Keywords Abstract
Nzogela, Meckson Lorden. "A CALL TO UNLEASH POTENTIALS OF HAZARDOUS LAND IN DAR ES SALAAM: A CASE OF JANGWANI AND MSIMBAZI RIVER VALLEY." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 116. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

The study explains prospects of unleashing potentials of hazardous land in cities. Land is finite in supply and therefore every category of land must be properly utilized. The study was conducted at Jangwani and Msimbazi Valley in Dar es Salaam City with the aim of proposing the best ways of utilizing hazardous land and benefits that can be derived from them instead of being left idle. The proposition of the researcher emanates from the fact that the case study areas are seasonally flooded and that can be put into suitable uses in dry season.

The study adopted a qualitative research design whereby in-depth interviews were conducted to Ilala and Kinondoni Municipals officials, NEMC officials, local leaders, urban planning and botanical experts, engineers, landscape architects and quantity surveyors. Focus group discussion was done with selected residents of Jangwani and Msimbazi Valley. Examination of other similar successful projects around the globe was done and the researcher went to the site and took photos. Pattern matching, thematic analysis and logic models were the strategies employed in analyzing qualitative data. The findings were presented in figures, tables and photos.

The findings revealed that Jangwani and Msimbazi valley can be used for City park, urban agriculture, public parking facilities or urban forest. Diversification channel should be dug, establishment of flood plains, soil treatment and sanitation control must be done prior the proposed uses. Also, it was revealed that the government would benefit from increased revenues from parking fees, flood control, tourism attraction, reduction of expenditures incurred during floods and the project would contribute to aesthetic value of the City.

It is recommended that participatory approach should be used in implementing the project whereby the government, community and responsible authorities would cooperate to offer both financial and material support to accomplish the project.

Kaluwa, Frieda M.. "A CRITICAL INVESTIGATION OF RESIDENTIAL VALUATIONS PRACTICES IN NAMIBIA: A CASE STUDY OF WINDHOEK." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 79-80. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Harmonization; Standardization; Valuation Standards

The increase in globalization of businesses and foreign markets has led to the introduction of International Standards in every business sector including the valuation profession. Consequently, the cross-border investments in the financial markets has further fueled the need for universal accepted standards in reporting property values. International Valuations Standards (IVS) are standards that governs the valuation practice worldwide. The overall purpose of global standards is to engender confidence and public trust in the valuation process by creating a framework for the delivery of credible valuation opinions by suitably trained valuation professionals acting in an ethical manner.

A standardised global practise simplifies investors’ decision-making on international investments. International standards, however, need to be aligned with local valuation regulations that regulate the valuation professional practices at country level consistent with International norms. Given the importance of International Standards to the valuation profession, this research investigates a) how current practices of residential property valuation in Namibia adhere to International Valuation Standards on professional and performance standards centred on competence, knowledge, ethics, conduct and objectivity and b) Explore the consistency in valuation opinions reported by all valuers in the market place underpinned by consistent application of recognised valuation approaches. The preliminary results from empirical data from desk and field surveys indicate that local valuation practices seem not to be aligned with international valuation standards.

The main reasons seem to be the absence of local valuation regulations and the dormant Valuers’ Council to enforce global standards at local level. Hence, the credibility of valuation opinions and integrity of all valuers in Namibia seems to be challenged. The findings of the study are important to all stakeholders in the Namibian property market in order to identify risks involved in the misalignment of local and international valuation practices in a market that is expected to adhere to international reporting standards.

Paradza, Partson, Joseph Yacim, and Benita Zulch. "A CRITICAL REVIEW OF PROPERTY VALUATION FOR EXPROPRIATION IN ZIMBABWE." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 424-449. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. benchmarking; Compulsory Acquisition; expropriation policy; fair compensation; indemnity; legal framework.

Purpose: This paper aimed at contributing to the growing academic debate on property valuation for expropriation.

Approach/Design: The paper was based on document analysis or archival research approach. Statutes which formed the legal framework that guide property valuation for expropriation in Zimbabwe, was critically reviewed relative to World bank and Food and Agriculture Organisation guidelines, to unravel concordance and or conflicts among laws, so that limitations in the Zimbabwean laws could be remediated.

Results/Findings: This study established that the existing property valuation for expropriation in Zimbabwe followed the recommendations of World Bank and FAO. However, there are notable differences especially on estimation of replacement cost value, where depreciation is deducted contrary to World Bank and FAO specifications.

Practical Limitation: Though there is no empirical evidence, the study assumed that guidelines provided by World Bank and FAO can be considered as international best practice on property valuation for expropriation in Zimbabwe.

Practical Implication: Results of this study is useful to the Zimbabwean Government as it was geared towards bringing a lasting solution to the unresolved decade long land compensation dispute.

Originality/Value of Work: Though many studies were done on property valuation for expropriation in many countries, none of the existing literature assessed legal provisions guiding property valuation for expropriation in Zimbabwe. This study seeks to bridge this gap and contribute to existing international debate on compulsory acquisition and compensation.

Paradza, Partson, Joseph Yacim, and Benita Zulch. "A CRITICAL REVIEW OF PROPERTY VALUATION FOR EXPROPRIATION IN ZIMBABWE." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 95. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. benchmarking; Compulsory Acquisition; expropriation policy; fair compensation; indemnity; legal framework

Purpose: This paper aimed at contributing to the growing academic debate on property valuation for expropriation.

Approach/Design: The paper was based on document analysis or archival research approach. Statutes which formed the legal framework that guide property valuation for expropriation in Zimbabwe, was critically reviewed relative to World bank and Food and Agriculture Organisation guidelines, to unravel concordance and or conflicts among laws, so that limitations in the Zimbabwean laws could be remediated.

Results/Findings: This study established that the existing property valuation for expropriation in Zimbabwe followed the recommendations of World Bank and FAO. However, there are notable differences especially on estimation of replacement cost value, where depreciation is deducted contrary to World Bank and FAO specifications.

Practical Limitation: Though there is no empirical evidence, the study assumed that guidelines provided by World Bank and FAO can be considered as international best practice on property valuation for expropriation in Zimbabwe.

Practical Implication: Results of this study is useful to the Zimbabwean Government as it was geared towards bringing a lasting solution to the unresolved decade long land compensation dispute.

Originality/Value of Work: Though many studies were done on property valuation for expropriation in many countries, none of the existing literature assessed legal provisions guiding property valuation for expropriation in Zimbabwe. This study seeks to bridge this gap and contribute to existing international debate on compulsory acquisition and compensation.

Mushi, Vianey.J., and Frank I. Kanizio. "A SCHEMATIC ANALYSIS OF COMMERCIAL SPACE SUB- MARKETS COMPETITIVENESS IN DEVELOPING COUNTRIES: A CASE OF DAR ES SALAAM CITY." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 20. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Linkages; markets; Performance; real estate

The Dar es Salaam’s commercial property market dynamics is not only the most vibrant market in the country, but also face a varied set of challenges that are complex and diverse. The various components comprising the city's commercial space perform differently, in some cases influencing each other and in others exacerbating the success or failures of government policy. In most cases there is limited published data available on the profile of market activity, size and performance at the regional level. However, it is very difficult to find information on comparatively competitiveness of office submarkets within the city, and more importantly, there is relatively little data available on key aspects of how these submarkets perform and influence each other.

Drawing upon quantitative evidence, the current research explores trends in commercial property market size, activity, and performance on asegmented basis, highlighting submarkets’ competitiveness and how they influence each other and affect other property types in the city using a sample of 50 prime commercial properties selected randomly over 10 years period from 2008 to 2018. Overall, the DSM’s commercial property markets are interlinked and are affected with the general market shocks albeit with varying magnitudes. Within the same commercial node, even property types are affected in a linear manner. Further, commercial markets have shown a moderate and steady growth from 2008 to 2016, but a sharp decline in the recent years, with a fall in average property values (transaction prices) ranging from 5 to 7 percent every year. Nonetheless, properties with a high-class tenant mix show resilience to market shocks. The findings of this study are significant in explaining the nature of submarket competitiveness which is vital for developers; investment analysts and investors in strategic portfolio allocation and diversification and risk management strategies. The government can also use these insights not only to identify the strengths of the one segment to support the growth of the other, but also options for maximizing performance.

Keenan, Donald C., Taewon Kim, and Daniel C. Lee. "A VALUATION APPROACH IN HOUSING BOOM AND BUST CYCLES." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 81. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

In the housing market, there is a pattern of gradual price rises and noticeably more sudden price drops. This is because in an up market, the market comparisons approach forces home loan underwriters to be reluctant to approve a bigger loan than what the contemporary market comparisons would indicate. In a down market, on the other hand, underwriters do not face any such restriction and hence prices can drop to the level fully reflecting the declining market condition. The traditionalextrapolation typically used in determining the “time” value adjustmentsneed to be used more cautiously.

Akwensivie, Gad Asorwoe. "AFRICAN REAL ESTATE TRENDS AND FORECAST: CASE STUDY OF GHANA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 6-7. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Practitioners in the built environment Surveyors, Valuers, Mortgage providers, Property developers and Brokers etc. need to understand and appreciate the fact that, real estate is constantly changing due changing tastes, advancement in technology, access to finance, and so on.

Practitioners are faced with the overwhelming task of keeping up with trends. It is challenging to identify the changes taking place but more challenging figuring out which trends are important for us as practitioners and those that are here to stay. It is important that practitioners are able to identify the changes with some degree of confidence to guide their strategic decision-making processes because practitioners who are able to get it right will be separated from the rest in the near future.

Findings from the research shows that, several things are certain in a few years from now. For example, there will be a surge in demand for condominiums, apartments and similar shared properties in many African cities. There will be a shift from private development for mortgage. The introduction of new legislations on the built environment will change many things. Mortgage rates will drop and solar will be in high demand. Online brands will rule the market and mass marketing by agents, surveyors and developers, investors will be in vogue. There will be specialization instead of generalization and services tailored to meet the demands of Generation Z. There will be a rise in short-term rentals and smaller living tiny apartments. Tax reform in the coming years will likely reduce ownership benefits and the hottest properties will be in the south, along the coast. Not only that, home price increases will slow and the oversupply theory will be debunked. There will be an office evolution and the capital cities including Accra will see mass exodus with the big game-changer been driverless cars. Ultimately, the higher-end market will be well-served and margins will still be good for those types of projects. Building affordable housing at scale, in listed urban areas would be profitable from 2035.

This paper walks participants through the changes that are expected in the coming years with regards to the built environment. The paper certainly provides some meaningful insights that will help practitioners in Africa navigate their decisions into the future.

Kampamba, Johnson, Milidzani Majingo, and Yaone Blessings Molefhe. "AN ANALYSIS IF THE DIFFERENT TYPES OF PROPERTY TAX IN BOTSWANA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 30. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Botswana; Capital Gains tax; capital transfer tax; Property rates; property tax; tax on rental income; Value Added Tax Transfer duty

Purpose: The aim of the study was to identify and understand how the property taxes are administered in Botswana. This was undertaken to appreciate how they contribute to the Gross Domestic Product (GDP) and the impact the have on revenue maximization.

Study Methodology: A questionnaire and interview guide were used to collect data from taxpayers and employee where the respective taxes are administered. This was done using stratified random sampling technique for taxpayers. A sample of 137 taxpayers were randomly determined from a population of 70,000 taxpayers at 90% confidence interval. Purposive sampling technique was used to collect data from employees who are in charge of administering the taxes.

Findings: It was established that the different types of property taxes administered in Botswana are Property rates, Value Added Tax Transfer duty, Capital Gains tax, tax on rental income, and capital transfer tax (Estate duty). The bases of the tax are determined using different approaches ranging from self-declaration to capital value. The study revealed that property tax administration in Botswana is poor as it is hindered by problems pertaining to lack of well-trained staff in taxing authorities as well as the low level of awareness of property taxes by taxpayers. It was also noted that the amount of tax paid is high yet there are no direct benefits received for paying such taxes. Value Added Tax (VAT) contributes more to GDP than any other property tax at 0.76%.

Significance of Study: The study provided insights into the different types of property taxes and how they are assessed to the taxpayers.

Akinwamide, David Oluwatofun, and Victoria Amietsenwu Bello. "AN ASSESSMENT ON THE LEVEL OF COMPETENCY OF ESTATE AGENT’S EMOTIONAL INTELLIGENCE IN LAGOS PROPERTY MARKETING." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 512-524. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Decision Making; Emotion; Emotional Intelligence; Estate Agent; Lagos; Property Market

In real estate service, emotions underpin all client’s action in decision making. However, the understanding of client’s emotional needs requiresome degree of competencies to achieve customer’s satisfaction inproperty marketing. As a result, emotional intelligence competencies areessential in real estate agency to understand customer’s behaviour inproperty market. This study therefore assess the level of competency ofestate agent’s emotional intelligence in Lagos property marketing.Structured questionnaires were randomly administered on 236 registered estate firms while 205 (86%) questionnaires retrieved were found suitable for analysis. Data collected were analysed using descriptive statistics. Findings indicated that empathy, self-awareness and motivation ranked high among the competencies in emotional intelligence adopted by estate agents in estate agency service. However, it was observed that 54% of respondent within 6 – 10 years of experience in real estate agency possess a moderate level of emotional intelligence. The study recommends that estate agents should improve on their level of competency in emotionalintelligence to understand customer’s behaviour and emotional needs in decision making.

Akinsomi, Omokolade. "AN EMERGING MORTGAGE MARKET IN AFRICA: THE CASE OF GHANA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 3. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Africa; Emerging Market; Ghana; mortgages

Development of mortgage markets is essential for African countries not only for the housing needs of the high population growth but also to potentially address high unemployment rate in the continent. Mortgage data in Africa, specifically across sub-Saharan countries are scant and, in some instances, non-existent. This paper examines data on mortgage loan originations in Ghana. We examine 1,476 mortgage transactions in the country by a single loan provider from 2008 to 2016. Our preliminary results show that the average loan originated for the period is US$66,993 with an average loan to value ratio of 49% between 2013 and 2016. The national capital – Accra, which also doubles as the Greater Accra regional capital accounts for 72% of loan originations.

We find that there is a positive significant relationship with the loan origination and number of bedrooms and if a property is located in Accra. The results, however show a negative significant relationship between loan and detached properties in Accra. We further examine what property characteristics determine a higher loan to value ratio using a probit model. Our preliminary findings show a positive significant relationship between a higher loan to value ratio and the number of bedrooms and if the property is detached. The results so far, also yield a positive but insignificant relationship between properties in Accra and loan to value ratios.

The initial findings give rare insights to an emerging mortgage market in Africa, which otherwise is considered as opaque.

Okorji, Utchay A.. "AN EVALUATION OF THE CONCEPT OF ADEQUATE COMPENSATION IN COMPULSORY ACQUISITION PRACTICE IN NIGERIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 93. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Acquiring authority; Adequate Compensation; Compulsory Acquisition

Compulsory acquisition and compensation in Nigeria is a topical issue fraught with legal and subjective definitions as to the concept of adequate compensation. Compensation is paid by the acquiring authority for the loss suffered by an owner when property is compulsorily acquired for public interest.

The thorny issue is whether or not the compensation paid is adequate as what constitutes adequate compensation is seen from different lenses. The prevalent position however is that, often the compensation paid by the acquiring authority for compulsory acquisition is considered not adequate. In Nigeria, this debate and agitation ongoing with several litigations on the issue.

The aim of this study is to evaluate the concept of adequate compensation by conducting an analysis of case law from the High Courts of Rivers State of Nigeria, an analysis of various applicable legislations and the different perspectives held by stakeholders such as professionals involved in compulsory acquisition and compensation and those in the public sector responsible for compulsory acquisition and compensation. The study sets a frame within which the concept of adequate compensation will be better understood and approached in practice.

Mulenga, Christopher. "AN INVESTIGATION INTO THE LEVEL OF DATA SHARING EFFICIENCY ON THE ZAMBIAN RESIDENTIAL PROPERTY MARKET: CASE STUDY OF LUSAKA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 87. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Efficiency; Property Market; Property Value; real estate

The residential property market in Zambia is characterised by lack of readily available property market data resulting in market values that do not reflect all market information. This paper proposes an empirical case study approach based on best practice from both developed and developing countries to assess how this information can be incorporated into easily accessible data sharing mechanisms among the buyers, sellers, estate agents and valuation surveyors. The evidence gathered from other countries show that a closer correlation exists between information sharing and property values because better-informed individuals have been securing better deals. Both individual and corporate consumers in the residential property market base their decisions to buy or sell on the valuation surveyors assessed values as well as market advice from estate agents.

However, in the absence of a properly framed data sharing mechanism anchored on strong legislative and institutional framework, real estate values can deviate from the actual either downwards or upwards. We test this hypothesis using unique data on residential real estate markets in Lusaka. Lack of data sharing contributes to distortions in residential property values. This finding substantiates the importance of deviations from the actual residential values due to lack of data sharing among the main players in the residential property market. In order to effectively address the shortcomings identified, it is suggested that information sharing among the main players in the residential property market be explored through the revision of existing policies and institutions.

Tweneboah, Danso Abena. "ANALYSES OF FARMLAND COMPENSATION VALUATION METHODS IN GHANA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 76. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Compensation; Farmlands; Ghana; Valuation

Subjectivity in compensation values calls for a standardised approach to ensure that the expropriated are not worse off status quo ante. The main aim of the research is to investigate and compare the effectiveness of the cost and investment methods for farmlands compulsorily acquired by the government or an acquiring authority. Structured questionnaires were administered to valuers who have been involved in the valuation of farmlands.

The findings revealed that the cost method, which is the statutory mandated method of valuation to use for compulsory acquisition, generally leads to under – assessment to beneficiary landowners and farmers (interest holders). Although the method is comparatively simple to use, the possible future accruals and benefits of the crops on the land are seemingly ignored in value determination. This method may not be the best for fair and adequate estimation for farmlands values. Some valuers are of the opinion that the investment method has its own inherent setbacks, ranging from the lack of consistent data to its perceived “complicated’ nature.

The research concludes that the investment method takes into consideration many more variables in addition to the land value per se than the cost method. Valuation is described as an ‘art and sceince’ that depends on the competency and diligence of the valuer. It is recommended that, if the subjectivity of valuation values is minimized, then valuers must be encouraged to update their competency through continuing professional development.

Komu, Felician. "ANALYSIS OF REAL ESTATE VALUE DETERMINANTS – THE CASE OF VALUATION PRACTICE IN TANZANIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 84. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Reliability; Valuation Methods; Value Determinants Accuracy

The dawn of global trade has had remarkable influence on the way professionals across boarders relate with one another. Sharing information is no longer a problem as between nations and cities. The need for transparency and consistence in global dealings cannot be overemphasized. Real estate valuations have become focal to trade and investment that form significant bases for measuring economic performance. While in the mature economies, valuations have become an important basis for constructing house and property price index, in the less developed countries, valuations have tended to lack credibility, reliability and even clarity for several reasons. Against this background, a study was undertaken to review valuation practice in Tanzania to determine the extent to which real estate value-influencing factors were being accounted for in valuation. A total of 316 questionnaire were administered to measure the lack of reliability and precision of value.

The study confirmed the overtly reliance on cost method of valuation to arrive at real estate values for all purposes of valuation. This was despite of the fact that over 10,000 valuations are executed every year (URT, 2017) which suggests wealth of comparable data. It was evident, the increasing penetration of digital technologies and enhanced data management have had limited bearing on the adoption of dynamism that has characterized valuation methods and analytics elsewhere in assessing value affecting factors. Consequently, contrary to the old holding of Peto (1997), the choice of valuation method has not depended on the use, interest nor the purpose for which it is required.

Based on selected valuation cases, the paper urges for use of existing market price information and past approved valuations towards estimating real estate values.

Dabara, Daniel Ibrahim, Augustina Chiwuzie, Olusegun Joseph Omotehinshe, Anthony Tinufa, and John Oyekunle Soladoye. "ANALYSIS OF THE RELATIONSHIP BETWEEN INFLATION AND INDIRECT REAL ESTATE INVESTMENTS IN NIGERIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 212-237. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Inflation; Investments; real estate; Risk; Volatility

The study aims at investigating the relationship between inflation and securitized real estate investments in Nigeria with a view to providing information for informed investment decisions. The timeframe for the study covers between 2007 and 2016. Population for the study comprised all securitized real estate companies in Nigeria. Data for the study were collected from the databases of the aforementioned companies. The data comprised share prices and dividends of the respective companies as well as inflation rates. The data were analyzed by means of descriptive and inferential statistical tools. Findings from the study revealed that the return profile of REITs and non-REITs equities in Nigeria had some level of volatility, with the non-REITs outperforming the REITs investment asset (the highest returns obtained from REITs investment was 5.43%, while the highest returns for the non-REITs was 41.79%). Inflation was seen to be mostly in double digits and had kept increasing throughout the study period, ranging between 4.37 and 18.45. The study suggested a perverse hedging characteristics for all the securitized real estate investments. Findings from the study can be useful for investment forecast and investment decisions as regards the type of asset to include in an investor’s portfolio, taking to consideration the influence of inflation on such asset(s).

Okorji, Utchay A.. "APPLICATION OF DISRUPTIVE TECHNOLOGIES IN REAL ESTATE PRACTICE IN NIGERIA; CONSTRAINTS AND OPPORTUNITIES." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 92. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Advanced market; Disruptive technologies; Emerging Markets; real estate

Disruptive technologies have changed the way businesses across the globe are conducted, it revolutionizes the world and presents challenges for traditional business norm. Though lagging, real estate is not left out as it presents a challenge to rethink the way stakeholders collect, distribute and use data related to the industry in various markets.

The disruption of real estate practice globally with technological advancements is redefining the future of real estate. Whilst advanced countries are already embracing the practice possibly due to the existing infrastructure and technologies, the practice in Nigeria and in Africa is expected to embrace this trend as well. New structures and platforms should drive this evolution and change existing practice norms. It therefore presents new challenges for professionals in Africa. X-raying this trend, this study highlights the technological advancements in real estate practice from advanced economies and compares the readiness of the African environment to the application of these new technologies in local markets.

The study then reviews the Nigeria real estate market and the infrastructure enabling the application of disruptive technologies with the aim to show a comparative status of the advanced market and the emerging market in the use and application of disruptive technologies. The study concludes by establishing the extent of technological advancement in real estate practice in Nigeria, the opportunities, limitations and the way forward for application of disruptive technologies in real estate practice in Nigeria.

Akinsomi, Omokolade, and Mabuse Moja. "ARE FOREIGN-BIASED REITS WORTHWHILE?" In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 4. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Emerging Market; Portfolio Management; REITs; South-Africa

International investment can be a very effective way to spread the risk of a property portfolio. Property markets are inherently locally driven, which would suggest that the diversification benefits to be reaped from foreign property holdings can be substantial (Eichholtz, Koedijk, & Schweitzer, 2001). From a South African perspective, this has driven a local listed property sector with limited foreign exposure as recently as 2009, to today deriving 37% of earnings from markets including Australia, United States of America, United Kingdom, Central and Eastern Europe and parts of Africa (Deutsche Bank, 2016).

This paper investigates how foreign biased REITs in South-Africa performs in relation to domestic-biased REITs. The results in our findings our particularly significant for investors, analysts in making informed decisions specifically when diversifying their portfolios.

Nzioki, Nicky, and Catherine Kariuki. "ASSESSMENT OF SUSTAINABLE REAL ESTATE TRAINING TRENDS IN THE EASTERN AFRICAN REGION." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 70. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. benchmarking; Capacity Building; professional standards; Real Estate Investment; Sustainable real estate training

Since 2000 training in real estate in the Eastern African Region has undergone significant changes with institutions of higher learning embarking on review of their existing curriculum to reflect the emerging trends and challenges in real estate investment. This paper will review the various efforts undertaken in Eastern African Institutions of Higher learning and Universities offering professional degree programmes and courses in sustainable real estate training.

This assessment will be guided by examining the global world trends in training in real estate courses and especially the focus of enhancing real estate knowledge and professional practice standards. The paper will highlight the professional standards promoted by various international real estate professional institutions in European, American and Canadian, British and Commonwealth countries. The paper will also focus on the examination of the linkages between the sustainable training in real estate at higher institutions of learning and the concurrent desire to uphold professional standards in various real state practices and how the eastern African regional institutions can adopt the new trends in real estate training and capacity building for real estate investment. In conclusion this paper will show that embracing global real estate valuation standards and international benchmarking of sustainable training in real estate will significantly enhance the real estate investment potential in the economies of most of the East African countries

Bourassa, Steven C., Martin Hoesli, Louis Merlin, and John Renne. "BIG DATA ACCESSIBILITY MEASURES AND URBAN LAND VALUATION." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 75. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. accessibility indexes; Big data; Hedonic Models; Property Valuation; travel demand models

Big data applications are attracting increasing interest on the part of urban researchers. One such application is the use of accessibility indexes based on travel data aggregated from personal devices, such as cell phones, in hedonic price models. This paper evaluates the benefits of using big data employment accessibility indexes in the context of urban property valuation. The study compares big data indexes with traditional measures of accessibility based on straight-line distances to key locations and indexes derived from regional travel demand models used by local transportation planning agencies. Controls for geographic submarkets is also used as a means for measuring the value of location. Using residential property transactions from the Miami, Florida, metropolitan area, the study concludes that the traditional straight-line distances and especially the geographic submarkets perform better than the big data and travel demand model measures.

Lewis, Peter, and Jevans Otieno. "BLOCKCHAIN AND ITS EFFECT IN THE REAL ESTATE INDUSTRY." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 67. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Among the most prominent industries that have adopted the blockchain technology are real estate, insurance, loans, copyright, and the legal sector. This paper seeks to provide an industry overview for the real estate industry, including a brief introduction on the employment and potential for blockchain within the sector and a detailed list of those projects that are already being implemented. It examines how Blockchain smart contracts are revolutionizing the Real Estate sector through rental agreement, rental payment, buying real estate and open houses which is the access to property automized with a smart contract between seller and prospect.

Real estate sector has proven to have a potential in blockchain adoption. It provides for immense opportunities for new frontiers in the industry, due to the limitations and vulnerabilities that surrounds the outdated industry system especially from the use of smart contracts. While professionals in the industry are fully aware that blockchain is the future, progress has nonetheless been slow. There are still a number of obstacles impeding the widespread adoption of blockchain and smart contracts in real estate.

First, there is a reluctance by the third parties who have profited from theold and familiar model of real estate. These include agents, brokers and among others. Second is the issue of accessibility for all those involved. While blockchain and smart contracts bring efficiency, transparency, andsecurity, the adoption of this technology by businesses has until now required hiring specialists with knowledge of a particular blockchain language.

Muthambi, Xongile, Chris Cloete, and Laetitia Cook. "CHALLENGES OF ACQUIRING TRIBAL LAND IN GIYANI, LIMPOPO PROVINCE, SOUTH AFRICA FOR COMMERCIAL DEVELOPMENT." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 335-376. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. communal land tenure; development challenges; Giyani; Land acquisition; land development; Limpopo; Rural land tenure; South Africa

Purpose: Over the past two decades, rural areas in South Africa have experienced substantial economic growth and a rapid increase in the middle-income population group, resulting in a commensurate increase in consumer spending. In response to this shift, commercial developments in these previously untapped markets have come under increasing scrutiny by developers. However, development in these areas is hampered by the intricacies of the communal land tenure system of ownership prevalent in many rural areas and the concomitant lack of clear procedural requirements for approval of developments. The study endeavoured to identify the challenges which property developers experience when acquiring tribal land for commercial use.

Methodology: The research implemented a mixed research strategy of a desktop review supplemented by in-depth semi-structured interviews with property developers who have successfully acquired tribal land in the Giyani area of the Limpopo Province of South Africa.

Findings: The study highlighted challenges procedural challenges, challenges arising from stakeholder engagements and other general challenges. Although the South African government makes provision for land under tribal administration in the legislative and policy environment, the lack of tribal authorities, municipality and other government stakeholders to coherently facilitate the land acquisition process fostered a lack of accountability. The process of land acquisition of tribal land was found to be lengthy and complex. In addition, challenges regarding the lack of services and infrastructure were highlighted.

Value: Addressing the identified problems will facilitate development in tribal areas in South Africa and contribute to a more sustainable process for development in these areas.

Kironde, J.M. Lusugga. "CHALLENGES OF MAKING LAND AVAILABLE FOR LARGE- SCALE INVESTMENT IN COMMERCIAL AGRICULTURE IN TANZANIA: THE CASE OF MISSENYI DISTRICT." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 41-44. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

There has been an outcry that the trend to acquire large parcels of land in Africa for commercial investment purposes, especially in agriculture, is leading to unwanted results which include loss of various property rights by indigenous populations, land conflicts, environmental degradation, loss of biodiversity, and reduced food self-sufficiency. This particularly negatively affects vulnerable groups including pastoralists, hunters and gatherers, and women and children. On their part however, governments, including that of Tanzania, believe that there is a lot of unutilized or underutilized land to attract large-scale investors; the envisaged benefits including technological transfer, employment creation, rural infrastructure development, self sufficiency in food, export promotion, and so on. In order to support investment, Tanzania established the Tanzania Investment Centre (TIC) in 1997 and among its duties is: to identify investment sites, estates or land, for the purposes of investors and investment in general. To smoothen investment in land, the government has been making efforts to create a land bank for investors, but with little success, except in limited cases of creating Economic Processing Zones; since the earmarked land either belongs to villages, is reserved land, or is land being used as a common resource. Numerous, and sometimes deadly, conflicts over land in Tanzania, involving communities, communities and public authorities and communities against investors, point to a scarcity of land, vis á vis the growing population and available land becoming less and less in both quantity and quality. An innovative approach to use the land for equity in agricultural enterprises has also not made headway and the investor who tried that approach has recently wound up business. Contract farming, especially in the sugarcane and orchard industry has also come under criticism; although the approach by way of value chain addition has realized some positive results in the Southern Agricultural Corridor of Tanzania (SAGCOT) areas.

A study, supported by Sida, was carried out recently in the Missenyi District, North-western Tanzania, the objective of which was to evaluate the 

There has been an outcry that the trend to acquire large parcels of land in Africa for commercial investment purposes, especially in agriculture, is leading to unwanted results which include loss of various property rights by indigenous populations, land conflicts, environmental degradation, loss of biodiversity, and reduced food self-sufficiency. This particularly negatively affects vulnerable groups including pastoralists, hunters and gatherers, and women and children. On their part however, governments, including that of Tanzania, believe that there is a lot of unutilized or underutilized land to attract large-scale investors; the envisaged benefits including technological transfer, employment creation, rural infrastructure development, self sufficiency in food, export promotion, and so on. In order to support investment, Tanzania established the Tanzania Investment Centre (TIC) in 1997 and among its duties is: to identify investment sites, estates or land, for the purposes of investors and investment in general. To smoothen investment in land, the government has been making efforts to create a land bank for investors, but with little success, except in limited cases of creating Economic Processing Zones; since the earmarked land either belongs to villages, is reserved land, or is land being used as a common resource. Numerous, and sometimes deadly, conflicts over land in Tanzania, involving communities, communities and public authorities and communities against investors, point to a scarcity of land, vis á vis the growing population and available land becoming less and less in both quantity and quality. An innovative approach to use the land for equity in agricultural enterprises has also not made headway and the investor who tried that approach has recently wound up business. Contract farming, especially in the sugarcane and orchard industry has also come under criticism; although the approach by way of value chain addition has realized some positive results in the Southern Agricultural Corridor of Tanzania (SAGCOT) areas.

A study, supported by Sida, was carried out recently in the Missenyi District, North-western Tanzania, the objective of which was to evaluate the 

challenges of making large swathes of land available for investors especially in agriculture. The District was thought to have around 100,000 hectares suitable for large-scale investment, investment which, moreover, could be supported by the perennial river, Kagera, in terms of irrigation. A crucial conceptual question was whether the nuances of customary tenure such asrweya (common resources land for grazing, seasonal cultivation and harvesting of natural products) and bishanga (wetlands associated with water bodies), are taken into consideration when thinking of land as being undeveloped or marginal, and therefore available for investors.

The study was based on an extensive study of official and non-official documents at national, regional and district levels; interviews with officials, politicians and actual and potential investors; focused group discussions with villagers and local officials, fieldwork using a questionnaire administered to villagers, and participant observation in 3 villages with a potential for land availability. Aerial photographs were also relied upon to estimate existing land uses. A stakeholders’ workshop was held todeliberate a number of issues including the definition of an investor and the availability of land for investment.

The District, which borders the neighbouring countries of Uganda and Rwanda, has an area of 270,000 hectares, and a population (almost evenly divided between men and women) of 202,632 in 35,699 households. Administratively the District has 255 hamlets, 77 villages, 20 wards and 2 Divisions.

It was established that although there is a feeling nationally and regionally that this district has a lot of undeveloped land, facts point to a different direction. Of the 270,000 ha of the District, 90,000 ha is densely occupied by villages, 32,000 ha is a nature reserve, 20,000 ha is a large sugar plantation, which is surreptitiously expanding by an estimated 1500 ha pa; and 60,000 ha is a national ranch established in the 1960s. Due to land pressure, the latter has been, in part, allocated to villagers; and a larger part has been divided into ranching blocks and given to potential investors who have, instead of investing in livestock, turned to renting out the blocks to local and foreign migrant livestock keepers. Numerous conflicts, resulting into loss of life, have been recorded in recent years over ownership and use of this land.

The rest of the land is used as a common resource (rweya) or as wetlands(bishanga). District data however, does not refer to these nuances of customary tenure, and already there is serious encroachment on rweyaland, leading to constrained space for livestock, and, therefore to conflicts between farmers and herders. The encroachment on wetlands, to mainly grow rice which has been introduced in the district by an influx of people from rice growing regions in the country, is a sure harbinger of future serious water shortage.

The District has recently experienced huge population immigration from other parts of the country and from neighbouring countries, lured by the apparently abundance of undeveloped land, which latter has been put to sugarcane growing in outgrower arrangements, rice growing and the growing of trees as an investment. Some of these incoming populations have been welcomed by village authorities. This has led to encroachment on wetlands, and the privitizing of common lands (rweya) resulting into conflicts which have witnessed loss of property and limb and life.

Land prices are relatively low, ranging from USD 100 to USD 200 an acre, and buyers have included individuals, corporate bodies, religious organizations and NGOs. There is displacement of the rural population, especially the youth. Those who sell their land migrate to urban areas, and turn to trade and commerce, including operating motorcycle public transport.

The shrinking of rweya land is also contributed to by growing urbanization which has seen small trade centers turning into townships, and townships turning into towns, eating into agricultural and communal land.

The District is under pressure to set aside land for investors in both agriculture and industries. Seven separate areas of land parcels, with a total of 2228 acres (2013 ha), ranging from 20 to 1988 acres have been identified. None of these however, is earmarked for agriculture. The lots were identified for use as follows: 1 for an International Agricultural Produce market; 2 for Export Processing Zones (EPZ); and 4 for industrial establishments. This land, though, is neither surveyed, not acquired by way of paying compensation. In other words, it is not in public hands.

The conclusion from the study is that there is no land for large-scale investors in the District, though small-scale ones (utilizing 100 ha or less) 

can be accommodated; and these could be locals-turned-investors, who can negotiate with village authorities for arrangements to put land to efficient production. It was possible to get thousands of acres of land for large-scale investors in the past, as the population of both people and livestock was low. This is no longer possible without seriously reducing communal land, wetlands or conservation land, and this is possibly the case throughout the country. It is therefore futile to think in terms of creating a land bank, a quest which has remained elusive for the past 20 years at national level, with at least three authorities: the Ministry for Lands, the Tanzania Investment Centre and the Ministry for Local Government, tossing the ball between themselves, as to who is responsible for having a land bank for investors in place. A new approach needs to be embraced.

Given pressure on land, there are demands that land that was allocated to large investors in the past, such as Kagera Sugar be reduced, though the investor has a title to land and is utilizing it well. There are also demands that investors who were allocated ranch land, and are not performing, should have their allocation revoked and land given to serious investors, or villagers; although there are major hurdles to implement this feat.

A major recommendation is that, rather than think in terms of a land bank, and of investors from afar, there is need to strengthen individual and communal tenure rights in the villages, and to encourage the working of land markets, including land rentals. Renting of land for short periods is taking place in some villages although at a relatively small scale. This calls for comprehensive village land use planning and titling, since only 4 out of 77 villages have village land use plans and only 600 Certificates for a Customary right of Occupancy have been given out.

Enabling land markets could see existing land lots being utilized more efficiently, with small and medium sized investors adopting modern farming methods, including utilizing disease and bad-weather resistant seeds, leading to higher productivity and to less pressure for lateral expansion into common and environmentally sensitive land.

Prosper, Turimubumwe. "CHALLENGING INSTITUTIONAL FRAMEWORKS IN LAND ADMINISTRATION: MANY INSTITUTIONS, BUT LESS PROPERTY RIGHTS (CASE OF BURUNDI)." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 470-492. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Burundi; Institutional framework; land administration; Property Rights

Land administration as one of the mechanisms of availing property rights to owners cannot be achieved unless there are well-functioning and coordinated institutional frameworks. Institutions are there to provide legal frameworks, technical, human and financial support to help land administration initiatives work effectively. The number of these institutional frameworks may be insignificant on rendering property rights if not well organised and focussed. Instead of being opportunities, they may become challenges to land administration in the country. This paper explored the challenges emanating from the existing institutional frameworks dealing with land administration in providing property right in Burundi.

A mixed research design has been applied to capture qualitative and quantitative data. A desk review of different government reports, academic and professional papers as well as books have been consulted. Also, structured and semi-structured interview have been used to collect primary data on property rights in Burundi. A total of 60 respondents have participated in this paper such as officials in land department, local leaders, and individual landowners. A nonprobability, with snowball sampling method has been applied to identify 60 respondents (40 for structure interview and 20 semi-structured interviews). Descriptive analysis and inferential statistics have been used in data analysis.

The findings show that Burundi has got many institution frameworks, but are fragmented and dispersed. This engendered the lack focus on specific issues related to land administration. As results, challenges faced by many groups of people are not addressed by these institutions which make these people to have less property rights. Consequently, these people are marginalised; becoming poor and pauper, and suffering from food insecurity. Also, they live in extreme poverty, their children are dropping out from their studies and even some families flee the country. Therefore, the government of Burundi is advised to have one ministry that will deal with land issues with focus and specificity.

Mirembe, Rachael. "COMMERCIAL PROPERTY RENT DYNAMICS." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 19. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

The study examines the interaction of demand, supply and rent in commercial properties and what goes on in property markets beyond the neoclassical economics regarding rent. In order to understand the outcomes(rent determination) in the property markets better, the study looks at the institutional environment (Ball, Lizieri and Mac Gregor, 1998;D’Arcy and Keogh, 1998) and understands the structure of the property markets (Rothacher, 2013; Ke and Sieracki; 2015).

The following research objectives will be investigated to help arrive at how rent is determined in Uganda: - To understand what tenants consider before renting a commercial building in Kampala. To understand what factors determine the supply of office and retail space in Kampala. To examine how the Ugandan property market has evolved over the years since independence (1962) and where it is now in terms of level of maturity. To understand how the institutional environment of the Kampala property market looks like in terms of rent determination and to examine the relationship between rent determination and institutional environment of commercial buildings in Kampala?

Lekgori, N., P. Paradza, and Chirisa I.. "COMPULSORY LAND ACQUSITION AND COMPENSATION IN BOTSWANA: THE CASE OF PITSANE-TLHARESELEELE ROAD PROJECT." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 85. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Compulsory Acquisition; Consistency; fair compensation; Policy; Property Valuation; public use

Purpose: 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 therefore was to contribute to the existing academic debate in land acquisition and compensation by establishing if there is consistency in compulsory acquisition and expropriation policy and practice in Botswana.

Approach/Design: A case study approach was adopted and Pitsane- Tlhareseleele road project was chosen. A total of twenty-two (22) displaced people and eight (8) Planning Officers, four (4) from Rolong Land Board and four (4) from Good Hope Council were interviewed. Cording of interview results was done manually. Interpretation and analysis of data was made easier by the use of SPSS to present the data.

Results/Findings: 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.

Practical Limitation: The major limitation of this study is that it was based on a single case study with a limited number of affected people.

Practical Implication: Results of this study can help to inform policy and practice on compulsory land acquisition in Botswana. It can also contribute to the existing academic debate on compulsory acquisition of land and compensation.

Originality/Value of Work: This study is one of the few works which contributes to the existing debate on compulsory land acquisition in Botswana.

"CONFLITS FONCIERS DANS L’OUEST IVOIRIEN: LE CAS DE LA RÉGION DE LA RÉGION DE LA NAWA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 124. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

L’objectif de l’étude est d’analyser les conflits fonciers dans le centre-ouest de la Côte d’Ivoire. L’étude s’est déroulée dans la région de la Nawa, notamment dans les départements de Soubré, Buyo, Méaguy et Gueyo, une zone à forte concentration d’immigrés qui interagissent avec les autochtones. L’on a utilisé la technique d’échantillonnage à choix raisonné, qui consiste à faire le choix des sujets présentant des caractéristiques typiques. Les résultats attendus seront organisés autour de trois (3) axes fondamentaux : les manifestations, les facteurs explicatifs et les conséquences des conflits fonciers dans la région de la Nawa. Concernant les manifestations, il s’agira de mettre en lumière les indices des conflits fonciers. Les facteurs explicatifs nous permettront d’expliquer lesdits conflits. Le troisième axe permettra de dégager les inconvénients de ces conflits.

Olanrele, Olusegun O., Rosli Said, Anuar Alias, and Tomisi O. Adegunle. "CONTENDING ISSUES OF YP DUAL RATE IN LEASEHOLD VALUATION: THE NEED FOR RESOLUTION." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 94. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Purpose: This paper re-examined the Years Purchase (YP) formulae for leasehold valuation in relation to the established believe of an annual sinking fund (ASF) provision to recoup leasehold capital and also appraise the need for continuity of the use of YP dual rate in valuation practice.

Design/Methodology/Approach- The study adopted a critical review of the developments in the application of the income approach to property valuation.

Finding: The study found non-relevance of the dual-rate YP in the 21stcentury valuation practice. A misapplication of ASF to the appropriate YP is also suspected.

Practical implications: In the search for new paths for the real estate sector, the study supports discontinuation of the YP dual rate in valuation and the ASF application to YP of a leasehold, revealed in the appropriate formulae (1-PV)/(i+ASF) be sustained only for the purpose of training valuation students for a deep understanding of developments in income valuation.

Originality/Value: The study is conceived out of arguments in valuation teaching of the appropriate application of YP dual rate. Textbooks application suggest ASF is being applied to perpetuity YP as against the leasehold YP and often lead to confusion. This paper therefore leads the path to remove the confusion and misconception in leasehold valuation using YP dual rate.

Urassa, Jenesta. "CUSTOMARY LAND TENURE RULES IN TRANSITION: IMPLICATION TO WOMEN RIGHTS IN MATRILINEAL SOCIETIES IN TANZANIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 56. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Customary; Matrilineal; Tanzania; Waluguru

Customary land tenure is the landholding system which is guided by customs and traditions of indigenous communities. Customary laws are unwritten, but draw their legitimacy from customary laws varying from one society to another. In rural areas of Tanzania, 80% of the population depend on customary tenure. Women constitutes a large number of resource users. In the country most of societies (80%) operates under the patrilineal system and few (20%) under the matrilineal system particularly the Eastern ethnic groups (Zaramo, Luguru, Kaguru and Ngulu) and Southern Eastern tribes particularly Makonde, Yao, Makua, Mwera, Machinga and Matumbi. The matrilineal system is a clan-based social organization system that traces descent through the female line where individuals belong to the same descent group as their mothers. Under customary land tenure, women hold lower position, they have anly use rights and lack control or decision making. Women in matrilineal society have more tenure rights because they get communal rights in the name of their matriarchy.

Customary land tenure has evolved since colonialism. In reviving the traditional tenure system, major interventions such as Arusha Declaration, Ujamaa village programme and sector reforms in 1990’s have been adopted by the post-colonial government. The major changes which are taking place in the country such as increase population, urbanization, integration in monetary economy and HIV/AIDS has implication to customary land tenure. The Waluguru of Morogoro rural district were studied in 2017 and 2018 through mix method approach. The study found changes in relation to customary land tenure rules including ownership, control, transfer and land use patterns. Along these processes of changes, women were found to lose their tenure rights. The findings of this study call of government intervention to protect women’s land rights in the current customary land-tenure system.

Ogunba, Olusegun, and Kehinde Ogunniyi. "DEPRECIATION MODELLING IN THE USE OF DEPRECIATED REPLACEMENT COST FOR THE VALUATION OF PLANT AND MACHINERY." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 90-91. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Depreciation modelling; plant and machinery valuation

Perhaps the most challenging aspect of depreciated replacement cost valuation is that depreciation models popularly used in depreciated replacement cost valuation (straight line depreciation estimated percentage depreciation etc.) are premised on assumptions which do not accurately model the pattern that physical deterioration of plant and machinery follow over useful life. Moreover, the influence of various factors such as intensity of use, power outages, level of maintenance, and design among others on pattern of physical deterioration are not adequately included in depreciation modelling. The aim of the study was accordingly to accurately model depreciation in the use of depreciated replacement cost for the valuation of plant and machinery with a view to providing information that would enhance depreciated replacement cost valuation practice.

The study sampled operators of plants and machinery in fourteen manufacturing firms, (two manufacturing firms each from seven manufacturing industries) to obtain data addressing the study’s aim. Datawere analyzed using means, weighted means, linear regression, multiple linear regression and multiple log-log regression.

It was found that the useful life of machinery fell between ten to fifteen years while the useful life of machinery fell between nineteen to twenty- two years. The pattern of depreciation was found to be initially flat in early years before assuming a convex upsweep pattern for both plant and machinery. The log-log beta coefficient results showed that increases in age, usage, power outage and fluctuation increased the level of physical deterioration of while increases in maintenance, operator’s years of experience and availability of spare parts reduced the level of physical deterioration.

The study recommended the use of models formulated in this study to valuers for accurate estimation of physical deterioration in replacement of popular models.

Zulkarnain, Siti Hafsah, Maki Tsujimura, and Muhamad Ali Yuzir. "DETERMINATION OF RESIDENTIAL PROPERTY VALUE IN FLOOD RISK AREA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 74. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Floods; Malaysia; Residential; Risk; Valuation Model; Value

The arts and science in determining residential property value has evolved due to the changing in external factors such as economy, environmental and social. This research aims at developing a valuation model to determine the residential property value by taking into account the economic attributes that could effect the value for residential property in flood risk areas.

The case study covers all residential housing scheme at Langat River Basin area which has been considered at the highest flood risk area in Malaysia. The development of valuation model consists of the economic attributes such as flood, structural, locational and environmental attributes involved in residential property valuation in relations with flooding.

The Delphi Method used to identify the most significant attributes or criteria to obtain from high reliable consensus from experts using a questionnaire. This sought to discover the procedure of selection of experts, criteria of selection, development of questionnaire, analysis and results. The finding reveals that the Economic Valuation Models response to floods for a residential property using the linear regression and integrated with Eviews software.

Zulkarnain, Siti Hafsah, Maki Tsujimura, Muhamad Ali Yuzir, Muhammad Najib Razali, and Zakri Tarmidi. "DETERMINATION OF RESIDENTIAL PROPERTY VALUE IN FLOOD RISK AREA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Floods; Malaysia; Residential; Risk; Valuation Model; Value

The arts and science in determining residential property value has evolved due to the changing in external factors such as economy, environmental and social. This research aims at developing a valuation model to determine the residential property value by taking into account the economic attributes that could effect the value for residential property in flood risk areas.

The case study covers all residential housing scheme at Langat River Basin area which has been considered at the highest flood risk area in Malaysia. The development of valuation model consists of the economic attributes such as flood, structural, locational and environmental attributes involved in residential property valuation in relations with flooding.

The Delphi Method used to identify the most significant attributes or criteria to obtain from high reliable consensus from experts using a questionnaire. This sought to discover the procedure of selection of experts, criteria of selection, development of questionnaire, analysis and results. The finding reveals that the Economic Valuation Models response to floods for a residential property using the linear regression and integrated with Eviews software.

Simbanegavi, Prisca, Michael Kodinye, Thobeka Mbhele, and Thokozani Msimanga. "DIRECT REAL ESTATE INVESTMENT GUIDELINES FOR INNER CITY URBAN REGENERATION: CASE OF JOHANNESBURG." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 33. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. inner city renewal; investment preferences; Urban decay

Purpose of this paper: Most countries have grappled with ‘urban decay’ as a problem especially in African cities. The paper aims to find a better approach to reversing this phenomenon so as to promote and safeguard future direct real estate investments into inner cities as they have proved to give yields much comparable to affluent areas.

Design/methodology/approach: This paper used data collected from qualitative research design, 18 semi-structured interviews carried out in 2018 and supplemented by document analysis. Thematic analysis brought out plausible strategic investment themes through which urban regeneration can be promoted in the decayed inner cities. The limitation of the study is that only the case of Johannesburg inner city was covered in the study

Findings: The main finding is that investments in urban regeneration is fraught with stigma that to some extent is justifiable due to high corruption levels in the execution of such projects. However, returns on current inner-city investments are not too depressed compared to affluent neighbourhoods. The paper recommends that the best approach towards progressive urban regeneration is for developers to work with government and the communities that live within inner cities. This will stop the reoccurrence of urban decay. The paper put forward guidelines that can be adapted and applied to solicit further investments into the inner city.

Value of paper: Direct real estate investment guidelines suggested in this paper are plausible in encouraging investors to participate more in urban regeneration.

Fateye, Oluwatosin B., and Olaseni O. Adetokunboh. "DRIVERS AND MARKETABILITY OF PERI-URBAN DEVELOPABLE SITES IN SOUTHWEST NIGERIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 16. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Despite the infrastructure-lag characterised with peri-urban especially in developing countries, the alarming rate of property development and investment by corporate developers in urban fringes in the recent time is worrisome. Thus, the study probed the drivers and marketing approaches of investment property in the peri-urban areas. The study used primary data and adopted questionnaire survey. Members of both REDAN and NIESV were sampled. The study employed cross-tabulation, mean weighted score (MWS), correlation analysis and analysis of variance (ANOVA) to analyse its data. The result of the cross-tabulation analysis showed that members of REDAN and NIESV have similar views towards high rate of property development and investment in the peripheral communities; drivers such as proximity to major cities, demand-pull, land availability and affordable rental dwellings with high MWS were rated higher.

Strong positive correlation was noticed between economic outlook and affordable rental dwellings, proximity and demand-pull. The study established high marketability potential of investment property in urban fringes; while aggressive marketing style was identified by respondents; skeletal property development and site cum service scheme were the primary marketing strategies adopted. The result of ANOVA showed that demand-pull, land availability and population growth could significantly influence (p<.05) the rate of property development in the urban fringes. Conclusively, the study affirmed the high marketability potential of real estate property and the prominence of proximity to cities, demand-pull, and land availability were identified as the major peri-urban market determinants. Thus, real estate investors and developers considering embarking on property investment in peri-urban environment should take note of these prominent factors for informed decision making.

"ELITES IVOIRIENNES, HÉVÉACULTURE ET QUESTION FONCIÈRE EN PÉRIODE POST-CONFLIT." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 450-469. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Les acquisitions de terre ne se limitent pas aux opérations à capitaux étrangers. Les études récentes mentionnent le rôle parfois joué par les élites nationales dans les grandes acquisitions foncières. Cette question revêt une importance toute particulière en Côte d'Ivoire, avec l'engouement marqué, ces dernières années, des élites ivoiriennes pour laterre. L’implication de ces élites nationales dans l’agriculture de plantation n’est pas un fait nouveau. Par le passé, l’accès à la terre des élites pour lacréation de plantations de caféier, cacaoyer ou palmier se faisait à traversl’octroi de terres rurales à des barons du régime lors de déclassements de forêts, ou à travers des procédures coutumières dans les villages d’origine,pour les originaires de la zone forestière. Depuis les années 2000, ladynamique d’acquisitions foncières par les élites ivoiriennes a pris une autreforme, avec un recours généralisé au marché foncier. Cette dynamique vas’accentuer trois ans après la crise militaro-politique. L’étude est essentiellement qualitative. L’analyse repose sur des données collectées en 2017 auprès de 40 acquéreurs et 31 cédants. Ce texte offre un éclairage surles logiques d’accès à la terre pour la création des plantations d’hévéas, les stratégies pragmatiques d’appropriation foncière des élites et les enjeux fonciers et sociaux induits par ces transferts fonciers en période post- conflit.

Olima, Washington H. A.. "EMERGING ISSUES CONCERNING COMPULSORY LAND ACQUISITION IN KENYA- LAND GOVERNANCE OR POLITICS?" In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 53-54. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. acquisition; Compulsory; Governance; Land

Land is the most important natural resource in Kenya. It is highly emotive and valued as its importance hinges greatly on socio-economic as well as political considerations.

As a developing country. Kenya requires fast space quality infrastructure development. Over the last decade, the Government of Kenya has substantially increased its focus towards infrastructure development in order to achieve economic growth and transformation. These developments require land which are in private hands, hence forcing the government to undertake compulsory land acquisition for the intended“public purpose". In Kenya legal instruments namely Kenya Constitution2010 and Land Act of 2012 exist for the purposes of expropriation of land.

However, land acquisition has always been a delicate issue and is increasingly becoming more complex today despite the existence of the National Land Commission which has got express and constitutional mandate to undertake compulsory land acquisitions on behalf of government agencies. The Kenya populace continue to be intrigued by the emerging issues surrounding the process of land expropriation including disagreements over amounts due for compensation, inappropriate compensation of landowners, political interference and numerous litigations that ultimately result into delayed implementation of infrastructural development. This raises the question- Are the emerging issues concerning land acquisition in Kenya hinge on land governance framework or politics?

Focusing on selected development project in Kenya, this paper will briefly trace the origin of land acquisition practice, highlights the current emerging issues, and possible impact on impl ementation process of infrastructure projects.

Adindu, C. C., S. O. Yusuf, I. A. Diugwu, and A. M. dMusa. "EMERGING ISSUES OF CORRUPTION IN CONSTRUCTION PROJECTS AND FACILITY DEVELOPMENT IN NIGERIA – AN EMPIRICAL APPROACH." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 58. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Construction; Corruption; Facilities; Management; Nigeria; projects

Corruption is a major problem that ravages many construction and facility development projects in Africa. In Nigeria, this social menace has seriously crept into the activities of the construction industry and is currently affecting the quality of project performance negatively. Some of the effects of corruption in project and facility management include but not limited to project delay, project abandonment, poor service delivery, unprecedented high cost of project execution, reduction in quantity and quality of infrastructural facilities, wastage of tax payer’s money, poor image of the industry among several others. This paper identifies the sources of corruption, the likelihood of their occurrence in contract activities, construction contract methods and contractor selection modes more prone to corruption, and their severity of impact on project performance. The study also suggests ways to curb the current preponderance of corruption in construction project and facility management in Nigeria. The methodology of study involved descriptive survey and the research design was by a structured questionnaire administered to a study population involving construction industry client organizations, consultants and contractors. The study revealed that corruption characterize many activities of the Nigerian construction industry. The study concludes that contract bribery and project fund embezzlement were most prevalent and also impacted most severely on construction project performance in Nigeria. The study recommends institutionalizing the culture of transparency, good practice, ethical conduct and accountability at all phases of construction project and facility management in Nigeria.

Olima, Washington H. A.. "EMERGING ISSUES ON COMPULSORY LAND ACQUISITION IN KENYA - LAND GOVERNANCE OR POLITICS?" In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 405-423. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. acquisition; Compulsory; Governance; Kenya; Land

Land is the most important natural resource in Kenya. It is highly emotive and valued as its importance hinges greatly on socio-economic as well as political considerations.

As a developing country. Kenya requires fast space quality infrastructure development. Over the last decade, the Government of Kenya has substantially increased its focus towards infrastructure development in order to achieve economic growth and transformation. These developments require land which are in private hands, hence forcing the government to undertake compulsory land acquisition for the intended "public purpose". In Kenya legal instruments namely Kenya Constitution 2010 and Land Act of 2012 exist for the purposes of expropriation of land.

However, compulsory land acquisition has always been a delicate issue and is increasingly becoming more complex today despite the establishment of the National Land Commission which has got express and constitutional mandate to undertake compulsory land acquisitions on behalf of government agencies. The paper is based on review of secondary data and project analysis of three major infrastructural projects in Kenya. The analysis reveals that the Kenyan populace continue to be intrigued by the emerging issues on compulsory land acquisition including disagreements over amounts due for compensation, inappropriate compensation of landowners, overvaluation of the affected property, political interference and numerous litigations that ultimately result into delayed implementation of infrastructure development. This raises the question - Are the emerging issues on compulsory land acquisition in Kenya hinge on land governance framework or politics?

Focusing on selected development projects in Kenya, this paper traces the origin of land acquisition practice, highlights the current emerging issues on compulsory land acquisition and possible impact of the process on the implementation of infrastructure projects.

Gavu, Emmanuel Kofi. "EMPIRICAL CONCEPTUALISATION OF RESIDENTIAL RENTAL VALUES IN GHANA – UNDERSTANDING LOCATION AND NEIGHBOURHOOD EFFECTS." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 256-299. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Empirical; Ghana; housing market; Location; Neighbourhood; Rental value

Purpose – Based on empirical data, the purpose of this paper is to model the residential rental market in Ghana in order to examine the effects of location and neighbourhood attributes on rental values.

Design/ Methodology/ Approach – To situate the research in its proper context, an overview of the residential rental market dynamics are provided. Empirical testing of submarkets are performed based on prior delineations. Based on hedonic modelling results, the effects of location and neighbourhood attributes on rental values are analysed.

Findings – The data gives credence tot the fact that in Ghana’s residential rental housing market, structural attributes of properties have the greatest effect on rental value, than location and neighbourhood attributes.

Research limitations/ implications – Provides a macro overview into the determinants of rental value based on empirical data and offers property investors a better understanding of the rental housing to ensure profit maximisation.

Practical implications – The research provides property investors an overview of useful insights to maximise returns on their investments. This is achieved by providing an understanding of price movements based on submarket dynamics. More so the assumption of urban economic models that rental values decrease with increasing distance from the Central Business District (CBD) is tested.

Originality/ value – This research is one of the first attempts to quantify the effects of location and neighbourhood attributes in Ghana’s residential rental housing market.

Mrema, Lucky. "ETHICAL DILEMMAS ON REAL ESTATE CODE OF CONDUCT TO REAL ESTATE PRACTITIONERS IN DAR ES SALAAM." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 69. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Being an enormous amount of money injected and a maximum expected return, the real estate business is largely controlled by real estate agents involved in marketing, negotiating and leasing properties. However, professional real estate managers are currently facing potential competing interests due to tighter competition between real estate agents, which prompts them to challenge their core value and obligations as real estate managers questioning between satisfying their customer needs or self- gratification.

This paper envisaged to unveil the ethical dilemma underlying the practices of real estate professionals. In order to achieve this widespread objective the paper adopted an extensive review of literature and conducted a survey to some areas in Dar es Salaam Such as Mlalakua. This paper presents a study of ethical dilemmas faced by real estate professionals in observingreal estate code of conduct while meeting clients’ interests.

The study discovered, inter alia, that major ethical dilemmas facing realtors in Dar es Salaam include: failure to identify inadequacies in a property, but even when these inadequacies are identified most practitioners decide not to disclose, they resort to accepting overpriced listings as they are paid a percentage of the rent collected, provision of misleading rental information just to secure a tenant, and advising on leasing time and listing price.

With ethical culture being a benchmark for the essence of realtors, the study revealed that, if the code of conduct is willingly adhered to by real estate practitioners, the performance of each realtor will be increased and their ground for liability reduced. In order to deal with the dilemma, the paper recommended that all real estate practitioners must adhere to pre- determined code of conduct and ethical requirements which are already in place. The ethical benchmarks laid down by professional bodies such as Tanzania Institution of Valuers and Estate Agents (TIVEA).

Mirembe, Rachael. "EVALUATION OF THE BACHELOR OF REAL ESTATE BUSINESS MANAGEMENT OF MAKERERE UNIVERSITY: A STAKEHOLDERS ANALYSIS." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 68. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Makerere University has endeavoured to equip graduates of the real estate programme with business knowledge and skills in real estate that meets the minimum requirements for employers in the related fields of real estate business since 2007. However, employers in several fields of real estate are complaining about the quality of the students. Therefore the study sought out to identify the subject courses that are relevant on the Bachelors of Real Estate Business Management of Makerere University and the skills and knowledge that the employers are looking out for in the real estategraduates using the stakeholder’s theory.

A mixed method approach was adopted for this study. Questionnaires were administered to the third year students and all former students that have graduated on the real estate programme since 2011 up to date (2019).This was to understand the relevance of the real estate curricula that they have undertaken and its usefulness out in the field and the gaps that exist so that improvements can be made. The researchers are now going to carry out interviews with stakeholders in the industry to understand the skills and knowledge that employers require of real estate graduates.

C., Nworah Joseph. "EXAMINATION OF THE ROLE OF QUALITY MARKET RESEARCH IN COMMERCIAL REAL ESTATE INVESTMENT IN DEVELOPING COUNTRIES (CASE STUDY OF LAGOS, NIGERIA)." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 31-32. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. commercial real estate; Developing Countries; Market Research; Pre-investment studies; Real Estate Investment

This study sought to evaluate the quality of market research conducted for commercial real estate investment in developing countries (case study of Lagos Nigeria). The objectives of the research are to ascertain the level of application of market research in commercial real estate investment; determine the quality of market research where conducted; establish the factors inhibiting effective market research and to ascertain how market research affects the marketability and profitability of commercial real estate investments. It was hypothesized that there is no significant relationship between the quality of market research and real estate investment performance.

Pre-investment advisers/Estate Surveyors and Valuers were taken as the focus population of the study since they provide market research services in the course of undertaking investment appraisals for developers and real estate investors. The quality of market research was assessed by the extent to which they comply with set standards indicated in the literature and the result compared with empirical review of investment/development appraisal reports on twenty projects. From the study, 11.6% of the respondents indicated that the quality of market research conducted is below average, while a greater percentage (51.3%) indicated that the quality of market research conducted is good. However, the empirical review of investment/development reports prepared by investment advisers/Estate Surveyors and Valuers indicated that the quality of market research conducted is low.

The study also revealed that there is a weak but positive relationship between the quality of market research and real estate investment performance with a correlation coefficient of 0.240. the study recommended, amongst others, that a standard market research manual or standard pre-investment study manual stipulating the data content of market research should be provided by institutions/professionals in the built environment to ensure standardization and promotion of culture of quality in market research as well as avert loss of investors hard-earned resources in our overall national interest.

Aha, Bismark, M. Asinyaka, C. Umugwaneza, and R. Mugisha. "EXAMINING THE VIABILITY OF SECONDARY MORTGAGE MARKETS (SMM) IN RAPIDLY DEVELOPING AFRICAN ECONOMIES: THE CASE OF RWANDA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 12. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Developing Economies; housing; Mortgage Finance; Rwanda; secondary mortgage market

Mortgage markets in developing Sub-Saharan African (SSA) economies evince recognised inefficiencies attributable to a plethora of problems notably, the high-interest rates, short loan maturities and low LTVs. Consequently, mortgage finance accessibility in SSA is difficult and inadequate relative to the soaring demand for housing. 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 the country has 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 prerequisites 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.

Olapade, Daramola Thompson, Funmilayo Moyinola Araloyin, and Bioye Tajudeen Aluko. "FACTORS AFFECTING IMPLEMENTATION OF BUILDING INFORMATION MODELLING (BIM) FOR FACILITY MANAGEMENT (FM): PERSPECTIVES FROM LAGOS, NIGERIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 64. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. 6D modelling; BIM adoption; Facilities; FM industry; Property

Purpose – Against the background of low adoption of building information modelling (BIM) for facility management (FM), this paper aims to examine the factors affecting the implementation of building information modelling (BIM) for facility management (FM) among FM companies in Lagos, Nigeria. This was with a view of providing information that will enhance the adoption of BIM in FM practice.

Design/methodology/approach – Primary data were sourced through self- administered questionnaire on the 37 FM companies that are corporate members of International Facility Management Association in Lagos, Nigeria. Relative significance index were used for data analysis.

Findings – A total of 15 factors were identified as affecting the implementation of BIM for FM. Low level of awareness of BIM was ranked as the most significant factors with RSI of 0.93. The next three factors were lack of BIM education in higher institution (), lack of trained personnel in BIM (0.89), and low request for BIM by clients (0.82) while the least ranked factor was lack of enforcement of BIM by government (0.59).

Practical implications – The paper’s results will enable stakeholders to address the challenges of adopting BIM for FM in Lagos, Nigeria and similar developing countries thereby enhancing the application of BIM for FM.

Originality/value – The paper is a pioneer research on the awareness and utilisation of BIM for facilities management from the perspective of an emerging property market like Nigeria.

Ajayi, Cyril Ayodele, and Orayinka Stephen Awosode. "FACTORS INFLUENCING THE CHOICE OF AUTOMATING SYSTEMS USED IN HIGH-RISE BUILDINGS IN LAGOS, NIGERIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 494-511. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. automating system; Automation; Facility Management; High-Rise Buildings; resident facility managers

The consistent change and functions of building systems coupled with the level of sophistication of users of high-rise buildings require that facility managers find innovative ways to control and manage facilities. In this while, the use of automation systems presents facility managers innovative ways of ensuring functionality of the built environment through the integration of people, place, process and technology. These systems must however be selected with care and operated with dedication to achieve desired results. This study examined factors influencing the choice of automating systems in high-rise buildings in Lagos, Nigeria with a view to providing information that could enhance facility management practice. The study selected 53 high-rise commercial buildings based on their high occupancy ratio. Total enumeration of the identified 53 resident facility managers of these high-rise buildings was carried out. Information collected included types of automating system used by facility managers, time of acquisition of automating systems used among others. Descriptive and inferential statistics such as frequency tables, mean ranking and factor analysis were used to analyse the result.

Findings of the study revealed that the choice of automating systems used by facility managers was significantly influenced by the cost of acquisition of the automating system, while the need to protect buildings against failure was considered as the most significant factor influencing the adoption of automation in the management of facilities in high-rise buildings. The study concluded that cost of acquiring automating system is the most influencing factor when considering the choice of automation, while the need to protect buildings against failure was considered as the most significant factor influencing the adoption of automation.

Mwasumbi, Agnes. "FADING CUSTOMARY PRACTICES IN AFRICA – OPPORTUNITY FOR ENHANCING ACCESS TO LAND FOR WOMEN IN TANZANIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 49-50. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Debates on women rights to land in the Sub-Saharan Africa have focused on affirmative actions needed against norms and traditions that have discriminated women rights in land ownership. Studies in Tanzania indicate radical reforms made in land and mortgage laws that have guaranteed women's access to land and benefits reaped therefrom. In practice, however, these rights have not been fully realized mostly in rural areas where traditions and customs are overtly discriminatory. Inheritance laws and customs and in some cases religion, discriminate women with widows being thrown out of their spouse land immediately upon demise of their husbands. Daughters are denied right to inherit family land and married women are discriminated from share benefits from their land in case of sale or compensation incidences. Although it is established that women are more active in rural land uses than men dominating between 60 and 70% of agricultural uses, mostly for production of food, only 20% of women-owned land in their names in 2015.

Tanzania is a signatory to the international conventions on human rights such as the Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW), the Maputo Protocol and the 2014 MulaboDeclaration. Nevertheless, women’s rights to land have persistently been denied in rural areas. The key principal challenges that land administration faces in the Sub-Saharan Africa are not in the laws nor policies but in the complexity of access rights to land between men and women in the context of cultural and religious beliefs and enforcement of the laws and policies established.

The paper draws lessons from an investigation on the unfolding realities in men-women relations resulting from fast urbanizing Tanzania, characterized with inter-tribal marriages that diffuse customs, traditions, religion and the growing affluences amongst women. The key questions  that paper seeks to raise and seek explanation is whether women land rights would be more secured with dilation of traditions and customs or their total rejection. It also seeks to evaluate experiences from countries that uphold traditional chieftainship like Ghana with a view of exploring potential transformations that are necessary in enforcing perceived women rights.

The paper urges authorities to develop an understanding of traditions and customs in their areas which are discriminatory to women’s land rights. These customs are those to do with land allocation and use, succession of family land and inheritance. It is posited that understanding such customs is not an easy task.

Boyle, Luke. "FINDING BIRNIN ZANA: IN PURSUIT OF AN AFRICAN SMART CITY." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 104. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

The rising complexities of cities necessitate more efficient and effective management of urban systems. This comes at a time when there is a growing awareness of the capabilities of information and communication technologies (ICTs) in enhancing public service delivery and the performance of urban governance. As a result, there has been a recent global proliferation of data-driven and tech-related tools to steward more active and responsive problem- solving capabilities of cities. This has prompted a number of African nations to start experimenting with the idea of developing a ‘digital’ or ‘smart’ city.

The City of Cape Town is currently embarking on an ambitious and exciting journey to become Africa’s first truly ‘digital city’. With its early adoption of key technological interventions and its growing reputation as a global tech hub, Cape Town is increasingly being regarded as a pioneering city driving smart and digital urbanism in Africa.

Globally, there is little consensus on the conceptualisation of ‘smart’ and ‘digital’ cities and the differences between the two. This is particularly the case in Africa where there have been very few attempts to clearly define how this concept ought to be conceived in a context that is characterised by rapid urbanisation, informality, growing poverty and inequality and high levels of unemployment. Defining such an agenda is critical to developing clear urban strategies.

This study aims to help define these strategies through an examination of CapeTown’s smart city strategy. Through a series of semi-structured interviews and a review of policy documents, the research aims to highlight the key characteristics of Cape Town’s digital city strategy, and in turn, identify the vital opportunities and challenges that the city is likely to face on its digital journey. In identifying the above, the paper also aims to contribute to the dearth of literature centred around defining how these concepts are understood and implemented in an African context with the hope of building the beginnings of a foundation to develop an Afro-centric conceptualisation for smart urbanism.

Mwassa, Leonard Emmanuel. "GREEN REAL ESTATE DEVELOPMENT IN TANZANIA: CHALLENGES, OPPORTUNITIES AND THE NEED." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 114-15. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Green Real Estate; Green Real Estate Development; Sustainable Development

The study presents on the aspect of environmental sustainability in real estate developments. Like many others, real estate sector is subject to disruptions from green developments. According to Sustainable Development Goal No. 11 of the 2030 Development Agenda, 2015, development of green, sustainable cities is one of the ways to protect planet earth against environmental degradation. Therefore, this paper envisages unveiling challenges, opportunities, and the need for green real estate development in Tanzania.

Literature was extensively reviewed to facilitate gathering, analyzing, and drawing extrapolations on collected data. The case of Ardhi University was investigated to support the study.

The findings revealed that green real estate development in Tanzania is hindered by high initial capital outlay, lack of enough research on benefits of green real estates, hindering regulations, project financing difficulties, and luke-warmness of some building and real estate professionals. It was also revealed that green real estate development provides opportunities for development and growth of solar manufacturing/installation industry, development of integrated design services, building automation, on-site water treatment, and development of sectional construction and prefabrication. On the other hand, it was revealed that, financial, environmental, and social importance of green real estate include; reduction in capital expenditure, lowering operating and building maintenance expenses, diminished risks and liability, reduced environmental impacts, healthier working/living environment that enhances productivity, and nurturing of social connectedness.

It has generally been recommended and concluded that, more research on financial and other benefits of green real estate development to be conducted, remains inevitable to enhance the sector’s new promising developments.

Yumba, Boniface. "HOUSING AFFORDABILITY AS A CHALLENGE IN IMPLEMENTATION OF THE SUSTAINABLE DEVELOPMENT GOAL NO.11." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 578-586. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Housing Affordability; sustainable cities; Sustainable Development Goal

Tanzania is one among countries that experience rapid urbanization in the world with estimated growth rate of 5.4% per annum. Its urban population experience among other things, shortage of adequate, safe and affordable housing and basic services as well as development of slums. In responding to these experienced problems as a result of urbanization, on 25th September 2015, United Nations member countries of which Tanzania is a member signed an agreed on the 2030 Agenda for Sustainable Development aimed at transforming World from the challenges that it faces. Seventeen development agenda goals were agreed and adopted for implementation by the year 2030 of which among is goal No.11 for Sustainable Cities and Communities. Under this agenda, a series of targets have been outlined to indicate how sustainable cities should look like to ultimately overcome shortage of adequate, safe and affordable housing and basic services and development of slums.

This paper analysed the extent to which Tanzania is prepared in implementing the Sustainable Development Goal No.11 for Sustainable Cities and Communities targeting access for all to adequate, safe and affordable housing and basic services and eradication of slums. Principally, the key purpose of the study was to evaluate the Tanzania housing finance projects of 2010 in relation to affordability of the constructed houses. The discussion centered on the 1,000 units of housing project for National Housing Corporation, 815 units of housing projects for the Tanzania Building Agency to be built at Bunju area in Dar es salaam and 481 units of Watumishi Housing projects in Dar es Salaam.

Millanzi, Egino, Henry Myingo, and Mats Wilhelmsson. "HOUSING MORTGAGE FINANCING IN AFRICA 2010-2018." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 18. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Africa; housing; Macroeconomy; Mortgage size

The importance of a well-functioning mortgage market cannot be underestimated when it comes to addressing the long-tern growth of demand for housing in Africa. Our objective is to examine the causal relationship between housing mortgage volume and macroeconomics factors as well as institutional characteristics. The data we are using is a panel data set consisting of around 30 countries across Africa over the period 2010-2018.

Our main contribution is that we are utilizing a data not only on mortgage depth, GDP, population growth, urbanization and construction investment as well as mortgage interest rate and mortgage term. We are also using information about deed registry, how many properties that have a deed, how long time it takes to register a property and the cost to do it. The data comes from Center for Affordable Housing in Africa. The estimation strategy we are using is a fixed or random effect model. Our results indicate that GDP per capita is the major macroeconomic factor explaining total mortgage debt. However, GDP per capita alone can only explain a small part of housing mortgage debt. Other important factors explaining the variation in mortgage debt are urbanization and deed registry. What policy implications can we draw from our results? Besides a stable long-term sustainable economic growth, there is need of a housing policy that specifically addressing the housing mortgage market. Here is a deed registry of highest importance.

Omokhomion, Itua, Charles Egbub, and Herbert Robinson. "HOW REAL ESTATE INVESTMENT TRUSTS (REITS) MAKE PROPERTY INVESTMENT DECISIONS: A REVIEW OF THE LITERATURE." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 559-577. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Decision Models; Investment Decision; Property Investment; real estate; REIT

Real estate investment trusts (REITs) are companies that invest in income- producing real estate. REITs, unlike other listed companies, are required to distribute a high percentage (70%-90%) of taxable income to shareholders. The acceptance and increase in the use of REITs as a means of investment have increased over time with REIT regimes in over 30 countries and a global market capitalisation of $1.10 trillion by the end of 2018 (EPRA, 2018). REITs provide investors with the ability to invest widely across various property sectors, providing investors with diversification, liquidity, transparency, regular income, and tax efficiency. However, even as REIT regimes continue to receive significant coverage, research on the investment decision-making process undertaken by REITs has mostly been drawn from the United States with limited research done to understand this concept in other REITs regimes.

By using a systematic review of existing literature, this paper aims to document how REITs make property investment decisions by identifying the various steps, stages or sequences adopted when REITs carry out investment decisions. Findings show that normative investment decision- making models guided by a rationalistic theory that assumes the investment decision making is highly structured and formalised are prevalent in research the property investment decision making of developed REITs regimes such as those in the US, UK, France and Germany. Also, there is a growing recognition that property investment decision making is far from rational with an appreciation of the role behavioural biases play in property investment decision making. The behavioural perspective has been recognised to present a more realistic view of a rationalist approach to investment decision making with investment decision making occurring in imperfect and sometimes chaotic markets. This is primarily observed in emerging REIT regimes such as those in South Africa and Nigeria were steps and processes taken to achieve a final decision may deviate from a rationalist approach. The findings of this study suggest that more work is required to explore REITs investment decision-making steps and process in both developed and emerging regimes.

Ojikutu, Olawale, Daramola Thompson Olapadev, and Bioye Tajudeen Aluko. "INTERGENERATIONAL COMPENSATION OF INDIGENOUS LAND-OWNING FAMILY AS A STRATEGY TO CURB CHALLENGES OF INADEQUATE COMPENSATION IN LAND ACQUISITION PROCESS: PERSPECTIVES FROM LAGOS, NIGERIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 52. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Compensation; Land acquisition; land conflict; land delivery institutions; omo onile

Land in the traditional African society is owned in collectivism and does belong to individuals but the entire family which comprises the living, the reverend souls of the ancestors and the generations yet unborn. Meanwhile when land are acquired compulsorily by government or through the market by private firms, only few family members enjoys the compensation proceed. The under-aged family members and the yet unborn generations are usually left out from the compensation proceed from the family heritage (land). This has resulted in protracted litigations to reclaim lost heritage by the then under-aged family members and the “yet unborn” generation. It has also resulted into violence land conflicts and the principal cause of the omo onile phenomenon.

This paper examines the prospect of using intergenerational compensation as a strategy for compensation in land acquisition process. Utilising a qualitative approach, the paper examines the view of heads of fifteen (15) selected indigenous landholding families in Lagos and key informants in the Lands Bureau of Lagos State on the concept of intergenerational compensation. The findings of the study will provide information on the willingness of both the indigenous land holding families and government officials to accept the alternative compensation strategy. It will also provide information capable of resolving the problems in land acquisition from indigenous landowning families and offers an alternative policy direction for land acquisition in Nigeria.

Hordijk, Aart. "IVS ADOPTION: WHAT DOES IT MEAN? AN EXAMPLE FROM THE NETHERLANDS." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 78. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

The International Valuation Standards Council IVSC is a not-for-profit organization that acts as the global standard-setter for the valuation profession, serving the public interest. The IVSC is unique in the role it plays as a valuation standard setter. It is not a valuation trade body. The IVSC is a leader in the mission to raise standards of international valuation practice and is overseen by an independent board of global leaders. Its core objectives are to:

  1. Develop high-quality International Valuation Standards IVS which ensure consistency, transparency and confidence in valuations throughout the world and

  2. Encourage the adoption of IVS, along with valuation professionalism provided by Valuation Professional Organization VPO’s throughout the world

The IVSC facilitates collaboration and cooperation among its member organizations, who are valuation service providers, financial services businesses, regulators, international bodies and academic institutions. The IVSC consists of more than 130 member organizations from around the world and is supported by numerous sponsors who are leaders in the valuation profession.

At the IVSC meeting 2018 the Netherlands Register for Certified Valuers NRVT NL shared its experience about the Adoption of the IVS in the Netherlands (NL) with the IVSC Membership and Standards Recognition Board MSRB as well as with the Valuation Advisory Forum VAF. NRVT NL has been asked by the Chairman of the VAF to produce a document which could be shared with other IVSC (potential) members. The paper discusses Netherlands Register for Certified Valuers, How it started, where does it stand, the organization structure, compliance with international standards, continuing audit system and finally adoption of IVS as a multi-stage process.

"LA PERSISTANCE DE L’ARTISANAT MINIER CLANDESTIN EN CÔTE D’IVOIRE: LES CONDITIONS D’ÉMERGENCE ET LE PROCESSUS." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 126. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

La question de l’exploitation artisanale illégale des mines d’or est une préoccupation pour l’Etat de Côte de d’Ivoire. Pour résoudre cephénomène, des mesures allant de la sensibilisation à la création des brigades de répression ont été prise. En dépit de ces actions menées, cettepratique demeure. Ce texte se propose d’analyser de manière globale les facteurs explicatifs de la persistance de l’artisanat minier illégal en milieu rural ivoirien à partir d’une étude de cas : celui de la sous-préfecture de Hiré ; une zone où la pratique de l’artisanat minier clandestin se développe de manière asymétrique à celle de l’exploitation légale.

L’étude est essentiellement qualitative. Pour la collecte des données, lesentretiens ont été réalisés auprès de différents groupes d’acteurs quiparticipent au système de production dans la mine artisanale : 03 chefs de mines, 03 propriétaires terriens, 20 ouvriers, 03 représentants del’administration locale (la mairie), 05 membres de la chefferie villageoise.Les résultats de l’étude montre que la persistance de l’artisanat minier est le fait d’une innovation sociale qui à émergée territorialement en s’instituant tout en aboutissant à une transformation sociale.

Obala, Luke M.. "LAND ACQUISITION, COMPENSATION AND RESETTLEMENT IN KENYA: EMERGING CHALLENGES." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 51. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. acquisition; Compensation; Kenya; Land; Valuation

Kenya like many countries in the region is implementing several large infrastructure and agricultural related projects. Yet the country has limited public land and thus must acquire the same from private owners for the implementation of the projects. Interestingly, most the projects are donor-funded – and as such, the donors and external funders seek adoption of processes and procedures a lien to the Kenyan practice in land acquisition. At the same local agencies involved in project implementation find the processes of land compensation especially valuation as lacking in transparency and are non-responsive to human rights dictates. Besides, the country has in the recent past witnessed serious controversies overvaluation figures for Land acquisition further raising pointing possible under deals – conflict of interest and corruption. This is further complicated by the fact that existing laws seem to contradict each other. Data obtained from discussions at the Training workshop on Preparation of Resettlement Action Plans in June, 2019 explains the challenges of land acquisition, compensation and resettlement in Kenya. The data highlights the gaps between practice and law on the one hand and on the other between local and so-called best practice. This paper will thus draw a parallel between global practice fronted by international development agencies such as the World Bank, International Monetary Fund and African Development Bank among others. In the process the paper, will further delve in the area of capacity building and skills gap in land acquisition and resettlement in the country and region. In addition, will highlight the development of the laws related to compulsory land acquisition, thus highlight the gaps. In the end, the paper will draw conclusion on the link between existing laws, local and global valuation practice especially with respect to compulsory land purchase and/or acquisition.

Gateri, Catherine W., and Evans Omagwa. "LAND ADMINISTRATION AND MANAGEMENT UNDER THE DEVOLVED GOVERNMENT IN KENYA. CASE OF KIAMBU AND MACHAKOS COUNTY." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 40. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Administration; Devolved System; Land; Management

Since the period when Kenya was under colonial rule, land issues have remained emotive, contentious and an obstacle to social cohesion and economic growth. Kenya Vision 2030, therefore, recommended the development of a national land policy that would provide an overarching framework for land administration in the country. In December 2009 the ninth Parliament approved Sessional Paper No. 3 of 2009 on National Land Policy. In 2013, the government formed a National Land Commission to act as the lead agency the management of public land which had perennially been abused through grabbing by successive regimes, to work with the Ministry of Lands, Housing and Urban Development (MLHUD) and country-level institutions including other relevant authorities.

To further address land issues, the 2010 Constitution and the 2012 Land Acts produced an institutional restructuring that was designed to touch directly on land rights and land administration. This was aimed at separation of powers at the pinnacle of the national political system to extinguish the president's arbitrary authority to allocate land while placing oversight and regulatory authority in the hands of a non-partisan, transparent, and law-governed National Land Commission (NLC). However despite the noble intentions of the 2010 Constitution, the land governance function has been dogged by many problems mainly misinterpretation of functions and conflicts between various arms of government. Using two case studies of Kiambu and Machakos County, this research looks at the interplay involved in land administration and management in the devolved system. The case underscores the extent to which use of the new laws was shaped by existing institutional players who sought to thwart their reformist thrust as well as by newly-empowered institutional actors who sought to harness their reformist potential.

.D.Kuusaana, E, E.A.Adams, B.B Campion, and A.Ahmed. "LAND DISPOSSESSIONS AND WATER APPROPRIATIONS: POLITICAL ECOLOGY OF LAND AND WATER GRABS IN GHANA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 45-46. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Ghana; land grabs; political ecology; water grabs; water rights

Recent land grabs in Sub-Saharan Africa are influenced by not only land availability but also access to water resources beyond seasonal rains. However, much of literature decouples land grabs from water resource appropriations, treating the two as separate phenomena. This paper examines the complex interplay of land grabs and water appropriations in large-scale plantation agriculture in Ghana. Using mixed methods (actor interviews, focus groups, and smallholder farmer surveys), three case studies, and theoretical insights from political ecology and the hydro- social cycle, it explores the local conditions, actor interests, motivations and power relations; decision making; and institutional lapses that enable water appropriations to go in tandem with land grabs.

The results show that although land and water grabs were intricately intertwined, negotiations rarely addressed water use rights. Investors were motivated by the notion of abundant, unused water, and they carefully negotiated access to water, including offering social benefits to communities in exchange for unrestrictive water use. Traditional leaders were mostly oblivious to national legislation and institutional arrangements for land and water use and sometimes unknowingly sanctioned unlimited water appropriations by investors. Farmers were more concerned about land dispossessions than water appropriations, and their concerns on investor water use centred more on water quality decline from agrochemicals, not water-rights abuse. The paper ultimately bridges the land and water grabs literature by exposing often- overlooked forms of water appropriations enabled by land grabs and highlighting potential hydro-social ramifications of water grabs from climate-induced drought in the savannah belt of Ghana.

HRH Drani, Stephen Izakare. "LAND RIGHTS GOVERNANCE IN PRESENT DAY AFRICA AND IT'S EVOLUTION." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 536-541. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Most of the Land in Africa is owned under the customary land tenure system with the various traditional leaders as custodians of these huge chunks of land on which subjects have and hold land rights.

As traditional leaders, it is our duty to see to it that the land rights of our subjects are fully attained in an equitable manner that would then spur on economic growth and development in the different parts of Africa whilst also ensuring environmental protection and sustainable and eco-friendly development. In this regard, we the traditional leaders in Africa stand together with our various heads of state in reaffirming the commitments made by the heads of state of the African Union in July 2009 to eradication of poverty and raise the living standards for all African people and in particular specific commitments under the declaration on land issues and challenges in Africa which calls for the use of Frameworks and guidelines on land policy in Africa.

To this end specifically in Adjumani District of Uganda, we have embarked on a huge drive towards land rights registration for customary land rights owners to ensure that they receive a certificate of customary ownership thus offering protection and enabling business with these certificates of customary ownership as security in any future financial transactions with monetary institutions. This will also minimise the potential negative impacts of large scale land acquisitions, land dispossession and environmental degradation whilst enabling us to archive equitable and sustainable agricultural development and economic transformation that will ensure water security, food security and protection of our forests and ecosystems.

However, during the course of making these much-needed changes, we have encountered many legislative huddles in the design of current legislation which is mostly colonial by design and does not favour the African dream and also a policy issues that would bring the traditional institutions at loggerheads with the local government structures.

There is need to ensure that the activities of the traditional institutions are lawfully embedded in the national constitutions and that traditional leaders receive the ideological recalibration to lead for the African dream.

Dabara, Daniel Ibrahim, Omotoso Kabir Lawal, Olusegun Joseph Omotehinsho, Augustina Chiwuzie, and John Oyekunle Soladoye. "LAND TENURE SYSTEMS AND AGRICULTURAL PRODUCTIVITY IN GOMBE NIGERIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 36-37. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Agrarian; land reform; land tenure; tenure security

The purpose of this study is to examine the existing land tenure systems in Gombe state Nigeria with a view to determining its impact on agricultural productivity in the study area. Land tenure system is concerned with man's relationship with land, involving intervention in the prevailing pattern of land ownership, control and usage in order to change the structure of holdings, improve land productivity and broaden the distribution of benefits to all. Nigeria is an agrarian nation with over 56.8% of her working force engaged in farming. Agricultural development and productivity has the advantage of provision of more employment and a better base for farm financed welfare in the economy.

The targeted population for the study comprised of 7,832 households in purposively selected agrarian settlements cutting across the 3 senatorial districts in Gombe state Nigeria. The population was stratified into three zones along the senatorial districts and two locations were selected purposively from this stratification. From Gombe south, Tula and Billiri were selected; from Gombe North Dukku and Kwami were selected and from Gombe central Akko and Yamaltu Deba were selected. The sample size for the study comprised of 500 households in each of the study locations. Hence, 500 questionnaires were administered on the household heads of the 6 study locations making a total of 3,000 questionnaires (representing 38.3% of the targeted population). However only 2,223 (74.1%) questionnaires were correctly filled and returned for analysis. The random sampling technique was adopted in the questionnaire administration.

Descriptive statistical tools such as frequency counts, averages, weighted mean and percentages were used in analyzing the data obtained. The Relative Importance Index (RII) was used to identify and rank the variables. Inferential statistical tool such as multiple regressions were also used in analyzing the relationship between the criterion or dependent variable (land tenure systems) and the predictors or independent variables (agricultural productivity of the selected crops in the selected locations).

The study revealed that customary land tenure system is the predominant type of tenure system (60.1%) practiced in the study area. Similarly, agricultural productivity in the study area was shown to be impeded by land tenure insecurity (RII, 0.933963), political/bureaucratic bottlenecks in land rights acquisition for agricultural purposes (0.846154) and tenure rules such as stipulated in the Nigerian Land Use Act of 1978 (RII, 0.65596) among others. The study also showed a strong positive relationship of 0.809 between land tenure systems and agricultural productivity in the study area. The study concluded that for better agricultural productivity in the study area in particular and similar developing economies in general, farmers need to have secured land tenure as this encourages investments in the secured land which consequently improves agricultural productivity.

Biitir, Samuel B.. "LAND-BASED FINANCING OF URBAN DEVELOPMENT AND INFRASTRUCTURE PROVISION IN GHANA CITIES: POLICY AND PRAXIS." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 103. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Rapid urbanization and economic development in recent times have influenced the development of cities. The combined effect of these factors have led to unplanned and uncoordinated spatial expansion leading to increased demand for urban infrastructure and services especially in Sub- Saharan Africa. Yet the necessary financial resources and competencies for local infrastructure production simply do not exist to meet this challenge. This situation has received attention from many international bodies such as United Nations, UN-Habitat and the World Bank. The United Nation’sSustainable Development Goals, SDGs 11 has emphasized the importance of building inclusive, safe, and resilient sustainable and communities. The implementation strategy for the SDG 11 - the New Urban Agenda document, recognizes the importance of mobilizing additional revenues from innovative sources such leverage land values to finance urban infrastructure. In its resolution #37, it seeks to promote best practice of capturing land value increases from urban development process and infrastructure investment to finance urban infrastructure.

The study examines how innovative land-based financing tools –development charges, betterment levies and property rates have been conceptualized in Ghanaian cities. It assesses the legislative and institutional frameworks of land-based financing as well as the implementation challenges of current instruments. It uses case studies of three municipalities in the Greater Accra Metropolitan Area (GAMA to investigate the application of land-based financing instruments and the challenges of its successful application. Interviews will be conducted with engineers, physical planning and budget officers of the three municipalities as well as the Ministry of Local Government and Rural Development.

Alananga, Samwel. "MORAL HAZARD BEHAVIOUR AMONG PROPERTY MARKETS ACTORS: AN ANALYSIS OF ITS IMPACT ON REAL ESTATE PRICES IN KINONDONI, TANZANIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 8-9. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Information Asymmetry; moral hazards; Property Markets; Real estate prices

By the year 2025, it is projected that over 80% of all Tanzanians will be living in urban areas where formal housing supply is severely constrained. The housing shortage partly attributed to rapid urbanisation which is estimated to be about 6% per annum. Similarly, the failed Government-assisted land delivery systems have been at the core of expanding informal housing. Expanding informality signals a constrained real estate market where formal transactions are biased in favour of the few highly advantaged members of the society. These advantaged members of the urban fabric are not only able to iron out the constraints posed by moral hazards in transactions but can also redress the adverse consequences imposed by informal land and housing deals. Improving formal land title holdings and use in real estate transactions should, therefore, lead to lower transaction hazards which will ultimately attract housing investment in dilapidated inner city neighbourhoods.

Questionnaire data for 1514 respondents on property prices and land and housing transactions in Kinondoni municipality for the period prior to 2015 provided an input into the Analysis of Variance to derive the findings of this study.

Observations point to a significant market price distortion arising from the use of formal land title documents an indicator that informality parse is not the real source of a constrained real estate market, there are structural constraints in terms of composition and behaviour of actors of the real estate market that need a closer examination.

To encourage housing development in dilapidated inner-city settlements, Government induced regularisation programmes must be coupled with structural reforms that targets formal unionisation of informal real estate agents in order to stabilise their lifetime earnings. By so doing, unexpected real estate price hikes may be eliminated in line with formal land and housing transactions leading to more housing investment and more stable real estate prices.

Lekgori, N, P Paradza, and I Chirisa. "NUANCES OF COMPULSORY LAND ACQUISITION AND COMPENSATION IN BOTSWANA: THE CASE OF THE PITSANE-TLHARESELEELE ROAD PROJECT." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 300-318. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Compulsory Acquisition; Consistency; expropriation policy; fair compensation; Property Valuation; public use

Purpose: There is a general consensus, within previous researches, that internationally, major challenges caused by compulsory acquisition include lack of compensation or inadequate or delayed compensation, where it is offered. The purpose of this study is therefore to contribute to the existing academic debate on issues related to land acquisition and compensation by establishing if there is consistency in compulsory acquisition and expropriation policy and practice in Botswana.

Approach/Design: A case study approach was adopted based on the Pitsane-Tlhareseleele road project. A total of twenty-two (22) displaced people and eight (8) Planning Officers, four (4) from Rolong Land Board and four (4) from Good Hope Council were interviewed. The coding of interview results was done manually. The interpretation, analysis and presentation of data were facilitated by the use of SPSS.

Results/Findings: The results of this study revealed 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.

Practical Limitation: The major limitation of this study is that it was based on a single case study with a limited number of affected people.

Practical Implication: The results of this study could inform policy and practice on compulsory land acquisition in Botswana.

Originality/Value of Work: This study is one of the few works relating to the existing debate on compulsory land acquisition in Botswana.

Aziabah, Samson. "ORGANISATIONAL CHALLENGES OF LOCAL AUTHORITY MANAGED PUBLIC HOUSING. A GHANAIAN EXPERIENCE." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 128-155. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Ghana; Housing management; local authorities; organisational challenges; Public Housing

Public housing has been widely acknowledged for its tremendous contribution to addressing housing deficit in many countries. Notwithstanding the shift towards neo-liberalism and the emphasis on private sector-led housing production, public housing still remains relevant. In Ghana, the Government undertook a large scale sale of government-built public housing in the 1980s in direct response to the neo-liberal call. The remaining stock which were transferred to local authorities (LAs) to own and manage continue to contribute to labour mobility and productivity by offering secure housing for some civil servants. Unfortunately, the conditions of the houses have largely been described as poor due to ineffective management and maintenance; more technically described as organisational challenges. The purpose of this study was to identify the challenges LAs face in the management of public housing. The study interviewed policymakers at the national level, local authority officers and tenants. It found that, there is inadequate policy and regulatory framework for housing management. Furthermore, poor organisational structure and coordination, inadequate skilled personnel, and inadequate finance are among key challenges of public housing management. The paper suggests a concentration of housing management activities at the local level, developing a clear structure and defined roles for actors, and tenant participation as potential directions for solutions to these challenges.

Dabara, Daniel Ibrahim, and Olusegun Adebayo Ogunba. "PERFORMANCE OF REITS IN EMERGING MARKETS: THE CASE OF NIGERIAN PROPERTY MARKET." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 156-211. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Investment; Performance; Property; Returns; Risk; Volatility

Purpose: The study assessed the return/risk performance of Real Estate Investment Trusts in emerging markets, using Nigeria as a case study with a view to providing information for investment decisions.

Design/Methodology/Approach: The study population consisted of all the three existing REIT companies in Nigeria. Secondary data on dividends and share prices of Real Estate Investment Trusts in Nigeria (N-REITs) were sourced from periodicals of the respective companies covering a time frame from 2007 to 2016. These were subsequently translated to the income, capital, total and risk-adjusted returns of N-REITs. The Kwiatkowski-Phillips- Schimidt-Shin (KPSS) and Philip-Perron (PP) Unit Root Analysis; the Auto- Regressive Integrated Moving Average (ARIMA) as well as the Granger Causality Tests were carried out on the data series used in the study.

Findings: The study revealed that the performance of Nigerian REIT companies in terms of income, capital, total and risk-adjusted returns had been low and even negative in some cases. The study found that below optimal performance of N-REITs was traced to the capital return component of N-REITs which had remained static and even negative in most of the investment period.

Practical Implication: Results of this study revealed the peculiar nature of Nigerian REITs; this information can be used by stakeholders in the real estate industry such as pension funds, asset managers, individual investors and insurance companies in making informed investment decisions.

Originality/Value: This study is one of the pioneering research works on Nigerian REITs which is a new investment vehicle in one of the African emerging markets. The study will add to the scanty research in this field as well as equip both foreign and domestic investors with valuable information for investment decisions.

Ogunba, Olusegun, and Kehinde Ogunniyi. "PHYSICAL DEPRECIATION MODELLING IN THE USE OF DEPRECIATED REPLACEMENT COST FOR THE VALUATION OF PLANT AND MACHINERY." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 377-404. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Physical deterioration modelling; plant and machinery valuation

Perhaps the most challenging aspect of depreciated replacement cost valuation is that physical deterioration models popularly used in valuation (straight-line depreciation estimated percentage depreciation etc.) are premised on assumptions which do not accurately model the pattern that physical deterioration of plant and machinery follow over useful life. Moreover, the influence of various factors such as intensity of use, power outages, level of maintenance, and design among others on pattern of physical deterioration are not adequately included in depreciation modelling. The aim of the study was accordingly to accurately model physical deterioration in the use of depreciated replacement cost for the valuation of plant and machinery with a view to providing information that would enhance depreciated replacement cost valuation practice.

The study sampled operators of plants and machinery in fourteen manufacturing firms, (two manufacturing firms each from seven manufacturing industries) to obtain data addressing the study’s aim. Data were analyzed using means, weighted means, linear regression, multiple linear regression and multiple log-log regression.

It was found that the useful life of machinery fell between ten to fifteen years while the useful life of machinery fell between nineteen to twenty- two years. The pattern of physical deterioration was found to be initially flat in early years before assuming a convex upsweep pattern for both plant and machinery. The log-log beta coefficient results showed that increases in age, usage, power outage and fluctuation increased the level of physical deterioration of while increases in maintenance, operator’s years of experience and availability of spare parts reduced the level of physical deterioration.

The study recommended the use of models formulated in this study to valuers for accurate estimation of physical deterioration in replacement of popular models.

Mselle, Justine. "PRE-TENDER COST ESTIMATES AND ITS EFFECT ON REAL ESTATE INVESTMENT DECISION MAKING IN DAR ES SALAAM TANZANIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 113. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Project cost estimates goes through several stages before the final pre-tender cost estimate is arrived at. The pre-tender cost estimates is usually used as the basis for client’s budget when the client is proposing a specific real estate investment. However, the literature shows that most pre-tender cost estimates are undertaken without reliable information thus posing a risk for over or under-estimating when compared to the tender price submitted by bidders in the bidding process. This observation may frustrate the project and ultimately the client’s investment decisions. Despite the use of pre-tender cost estimate as client’s budget ceiling during tendering, researches have revealed that there has been significant variability between pre-tender cost estimates and received tender prices which can make pre-tender cost estimates less reliable in subsequent decisions.

Client may therefore be forced to re-tender the project after revising the design, suspended the project indefinitely or rejected it outright. Based on questionnaire surveys on 240 construction professionals (QS, Architects, Engineers and Project Managers) this study analyses client’s reaction in response to pre-tender cost variability towards making the ultimate decision on proposed real estate investment project. Using descriptive statistics and contingency coefficient tests, the study established that client's decisions to proceeds with proposed investment is highly determined by factors external to the environment onto which the project is conceived. Professionals pre-tender cost variability, therefore, is limitedly accorded adequate consideration by real estate investors. Pre-tender cost estimate or its variability does not deter initiation of real estate development projects rather could be responsible for a great bunch of failed building construction projects notable in the city of Dar es Salaam.

Dẻdou, Alain Zozo, and Konan Isidore Kouakou. "PROGRAMMES DE CONSTRUCTION DE LOGEMENTS SOCIAUX ET RÉACTION SOCIALE DANS LE DISTRICT D’ABIDJAN." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 238-255. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Attitudes; comportements; logements sociaux; opinions; Programmes de construction

Cette étude a pour objectif d’analyser les opinions, attitudes etcomportements de la population en rapport avec les programmes deconstruction de logements sociaux dans le district d’Abidjan entamé aulendemain de la crise post-électorale. Une enquête axée sur des observations et des entretiens semi-directifs menés auprès d’un échantillonempirique de 205 personnes, constitué essentiellement de souscripteurs et de promoteurs immobiliers permettra de recueillir des discours, des témoignages, des faits et gestes avant de procéder à leur analyse. Lesrésultats attendus seront structurés autour de deux points essentiels: D’une part, les agences immobilières agrées et leurs programmes de constructionde logements sociaux et la réaction de la population abidjanaise de l’autre.Dans le premier cas, les agences immobilières et leurs programmes de construction seront mis en exergue. Dans le second, nous analyserons la réaction sociale muée en opinions, attitudes et comportements de la population abidjanaise en rapport avec les programmes de construction de logements sociaux.

Henerico, Evodius. "PROMPT RESPONSE OF SERVICE PROVIDERS IN COMMERCIAL OFFICE BUILDINGS IN TANZANIA: IMPEDIMENTS AND MOTIVATIONS." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 61. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Investment in real estate has been growing from time to time in the developing countries like Tanzania radiating from both capital and business cities like Dar es Salaam, Nairobi, Kampala and Kigali among others from Eastern Africa. Such development is accompanied by new invention in the building design, appearance, materials and services. Citing building services like mechanical, electrical and plumbing services (MEP) which includes elevation services are very complex. This calls for standard maintenance both regular and ad-hoc which in returns has necessitated the reliable service provision. The service provision to most of these services has experienced the blame of being late, ineffective and inefficient. To whom is the blame, whether the service provider, property management or owner is a dilemma to consumers and payers like tenants.

The study aimed at identifying the key impediments to prompt response in service provision and possible ways to motivate service providers towards prompt response in view of both property managers and service providers.

A total of 28 respondents were reached composing 10 service providers and 18 property managers in commercial properties in Dar es Salaam. Relative Importance Index (RII) and thematic analysis were used for analysis.

The results show that complains from occupiers are sometimes genuine whereas in other cases, they result from unawareness of maintenance and repairing procedures. Unavailability of spare parts locally for some systems, delayed payments and lack of strong technical team are among the key reasons for such late response. The presence of professional property management, early and easy payments arrangements to service providers added to the influence of the type of building ownership has emerged as key factors influencing the prompt responses.

Aziabah, Samson. "PUBLIC HOUSING MANAGEMENT IN GHANA: ORGANISATIONAL CHALLENGES." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 10. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Ghana; Maintenance; organisational challenges; public housing management; public rental housing

Public housing has been widely acknowledged for its tremendous contribution to easing housing shortage in many countries. Notwithstanding the shift towards neo-liberalization and the emphasis on private sector-led housing production, still public housing remains relevant. In Ghana, the Government undertook a large scale sale of government-built public housing in the 1980s in direct response to the neo-liberalization call. Most of the remaining stock were transferred to local/municipal authorities to own and manage.

The remaining stock continues to contribute greatly to Ghana’sdevelopment by promoting labour mobility and productivity in the public sector through security of housing for some civil servants. Unfortunately, the conditions of the stock have largely been described as poor. This situation has been attributed to an ineffective management and maintenance system, more technically described as organisational challenges. The purpose of the study is to identify the challenges with local authority management of public rental housing. The study interviewed policymakers at the national level, local authority managers and tenants. It found that, the organisation for management lacks adequate policy and legal guidance. Furthermore, inadequate skilled personnel, finance, poor coordination, are among key constraints militating against the development of an effective maintenance system for public housing. The paper presents potential directions for developing better management and maintenance system for public housing. These include roles for tenants, local government and private actors (contractors), and a review of rent collection arrangements.

Gabe, Jeremy. "PUBLIC SUBSIDIES FOR GREEN BUILDINGS: EMPIRICAL OUTCOMES FROM AUSTRALIA’S NATURAL EXPERIMENT." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 105. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. commercial real estate; Eco-labels; Energy Efficiency; green markets; greenhouse gas mitigation; impure public goods; private provision of public goods

Governments are using mandatory disclosure and public grants to promote the production and consumption of impure public goods, such as eco- labeled buildings, that provide both public and private benefits. Between 2008 and 2011, the federal government in Australia implemented both policies in the commercial real estate sector. Using this natural experiment as a case study, an empirical model is used to describe the association between measured greenhouse gas emission mitigation and three strategies: (a) participation in repetitive greenhouse gas emission audits, (b) receipt of public subsidies for investment in energy- efficient building technology, and (c) purely private environmental management strategies. Repetitive audit participation has the strongest association with measured greenhouse gas mitigation while public subsidies have the weakest association. This research also affirms that firms receiving subsidies tend to be institutional investors that use subsidies as additional (free) leverage, likely making investments that would have been made otherwise; this observation provides a potential explanation for the marginal effect of the subsidy conclude with advice for emerging markets interested in implementing energy-efficient building practices.

Bhatia, Ritika. "REAL ESTATE EDUCATION IN INDIA – JOURNEY SO FAR AND THE ROADMAP AHEAD." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 66. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Built Environment; Curriculum; Education; Professional Body; Program Structure

There has always been a need of education in the area of Built Environment in India keeping in mind the unorganised manner in which the sector functions. However pioneering efforts have been made this direction with the setting up of the School of Built Environment by RICS in collaboration with Amity University. This school was established keeping in mind the ever-growing demand for professionals in the built environment and the organisation of the sector which was the need of the hour. (Berry, 2007)

This paper describes the development of the detailed curriculum (Finch, 2003) in the program structure. (Worzala, 2004 ) At present the workforce is primarily experience-based and not professionally trained for the job. The school makes an attempt to bridge this gap with the help of executive education (Emerging Leaders Program).

The paper attempts to bring out the connection between academia and industry. The students passing out of the portals of this institution are not only professionally trained for their respective jobs but are also well versed with the quintessential need of ethics and standards required for this sector. It is at this juncture that our professional graduates become eligible for membership of RICS. (Schulte, 2001).

Mueller, Glenn R., and Andrew G. Mueller. "REAL ESTATE RETURN CYCLES AND THE CONTRIBUTIONS TO A MIXED ASSET PORTFOLIO." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 336-354. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Real estate has cyclical returns in both public and direct/private investment vehicles. Using data over the past 40 years which represents both high and low-interest rate and return cycles, we examine real estate’s contribution to a mixed asset portfolio. Previous research has studied the inclusion of public real estate in a mixed-asset portfolio of stocks and bonds or private real estate in a mixed-asset portfolio and some studies have included both public and private/direct real estate in a mixed-asset portfolio, but usually for short time periods (Maximum 15 years). With 40 years of data now available in both of public REITs and direct “private” real estate (NCREIF), we use the mean/variance Markowitz efficient frontier methodology, to analyze changing allocations during different cycles in the last 4 decades.

Nkubito, Fred, and Andrew Baiden-Amissah. "REGULATORY PLANNING AND AFFORDABLE HOUSING IN KIGALI CITY: POLICIES, CHALLENGES AND PROSPECTS." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Affordable Housing; Kigali City; Regulatory Planning; Urban Poor Households

The availability of enough housing for all is often stated as a priority for enhancing the social needs of a society. Studies from elsewhere have suggested a correlation between zoning strictness and inflating housing costs, which also leads to the exclusion of social classes in cities. However, in Africa, these linkages have not been adequately assessed. With zoning being at the heart of the current planning system in Rwanda, this research aims at examining the linkages between zoning planning and housing affordability, in an emerging urban setting like Kigali City. This study employed a mixed research methods approach to assess the effects of the master plan and zoning requirements on housing costs, and the ease of access to housing particularly for low-income households.

Results of this study reveal a total housing supply gap of 30,000 dwelling units, of which more than a half is meant to be affordable. While the zoning code requires for the use of imported materials which increases the costs of housing, more than 70% of Kigali City’s residents earn incomes, which disqualifies them from formal mortgage loans. Moreover, the euphoria to meet the master plan objectives encourages the conversion of prevalent informal settlements into high-end market neighborhoods. This study thus suggests for relaxation in zoning regulations for certain income thresholds, re-defining of affordability to match the local context and the generation of housing affordability indexes to inform government’s urban housing strategies.

Gbadegesin, Job Taiwo, Daramola Thompson Olapade, Olutayo Isaac Ayorinde, Robert Ereola Shiyanbola, and Bioye Tajudeen Aluko. "RESOLVING THE HOMEOWNERSHIP QUAGMIRE OF LOW- INCOME HOUSEHOLDS THROUGH INCREMENTAL HOUSING DEVELOPMENT STRATEGY: PERSPECTIVES FROM ILE-IFE, NIGERIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 17. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. housing development, self-help, housing finance, informality, homeownership

Apart from housing being a desirable basic necessity of man, it is also ingrained in the African culture that “a man is not a man until he has a house of his own”. Saying like this reinforced the importance the African society places on homeownership. Meanwhile considering the huge funding required for housing development, the dysfunctional mortgage system, and weak institutional framework, the low-income households are inevitably left out in the homeownership race. In order to solve the homeownership problem, the low-income households engage in self-help minimal housing construction which they extend and improve as resources become available and as need for better structure becomes a priority. Such strategy which is referred as incremental housing development strategy and mostly being use by low-income household is bedevilled with many challenges since the development process takes a relative long period of time before completion. This study examine the process involve in incremental housing development strategy and its associated challenges. This is with a view of providing information that will enhance homeownership in Nigeria. A quantitative research design will be adopted to elicit information from households in Ile-Ife, Nigeria. The result will show the process of incremental housing development and the relative duration at the different construction stages. It will also show the challenges encountered adopting the strategy.

Kieti, Raphael. "REVISION OF THE INSTITUTION OF SURVEYORS OF KENYA (ISK) VALUATION STANDARDS ‘THE BLUE BOOK’." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 82-83. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. ISK Blue Book standards; Kenya; valuation accuracy; Valuation Standards; VEMS chapter of ISK

Delivery of quality and competent professional valuation services that meets the needs of government, financiers and the investing public has been at the center of valuation discourse in Kenya over the last two decades. While professional competence among practicing Valuers can be achieved through rigorous education, training and research, valuation standards play a critical role in ensuring a high degree of accuracy and hence quality in valuation practice. Valuation standards, over and above, providing standard definitions, procedures and bases of valuation, sets guidelines in valuation practice. The overall objective of standards is to protect the integrity of the valuation profession, protect the public and consumers of valuation services and generally to ensure high-quality valuation services from all those practicing as Valuers.

The first attempt to provide valuation standards in Kenya was through the development of the Valuers and Estate Management Surveyors’ handbook commonly referred to as the ‘Blue Book’ which was a creation of the special taskforce incorporated in mid-1999 by the Valuers and Estate Management Surveyors (VEMS) Chapter of the Institution of Surveyors of Kenya (ISK). In 2018, ISK noted that the current valuation standards in Kenya (incorporated in the ISK Blue Book) have not been updated since then. Consequently, much has changed in the market and requires an update of the ISK Blue Book to ensure relevance. Furthermore, consumers of valuation services, especially the Financial Institutions continue to use obsolete valuation terminologies and standards and many times are not aware of existence of valuation standards; and some use standards borrowed from foreign professional bodies when issuing valuation instructions locally. The ISK through the VEMS chapter has made previous attempt to revise and update the valuation standards contained in the Blue Book.

The aim of this paper is to highlight reasons that have propelled the need for revision of the ISK Valuation standards, document attempts made so far by ISK to revise and update valuation standards, challenges experienced, as well as the methodology employed in the development of new revised valuation standards for Kenya.

Baako, Kingsley Tetteh, Wejendra Reddy, and Woon-Weng Wong. "STAKEHOLDERS’ PERSPECTIVES ON HOUSE PRICE DETERMINANTS IN GHANA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 11. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. automated valuation; Ghana; House Price Determinants; House Price Modelling; Residential Valuation

Purpose: The importance of housing performance measures cannot be overemphasized, resulting in a considerable amount of research and practice on the topic, largely in developed countries. In most developing countries, house price index construction is sparse, at best, leaving decisions which hinge on housing performance data little corroboratory evidence. Thus, the purpose of this research is to ascertain the primary micro-level determinants of house prices in Ghana through a stakeholder survey.

Methodology: Using a qualitative approach, data is collected through semi-structured interviews with 20 property practitioners including valuers, academics, property developers, mortgage providers, housing agents and housing economists. The interviews focused on house price determinants and their relationship with price, with special emphasis on the Ghanaian context, as well as proposals for the ideal manager of a house price index.

Findings: This study confirms existing knowledge on the principle of progression and regression. In addition, the research uncovered interesting findings including the relevance of -and current confusion with- unexpired lease terms, and impacts of market dynamics such as physical heterogeneity of properties and hearsay. The study also reveals that for an index to have wide acceptability in Ghana, it needs to be created and managed through a collaborative effort between government and industry.

Originality: Although evidence of quantitative studies relating to house price index does exist, there is no such qualitative study found in the literature that considers house price determinants and conceptualises these factors from leading industry expert point of view in the Ghanaian context. This study lends guidance to housing policy decisions at national and local levels and provides a much-needed source of data for further academic inquiry into housing dynamics in Ghana. It also has significant implications for the valuation of housing in Ghana.

Athanas, Eward. "SUSTAINABLE ACCOMMODATION INVESTMENT IN SUB- SAHARAN AFRICA: THE CASE STUDY OF THE SOUTHERN CIRCUIT NATURE TOURISM IN TANZANIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 102. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. eco- tourism investment; Hospitality investment; national park; Nature based tourism; sustainable accommodation investment; Tourism; wildlife

Tanzania is one of the leading tourist destinations in Africa. Most of the country tourism is based on nature attractions. About 40% of the country has been set aside for wildlife conversation and promotions of nature-based tourism. The southern circuit is largest nature protected in Tanzania, its size (82,000Km2) is two times the size of Switzerland (Switzerland size is 41,285 km2). Sustainable Accommodation Investment is one of the most effective ways by which developing economies can captures and tap income from tourism industry. In some countries like Australia accommodation and Tourism industry and contributes around $2.9 billion to the tourism gross value employs 18% of all tourism employees annually.

The overall aim of this research was to investigate the potential of ecotourism in Sub-Saharan countries for achieving sustainable economic development and looked at sustainable accommodation investment at Ruaha National Park (RUNAPA). This was achieved by focusing on the case study of the Southern Circuit Nature tourism in Tanzania and in particular at Ruaha National Park (RUNAPA).

Forecast shows that over the next 6 years around 1366 bed per night will be required to meet the expected tourism demand by 2023 and around $2.3 billion new investment will be required to develop those facilities to meet the expected demand. This being the case, the issue of maintaining attractiveness (nature) is highly required. Response from tourist on nature responded strongly by 64.3%, and safety and security strongly agreed 64.1%, while on overall infrastructure quality respondents were Neutral by 32.1%. This shows how potential ecotourism and in particular protecting nature and it is good sign for government to support the southern circuit since the availability of nature tourism in abundant surpass those of the northern circuit by far in terms of size (82,000Km2) and availability of flora & fauna.

Addae-Dapaah, Kwame. "SUSTAINABLE REAL ESTATE MUST BE HOLISTIC TO EQUATE SUSTAINABILITY." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. ecological consumption; Economic Sustainability; holistic; human well-being; sustainability; Sustainable Real Estate

Climate warming and environmental concern have put almost every human activity, including real estate, in the spotlight. Although sustainable real estate, premised on the main eco-labels of sustainability as proxied by green buildings, has come a long way over the past decade, there are serious concerns about equating green buildings, and therefore sustainable real estate, to sustainability as enshrined in the Bruntland Commission’sdefinition of sustainability. This paper uses real-life sustainable real estate developments to investigate their sustainability on the basis of the triple bottom line – ecological, social and economic. The paper argues that although sustainable real estate has made, and is making encouraging progress, there is a long way to go to achieve sustainability, especially on the social and ecological fronts. Given that sustainability is a human survival imperative that is closely intertwined with ecological sustainability, the so-called sustainable real estate developments give a cause for concern. The results of the study could be useful to policymakers, real estate developers and investors and humanity as a whole.

Sungirirai, Loyd, and Abba Sungirirai. "THE ASSESSMENT OF THE STRUCTURE AND PERFORMANCE OF THE LISTED PROPERTY MARKETS IN BOTSWANA FOR INTRODUCTION OF REITS." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 26-27. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Botswana; listed property; Performance; Property Market; REITs; Variable Loan Stocks

The objectives of this research are to examine the performance of the listed real estate assets in the investment market and assess the readiness of the Botswana real estate market for REITs. As the securitization of real estate expands, more and more securitised products are being introduced, in the developing economies. The most topical and current being REITs. The limited nature of participating in securitised real estate is a major cause for concern which needs to be addressed once and for all. A quantitative methodology is used to analyse the performance of indirect real estate by picking the Variable Loan Stock Companies (VLSs) in Botswana Stock Exchange. The returns of the property listed companies are going to be used in order to determine whether the VLSs yield high or low returns.

An analysis of the listed property shows that the listed property (VLSs) have positive Sharpe ratio which is 3.506. The results suggest that the property Variable Loan Stock companies provide better returns given the level of risk associated with investing in the companies. The ostensible perception shown from the responses to the study is that stakeholders in the Botswana listed property market are in favour of the REIT legislation and that it is suitable and welcomed introduction. There is a notable group that are indifferent and don’t believe that the REIT legislation will lead to a more liquid and efficient property market.

The literature review generally supported the view that the REIT legislation where it has been introduced in many countries was to eliminate some of the problems of the listed property companies, by providing more stringent regulatory requirements and uplifting the property market to a level that is internationally competitive.

Ogunba, Olusegun Adebayo, Gbadegesin Job Taiwo, and Joseph Oyedele. "THE COSTS AND BENEFITS-IN-USE OF ENVIRONMENTALLY SUSTAINABLE BUILDINGS IN NIGERIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 117. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. benefits; Costs; Sustainable Green building

Despite the worldwide acclamation for sustainable building, only three sustainable (green) buildings have been developed in Nigeria. This is ostensibly because many potential developers are unaware of whether the benefits-in-use of such developments outweigh the costs-in-use. The study investigated costs and benefits of sustainable relative to conventional buildings in Lagos, Nigeria with a view to providing information that could potentially enhance development of such buildings.

The method was to administer questionnaire on architects, developers, quantity surveyors and valuers involved with the green buildings presently developed in Lagos in order to determine green features used; monetize the costs and benefits of incorporating these green features; and compare costs and benefits of green buildings relative to conventional buildings by means of Net Present Value analysis.

The study found a variety of green features in use in green buildings in the study area including among others, solar panels, venting skylights, whole building ventilation systems and so on. The analysis of the present value of costs-in-use showed that the additional installation and annual running costs of including these green features increased building costs substantially over non-green building. The analysis also showed that with both green buildings and non-green building, costs in use exceeded benefits in use. However, the gap between costs and benefits of green buildings was much higher than the gap between costs and benefits of non-green buildings.

The study concluded that as at the time of this study, the costs of green building still outweigh benefits, largely because of the exchange rate of the naira to the dollar. It was nevertheless suggested that this should not be a discouragement to potential future green development because there continues to be a worldwide decreasing trend in cost of green features.

Cheruiyot, Koech. "THE EFFECTS OF TRANSFER DUTY EXEMPTION ON HOUSING DEMAND IN THE THREE METROS IN GAUTENG PROVINCE, SOUTH AFRICA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 13. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

With housing forming a large part of households’ long-term wealth, the South African government, since January 1950 to date, have extended a rebate to house buyers – both individuals or natural persons and companies or other parties – to enable them to buy houses of their choices. These rebate rates have changed over the years to accommodate the consumer price indices as embodied in the general cost of living and property market rates fluctuations. This paper uses spatial data on house prices from 1993 to 2010 (from Lightstone Pty Ltd) and other economic variables to test the effect of such historical rebates on housing demand in the three metropolitan municipalities (i.e. Johannesburg, Ekurhuleni, and Tshwane) in Gauteng province, South Africa.

Despite these metros presenting a dense, developed, bustling, and growing housing market in the country, none of the existing studies have focused on these metros, as one contiguous unit. The research employs a spatial panel data model implemented in R studio software to analyse the data. It is anticipated that the results will buttress the need to more effectively apply transfer duty rebates towards increasing housing demand, and investment in the long-term household wealth, South Africa.

Kariuki, Catherine, and Nicky Nzioki. "THE IMPACT OF CHINESE CONSTRUCTION COMPANIES ON AFRICA’S PROPERTY MARKET." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 108-09. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. construction companies; construction finance; Education; planning approvals; Property Market; technical knowledge

Rumours abound about China’s loan programme in Africa. Where, why, and how are Chinese banks financing African development? Are African countries risking a new debt crisis?

It has been said that Chinese grip on the Kenyan infrastructure project is a concern for both local contractors and the African Development Bank (AfBD). The bank stating that Chinese dominance in government projects could undermine Kenya’s economic growth since majority of funds invested in projects are not spent in the country. Some of the reasons for this dominance include the fact that Chinese firms hold a technical and financial edge over local contractors.

The purpose of this paper is to investigate the impact of the Chinese Construction Companies on Africa’s property market with a view to provide data that would inform both the public and private sector industry.

Data to answer the paper’s initial questions will be presented from AfBD evaluation reports and other western institutions who have become concerned over the significant political and economic roles China is playing in the African continent. A significant source will include a review of current database of Chinese loans to Africa.

Factors identified as the main reasons for choosing construction companies from China from literature range from access to cheap finance and that Chinese firms have superior technical knowledge and better work ethic. As a result of this skilled workmanship, they are able to execute projects faster and on time. Though the Chinese companies were initially interested in large public infrastructure projects, there is now evidence that some are venturing into construction of institutional buildings and private homes in Kenya.

The paper serves to provide information on the impact of foreign contractors (specifically the Chinese) on the real property market. This leads to the question of the need to reduce the cost of money for the construction companies and an increased focus on the education of contractors, artisans and related skills, both at the polytechnics and at Universities.

Otegbulu, Austin. "THE IMPACT OF GREEN LABEL ON SUSTAINABLE COMMERCIAL OFFICE DEVELOPMENT IN AN EMERGING MARKET-LAGOS." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Green label; Green office development; Lagos; Rent premium; sustainability

Commercial office developments are generally recognised as the workplace for service sector employees and the centres for greater proportion of economic activities in cities. The dominant perception in literature is that higher rental premium is the driving force or motivation for green agenda participation including embarking on office development with green certificates and label. Lagos is an emerging market with a reasonable number of office buildings with green features and very few with green label(certification). In light of the above background, this study is aimed at investigating the impact of green label on rent premiums of office developments in the study area.

The study is based on both quantitative and qualitative investigation on the motive for preference for both labelled and non-labelled green building. It investigates differential in the rent premium in both classes of green buildings. Data was obtained from developers, property managers and occupiers with leasing decision power. Findings from the study are considered useful for real estate developers particularly the commercial office development submarket.

Mwanri, Judith. "THE IMPACT OF SHORT-TERM LISTING PLATFORMS ON RENTAL HOUSING MARKETS (BIG DATA) ALONG BAGAMOYO ROAD, DAR ES SALAAM, TANZANIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 88-89. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Dar-es-Salaam, like many other cities in sub-Saharan Africa, is witnessing a rapid increase of investment in the rental housing property. One of the major challenges affecting the market is an oversupply of rental housing, minimal transparency and long payment terms dictated by landlords. Despite the challenges, the city has become a prominent place of business, work and leisure. Big data platforms like Trulia, Craigslist, Zillow, Airbnb, Zoopla and Booking are dominating the market and making it easier for customers to find house for rent on short or long-term basis hence affecting the way residential space is traded.

The purpose of the study was to explore how short term online platforms have influenced the rental housing market in Dar es Salaam, along Bagamoyo Road. Specific objectives for the study were to determine whether STLs are driving rental prices higher, examine how they were enhancing short term rental services and explore the impact of big data on decision making by renters.

The study employed a qualitative research approach in solving the research problem where tools used for primary data collection were in-depth interviews with property managers and landlords, focus group discussions with local real estate agents, spatial data collection and social media monitoring for Facebook, Instagram and WhatsApp. The tools used for secondary data collection were government statistics from NBS and BoT, popular websites such as ZoomTanzania, DirectoryTanzania and Kupatana; and property market research reports from Knight Frank.

With great consistency, results on the impact of STLs on the rental housing markets strongly suggested that availability of big data is driving the prices higher and eliminating human real estate agency services; the observation prevails highly during peak tourism season (April-October) and as a result  rendering the hospitality industry vulnerable. The study further reveals that a number of long term rental housings were being converted to short term rentals by either accepting short term booking payments or furnishing them. It was discovered that there is a growing tendency towards sharing rental residential homes (co-living) as a result of the need to save money and share utility bills. In a bid to improve decision making by renters, it was observed that STLs were influencing rational decisions on reliable rental houses that were available in the market. Further observations were that STLs were augmenting a market that was once fragmented by providing a platform of information and transaction for renters and management of their leases for renters and landlords where all these activities were done separately before.

The study recommended that effective measures should be taken by both public and private sectors to improve market transparency and efficient grounds for the operation of STLs - limit overpricing and control their effect on the hospitality business. Furthermore, it was recommended that the central and local government set policies and laws on co-living or sharing rental housing in order to reduce crimes. Again, the government is encouraged to tap on these platforms and collect taxes from the rental houses listed with them, implementation of which is possible with the use of TTMS operated by TCRA.

Kariuki, Catherine, and Nicky Nzioki. "THE PROCUREMENT PRACTICES FOR PROPERTY MANAGEMENT SERVICES BY PUBLIC INSTITUTIONS: THE CASE OF TWO PUBLIC INSTITUTION IN KENYA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 542-558. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. e-procurement; green procurement; legal framework; Procurement; Public Institutions; Training

Real Estate is an important resource in the delivery of public services and needs to be well managed. To enhance the quality of service provided or to enable these institutions concentrate on their core mandate, they have recently looked to the private sector to provide certain management functions. This is in the hope of delivering better quality service and reducing costs. The paper will capture the African context through an exploratory study

Outsourcing strategies have been adapted by many public institutions in Kenya. The main reasons for such decisions have been stated as the poor quality of services provided by in house staff and the high cost of such a service. The advantages and disadvantages of outsourcing has been debated in many scholarly journals. Public procurement is regulated by legislation, in Kenya by the Public Procurement and Asset Disposal Act of 2015 and internationally by the United Nations Commission on International Trade UNCITRAL Model Law on Public Procurement. This is because public procurement must be transacted with other considerations in mind, other than the economy. These include accountability, non- discrimination and respect for international obligations.

The paper is exploratory and looked at best practices that exist in chosen public institutions that outsource several of their real estate services. It has been identified that public institutions procurement process is governed by a legal framework and the study will find out if the institutions adhere to this legal framework, in an effort to give value to their consumers and the suppliers.

Katiambo, Augustine Juma, and Nicky Nzioki. "THE REAL ESTATE DEVELOPMENT DILEMMA IN URBAN AREAS FOR DEVELOPING NATIONS." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 110-11. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Brownfields; Demand-led; Dilemma; Ethics and Morality; Greenfields; Infrastructure- led; Sustainable urban environment

The real estate development, just like other business or professional decision, there are instances where the participants ought to choose between alternatives. Occasionally, the choice are likely to be sound whereby a right answer is clearly distinct from a wrong once. However there are circumstances where available choices for the property developers are difficult to make leaving one in a real estate development dilemma. This is a situation where no matter which alternative is selected, there is likely to be a subordinate one or more to the choices made. In real estate development within the developing nations, there comes a time where all the options presented may be all right or all wrong.

There are a number of land use management challenges within urban area arising from weak enforcement and non-compliance in property development and housing deficit for low and middle-class population. This has allowed the private investment and urban growth of high-rise residential and commercial developments. There is also deterioration in the urban environments characterized by flooding; loss of trees and green spaces, with the green fields and vegetation being transformed into brownfields. The overall objective of real estate development is to add value to existing property. The property developer aims to increase the property value in order to earn returns, however the decisions have to be made for optimal returns. This is achieved by either increasing the size of the property or varying the users. Therefore this paper shall explore several sources of dilemmas within the property development. It will also interrogate the dilemma arising from the real estate development within sustainable urban environment. It will also interrogate the dilemma in land administration and management through the demand-led approach and infrastructure-led approach of real estate development. Lastly the paper also discusses the ethical dilemmas in real estate development and practices. This paper shall provide knowledge to the real estate developers on the expected risks while investing in the real estate within the developing countries. It shall also expound on ethical issues in the real estate development.

Njavike, Emmanuel Christophe. "THE UNDERRATED CONTRIBUTION OF THE INFORMAL REAL ESTATE AGENCY SECTOR IN ATTAINING THE SUSTAINABLE DEVELOPMENT GOALS; CASE OF DAR ES SALAAM." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 122. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Agency; Informality; Information

African cities are growing at an exponential rate, becoming cultural, socio-economic and political epicenters, attracting people, capital and investment, while also experiencing pressing issues such as urban sprawl, increasing land prices, housing shortages and more (African Development Bank, 2018; Pauleit et al. 2015).

In the attempt to develop the universally accepted vision, the sustainable development goals set out a single normative guidelines for all cities, sometimes disregarding the unique features that mark the particularity of each context. A major purpose of this paper will be, to challenge the universal understanding of informal areas. Access to information is proposed as variables to indicate or address questions of urban inequality. The study intends to adopt Empirical and grounded research. The practical significance of the research is to foster change in the perception of informal real estate agency, which plays a significant role in shaping the real estate agency practice in the city.

Kyessi, Alphonce G., Fredrick B. Magina, and Wilbard J. Kombe. "THE URBAN LAND NEXUS: CHALLENGES AND OPPORTUNITIES OF REGULARISING INFORMAL SETTLEMENTS: THE CASE STUDIES OF DAR ES SALAAM AND MWANZA IN TANZANIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 47. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. informal settlements; Regularisation; Tanzania; tenure security

Informal or unplanned settlements in Tanzania accommodate more than 70% of the urban population. Using qualitative data from case studies from the two cities, this paper explores why and how the regularisation process was carried out and the land use planning, land values and tenure issues that emerged after regularisation. Findings indicate that the regularisation process has generated several opportunities that have accrued including the issuance of residential licenses and title deeds, increased land value and security of tenure. However, there are also challenges undermining the regularisation programme.

Among the challenges that require policy action include over-emphasis on protection of private rights at the cost of undermining public interests on land, lack of harmonized cost of regularisation, prolonged delays in completing the process of regularisation, generalization of regularisation regardless of contextual factors and most importantly slow uptake of the title deeds. The study concludes that land regularisation remains an important tool to enhance livable cities and protect long term public and private interests in land development. However, a number of policy actions are required. These include the need to emphasize and protect public interests in regularization, harmonization of costs by providing indicative costs of regularisation based on plot sizes and public awareness creation on the importance of title deeds beyond tenure security.

Germishuys, Louis, and Chris Cloete. "THE USE OF NON-DESTRUCTIVE TECHNOLOGIES FOR THE DETECTION OF UNDERGROUND UTILITIES." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 106-07. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Ground Penetrating Radar; Non-destructive Tecahnology; Underground Utility Detection

Purpose of the paper: Unintended damage to subsurface utilities during excavation is a major cause of disruption in electricity supply, telecommunication, water supply and other essential public services. Utility strikes are also a leading cause of hazardous liquid and natural gas accidents. Globally, services being struck cost billions of dollars each year. The purpose of this paper is to provide an overview of available non-destructive technologies (NDT’s) for subsurface utility detection.

Methodology: The background, limitations and advantages of available NDT’s were investigated. In typical NDT’s, energy is transmitted into the ground and the reflected energy from subsurface utilities is recorded. Processing of the recorded information produces data about the distribution of physical properties associated with the underground objects. Leading NDT’s for utility detection includes: Ground Penetrating Radar (GPR), Electromagnetic (EM) Methods, Low-Frequency Electromagnetic Fields, Magnetic Methods, Acoustic Emission Methods and Infrared Thermography.

Findings: Available NDT’s can locate underground services and can therefore diminish unintended utility strikes. However, these technologies can be unreliable, and the accuracy of the applicable NDT should be determined, while considering the relevant site circumstances. GPR is considered the most sophisticated NDT for utility detection. Applying GPR and EM methods in combination is the most effective solution for most underground survey conditions.

Value of paper: Locational data for underground services is often unavailable or inaccurate. Existing utilities are frequently damaged during construction excavations, causing project delays and unplanned expenses for all parties involved. The use of NDT’s can reduce the risk of damage caused to existing services and avoid substantial costs and time delays. However, the limitations of these NDT’s should be borne in mind.

Asante, Lewis Abedi. "TOWARDS DE-POLITICIZATION OF URBAN REGENERATION AND CHANGING URBAN GOVERNANCE IN AFRICA: A FRAMEWORK FOR ANALYZING REDEVELOPMENT OF MUNICIPAL MARKETPLACE INFRASTRUCTURE." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 101. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. Africa; analytical framework; Municipal market infrastructure; urban governance; Urban Regeneration

This paper proposes an analytical framework for making sense of the process of regenerating municipal marketplace infrastructure and its associated urban governance dynamics. The framework does not just dwell on the concepts of urban regeneration, urban governance and clientelism but also shows that the three are integrated and nuanced dimensions of state-led urban development projects in most parts of Africa. This framework is a synthesis of a series of qualitative studies that sought to analyze the urban governance dynamics at each phase of the regeneration of two market infrastructure projects in Kumasi and Cape Coast in Ghana. I argue that the regeneration of municipal marketplace infrastructure involves phases such as scoping, planning, financing, relocation and allocation. These phases are shaped by internal and external drivers. The internal drivers manifest through clientelist practices and neoliberal policies of the state and through the activist practices and local economic interests of non-state actors while the external drivers derive from the consequences of globalization and development funding by agencies purported to be supportive of economic and social advancement of African countries. At each stage of the urban regeneration process, specific urban governance dynamics emerge, which reflect the politicized nature of existing practices of urban governance and the desire of non-state actors for changing forms of urban governance. This paper suggests that changing forms of urban governance in Africa would require a de-politicization of the urban regeneration process in order to achieve sustainable livelihood and inclusive urban governance.

Terkper, Esther N.. "TOWARDS DEVELOPING A CONSTRUCTION CERTIFICATION SCHEME FOR GHANA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 119-120. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Abstract: Most Ghanaian construction workers have low levels of education, often below Junior High School or its equivalent1. The skills of workers, especially artisans are also limited. The informal apprenticeship system, which churns out most of these tradesmen, is not well designed to deliver the quality of skills needed in the construction industry. There is no compulsion on firms and contractors to undertake continual development of the skills of their employees. Indeed, for some types of works, contractors have had to recruit from neighbouring Togo because of a lack of local expertise. Where this is not possible, it has partly led to the poor performance on projects in areas such cost, quality and productivity. This attitude has negative ramifications for the quality of construction works.

The lack of a quality assurance mechanism, reputation-based regulatory system and certification has contributed to opportunistic behaviours among tradesmen to the detriment of clients. Consequently, there is a low level of professionalism in the construction industry especially among the freelance tradesmen and small and medium scale firms. Similar problems with the electricians led to the development of a regulation and certification of the trade, just recently. Therefore, as part of the Construction Industry Development Programme, there is the need to develop a human capital development strategy and a mentorship scheme for the construction sector, which is expected to lead to the certification of construction workers and fill in the skills gaps.

Objectives: The principal aim of this project is to promote professionalism and accountability in industry by developing and advocating the adoption of a system of certification, mentorship and a code of ethics for construction workers. Its specific objectives are as follows:

  1. Conduct a review of the relevant literature on construction certification across countries including Ghana;

  2. Review international examples of construction certification policies and schemes;

  3. Develop construction certification scheme for the construction industry in Ghana.

Literature Review: 

The literature review focused on understanding the current situation of the construction sector concerning construction skills and construction certification systems of skills.

Two types of materials were used in order to ensure the reliability and validity of the data sources employed to gather the necessary information to carry out the research and compose the literature review. The first one consists of research papers published in recognised and high quality academic journals and the second one involves the compilation of government reports and publications developed by the construction industry. The search has been carried out using keywords in databases such as Google Scholar, Scopus and Science Direct. The keywords used to look for the required information were related to construction certification systems of skills and construction skills.

Unfortunately, this search has made it clear that there is a poor variety of available articles, which deal with the concerns previously exposed in the research objectives. The same thing happens with the Certification Systems of skills. There is a wide gap about the development and organisation of these systems.

Conclusion:

This paper, therefore, would help bridge the gap in the development and organisation of certification systems of skills, in order to provide qualityartisans, supervisors and other workers in Ghana’s construction sector, asGhana aims to achieve the SDGs.

  • 1. Fugar and Salam, 2007; Adjei, 2009; Oduro-Owusu, 2010
Mpandikizi, Martin. "TRANSFORMING COMPULSORY PURCHASE AND COMPENSATION INSTITUTIONS IN TANZANIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 48. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Conventional institutions governing compulsory purchase and compensation are probably the main cause of objections to land acquisition exercises. These were made, not from a contracting process (Libecap, 1989); rather they were and are still an imposition from higher levels of government. Institutions are the framework within which human interaction takes place (North, 1990). This study looks from different angles, actual losses that pastoral and agro-pastoral communities suffer as a result of compulsory land acquisition with a view to identifying institutional deficiencies, if any, which might be a source of proliferation of objections as regards compulsory land acquisitions. Existing institutional arrangements are rigid and tailored in such a way that compensation paid to the affected person in rural settings can never be full.

Land legislation has identified items that out to be compensated for during compulsory purchase (Ndjovu, 2003), and any deviation from them might turn out to be an offense punishable by the law because even minor departures can be interpreted as corruption. Hands of the valuers are therefore tied and they are forced to act on the basis of business-as-usual, so to say.

The area of focus is the acquisition of pastoral lands for designation and/or expansion of reserve areas. The issue is, pastoral and agro-pastoral communities are rarely adequately compensated when their land is acquired or rights to land are interfered with, especially communal rights. Therefore, the principle that compensation must be full, fair and prompt leaves a lot to be desired as far as Tanzania is concerned. The fullness being advocated for could only be true, if and only if, all losses suffered were compensated for.

Ajayi, Oluwaseun Damilola, and Omokolade Akinsomi. "UNDERWRITER REPUTATION, MARKET ADJUSTED INITIAL RETURNS AND ABNORMAL RETURNS: EVIDENCE FROM LISTED REITS ON THE JOHANNESBURG STOCK EXCHANGE." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 2. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

The paper examined the relationship between underwriter reputation and performance of secondary equity offerings (SEOs) of listed real estate investment trusts (REITs) on the Johannesburg Stock Exchange (JSE). Daily opening and closing price of 37 listed REITs over the last ten (10) years (2008– 2018) were retrieved from the price section of the I-NET (BFA) McGreggor database. The market-adjusted initial day returns, cumulative abnormal returns were estimated using the event study methodology. Independent variables including the issuing price, SEO size, age of firm and leverage of the sample were controlled and regressed adopting the ordinary least squares (multivariate analysis) to estimate the impact of underwriter reputation on performance of listed REITs SEOs. The Carter-Manaster measure provided a significant measure in the estimation of initial returns. Highly reputed underwriters indicated an increase in performance of REITs (and vice-versa) that had issued SEOs within the study period. By implication, REITs who intend to issue SEOs in the nearest future can leverage on the insights provided in this paper by appointing prestigious investment banks for the purpose of underwriting.

Kosoe, E.A., E.D. Kuusaana, and R Ninminga-Beka. "URBAN SPRAWL AND INNER CITY CONGESTION: NATURE AND EXTENT OF CITY EXPANSION IN GHANA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 112. AfRES. Arusha, Tanzania: African Real Estate Society, 2019. city expansion; Ghana; inner cities; Urban Change; Urban Sprawl; Urbanisation

The process of urban change does not only occur on the outskirts of the city but also in the inner cities in the form of infilling and alterations to existing housing. However, arguments and discussions on urban sprawl have concentrated on an expansion along the periphery of the city with less emphasis on expansion within the inner city, which results in the development of slums. An observed trend in most cities of Ghana is the concentration and development within the city centres.

Using the Wa Municipality as case study, this study seeks to explore the nature and extent of urban sprawl within city centres in Ghana; and also examines the dynamics of inner city developments. A stratified sample of residential areas and a systematic sampling of households were employed for the selection of respondents and data was collected using questionnaire survey and key informant interviews. This study seeks to contribute to the existing knowledge on urbanisation and urban change dynamics, but particularly on how urban policies and local level by-laws can enhance control of the nature and extent of urban change.

Channing, Janet. "USING THE PROPERTY REGISTER TO ENABLE MUNICIPAL SUSTAINABILITY." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 525-535. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Section 23, Local Government: Municipal Property Rates Act, 6 of 2004, (hereafter MPRA) prescribes for the establishment and maintenance of a property register for every local municipality within South Africa. Internationally the property data base which includes values for the purposes of property rating is known as the fiscal cadastre. Limitations to the current legislative provisions, contradictions within the institutional arrangements especially within the national tier of government and various interpretations at the operational or local government level result in the property register falling short of global good practice.

This study investigates the linkages between the property register, effective property taxation and municipal sustainability in local government in South Africa

Pitjeng, Mashilo. "VALUATION OF HERITAGE ASSETS: IMPLICATIONS FOR SOUTH AFRICA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 72. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

There is a growing recognition of the value, importance and impact of assets held for cultural, environmental or historical significance (heritage assets) on the financial statements of organizations and that the disclosure for financial reporting requires valuation information on the heritage assets. Currently in the absence of local standards, valuation practitioners (Valuers) in South Africa apply variety of methods and differing standards to determine the value of heritage assets. This opens a potential for a risk of an incomplete picture of the financial standing of an organisation. The purposes of this research is to argue that the current approaches and methods used in South Africa to value heritage assets are inherently flawed as a result subjectively and inconsistently apply the theory of value.

This research comparatively examines methods used in the valuation of heritage assets conducted in terms of the guidelines by the Royal Institute of Chartered Surveyors (RICS), Generally Recognized Accounting Practice - Heritage Assets (GRAP 103), International Valuation Standards - Valuation of Historic Property (IVS) and the International Financial Reporting Standards (IFRS) for the valuation of two cases of heritage assets. This is in order to assess reasonability of the methods and assumptions used in determining the asset values.

By researching the methods used for the valuation of heritage assets, emerging ideas became evident and the findings indicate certain specific characteristics impact directly on the determination of value and such characteristics can evidently be used in South Africa for the development of valuation standards for heritage asset.

Makathimo, Mwenda K.. "VALUATION OF UN REGISTERED COMMUNITY LAND IN KENYA – ADDRESSING THE FUNDAMENTALS." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 319-335. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

The subject of valuation of unregistered interests in land is increasingly attracting the attention of Valuers and Land Managers globally. The realization that value of property is not necessarily created by formal registration and that the legitimacy and increasingly the legality of property rights is not conferred by registration has made inquiry into the approaches for valuation of such property critical. Property rights are considered a key element of human rights and persons are not to be deprived of their property rights arbitrarily either by the state or other parties. In cases where private property is required for public purposes or in public interest then the owners/holders of the rights must be compensated in a just and prompt manner. It is therefore important that the value of unregistered property is assessed in ways that are credible, objective and just in the interest of supporting voluntary or involuntary transactions.

In Kenya Community land ownership is recognized Constitutionally and has equal status with private and public land ownership. Non-registration of community land rights does not make them illegal or illegitimate. The Community Land Act of 2016 and Community Land Regulations 2018 were enacted by parliament to provide a framework for registration and management of Community Land. Despite the passing of these laws and regulations over sixty percent of land in Kenya is still unregistered and falls in the category of Community Land. Public and private investments continue to take place over unregistered community land.

The questions as to how the subject of valuation is ascertained; where and how the information on transactions; proprietorship and other relevant aspects is gathered, analyzed and used to derive valuation amounts. The methods employed and their appropriateness and the challenges encountered is the subject of this paper.

Odunsi, Tayo, and Ayo Ibaru. "WHY DO STARTUPS CHOOSE COWORKING IN DEVELOPING COUNTRIES? CASE STUDY OF NIGERIA." In Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 23. AfRES. Arusha, Tanzania: African Real Estate Society, 2019.

Globally, coworking has significantly grown with the turn of the decade. This growth has been significant in developing countries like Nigeria in part as a response to the nascent startup economy that needed inexpensive space, infrastructure and technical support on growing their businesses. Few were aware of the coworking concept in general and the idea struggled to gain traction in these early years.

Starting in 2016, Nigeria’s economy would go into a 5-quarter long recession which would heighten the need for companies to keep their expenses low. This meant a definite demand for more technology, fewer hands and inexpensive workspaces. Coworking service providers moved in to fill the need and have since grown from less than 10 in 2010 to well over 100 in 2019. By providing access to convenient working environments, respectable office addresses, strong infrastructure, a network of budding entrepreneurs and funding by venture capitalists, Coworking spaces are establishing themselves as the de-facto business community. Per square metre prices for standard office spaces remain out of reach to the average startup. But what are the reasons and features startups like most about coworking? We carry out surveys why startups choose coworking in developing countries, with a special focus on Nigeria.