does not incorporate the SIA process. The potential gains from SIA will be explained including but not limited to: reduced uncertainty of potential project impacts, enhanced legitimacy of the development project, increased accuracy of the SIA report through community participation, and potential maximisation of the capacity to mitigate impacts. The paper will conclude with the summary of a review of selected recent SIA reports of major projects in Kenya, and a brief assessment of how such SIA reports have significantly enhanced the space for stakeholder acceptance of projects with minimum conflicts.
 

Nzioki, Nicky, and Ayub O. Naburi. "THE ROLE OF PROPERTY INDICES IN PROMOTING DEVELOPMENT OF GREEN BUILDINGS IN EMERGING ECONOMIES." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. capital appreciation; economic efficiency; emerging economies; Green Buildings; property indices

The paper discusses the role of property indices in promoting development of green buildings in emerging economies. This study addresses four critical questions. What are financial benefits of green buildings? How does economic efficiency of green buildings compare to conventional buildings? What is the effect of economic efficiency of sustainable real estate on demand? How can we use property indices in demonstrating economic performance of green buildings in order to increase demand in emerging economies?

This qualitative research employs a content analysis approach. It entails detailed and systematic examination of existing literature on demand for sustainable real estate in emerging economies, economic efficiency of green buildings, challenges associated with demonstration of economic viability of green buildings in emerging economies, and role property indices in demonstrating performance of green buildings. A conceptual model of these concepts is used to structure the analysis.

Indicative results demonstrate that green buildings offer a better return to investors in the form of higher rent, capital appreciation and cost saving. However, there is a challenge of demonstrating the viability of financial benefits of green buildings in emerging economies leading to low demand. Lack of demand hinders the provision of sustainable property development. Demonstration of economic efficiency through property indices will lead to increased demand of green buildings in emerging economies. The paper concludes with the proposition that major gains in utilisation of property indices is to ultimately enable investors, tenants and buyers in emerging economies to establish economic performance of green buildings. This will lead to increased demand for sustainable real estate in these economies.

NABUTOLA, WAFULA. "THE ROLE OF STANDARDS IN SUSTAINABLE REAL ESTATE DEVELOPMENT IN EASTERN AFRICA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Coalition of Standards; Partnerships Policy and Legislative Regimes; Private Sector Participation in Real Estate Development; Sub Saharan Africa; Valuation Standards

Routinely chronic and misplaced funding is one of the key challenges of the Kenyan and indeed the Eastern Africa regional sustainable development of REAL ESTATE. Equally and perhaps more telling is the weakness of the national policy framework to do the same. That would form the setting of much needed standards for benchmarking with the rest of the world in this increasingly global real estate investment market. This paper presents areview of theexperience withstandards provision in Kenya as well as discussing the suite of standards that RICS promotes under various international Standards Coalitions. It needs to explore and analyze the gaps, and, if deemed suitable, adopted and or domesticated. Standards have become relevant, especially in these days of financial crises, collapsing buildings, and failure of other infrastructure, that reflect adversely on the various professionals engaged in the development and maintenance of real estate in the Eastern Africa region and Sub Saharan Africa as a whole. Support for standards programmes cannot be the responsibility of governments alone, given the perceived benefits of Public Private Partnerships (PPP). This analysis indicates that sustainability is dependent on adoption of the Standards Coalition and partnership with professional organizations, governments and the private sector, in the real estate value chain.

RECOMMENDATIONS: Global organizations such as RICS, private sector investment, and capacity development through PPP arrangement need to work together in sync to drive the sustainability agenda based on the UN’s SDG model. Private sector participation in real estate creation could actually unlock the myth that they only go for the top end of the market, especially given the economic circumstances of the majority of the people of Sub Saharan Africa. Training and the need for an appropriate and sound legal, regulatory and institutional PPP framework for Investment in real estate is an imperative.
 

Ernest, Njungbwen. "THEORETICAL FRAMEWORK FOR MANAGING CORPORATE REAL ESTATE IN NIGERIA." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Corporate real estate; Corporate real estate management; man- agement; Nigerian Universities; real estate; theoretical framework

This research sought to develop a framework for managing Corporate Real Estate (CRE) in Nigerian universities in particular and private or public corporate organizations in Africa in general. The purpose of the research was to understudy Corporate Real Estate Management (CREM) frameworks, critically examine the nature and organisational structure of CRE units in the universities, and develop a CREM framework for managing the real estate of universities. In this research, the Cross-sectional study design was applied. This was done in combination with purposive sampling technique. That is to say only universities with dependable funding sources for example federal universities, universities with sizeable quantity of corporate real estate and located within the south eastern region were chosen to use as samples in this research. A sample of sis universities was selected from among the 36 federal universities in Nigeria for this research. The interview schedule developed and used for this study covered several themes including the following: corporate real estate unit objectives and strategy which comprised Inventory of Real Estate, Assets and Real Estate Decision-making. About 75% of the CRE executives in the selected universities were of the view that the Universities did not have a formally and well organized CRE Unit. 100% of the respondents were of view that the real estate units were structured as more or less a decentralized department of the university. A careful study of the other frameworks developed for CREM by other researchers were understudied and modified and a framework for CREM in Nigeria in particular and Africa in general was developed. Though it is discussed here with respect to the university system in Nigeria, it can be applied to all corporate organizations be it private or public.
 

Thiel, Fabian. "TTIP, CETA, AND THE LAND: ON THE EFFECTS OF INVESTMENT TREATIES FOR THE REAL ESTATE SECTOR IN AFRICAN EMERGING ECONOMIES." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Africa; arbitration; European Union; fair and equitable treatment; geostrategic implications; indirect expropriation; Transatlantic Trade and Investment Partnership; United States of America

“Caveat real estate investor”: The currently negotiated Transatlantic Trade and Investment Partnership (TTIP) represents 60% of global GDP and 850 million consumers (and potential investors). The German government is – even after the 14th round of negotiations which ended on 15th of July 2016 – a key advocate in favor of TTIP within the negotiation process between the European Commission and the US Administration. A core element of TTIP is the protection of property and investment expectations which are enforced by mechanisms such as bidding procedures. Investment (mirrored by the “I” in TTIP) protection is the raison d´ être of the treaty as the new potential transatlantic corporate bill of rights. Originally designed as an extraterritorial, geo-strategic, and extrajudicial instrument to eliminate trade restrictions and to invent global standardization processes, TTIP could lead to diversified real estate investments. TTIP is a “game changer” such as NAFTA, but with overwhelming geostrategic implications since the EU and the US harmonize their trade and investment preference schemes for sub-Saharan Africa. Either as part of or as a complement to their partnership pact (Hamilton and Blockmans 2015), leading to harmonized public procurement for building construction services, land policies, land management structures, and monopolized landownership regimes in the member states. Can land policy under the influence of TTIP prospective be interpreted as a sub-category of investment planning rather than a foresighted, comprehensive spatial planning or as a vehicle of (just) managing real estate asset investment?

dispute settlement tribunals and litigation, with the possibility to avoid interventions of national governments and courts. Domestic constitutional courts are avoided by investors and the ability is given to keep negotiations, investment decisions, arbitration cases and disputes over the violation of the fair and equitable treatment standard as a secret.

Unlike yet undisputed Bilateral Investment Treaties (BITs) and the TTIP-sibling CETA, the transatlantic trade and investment partnership is unique in respect of the competency to “overrule” national laws and to introduce standards, norms and regulations in favor of regulatory convergence to the detriment of national parliament’s legislation and the democratic legislative legitimacy. TTIP is not a “carte blanche” for undisturbed investments in Europe, the United States, and in emerging economies (Thiel 2016). However, there are challenges and institutional changes for the land policies in all TTIP member states if the free trade agreement will be ratified. Nowadays, real estate development has to be conceived of in a complex and contemporary fashion. If TTIP comes into force, it will make no sense (anymore) to have diverse and differing access arrangements for companies from emerging countries such as Africa and Asia investing in the EU and the US – and vice versa.

Indeed, “law and land matter”, more than ever. There should be no illusions about the difficulties involved in achieving a global treaty or an “open architecture” such as TTIP. A clash of norms, property solutions, and the invention of indirect expropriation can be foreseen if the investment treaty comes into force in Europe and the US. TTIP is seen as a “platform” (Froman 2014) and will also likely influence emerging economies in Africa. Thus, TTIP is far more than a WTO+ agreement; it might bring fresh air into the Doha round, and represents the third generation of investment treaties that include arbitration and investor-state-dispute settlement. TTIP could create a new (global) legal order that is autonomous in relation to domestic law, to its legislative production processes, and their democratic legitimacy. Arbitration councils are seen as “parallel justice in the name of money”. CETA and TTIP are unique due to their binding for the Member States, especially the obligation of decisions made by
 

Paradza, Partson, and Chris Cloete. "UNDERGRADUATE REAL ESTATE EDUCATION IN ZIMBABWE: A COMPARATIVE STUDY." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference, 253-279. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Awutu Senya East Municipality; cadastral plan; concurrence; Land registration; LI 1444; PVLMD

PURPOSE: The aim of this study was to establish if there is a national consensus on the real estate body of knowledge in Zimbabwe and to benchmark Zimbabwean property programmes with similar curricula accredited by the Royal Institution of Chartered Surveyors (RICS) in Africa.

DESIGN / METHODS FOLLOWED / APPROACH: Purposive sampling was used to choose participating institutions. Relevant documents were obtained from either websites of selected institutions or requested by email from relevant officials.

FINDINGS: The study established that the real estate curricular which is currently offering real estate in Zimbabwe is diverse in nature. However, a closer analysis revealed that the course’s content of Zimbabwean property curricula compares well. Also property programmes in Zimbabwe compare well with RICS accredited curricula in Africa but there were notable variations on names of programmes, the number of courses covered and course credits.

RESEARCH LIMITATIONS / IMPLICATIONS: This study was limited to real estate programmes which are offered up to Honours degree level in Zimbabwe and similar RICS accredited programmes which are offered in Africa. Results might be different if one considers all RICS accredited real estate programmes.

PRACTICAL IMPLICATIONS: Results of this study can be used to justify cooperation of real estate education and professional institutions in working towards standardisation of real estate education curricula in Africa.

ORIGINALITY / VALUE OF WORK: Though research on real estate education increased over the past years, this study is the first to consider Zimbabwean curricula in detail. Keywords: real estate, comparison, progress, curriculum, consistency, diversity
 

Nzioki, Nicky, Catherine Kariuki, Joseph Ikinya, and Magdalene Mwende Kituma. "UNDERSTANDING CITY RESILIENCE PRINCIPLES IN THE BUILT ENVIRONMENT: A CASE STUDY OF APPROPRIATE CITY RESILIENCE PRINCIPLES FOR THE BUILT ENVIRONMENT IN THE NAIROBI CITY COUNTY." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. city resilience principles; Disaster Mitigation; disaster preparedness; Disasters; flooding; Risk Assessment; Stakeholders; urban vulnerability

This paper discusses how application of city resilience principles in the built environment can help to manage future flooding disasters in the urban regions considering the current exponential urbanization in Nairobi City County as well as in the rest of the Forty Six Counties in the Republic of Kenya. The paper recommends integration of city resilience sustainable practices in the Built environment and the responsibilities of different stakeholders towards the realization of the disaster reduction and adoption of appropriate mitigation measures to reduce vulnerability in urban areas. Flooding incidence is not a new phenomenon in Kenya. For many years several regions in Kenya have had flooding accompanied some of devastating mudslides.

Flooding in the past mainly occurred in areas neighbouring the riparian land along the banks of major urban rivers as a result of the seasonal overflowing of rivers and siltation.. During the recent rainy seasons of both 2015 and 2016, a new face of flooding has been manifested in areas several kilometers away from the riparian lands. Nairobi City County and its suburbs has been one of the worst hit areas this time round The majority of residents in Nairobi have recently witnessed the wrath of the recent floods either through long hours of traffic jam due to flooded urban roads,, flooding in residential houses, clogged up storm water drains, overflowing sewers, and ultimately loss of life and destruction of the built residential properties in most of the low income residential areas within the Eastland’s Estates of the City. Just like in Noah and the Ark, human beings do not have power to control floods once they occur, but they have the power to manage flooding. Building the Wooden Ark at this era might not be a viable solution .The modern day Ark can however be achieved by understanding and integrating city resilience concept in disaster management.

A case study of some of the areas that were recently affected by the devastating flooding will be described in this paper to highlight the extent of the property damage and losses incurred by the various stakeholders, residents and real estate developers in some of the worst areas of the East lands of the City.

This paper will conclude with a summary of recommendations of the most appropriate city resilience principles for the built environment in the Nairobi City County.

Wenedem, Alelegn. "URBAN LAND ACCESS FOR HOUSING DEVELOPMENT IN ETHIOPIA: LEGAL AND PRACTICAL CHALLENGES." In Sustainable Multi-Sectoral Real Estate Development in Emerging Economies - the 16th African Real Estate Society Conference. AfRES. Adis Ababa, Ethiopia: African Real Estate Society, 2016. Access; challenge; Ethiopia; housing development; Urban Land


PURPOSE: The current rapid growth of urbanization in Ethiopia has caused an impact on housing development, which in turn puts great pressure on urban land. Thus, the purpose of this paper is to investigate the legal and practical challenges of urban land access for housing development in Ethiopia.

DESIGN / METHODS FOLLOWED / APPROACH: The study has employed interviews with housing and urban land management experts, key-informant interviews with the persons involved in land lease tender and in different housing programs, research reports to examine the applicability of lease tender and allotment for housing development as modalities of urban land acquisition. Urban land lease laws, policies, plans and manuals were reviewed to explore the problems which exist in practice.

FINDINGS: The study has explored that the formal urban land market in Ethiopia is not working well in resolving the problem of the shortage of residential housing units. The current lease holding system should apply in accordance with the housing rights of citizens.

RESEARCH LIMITATIONS / IMPLICATIONS: The number of samples that would be taken is small as compared to the size of the country and the percentage of the population and the absence and fear of respondents to provide genuine and accurate information for questions posed are limitations to this paper.

PRACTICAL IMPLICATIONS: Interested organs in urban land and the housing sector would appreciate and consider implementing the proposed solution to alleviate the problem of shortage of housing related to land in Ethiopia.

ORIGINALITY / VALUE OF WORK: Although urban land access is a necessary condition for housing development, it’s applicability for all groups of society is questionable. This study contributes to fill this gap and to show an insight into the basic conditions of alternative modalities of urban land access.