Keywords Abstract
Abere, C. O., T. T. Dugeri, and A. Abolade. "A Characterization of the Property Market in Kaduna, Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Kaduna-Nigeria; market characteristics; Property Investment; Property Market

Purpose: Cross border property markets investments has grown over the years. The rapidity in growth of internationalised real estate investments became marked with the onset of the 21st century with investors desiring information on both national and regional market within emerging economies. This study evaluates the characteristics of the Kaduna property market in Northern Nigeria with a view to bringing out its investment attributes.

Design/Methods: The study adopted and expanded on property market characteristics suggested by Dugeri (2011), Akinbogun (2012) and Clement, Ogunba and Dugeri (2016) to determine the characteristics of the property markets in the Nigerian cities. To achieve this objective, the study sampled dominant players in the market viz - estate surveyors and valuers, public land administrators and financiers through questionnaire surveys and structured interviews.

Findings: The Kaduna property market is characterized with only direct investment opportunities and a multiplicity of property titles. The market is further served by a few Estate surveying and valuation firms relative to its size and stature within the Nigerian economy. The market suffers a lack of information fluidity.

Practical Implications: The study reveals that the Kaduna property market requires restructuring with respect to the land registration system, the development of fundamental market data, and further research to prime it for investors seeking diversification opportunities.

Originality/Value: This research provides for the first time a basic portrait of the Kaduna property market and adds to the swelling body off research on property markets in Africa.

Moono, Siamuzyulu, and Adewunmi Yewande. "A Conjoint Analysis of Johannesburg Office Tenants’ Preferences." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Analysis; johannesburg.; office tenants; tenant preferences

Purpose– This study focuses on establishing the factors that realistically influence office relocation decisions in the Johannesburg metropolitan area. The goal of the study aimed to obtain rank ordering (importance) of nine selected factors.

Design/Methodology/Approach–A questionnaire used in the USA to conduct a conjoint study in the real estate sector was adapted to suit the South African context and sent to office tenants. Additional variables and levels were added, to better reflect current findings of the literature. A conjoint methodology was used to analyse the data.

Findings– According to the conjoint analysis, the most important factor is parking followed by Landlord reputation; Size is third in importance with Security at fourth and Green Rating in fifth place. Accessibility of the building is sixth; Location of the building is seventh with the rental cost (total cost of occupation) and the grade of the building being the bottom two factors in eighth and ninth places respectively.

Research Limitations/Implications–The sample only included office tenants in P-grade, A-grade and B-grade office buildings in the greater Johannesburg metropolis. Current Literature shows that newer “preference” procedures like stated preference elicitation reveal deeper and broader information on customer preferences than that obtained using choice-based conjoint analysis.

Originality/Value–The research specifically illustrates the application of market research techniques to the office market in an emerging economy. The use of conjoint analysis in the determination of preferences for would-be tenants in the South African office market will go a long way in reducing financial losses attributable to low occupancy levels and high tenant churn.

Bello, N. A., B. T. Aluko, and R. K. Alimi. "A Study of Tenancy Details and Physical Characteristics of Investment Properties in Abuja, Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 189-212. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Direct Real Estate; investment properties; Physical Characteristics; tenancy details

This study examined the tenancy details and physical characteristics of property (direct real estate) investment in Abuja, Nigeria to guide investors and other stakeholders in making informed property investment decisions. Aggregate of 2101 investment properties (from portfolio of Estate Surveying Firms (ESFs) were enumerated from the sampled neighborhoods in Abuja, out of which 210 (10%) sample size was randomly selected for this study. However, 136 questionnaires (representing 64.76% response rate) were successfully administered. Data collected were analyzed with frequency, averages, percentage and summation scaling. The results demonstrate that despite the economic recession experienced by Nigeria in 2016, block of flats type of investment property demonstrates occupation sustainability by exhibiting full occupational status than all other types of investment properties. Average outgoing of 18% of gross rent and last rent review rate of 2.76% was observed for the study area. Management fee and repair/maintenance expenses constitute the highest elements of outgoing, while taxes, levies and interest on capital were the least elements of investment property outgoing. Residential property type exhibits high physical characteristics than the pure commercial property types and the detached duplex without boy’s quarter has the highest quality of physical characteristics while block of lock up shops has the least. There was an inverse relationship between land size and building coverage area. The work is limited to tenancy and physical characteristics of investment property; a performance indicator of property investment, but not performance measurement. This indigenous work will enable effective investment planning and property investors’ accessibility to information about the tenancy details and physical characteristics of different types of investment properties in the study area.

Archibong, T. C., and O. A. Ogunba. "A Study of Variances in Development Appraisal in Uyo." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 456-469. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Appraisal; development variables; estate surveyors; Variation

Variables considered in development appraisal sometimes assume character and behavioural distortions and magnitude. Thus, this study examined whether there is significant difference between predicted variable values as used by appraisers and actual values on the execution of the project. In attempt to achieve this, the study surveyed a cross section of 36 estate surveying and valuation firms’ reports and their clients in Uyo. Analysis of Variance (ANOVA) at 5% level of significant was used to confirm the difference. The study found that there is significant difference between the estimated variable values as adopted by development appraisers in their reports and the actual or realised values of such variables on execution/completion of the projects. It further revealed that development period had the highest difference between the estimated and actual period followed by interest rate adopted and cost of construction. It was suggested that henceforth, appraisers should provide their clients with an understanding of fluctuation in these variables and point out that development appraisals were prepared on assumptions of economic stability.

Archibong, T. C., and O. A. Ogunba. "An Appraisal of Feasibility and Viability Studies Practice among Estate Surveyors and Valuers in Uyo." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 470-481. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Appraisal; Development; development failure; estate surveyors

This study examined the practice of feasibility and viability studies in Uyo through a survey of a cross-section of thirty-six estate surveying and valuation firms in the area using structure questionnaire. The data gathered were analysed using frequency distribution and relative importance index. The study found that twenty-six development project failed out of the thirty-nine development projects examined. The findings also showed that development appraisal practice was not common in Uyo, since twenty-nine of the firms did not engage in the exercise frequently. It among other issues recommended mass enlightenment of the public on the benefit of development appraisal to increase the level of practice.

Ajayi, O. D.. "An Assessment of the Appropriateness of the Different Facilities Management (FM) Approaches in Lagos Metropolis, Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 121-133. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Facilities Management (FM); Hybrid; in-house (insourcing); Operational; Outsourcing; Strategic; Tactical purpose of the study was to examine FM organizations’ choice of approaches (insourcing, outsourcing and hybrid) in creating value under their classification of management functions. The classifications namely Strategic FM functions, Tactical FM functions and Operational FM functions were considered. The methods employed in the collection of data included the administration of questionnaire to client organizations’ directors in the study area. The sample frame comprised the 94 FM client organizations listed in the 2016 edition of the Directory of the International Facilities Management Association (IFMA), Nigeria Chapter). The study undertook a total enumeration survey of all the listed FM organizations in Lagos Metropolis. Also, descriptive statistical techniques such as frequency distribution and Relative Importance Index (RII) were used to analyze data. The findings revealed the inherent value adding capabilities of each of the three procurement approaches. For instance, under the strategic FM function, firms preferred to outsource the provision of strategic advice; while they preferred to insource space reallocation. Additionally, their perceptions revealed that both minimization of equipment and structural failures; and maximization of trade staff productivity can be outsourced and insourced. Under the tactical FM function, the firms preferred to outsource service quality in support of their business operations; insource standard needs and quality of performance; and indeed prefer to either insource or/and outsource budgets that has adequate longrun values. At the operation FM function, the firms preferred to outsource effective project management; insource the monitoring of time balance, quality and cost; and preferred to either outsource or insource the development of operation and maintenance needs. However, for the research implications, the study provided insights on the delivery of optimized value addition for Facilities Managers. The RII will direct and guide facilities managers in either effective budgeting or judicious disbursing of resources for the execution of the FM functions in line with the relative levels of importance of the underlying criteria. Also for the practical implications, insightful ideas on how to expand the overall FM service delivery at best value for money was provided. The originality of the work is such that majority of the studies on FM appear to have only examined the benefits of In house and Outsourcing approaches exclusive of the Hybrid approach; this study not only examined the three (3) approaches but also determined their appropriateness and value-adding capabilities.
Babatunde, T. O., and T. T. Oladokun. "An Examination of Corporate Real Estate Holdings in Lagos Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Allocation; assets; business organisation; Investment; real estate holding

The importance of real estate to business organisations in advanced countries are found in the discovery that its cost is second to salary as well as the fact that organisations invest up to 25% of their total assets in real estate. With increasing interest of foreign investors in African market coupled with the globalisation of business and private, efficient allocation of organisational resources is essential for productivity and profitability.

The study evaluates the real estate holdings of business organisations vis a vis their total assets as a strategy for enhancing productivity and achieve a competitive edge. Business organisations were categorised into financial institutions, manufacturing, utility/ construction, fund administrators and oil and gas industry. Five companies were selected from each of the categories of business organisations and data elicited from their annual report were analysed using time series analysis for a period of 2011 to 2015.

The analysis of the secondary data showed diverse result in the real estate investment profile of Nigerian organisations. While those organisations in the oil and gas can be said to have a balanced real estate to total asset holding proportion that gives them a better competitive edge, organisations in other sectors have lesser real estate holdings that are not significant enough to assist for an enhanced result.

Archibong, T. C., and O. A. Ogunba. "An Examination of Volatility Levels of Development Variables in Uyo." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 482-493. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. construction cost; lending rate; Rent; trend; Volatility; yield

This study was aimed at examining volatility level of development variables. Data were sourced from Building and Engineering Price Books, Central Bank of Nigeria annual reports and estate surveyors and valuers in Uyo. Price index and linear regression analysis was adopted to analyse the gathered data. The indices constructed for the four variables showed that the variables were constantly changing. Construction costs and rent were constantly changing, though in a consistent upward manner. Lending rates and yields were also constantly changing but in a very inconsistent manner. The study found that construction cost and rent are functions of year and the estimated trend equation can be used to project the desired value and that interest rate and yield are not functions of the year. Therefore, appraisers in modelling interest rate and yield in risk model should be more cautious on their application and analysis.

Nurick, S., L. Boyle, O. Allen, G. Morris, and J. Potgieter. "An Investigation into the Relatively Low Uptake of Residential Stock within South African Real Estate Investmennt Trusts." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. listed property; Real Estate Investment Trusts; Residential Property

Purpose: The purpose of the research was to determine the reasons for the low uptake of residential stock within South African (SA) Real Estate Investment Trusts (REITs). Residential property hardly features within SA REITs. There is only one SA REIT that specialises in residential property, while the majority of SA REITs hold diversified portfolios comprising office, retail and industrial stock.

Method: Semi-structured interviews were conducted with a fund management company that specialises in the listed property sector. This was followed semi-structured interviews with upper management of four SA REITs.

Findings: The data was categorised according to the nature of residential real estate, financial performance of residential real estate in SA, maturity of the SA REIT market, and the rental market in SA within the context of the residential property sector. Return on investment and management were considered to be the main barriers that discouraged SA REITs from including residential property in their portfolios.

Research Limitations: There is a possibility of the element of bias due to a qualitative research approach and the relatively small number of SA REITs that participated in the research.

Practical Implications: The research provides further insight into the hurdles presented to SA REITs with regards to incorporating residential property in their portfolios.

Originality: Due to the infancy of the SA REIT market, a study of this type has yet to be conducted.

Abere, C. O., O. A. Ogunba, and T. T. Dugeri. "An Investigation of Factors Influencing Maturity Levels of Property Market in Southwestern Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 419-455. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. internationalization; Market maturity; maturity characteristics; Nigeria; Property Investment

Purpose: The study investigated the factors influencing maturity levels in Nigeria property market particularly Southwestern Nigeria in Sub Saharan Africa.

Design/Methodology: The study distributed questionnaire to a variety of stakeholders (estate surveyors and valuers, lending institutions and government ministries) in first, second and third tier cites of Nigeria. These stakeholders were presented a list of 41 variables and asked to rank them on a seven-point likert scale. Relative importance indices and factor analysis was employed in analyzing the variables.

Findings: The variables identified as the most responsible for the maturity levels (those with the highest weighted mean score of 6.52, 6.35 and 6.31) included government policy interest rate, safety of property right/titles and insufficient property market information. The variables were further grouped by means of factor analysis into six factors namely finance, property rights registration, professionalism, investor friendliness, information and economic factors.

Practical Implications: The study concluded that factors responsible for the slower maturity levels included government policy on interest rate, safety of property rights and insufficient property market information which require remodeling to enhance their maturity levels and 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.

deBruijne, R., and G. M. Henley. "Brexit and the Value of European Real Estate Companies." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. BREXIT; Event Study; real estate companies; referendum

This research investigated the impact of the Brexit Referendum on the value of real estate investment companies in the UK and the EU. In order to assess whether the Brexit Referendum imposed different effects between EU member states due to potential relocations from the UK to the EU, event studies are performed on a relocating sample and an on-relocating sample. There locating sample consists of companies from EU member states which are popular potential relocating locations. The non-relocating sample represents companies from the other EU member states. This study uses all publicly listed REIT sand REOCs in the UK and in the remaining 27 EU member states. In addition, the role of foreign exchange exposure on stock returns during the Brexit Referendum out comes is analysed. The results show that the Brexit Referendum imposed a significantly negative impact on companies incorporated in the UK. For EU incorporated companies no significant results have been found. In addition, no significant difference is observed for the potential relocating countries relative to the non-relocating countries. With respect to the role of foreign exchange exposure, the results show that geographic investment allocation and shareholder nationality significantly impacted the returns of real estate investment companies following the Brexit Referendum.

Dabara, D. I., O. J. Omotehinshe, J. O. Soladoye, and I. N. Uwaezuoke. "Building Material Prices and the Rental Values of Residential Properties in Ede, Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 213-233. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Construction; Rent; Residential; Risk; Value

Purpose: The study examined the relationship between building material prices and the rental values of residential properties in Ede, Nigeria from 1997 to 2016.

Design/Methods followed/Approach: The study was carried out by means of questionnaire survey. The population for the study consisted of Estate Surveyors and Valuers (ESV), Landlords, Builders/building contractors and building material suppliers/sellers in Ede. The areas covered for this study includes: Oke-gada, Ededimeji, Okeresi, Agbale and country home in Ede. A total of three hundred and forty five (345) questionnaires were administered on the respective respondents that included 300 landlords, 24 builder material suppliers, 14 builders/building contractors, 7 Estate Surveyors and Valuers. The total questionnaire retrieved were 288 representing 83.5% response rate. A multiple regression model was used to determine the interrelationships between the dependent variable and the predictors or independent variables.

Findings: The study found that there was a steady and consistent increase in both building material prices and rental values of residential properties from 1997 to 2016 in the study area. The study further showed that there was a strong significant relationship of 0.957 between building material prices and the rental values of residential properties in the study area with prices of roofing sheet being the strongest rental predictor (0.002) followed by granite (0.022), cement (0.38) and then sharp sand (0.47).

Practical Implication: The study provided relevant information that can guide real estate investors, builders, real estate professionals and other stakeholders in the real estate sector regarding the influence of building material prices on the rental values of residential properties in Nigeria.

Originality/Value: The problem of consistent increase of rent on residential properties in Ede over the last few years has necessitated this investigation which provided an insight into the factors influencing such high rise in rent. This is the first study that addresses this issue in Ede, Nigeria.

Olanrele, O. O., T. O. Adegunle, and O. B. Fateye. "Causal Relationship of N-REITs Dividend Yield and Money Market Indicators: A Case Study of Skye Shelter REIT." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 307-328. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Causality; dividend; money markets indicators; REITs

Purpose: This paper examined the relationship between listed Nigeria real estate investment trusts (N-REITs) and money market indicators (MMI) in the period 2008-2016 in an attempt to document the statistical significance of the indicators on N-REITs dividend returns.

Design/Methodology/Approach- Quarterly data on dividend returns of Skye Shelter REIT were used as proxy for listed N-REITs return, while data on MMI were extracted from published Central Bank of Nigeria (CBN) and National Bureau of Statistics (NBS) bulletins from 2008-2016. The study deployed Augmented Dickey-Fuller test statistic (ADF t-statistic) to test for unit root and stationarity status of deterministic trend in the data collected. The degree of association, the existence of co-integration and the test for statistical significance between N-REITs and MMI were measured using correlation analysis, Johansen Co-Integration Test and granger causality test of VAR and VECM respectively.

Finding: At p-value <0.05; the data passed the ADF t-test using Schwarz information criterion (SIC) at 1st Difference indicating stationary data series as required for granger causality model, while Trace and Max-Eigen statistics indicate co-integration confirming a long term relationship among the variables. The predicted granger causality analysis of an insignificant long term causal relationship and a short run significant causal relationship between N-REITs returns and MMI were confirmed.

Practical implications: Information on MMI indicators simulates caution signal and provide informed decision for investors in the Nigeria real estate sector. The study is important to investment analysts and capital market players.

Originality/Value: This study is first to investigate the causal relationship of money market indicators and N-REITs returns. Whereas, previous studies examined the performance of indirect property investment including REITs, effects of macro-economic factors on REITs and MMI in isolation.

Abolade, A., T. Dugeri, and J. U. Adama. "Challenges of Digitalizing Land Administration System in Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 67-82. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018.

Purpose: This paper examined the challenges that have arisen in the attempt at digitalizing land administration system in Nigeria using Kaduna State as case study.

Design/Method/Approach: A list of challenges and solutions associated with the digitalization of land administration systems was drawn into a structured questionnaire and administered on officials of land administration and other relevant stakeholders. The questionnaire items are presented in a 5-point Likert scale format. Retrieved questionnaires are analyzed with SPSS Package Version 21 and the results presented in tables using the descriptive frequencies, percentages, and mean ranking.

Findings: This study identified a poor power infrastructure, low internet connectivity, and paucity of trained personnel as the main challenges in the digitalization of land administration system and proffer training and motivation of personnel to overcome these challenges.

Research Limitations: The samples taken are small as compared to the size of the country as well as the percentage of the population. Thus, the study is limited only to some state in the northern part of the country.

Practical Implications: A sound land administration system is strategic to the economic development of any nation. Ordinarily, digitalization not only aids rapid decision making on land matters but helps unlock the economic capital locked in untitled landed assets.

Originality: This study contributes to the increasing body of research on challenges faced in digitalization of land administration system in Nigeria.

Adama, J. U., and A. Olaleye. "Competency Requirements for Real Estate Practice: the Nigerian Experience." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 83-101. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Attributes; Competency; Knowledge; Nigeria; real estate; skills

Nigeria, this paper examined the perceptual stands of real estate professionals on the competency requirements for real estate practice in the country.

Design/Method/Approach The paper adopted questionnaire survey conducted on all Estate Surveying and Valuation (ESV) Firms in Lagos and Abuja respectively. The questionnaire solicited information on practitioners’ views on the knowledge, skills and attributes required for effective real estate practice in the country. The respondents were asked to rank 24 knowledge areas, 10 skills and 10 attributes as identified and conceptualized from literature. Mean rating, frequency distribution and t-test were used in data analyzing.

Findings For effective real estate practice in Nigeria, property valuation, property management and real estate agency were rated the most important categories of knowledge required whereas communication and honesty were rated the most important skill and attribute respectively. It appears the ESV Firms ranking of the identified knowledge areas was based largely on their practices and experiences, because over 80% of the practitioners considered these areas as essential priorities. The least rated knowledge area was basic accounting, while second language and commercial awareness were the least rated skills and attributes respectively.

Practical Implications – The findings of this paper can be used as a guide for real estate continuing professional development plan and as a framework for curriculum development and redesign.

Originality – This paper is one of the few that have identified the expectations of real estate practitioners with respect to graduates’ competency in developing countries like Nigeria.

Lekgori, N., and P. Paradza. "Compulsory Land Acquisition and Compensation in Botswana: The Case of Pitsane-Tlhareseleele Road Project." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018.

Section 8 of the Constitution of Botswana stipulates that the state is empowered to acquire private land compulsorily for public benefits upon prompt payment in full, of just compensation. An expropriation and compensation framework is outlined in the Acquisition of Property Act (Chapter 32:10) of 1955 (the Act). There is a general consensus from previous researches that major challenges caused by compulsory acquisition internationally include lack of compensation or where compensation is offered, it is either inadequate or delayed. The purpose of this study was to contribute to the existing academic debate by establishing if there is consistency in compulsory acquisition and expropriation policy and practice in Botswana. A case study approach was adopted and Tlhareseleele-Pitsane road project was chosen. The choice of this case study was influenced by the fact that one of the researchers was well versed with the culture and language of the affected people. A total of twenty-two (22) displaced people and eight (8) key informants, four (4) from Rolong Land Board and four (4) from Good Hope Council were interviewed. Results of this study established policy-practice gaps in the calculation of compensation in Botswana. The statutory and policy frameworks provide for a consensus based compensation approach but the displaced people ‘lamented’ that the valuation method which was used by compensation authority was not transparent. Major limitations of this study are that it was based on a single case study with a limited number of affected people. Results of this study can help to inform policy and practice on compulsory land acquisition in Botswana. This study is original work which contributes to the existing debate on compulsory land acquisition in Botswana. The results of this study are relevant to the fields of real estate and law.

Osaro, N. G., and E. Wokekoro. "Conditions of Public Secondary Schools in Rivers State, Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 349-370. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. condition; Maintenance; Nigeria; Rivers State; secondary schools

This study focused on the current maintenance condition of Public Secondary Schools in Rivers State that were built in the 1970’s, factors responsible for their poor state of disrepair and measures undertaken in the past to maintain or improve the public schools infrastructure. To achieve the objectives of this study, 120 questionnaires were designed and 78 were retrieved to collect data from 6(six) public schools out of 58 public secondary schools in Rivers State. The field survey comprised officials from the Department of Education, school teachers, principals and parents of students. The data was analysed with descriptive statistics. The study discovered that there are multiple factors that led to the dilapidation of public schools infrastructure. The major factors includes vandalism, overcrowding, neglect, lack of maintenance, incompetent contractors, lack of security, inadequate government intervention, inadequate funds allocated to schools for maintenance works, deferred maintenance, mismanagement of funds, and no sense of ownership by users, teachers, parents and community members. The study proposed a multi stakeholder framework for the proper maintenance of public schools infrastructure. The study recommended that the government should adopt appropriate maintenance strategy to improve the schools and achieve educational sustainability.

Folarin, O.. "Correlation between Infrastructure Development and Land Values: A Case Study of Ogun State Property Investment Company Estate, Isheri, Ogun State." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Development; Infrastructure; Land Values; Roads and Drainages

The purpose of this research was to ascertain the correlation between infrastructure development and land values within the study area. The land values for ten years period was used for the research study. The descriptive research that was employed was the quantitative design method. A sample size of one hundred and fifty - four (154) respondents of the Ogun State Property Investment Company (OPIC) was employed which included; employees, residents of the estates, property brokers and others. Analysis of data was by the use of percentages, frequencies, mean score, rank correlation and Pearson’s correlation coefficient. From the analysis it showed that infrastructure had improved within the last ten years. Furthermore results showed that the state of infrastructure within the study area was most improved in the year 2013 and also ranked the highest in the level of infrastructure development. The research findings revealed that the development of the roads did have a positive impact by increasing land values. This study hereby recommends that the Government should further invest and improve the level of infrastructure as it would be beneficial to the economy at large.

Kahireke, U.. "Development of Commercial Real Estate Crowd Funding Markets and Regulatory Environment: Evidence for Namibia from Theuk." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. crowd funding; Namibia; Platforms; Regulations

Following in with modern time’s trends where digital technology is transforming the world of business and society, new peer to peer (Crowd funding) on- line investment vehicles that offers inclusivity, is available to real estate entrepreneurs now a days. Crowd funding has been in existences ince the 2008 global economic downturn. This phenomenon is becoming a valuable alternative source of funding for entrepreneurs seeking external and emerging approaches for implementing their ideas despite not having traditional monetary resources such as banks and venture capital (Shengetal, 2016). The crowd funding market is an evolving market that has shown considerable growth over the last few years an estimate of the global markets how that at the end of 2015thevalue was $145.29 billion.

According to Sonoman and Urguhart (1998), highrates of unemployment and very low salaries are proof that people in need of housing do not qualify for loans offered by the regular banks, more so in developing countries. This calls for innovative financing mechanism for the excluded and in most situations the majority of the population. A real estate crowd funding platform offers financing vehicles that are inclusive, open, democratic and unbiased than traditional property financing methods (Lakhani, Hutter etal.2014).

Since Real Estate Crowd Funding CF is a form of securities-based crowd-funding, it is a regulated activity and most countries have developed regulatory frame works to better protect stakeholders. In the UK regulatory policy governing the crowd funding industry was introduced in March 2014 and is enforced by the Financial Conduct Authority(IPD,2016). The FCA distinguishes between equity based and debt based crowd funding platforms. Currently there are no specific crowd funding laws or regulatory frame works in Africa as in the UK or other established equity-based or debt-based crowd funding markets. Despite this regulatory absence, there were approximately 75 listed crowd funding platforms founded and headquartered in Africa during 2015. Most of the above-mentioned crowd funding platforms in Africa are 

operating without any industry specific regulatory framework, unless they opted for a license as a financial services or a registered credit provider (Afrik start, 2016). The absence of regulation limits the expansion of equity-based or debt-based crowd funding plat forms in Africa, as it deters potential investors to pool their money in platforms in which they have no basic investors’ protection rights and clear exit strategies ( Afrikstart, 2016).

A regulatory frame work that controls the transparency, speed, and scale that advances in technology and the Internet can deliver to early-stage funding market place and protect investor is important because if not crowd funding becomes rife with fraud which could lead to market collapse (World Bank, 2013). Furthermore, the development of a regulatory environment for the crowd funding sector needs carefully consideration to ensure that new financial models can grow and innovate freely overtime. A balance need to be created by authorities to allow existing platforms to gradually become complaint overtime and not to suppress the potential of the nascent crowd funding industry during in fancy stage as too sudden restrictive regulations may harm a crowd funding market (WorldBank,2013)

The aim of the study is examine what lessons can be learned by examining real estate crowd funding platforms regulations in the UK and the practicability of introducing these regulations in Namibia to help develop commercial real estate crowd funding plat forms. Both qualitative and quantitative techniques will be used in combination with primary and secondary data. Extensive study of existing literature from journal articles, media publications, academic publications, books will be undertaken. A review of the existing legal and regulatory frameworks for crowd funding in both the UK and Namibia will also be undertaken. Questionnaires developed from combined elements of literature review will provided at a analysis, and opinions and experiences from stakeholders in Namibia.

Mugisha, J.. "Developments in Land Information Management in Rwanda - Support Implications to Land Valuation System." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. databank; land information; market valuation

Purpose: This paper discusses preliminary results of a study on developments in land administration information management in Rwanda and how they can support provision of reliable market data for land valuation.

Design/Methodology/Approach: A desk research approach was adopted to review the land administration information system in Rwanda and the land valuation system. Relevant documents and secondary data were retrieved from Rwanda Land Management and Use Authority and the Institute of Real Property Valuers in Rwanda. The available data and documents were analyzed to find out how the existing land information system in Rwanda could support the land valuation system.

Findings: The preliminary findings of this study show that despite developments in the management of land information in Rwanda, there is lack of linkage between the land administration information system and the valuation system. The land valuation system lacks the necessary infrastructure and framework to use the data available or that can be made available in the Land administration Information System (LAIS). There is need for a land databank linked with the LAIS that would provide market evidence data for valuation.

Research Implications: The study has the implication for improvement of land valuation practice in Rwanda based on the developments in the land information management.

Practical Implications: Market data about land is important in real estate valuation. The results of this study can be useful in establishing a databank of land sales that would provide evidence data to valuers. This would significantly reduce valuation variance and claims from the clients, especially mortgagees.

Originality Values: This paper is the first of its kind to investigate how land valuation system can be developed based on the investments made in land information management system in Rwanda.

Olapade, D. T., I. O. Ayorinde, and B. T. Aluko. "Effectiveness of Institutional Framework for Land Management in Lagos, Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. formal and informal land delivery; Lagos; land administration; LGAF

As a result of unique nature and crucial role land plays in human settlement, many societies have evolved framework for management of land in order to improve the supply of land, achieve orderliness or other fiscal reasons. It is imperative to investigate the effectiveness of institutional framework by carrying out their diagnostic evaluation in order to see how well they have achieve their aim and compare them with international best practise. The paper aims at evaluating the effectiveness of institutional framework in Lagos, Nigeria with a view of providing information that will enhance land management practise in Lagos State. The study undertakes desktop analysis of existing institution framework in Lagos State. Also, informal interview were conducted with key informant in the Land’s Bureau of Lagos State. In addition to this the study adopts a scaled down World Bank’s Land Governance Assessment Framework as the tool for the evaluation of the effectiveness of the institutional framework which was assessed by experienced professionals in land matters. The result presents areas where reforms are required in order to improve the land management and could be used as a model for other cities. Previous researches on evaluation institutional framework of cities.

Ajayi, O.D., and O. Akinsomi. "Empirical Evidence on the Performance of Real Estate Investment Trusts and Shareholders’ Wealth Effect Following Issuance of an Seo: The South African Context." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. REITs; Secondary Equity Offerings (SEOs); shareholder wealth effect

The purpose of the paper is to examine and analyze the performance of South African Real Estate Investment Trusts (SAREITs) with a view to enhancing investment decision making and ultimately shareholders’ wealth. Unbalanced data (2007 – 2017) of 37 listed SAREITs will be retrieved and analyzed from the I-Net (BFA) McGreggor database using the Abnormal Returns, Cumulative Average Abnormal Return (CAAR); and Buy and Hold Abnormal Returns (BHAR) over a 101-day event window period. This paper intends to add to the international REIT research and literature by exploring new evidence behind performance of REITs following issuance of Secondary Equity Offerings (SEOs). The analysis covers a period of ten (10) years; as such, becomes robust for potential investment decision making

Hahn, J., and J. Hirsch. "Flood Risk and Housing Prices – How Natural Hazard Impacts Property Markets." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018.

While properties face diverse risks from extreme weather events, flood depicts one of the most destructive natural forces, causing damages in the billion-dollar range every year. Property owners therefore may face the challenge of potential value losses or other down sides at the time of sale. Even tenants may be affected in terms of property damage if an extreme weather event occurs. The question arises whether these expected financial losses are actually reflected in market behavior. Therefore, this contribution discusses appropriate methodology and deploys Generalized Additive Models (GAMs) for estimating the impact of existing flood risk on property prices. Both rental as well as sales markets are investigated empirically, on the basis of approximately 16,000 observations from a local housing market in Germany. The study finds substantial evidence that market participants actually do incorporate potential damage from flood risk into their pricing consideration and behavioral patterns. The paper concludes with recommendations as how to transfer the methodology to African real estate markets and summarizes related data requirements, as utilized in the presented study and in preparation of a potential study on African commercial property or housing markets.

Komu, F.. "Housing Information Centers - The Spark to African Real Estate Market Dynamism." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. blockchain; housing information asymmetry; Real Estate Markets

This paper is an attempt to examine the extent to which availability and quality of real estate information is influencing the working of real estate markets in Africa. It delves in the discourse of blockchains as applies to real estate market and makes case for the need to steer streamlined development of housing information systems in real estate markets. It is based on a contracted research project commissioned by the Bank of Tanzania in 2017 to design an information Centre for housing in Tanzania. Through direct interviews and questionnaires, the research reached 316 respondents in nine major cities of Tanzania and total of 15 institutions in three selected countries of Kenya, South Africa and Singapore.

The study revealed a host of problems. These included low levels of awareness of the processes and procedures in real estate transactions by majority of the respondents (65%), disjointed information process flows in government land administration sectors, information retrieval problems, slow and delayed decision-making process in land and housing ownership transfer documentation, over-reliance of manual filing system, unreliable housing prices and rents in the press, social media and online platforms, unregulated estate agency and limited role of local government units in recording and storing real estate information. Information on options towards housing finance was also limited and only 20% of those interviewed perceived housing as an asset that could be used to create wealth.

The paper recommends need for comprehensive and integrated real estate information system that takes advantage of the growing information technologies, changing business and investment environments.

Oyedele, O. A., and M. B. Nuhu. "Impact of Oil Revenue on Property Market Dynamics in Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Housing Finance; innovation and technology; property investment performance; Property Market; property price dynamics and economy

The purpose of this paper is to establish the relationship between performance of oil revenue and the property markets in Nigeria. The petroleum industry in Nigeria is the largest on the African continent. As of 2016, Nigeria's petroleum industry contributes about 9% to its economy. The price of oil, Nigeria's main source of government revenues and foreign exchange, started to plunge in 2014. Crude oil prices fell sharply in the fourth quarter of 2014 as robust global production exceeded demand. There are also alternatives to petroleum like shale oil and renewable energies. After reaching monthly peaks of $112 in early part of 2014 per barrel (bbl) and $105/bbl in June, crude oil benchmarks Brent and West Texas Intermediate (WTI) fell to $62/bbl in July and $59/bbl in December, 2014, respectively. It has not gained appreciable value since 2014 and has seriously affected the Nigerian economy. The housing market and positive and negative changes in house prices affect the rest of the economy. The property market is an important part of the real estate sector and a key part of the financial system because of the aggregate finance involved in real estate transactions. The growth of the real estate sector of Nigeria in the fourth quarter of 2017 was -5.92%. This paper will adopt the qualitative and quantitative research methodology to study the property market dynamics between 2014 when the fall in prices started to date, to establish if there is any correlation. The findings will help advice policy makers and investors on impact of oil prices on property market in Nigeria and will assist in property speculation. This research will only cover Lagos, Abuja, Kano and Port Harcourt property markets to generalize for the whole of Nigeria. These areas are the most dynamic property markets in Nigeria.

Odebode, A. A., T. T. Oladokun, and O. T. Ogunbayo. "Integrated Rural Housing Scheme: A Need for Paradigm Shift in Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. housing scheme; integrated; Paradigm shift

The concept of Integrated Housing Scheme (IHS) has received considerable attention in India, Indonesia and an African country Kenya. The reason for this paradigm shift is due to neglect of rural infrastructure and housing in Nigeria and the impact the scheme made in countries where it was implemented. The Integrated Housing Scheme (IHS) had led to urban slum upgrading in India and Kenya. It also recorded notable success in the provision of common facilities in rural areas of India. In view of the neglect of rural areas by both private and public sectors, and the need to improve the housing condition of the rural dwellers, this paper focuses on the benefits of IHS to improving rural housing condition in Nigeria. A multi stage sampling was used to select 344 participants from 28 active communities out of the 36 communities’ coverage by Rural Development Programme (RUDEP) of Justice Development and Peace Makers’s Centre (JDPMC). Qualitative and quantitative data obtained from the respondents was analysed through descriptive statistics, frequency distribution, correlation and regression analysis. The findings revealed that the integrated scheme impacted rural housing condition positively. The paper suggested adoption of IHS as viable policy for improving condition of rural housing in Nigeria.

Akinsomi, O., Y. Coskun, L. A. Gil-Alana, and O. S. Yaya. "Is there Convergence between the Brics and International Securitized Property Markets?" In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. BRICS; Fractional Cointegration; fractional integration; Property Management; Real Estate Investment Trust

The BRICS market represents high growth economies. This paper empirically examines the long-run equilibrium as well as the short-run linkages between the BRICS securitized property markets and the securitized property markets in developed countries (United States, Australia and the United Kingdom). We employ fractional co-integration techniques between the BRICS property markets and the 3 developed property markets. This paper tests the hypothesis of fractional integration, our results showed no evidence of co-integration between BRICS securitized property markets and the securitized property markets of any of the developed economies in the long run, while the result only indicated that the BRICS securitized property markets is influenced by the developed economies in the short run. The implications of this study show that a portfolio of developed securitized property markets is diversifiable when added into a portfolio of BRICS securitized property markets. This is particularly significant for investors and fund analysts in other to reduce portfolio risks.

Anim-Odame, Wilfred. "Land Administration in Ghana: The New Agenda." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018.

The establishment of fundamentals of a good land administration in Ghana has to be expedited to deliver government's target of 30 days turn around time for land title registration. This goal is indeed, achievable if only the fundamentals are set right. Wide and varied range of benefits for investment, security of tenure and national development are the potential products of an efficient and effective land administrations system. This paper, using case study approach, therefore presents snapshot review of strategic interventions by the Lands Commission to significantly improve upon land services delivery system in Ghana.

This is a case study, driven by policy on current land administration reform agenda in Ghana within the operations of the Lands Commission. It presents a. Premised on institutional capacity development, the study seeks to demonstrate that business and financial re- engineering are the two critical vehicles to deliver the new agenda.

An agenda, based on fit-for-purpose, identifies four fundamentals, which the case study seeks to thrive onto deliver a good land administration system in the country. First, deploy technology to develop Ghana Enterprise Land Information System (GELIS) as a digital platform for parcel and cadastral plan preparation, property valuation, land registration, land management and land-use planning. Second, a paradigm shift for infrastructural development to provide modern working environment; solid and sustainable resource base and the right skill mix of highly rewarded staff. Third, establish credible and accessible database on tenure, ownership, valuation, land use, survey and mapping. Fourth, produce up-to-date base maps as the foundation for the database that will support national development through revenue mobilization, commercial agriculture, infrastructure development, disaster control and security of lives and properties. Such an agenda will ultimately yield a significant reduction in turn around time for land services delivery to promote real estate market development, investment and national development. Experiences from this case study pose several policy implications for the Government of Ghana, investors and other key stakeholders. And also provide key lessons for other emerging economies particularly in Africa where similar systems of land administration exist.

Agbato, S. E., O. O. Adetokunboh, and S. O. Yusuf. "Land Conflict and Land Conflict Resolution and Management in Nigeria: A Critical Analysis." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018.

Despite its importance, land has posed many challenges and increasingly becoming a source of conflicts in Nigeria; and without well-founded conceptual and programmatic measures to land issues, structural causes of conflict will not be adequately understood and addressed. In this light, the study examines the underlying dynamics of land conflict in Nigeria vis-à-vis identifying the various forms of land conflicts and their core causes and effects, assessing the procedures and machineries of managing land conflicts, and examining the limiting factors hindering optimum adoption of these specified processes and mechanisms. With the adoption of secondary data and a pilot survey, disputes over land fall into four general categories, 35 different types and over 50 sub-types were identified while the study further revealed the ten major causes of land related conflicts in the country with diverse implications. Besides, various distinctive land conflicts and crises management strategies were ascertained with the limiting factors to effective and efficient application of these processes and mechanisms.

Komu, F., and W. Kombe. "Land Management and Industrialization in Tanzania: Making Rural Regions Inclusive." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Industrialization; land compensation; rural regions inclusiveness

While several studies identified driving engines for industrialization as being well-functioning urban centers, infrastructural services, finance both long-term and working capital, improved labour skills and industrial clusters, very little has been explored on the crucial links that exist between industrialization and land management not only in Tanzania but generally throughout the Africa continent.

Both the Sustainable Industries Development Policy 1996-2020 and the Integrated Industrial Development Strategy of 2025 in 2011 in the National Development Vision 2025 have not addressed land management issues that are characteristically constraining industrial development in Tanzania. Rural industrialization strategy has been limited to processing agricultural produces and least on access to land for industrial manufacturing purposes.

The study aimed at evaluating existing policies and laws that sustain industrialization, the way land and related resources can be accessed without hindering rights of other users, means of safeguarding land rights and adjudication when conflicts happen. The study has established the main problem for industrial development is the land compensation quagmire which is exuberated by existing multiple legal instruments on land acquisition and compensation. To resolve the emerging widespread of informality and ineffective land use planning, the study suggests not just political commitment but leveraging resources towards pro-active land use planning intervention and securing land for industrialization. It is axiomatic that African nations ought to take cognizance of the fact land acquisition, resettlement and compensation are real facts that must be addressed. It is high time that countries formulated standards on compensation matters that address resettlement issues which harmonize local contexts with those of the International Involuntary Resettlement Operational Directives and Guidelines.

Agbato, S. E., O. O. Adetokunboh, and A. K. Sodiya. "Land Pricing Influencing Factors: Perception of Estate Surveyors and Property Developers." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. land price; Land Value; Nigeria

In the present day real estate market, price, in money, is seen as the commonly assented expression to indicate and compare land values – upon putting into consideration certain underlying variables that have been characterised as land pricing influencing factors. From the point of view of two notable real estate market players; estate surveyors and property developers, the study assessed the relative importance of the individual land pricing influencing factors in Nigeria. Adopting structured questionnaire and semi-structured interview to sample the opinion of selected Lagos-based estate surveyors and property developers, distinctive 43 influencing factors further classified into eleven typical groups were identified and assessed, and the overall analysis indicated that good (motorable) road, purchaser ability to pay, and prime location are the top-ranked influencing factors amongst other determinants influencing land price in Nigeria, while size, buyer’s preference and accessibility are the first three highest ranked group factors in the eleven categorised group factors.

Kariuki, C., and N. Nzioki. "Meeting the Housing Needs of University Students in Small Urban Areas in Kenya." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. good standard; Government; private developer; Real Estate Market; student housing; University

Purpose: This paper focuses on the Kenyan real estate market and examines how private developers and institutions of higher learning are addressing the increased housing demand brought about by a higher enrolment of students.

Design/Methods Followed/Approach: The research will consider the academic literature that has been developed on this submarket. The research conclusions are drawn based on universities in small towns. This paper intends to look at how Kenyan developers have responded to this pent-up demand. It will be interesting to see how the local counties deal with this private apartment student housing and the rent by room model.

Findings: The main finding of this study will be that students housing in Kenya is a new asset class that is growing. Investors, government and institutions of higher learning must therefore take student housing as sector that must be planned for. That the increased demand for rental space in some of these rural towns is also driving up the rental costs of all housing, which maybe unwelcome to communities who are renters. It suggests that private developer must provide good standard accommodation if they hope to have a continuous stream of income.

Otegbulu, A.. "Methodological Lapses in Plant and Equipment Valuation among Lagos Valuers." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 371-397. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018.

Machinery and equipment valuation for whatever purpose is to address the problem posed by the client. The aim of this paper is to evaluate the level of adherence to valuation processes and standard in machinery and equipment valuation by practitioners in the study area. The study is carried out through the distribution of 120 structured questionnaires to valuation practitioners in Lagos metropolis to find out their approach, level of training, experience, knowledge of standard etc. This is corroborated with the content analysis of 40 valuation reports on machinery and equipment to determine the degree of compliance to establish process and standard of practice.

Findings from the study indicate that majority of reports are scanty with regard to methodology standard, functional and economical obsolescence, machine capacity, serial number, model number, etc. The non-compliance to valuation process and standard could be a major source of inaccuracy in valuation. Standardization is critical to the promotion of uniformity, consistency, reliability, public trust and international acceptability of valuation reports considering the effect of globalization on property market.

Rebitzer, D., and M. Renz. "Micro Loans for Homes in Africa." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018.

Home ownership is seen as the focal point of families and the cornerstone of wealth creation and retirement provision. Therefore, it is generally assumed that it is better to pay off a home loan instead of paying rent to a landlord. Economically, it helps to increase economic stability and prosperity, resulting in much safe rand more sustainable social and economic development. But the purchase and maintenance of the owner‐occupied residential building must also be affordable for poorer population groups and so‐called threshold households.

The simplest option is to buy the home completely with equity. However, the majority of households in Africa do not have enough capital and because of the income situation they also do not have the opportunity to save and accumulate it with in a reasonable period of time. Therefore, the only option is to finance the house as a whole or partially through an affordable loan. In addition to cost‐effective durable standard houses, the actual availability of land and financing options for the potential home buyers, affordable conditions in the long term, as well as guarantees are necessary prerequisites.

It analyses the household income structure, dollar interest rates and volatility, the size of household sand the average estimated construction cost of a simple, permanent home. It seeks to develop away to bundle the loans, providing refinancing and investment opportunities for both banks and investors. The average duration of the loan is calculated and the estimated interest rate is anticipated. The idea is to structure this as an international diversification with a suitable correlation in a portfolio that is much better valued than the loans themselves.

As a result, residential property development in Africa could be sustainably promoted. International funds and investors could be offered the opportunity to become more involved in economic change in Africa.

Akwensivie, Gad Asorwoe. "Negotiation Strategies for Buying and Selling Property in Africa – Case Study of Ghanaoai:afres.id:afres2018_112." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. buying property; negotiation strategies; selling property

Purpose/Aim/Objective: This article unveils the top negotiation tactics by property brokers and agents in Africa for buying and selling property using Ghana in a case study.

Design and Methodology: The study employs a case study approach within a quantitative and qualitative data analysis paradigm. A combination of the purposive and snow-ball sampling methods was applied in the sampling process. The research and its findings and conclusion hinges on robust empirical evidence with analysis of field data collated from 150 successfully concluded land transactions in four major cities in Ghana. Some telephone correspondence were used but to a limited extent.

Findings/Observations/Conclusions: The study concludes that, the main strategies applied by property buyers include: 1 Getting information so as to be ahead of the negotiation; 2 Starting off with a sensible and realistic offer, 3. Making an unconditional offers (the cash-down tactic), 4. Learning to be patient, 5. Bluffing with other properties, 6. Allowing flexible settlement dates. 7. Applying time-pressures, 8. High-lighting problems and 9. Having budget under cover are the main tactics applied by property buyers. Strategies applied by property sellers include: 1. building trust and rapport, 2. showing gratitude for interest in their property, 3. Staying ahead of the negotiation by applying the role reversal techniques, 4. Never rushing, 5. Doing their homework, 6. asking questions, 7. Applying the killer tactic, 8. Starting off with sensible offers, 9. Being discreet and also 10. Being very creative.

Limitation: The main limitation of this study is the fact that, it was based on experiences in urban areas of the country with little or now experiences from the countryside.

Value and Importance of the Work: The work is of immense importance for a number of reasons:

1. Not much work has been done in this area

2. Will greatly boost the work of property brokers and agents and the estate surveying professionals

Asante, Lewis Abedi. "New Form of Urban Regeneration Financing in Ghana: A Case of the Kotokuraba Market Infrastructural Facility in Cape Coast." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Cape Coast; Financing; Ghana; Market; Urban Regeneration

This study scrutinizes the financing approach that the municipal authority in Cape Coast adopted in funding the regeneration of its main market, the Kotokuraba market. The study employs in-depth interviews to gather primary data from bureaucrats, appointed and elected officials of the Cape Coast Metropolitan Assembly as well as the market queen, commodity leaders and traders at the Kotokuraba market. Findings revealed that, contrary to the emergence of public-private partnership in financing urban regeneration in Africa, the municipal authority in Cape Coast contracted a 25-year loan from the Exim Bank of China, guaranteed by the central government, to fund the regeneration of the Kotokuraba market. However, upon completion of the market, the determination of the rents of stores was not based on the loan amount and term; rather, rents were determined by rental values of comparable stores and stalls in the central business district and the socio-political dynamics in Cape Coast. Consequently, officials in Cape Coast are skeptical about the ability of the municipal authority to pay back the loan within the stipulation period. The municipal authority is already planning to notify the central government to absorb the loan. The implication is that this new form of urban regeneration financing is unsustainable for funding projects in relatively poor cities, where municipal authorities may have difficulties charging realistic rates.

Ekemode, B. G.. "Openness and Attractiveness of Real Estate Markets in Emerging Economies: Empirical Analysis of the Nigerian Real Estate Market." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Cointegration; GDP; macro-economic variables; Nigeria; openness; real estate

Purpose: This study examined the openness and attractiveness of the Nigerian real estate market by analyzing the effects of macro-economic variables on the real estate sub-sector of the Nigerian economy.

Design/Methodology: Secondary data were utilized for the study. Quarterly data on the real estate contribution to GDP, economic outlook, business confidence and the business constraints affecting the confidence level of investors such as inflation rate, interest rate and exchange rate were obtained from the databases of the National Bureau of Statistics and the Central Bank of Nigeria from 2008 to 2017. The data were analysed using econometric tools such as unit root test and dynamic ordinary least square (DOLS) which is a co-integrating model.

Findings: The results of the analysis showed that economic outlook and business confidence has a negative influence on the real estate contribution to GDP. Also, interest rate as a business constraint exhibited a negative effect on the real estate sub-sector of the GDP. Both business confidence and exchange rate displayed positive but not statistically significant relationship with the real estate sub-sector.

Research Limitations: This study is limited by the unavailability of data for a longer span. The availability of data on some of the variables analysed beyond 2008 could have improved the findings of the study.

Practical Implications: This paper has implications for institutional and international investors participating or contemplating investment decisions in the Nigerian real estate market.

Originality/Value: This paper highlights the openness and attractiveness of the Nigerian real estate market and provided information that could enhance the flow of foreign direct investment in the market.

Adama, J. U., T. Dugeri, and S. Anule. "Practitioners’ Perception on the Competencies of Real Estate Graduates in Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 102-120. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Competency; Estate Surveying; Nigeria; Professional Skills; Real Estate Graduates

attained by real estate graduates in Nigeria.

Design/Method/Approach – The study adopted questionnaire survey conducted on 357 and 105 Estate Surveying and Valuation Firms in Lagos and Abuja respectively, representing an approximate 57 percent of the total number of practice firms in Nigeria. The questionnaire solicited information on practitioners’ views on competencies, in terms of, knowledge, skills and attributes attained by real estate graduates in the industry. The respondents were asked to rank on a 7-point Likert scale, 24 knowledge areas, 10 skills and 10 attributes identified and conceptualized from literature. Their responses were analysed using frequency distribution and mean rating.

Findings – The study revealed that practitioners were positive on their agreement to the graduates’ attainment on only three (3) of the twenty four (24) identified knowledge areas, namely real estate agency, property management and property valuation. While ICT, communication, Personal/Professional development and Honesty were the skills and attributes attained respectively. This clearly suggests the need for stakeholders (academics, regulators and practitioners) to take urgent steps to bridge the obvious gap between the knowledge requirements of practitioners and the knowledge attained by graduates in the study area.

Practical Implications – The findings of this paper can be used as framework for curriculum development and redesign as well as serve as a guide for real estate continuing professional development plan.

Originality – This paper is one of the few that have identified stakeholders’ perception on competencies attained by real estate graduates in Nigeria.

Schulte, Karl-Werner, and Jonas Hahn. "Promoting Publications in African Real Estate – Status Quo and Outlook." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018.

The body of knowledge in the context of African Real Estate is growing constantly. The research discipline has attracted increased interest and thereby, the number of available publications has augmented. And while it becomes more and more difficult to keep track of the various research directions and contemporary research output in African Real Estate as the discipline progresses, new media provide viable solutions to the problem. This contribution outlines concepts for promoting research on African Real Estate, exemplified by the AfRER.org Research Database, and gives an outlook on scaling the list of available publications into a dynamic web-based system for supporting both authors and researchers on the quest for information and data. The contributional so makes suggestions on how to involve relevant stake holders into the promotional activities regarding African Real Estate research output.

Anim-Odame, Wilfred. "Property Valuation in Emerging Economies: The Hands-On Experience." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018.

Businesses, individuals, financial institutions and governments globally require property valuation for several purposes. Property value as a proxy for price is fundamentally premised on demand and supply and determined on market value basis. 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 motivated by the view that property plays an important trole in the development agenda of all nations. For instance, the expansion of property stock and rise in its market value for impart 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 in emerging economies and concludes that these requirements are the cornerpillars to promote property market development in Ghana, in particular

Anim-Odame, Wilfred. "Property Valuation in Emerging Economies: The hands-on experience in Ghana." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 135-152. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. automated property database; emerging economies; Ghana; Property Valuation

Purpose: This paper identifies and discusses a number of pertinent property valuation issues as the fundamentals in promoting valuation in emerging economies using Ghana as a case study. Businesses, individuals, financial institutions and governments globally require property valuation for several purposes. Property value as a proxy for price is essentially premised on demand and supply, and therefore determined on market value basis. The purposes for which property valuation may be required typically include sale, purchase, mortgage, insurance, accounting, compensation, rating and stamp duty whilst rental value is determined for a tenancy arrangement or the associated tax payment.

Design/methodology/approach: This paper is a case study approach 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 (Mera and Renaud, 2000).

Findings: The credibility, reliability and accuracy of property value are imperative and more germane in emerging economies. In examining the practice of property valuation in Ghana the paper establishes that four underlying requirements – Property Valuation Guidelines and Standards, electronic database, automated property valuation and, research and development – are the driving force for the development of the valuation profession in emerging economies.

Practical implications: Countries in Africa as well as other emerging economies may adopt these four requirements as the corner pillars in establishing the framework to promote property market development and valuation. Thus, this study tends to present a practical approach to establishing credible digital property systems.

Originality: The paper is a novelty on the property market, which identifies and addresses fundamental property valuation issues in Ghana.

Emele, C. R., and O. Ojo. "Real Estate Market Research in Nigeria: Matters Arising." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. matters; Real Estate Market; Research

Purpose: This study investigates the depth of real estate market research in Nigeria in the light of emerging market dynamics and global market investors. The aim is to unearth the depth of real estate market research and the extent to which the issues addressed by researchers are relevant to the local market while at the same time meeting the needs of global investors.

Design: The study adopts a mixed approach of content analysis and questionnaire survey. The content of real estate market research papers published in selected journals were analysed while primary data were sourced from 95 estate surveyors and valuers including real estate researchers in Lagos State

Findings: The study finds that data remains the major impediment to contemporary real estate market research that addresses the investment requirements of present day investors. In addition, there is a divergence between the current real estate market research needs of practitioners and the research themes of researchers.

Practical implications: The study concluded among others that there is need for a closer collaboration between researchers and practitioners under the auspices of the local professional association in order to bridge the data divide. This will culminate in the creation of a database for the storage of real estate market data for a robust in-depth analysis that deepens the product offerings of the Nigerian real estate market.

Originality/value of work: This is a pioneering study that adopts a mixed methodology in identifying the various research themes by Nigerian researchers and the challenges facing real estate market research within the context of the global real estate market preferences.

Ayodele, T. O., and A. Olaleye. "Real Options Analysis in Appraisal of Commercial Property Development." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 153-188. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Appraisal; Investment; NPV; Real Estate Development; Real option; Uncertainty

Purpose: This paper examined the application of real option analysis to real estate development (RED) appraisal in an emerging African market. It examined the effects of flexibility types on RED appraisal outcomes and compared the appraisal outputs with results obtained from the traditional NPV model.

Design/methods: Using data of four case studies; three commercial and one residential property development, the study compared the results of the traditional NPV appraisal outputs under three scenarios of most optimistic, most likely and most pessimistic against the results obtained from the real option analysis using the Samuelson McKean Formula. The options examined were the option to delay/defer and vertically expand development.

Findings: The results showed that the use of the DCF (NPV) traditional model favours a stable and optimistic market; with positive trends and forecast. Thus, during unanticipated market downturns, investors might be exposed to the greater level of downside risk when RED investments are appraised based on the traditional models only. This implies the needs to encourage the adoption of the real option models which guarantee better appraisal of RED investment even during the period of unexpected market downturns.

Practical Implication: Based on evidences from an emerging market, the paper gives a further insight on the adoption real option analysis in RED appraisal in comparison with outputs obtained from the traditional DCF appraisal models.

Originality: The paper is one of the few attempts that seek to demonstrate the practical application of real option analysis in practice, particularly from an emerging African market.

Olapade, D. T., B. Olapade, and B. T. Aluko. "Recovery of Residential Premises through Adoption of Alternative Dispute Resolution (ADR) Techniques: Experience from Lagos, Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 329-348. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Alternative Dispute Resolution (ADR); breach of covenant; ejection of tenant; Property; tenancy

One of the remedies of breach of covenant(s) in landlord tenancy relationship is recovery of premises. This is apart from reasons of personal use and/or the need for comprehensive renovation/adaptation/conversion. Whereas it is easy as said or as may be engrossed in the Agreement to recover possession in case of breach of covenants(s), it is not so easy in practical term. The usual approach of achieving this in practice is through recourse to litigation which is expensive, time consuming and also result into loss of income to the property. This paper aim at exploring the use of ADR techniques as a legitimate means of ejection of recalcitrant tenant in property without the use of “power of threat”. This is with a view of providing information that will improve property investment and management. The paper adopt a case study approach using five selected case studies where ADR approach were employed to recover premises. The experience from the case studies shows that the use of ADR in premises recovery is effective but also has its challenges. In the five case studies, consent judgment, mediation, arbitration and negotiation that often includes persuasion and inducement were employed to recover premises in less than three months compared to an average of eighteen months using litigation. Also, the cost in all the cases are lower where they exist at all than when litigation that ends with FIFE and the incidental expenses thereof are employed. The paper provides challenges and useful information to practitioners on the use of effective alternative approach to recover premises from recalcitrant tenants.

Gavu, E.K.. "Residential Rental Market in Ghana – Empirical Examination of Submarket Existence." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 234-280. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Ghana; housing; Rental submarket; Rental value; Residential

Purpose – The purpose of this research is to empirically examine submarket existence based on an understanding of the residential rental housing market in Ghana.

Approach – Based on literature review and market observations, we provide key concepts and an overview of the residential rental market in Ghana. Although there is a general consensus that submarket exists, empirical identification of same has employed varied methods. Based on real estate experts and stakeholder consultations, a priori delineations of submarket constructs are made based on spatial, structural and a nested approach. The existence of submarkets is tested using the Kruskal-Wallis H test and Hedonic modelling techniques.

Findings – By using fieldwork data from Accra rental market, the analysis provides credence to the conceptualisation of submarkets and how to empirically test for same. It is argued that researchers should employ alternative methods to compare results in order to make far reaching conclusions.

Research implications – examining the hypothesis that differential rental values exists for submarkets has implications forpolicy decisions to target submarket constructs differently to improve market maturity.

Practical implications – the research provides stakeholder investors in the rental space an understanding of market dynamics for profit maximisation, and end-users to maximise utility in deciding where to live – and as such households could benefit from making informed investment decisions on housing.

Originality / Value of work – This research is one of the first attempts to empirically delineate submarkets in the residential rental market in Ghana.

Odu, T., and T. Dugeri. "Sustainability and Real Estate Curriculum: A Review of Estate Management Curriculum in Nigerian Federal Universities." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 281-306. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Curriculum; Environmental Sustainability; estate management; Nigeria

Climate change and global warming are issues that continue to take centre stage in many global discussions presently. Thus, various programs and schemes are geared towards the mitigation of these pressing problems. In 2005, the United Nations declared the Decade of Education for Sustainable Development (DESD) to integrate sustainable development values with various aspects of learning. The ultimate goal was to induce sustainability behavioural changes through education. One of the objectives of the DESD was to embed sustainable development issues in various curricula. It is however unclear if the real estate curriculum in Nigeria has since reflected any such changes. This study uses a content analysis to assess the current curricula of the estate management departments of selected federal universities in Nigeria, in a bid to ascertain the level of inclusion of environmental sustainability issues in the teaching – learning process. The findings of the study are important for curriculum modification and sustainable development goals implementation in Nigeria.

Bismark, A., M. Asinyaka, C. Umugwaneza, and R. Mugisha. "The Feasibility of Secondary Mortgage Markets (Smm) in Rapidly Developing African Economies: The Case of Rwanda." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Developing Economies; housing; Mortgage Finance; Rwanda; secondary mortgage market

In this paper, we consider the viability of a Secondary Mortgage Market (SMM) in Rwanda and its potential to ensure sustainable access to housing finance, taking cognizance of the economic and institutional transformations witnessed over the last two decades. We do so by exploiting primary and secondary data, utilizing structured questionnaires and interviews to obtain information from commercial banks, the National Bank of Rwanda, Development Bank of Rwanda and the Capital Market Authority.

The findings reveal that the mortgage market in Rwanda is burgeoning rapidly. We observed, in the primary mortgage market, a high willingness on the part of banks to grant mortgage loans, albeit, they are constrained by lack of access to long-term funding and limited risk-bearing capacity. The macro-economic environment was evaluated with regard to the pre-requisites of a viable SMM and was found to be robust to support an SMM. Further, the Rwanda capital market is adequately prepared for Mortgage Backed Securities (MBS) with a well-founded regulation for asset-backed securities in place and high discipline in the market. The study reveals that the securities of many reputable companies on the Rwanda Stock Exchange (RSE) are currently over-subscribed suggesting a high potential demand for new, innovative securities. Finally, we observe that the legal and regulatory framework is strong enough to support an SMM. The mortgage law, foreclosure procedures and systematic land title registration, promise adequate title security to collateralised properties. In light of these observations, we submit that there is a reasonably high prospect that an SMM would be a success in Rwanda.

Ogunba, O. A.. "The Relative Costs and Benefits of Conventional and Green Buildings in Nigeria." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Benefits NPV; Costs; Green Building

Purpose: The aim of this study is to determine costs and benefit of incorporating green features in commercial building with a view to enhancing green building development decisions in Nigeria.

Design/Methodology: The study distributed questionnaire to a variety of stakeholders to identify features that makes buildings green in Lagos, Nigeria, determine the cost of identified features, determine the benefits of having green features in the buildings, and determine whether benefits outweigh the costs of green building in Nigeria. The non-financial costs and benefits were quantified and priced using environmental valuation techniques. Capital costs and benefits were brought to their annual equivalent while future costs and benefits were annualized. The Net present value and profitability index were employed in cost-benefit analysis.

Findings: The findings indicate that the initial purchase and installation costs of green features in green buildings the study area are fifteen per cent higher than that for conventional buildings but the discounted green costs in use require 25 to 35 per cent less energy and 39 per cent less water annually than conventional buildings. These translate into substantially less electricity and water bills. In addition, green buildings involve higher discounted benefits from productivity and health. Discounted cost benefit analysis showed that green buildings involved positive NPVs over conventional buildings from only eight years into the life span.

Practical Implications: The study concluded that medium to long term developers should begin to consider investing in green building in Nigeria given that the benefits outweigh the costs fairly early into the building life span.

Originality/Value: The value of the paper is in providing much needed information for enhanced green property investment in Nigeria and Africa.

Cheruiyot, Koech. "The Social Accounting Matrix (Sam) Approach to Measuring the Size and Linkages of the Real Estate in Gauteng, South Africa." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018.

South Africa boasts an advanced real estate market compared toot her African countries. A recent study showed that the real estate sector has strong linkages toot her leading sectors in Gauteng’s regional economy; its contribution through multiplier effects because of these inter-sectoral linkages is enormous. The real estate sector directly contributed substantially to economic development; constituting 17% of regional employment and 16.6% (159,968.1 million Rand) of the region’s total GVA (Vom Hofe and Cheruiyot 2018). Moreover, with past evidence, especially where initial shocks in the real estate markets–following the 2008/09 financial crisis–led to massive macro-economic instabilities and economic decline, motivate for a need to understand in more detail the size and inter-sectoral linkages of real estate sector if regional economies are continually to formulate economic resilient strategies. This paper will use Quantec economic data as well as employ principal component analysis to decompose Gauteng’s SAM to measure the size and identify inter-sectoral linkages of real estate sector. Possible policy recommendations will be suggested.

Addae-Dapaah, Kwame. "Urban Housing Affordability Problem in Africa: A Search for Pragmatic Solution?" In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Africa; contextual solution; Housing Affordability; housing market; Urban Housing

Purpose: Conducts a thorough review of the urban housing affordability problem in Africa to propose pragmatic and innovative means of resolving the problem in the context of the socio-economic and political milieu of Africa.

Design: This is an archival research and therefore based on secondary data. The paper begins with a review of the definitions of housing and housing affordability to trace the root cause of the problem. The review will be both scholastic and African oriented to make it uniquely African.

Findings: The problem can be resolved if we have the will and commitment to do so by tapping on the African indomitable spirit, self-determination and enterprise – The problem is worldwide with a LOCAL twist. This is need for African solution for African’s problem to create an African model. Western models have failed and it is time for Africa to rise and shine!

Research Limitation: The main limitation is that those who to the West for answers may not like it but “progressive people” who value African ethos, enterprise and will to succeed will love it.

Practical Implication: It will help all stakeholders to work together to resolve the problem in a meaningful and practical way benefit the African Society.

Originality: Uniquely and innovatively African.

Simbanegavi, P., K. Ijasan, M. Kodinye, T. Mbhele, and T. Msimanga. "Urban Regeneration Strategy in the Inner City: An Investment Perspective." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. inner city renewal; investment preferences; Regeneration; Urban decay

Purpose: To investigate the performance of urban regeneration in order to uncover strategies that can be adapted and applied to solicit further investment in the inner city

Design/Methodology/Approach: A combination of action research and archival research. Action research involving participants with the interview data carrying more weight. The study themes were collapsed into NVivo nodes and paralleled to identify resemblances and differences to realign research to critically bring out plausible strategic investment views on urban regeneration

Findings: The paperrecommends that the best strategy towards progressive urban regeneration is for developers to work with government and the communities that live within Inner Cities so as to avoid reoccurrence of urban decay.

Value of paper: Finding a suitable investment strategy that is attractive to investors gives them an incentive to participate in urban regeneration further.

Abdul, E. O., A. Umah, K. O. Raimi, and A. S. Ibisola. "Waterfront Regeneration in Niger Delta and Its Impact on Waterfront Settlements in Port Harcourt Metropolis." In Integrating the African Real Estate Market – An Agenda: the 18th AfRES Conference, 399-418. AfRES. Abeokuta, Ogun State, Nigeria: African Real Estate Society, 2018. Regeneration; waterfront; waterfront regeneration; waterfront settlements

The study analyze waterfront regeneration in Niger Delta and the problems bedeviling regeneration of the waterfront settlements in Port Harcourt, with an objective of ascertaining the socio economic, land use and physical development characteristics of the waterfronts. It also identifies constraints militating against effective regeneration of the waterfront settlements and examines how effective were past efforts in addressing the problems of waterfront has been. Data were gathered from owners of buildings and heads of households in the various selected waterfront settlements using Cluster sampling to group the settlements based on their location while simple random sampling technique was used to select seven waterfront settlements with the use of questionnaire and personal interview. Data were analyzed using simple frequency counts and percentages for the research questions. Findings reveals that the major constraint to waterfront regeneration was the fear of losing their houses, and failure of successive Governments to fulfill their promises, the preferred approaches for regeneration were transformation, complete clearance and revitalisation respectively. The study therefore suggest that Government should create a special purpose entity that will be responsible for the regeneration of the various waterfront settlements, the community should fully be involved in any regeneration project from the inception to the completion of the project and the government should draw up development plans with timelines for regenerating each settlement.