PURPOSE OF THE PAPER: Alexandra was proclaimed in 1912 as the first formal township in South Africa where blacks could obtain ownership. Over the past century, a number of watershed changes in layout and ownership have taken place, most notably the promulgation of the 1913 Land Act that prohibited the proclamation of land for black ownership and a series of expropria-tions, resulting from apartheid policies, that took place from 1950 onwards, culminating in a con-solidation in 1985 that led to further expropriations.

In 2011, former land owners established land claims based upon the pre-1985 map. These claims were complicated by the fact that a number of residents had received legal right of owner-ship after the consolidation, while a number of new residents had moved to Alexandra since 1985.

Investigation of the validity of the claims required a comprehensive study of the change of owner-ship from the original proclamation (1912) to the situation in 2011.

METHODOLOGY. An analysis of current and historical development and management of Alexandra is provided, supplemented by a visual overview of the changing patterns of ownership and densi-fication. The present status of land claims and their legal implications is summarized and a reliable estimate of the present population of Alexandra is provided.

FINDINGS: The total population as determined by this study is more than 60 per cent more than the formal 2011 census estimate, resulting in a density of more than 44 400 persons per hectare. It was also found that Occupiers on one stand can have different kind of rights. However, ade-quate documentation has been assembled to drive the process of land tenure upgrading.

PRACTICAL IMPLICATIONS: The higher than previously estimated population density has severe im-plications - physical as well as political - for future planning of this vibrant area, as it is adjacent to Sandton, the financial capital of Southern Africa, it is situated on prime land within one of the key growth areas of Johannesburg, and it is bordered by key roads and highways. The importance of a reliable estimate of the ownership of property in Alexandra becomes even more apparent when the implications of the Restitution Act (Restitution of Land Rights Act No. 22 of 1994) are consid-ered.

Over the years, government, individuals and agencies both locally and internationally have embarked on several housing intervention programmes with the objective of making housing available and affordable to the majority of the population. Despite those efforts; housing problems particularly shortage and affordability still persist in Kampala and Uganda as a whole. The purpose of the study was to explore the low income residents preferences and affordability of homes for their families in the poor suburbs of Kampala.

The researchers adopted the exploratory, cross sectional and quantitative research designs in this study. The unit of analysis consists of Households and the unit of inquiry included household heads (Parents) and youths (singles living alone). Primary data was collected using self-administered questionnaires. The data was collected through five point scale questionnaire survey, coded using Epi Data and analyzed using SPSS.

Findings revealed that 70.8 % of the salary earned by individuals was spent on rent thus a very high level of housing stress.Futhermore security; privacy and accessibility were considered important in finding a home to rent or buy.

Research in housing affordability is increasing worldwide. Housing affordability is viewed as severe housing problem which affect household’s ability to meet housing costs without imposing excessive constraints on non-housing consumption. Housing affordability problem has become acute in a large number of housing markets across the nations. Housing expenditures have caused many households, both renters and owner-occupants, to reduce their expenditures for food, clothing, health care, education, and other human capital investments. The disparity between housing expenditures and income has led some households to incur additional debt to pay for essential housing expenses and it is quite troubling when housing costs reduce non- housing consumption to a level lower than the minimum subsistence level, as widely accepted. This paper seeks to analyse the factors affecting housing affordability in developed, emerging and developing countries. Thirteen (13) journals papers on housing affordability and finance are reviewed to provides an overview of the factors affecting housing affordability.

The findings reveal that there are three major factors affecting housing affordability including household attributes 57%, housing attributes 10% and macroeconomic variables 33%. Each major factor consists of several individual elements with different scores and weights. Household attributes consisting of income scoring 62%, household size 62%, age 62%, occupation 54%, stage in life cycle 46% and migration status scoring 15%. Housing attributes consisting of location 8%, house type 23%, quality of house 8%, cost of land 8% and size of house 8%. Macroeconomic variables consisting of mortgage rates scored 62%, subsidies 54%, inflation rate 38%. This suggest that households attribute (57%) is the most important major factor while income 62%, age 62%, household size 62% and mortgage rates 62% are important individual elements.

This paper contributes to housing affordability debates by generating knowledge on important factors affecting housing affordability and influence policy changes in housing and macroeconomic policies.

PURPOSE: While affordability studies has centres on house possession through either mortgage repayment or household ability to pay rent in the developed countries, land affordability has remain a topical issue in the third world countries and emerging economy with consequential effect on the

economic growth. The purpose of this paper is to examine the activities of the real estate developers as touching the capability and ability of the first time buyers to pay for a plot of land towards actualising their home ownership dream.

DESIGN/METHODOLOGY: The study adopted a mixed method research approach where both quantitative and qualitative data are collected. A questionnaire survey was carried out with members of the

Real Estate Developers Association of Nigeria (REDAN) and household heads in Lagos urban fringe. The Income structure of the federal public service was also collected. The study developed a land affordability index relative to Affordable limit. A correlation analysis was performed to establish a relationship between developers’ activity and household affordability.

FINDINGS: The study finds a speculative motive in the activities of developers rather than solving housing supply problem resulting in non-affordability of land to the end user or first home dreamers. 77.8% of the developers’ affirmed they subdivide within two years of land purchase.

PRACTICAL IMPLICATIONS: The study revealed that the solution to the lingering housing problem in Nigeria with over 16 million unit deficit, will not come from private developers if the activities of the developers continues unabated.

ORIGINALITY/VALUE OF WORK: The paper in addition to its contribution to literature, is the first to study land affordability in developing/third world context especially where there is inefficient mortgage system for home ownership, making individuals to acquire land and build their houses.

The Nigeria property market has evolved and showcases a variety of developments ranging from prime residential apartments, offices, retails, shops, hotels etc. Despite the progress made, the Nigeria property market is highly under reported. This study aims at reviewing the Nigeria property market in the context of current challenges, stakeholder perception, market trends, infrastructure condition, professionalism, availability of market information, transparency, ease of title registration, and level of green compliancy. This will be achieved with the aid of structured questionnaires, face-to-face interview and official records. Analysis will be carried out with both inferential and descriptive statistics. Findings will be made with respect to existing market conditions and the level of market maturity attained.

South Africa implemented the REIT structure in 2013 with the intention of encouraging local and international investment. A year after implementation South African listed property was reported to have performed better than the UK, European, and Asian REITs. This study assesses the initial performance of South African REITs and their portfolio diversification benefits when paired with Shares, Bonds, T-Bills, and other Listed Property in a mixed-asset portfolio, over the period May 2013 to December 2015. The findings show that REITs are the second best performing asset, risk- adjusted. REITs are a return-enhancer when included in a mixed-asset portfolio, and tend to contribute at the higher end of the risk spectrum. This paper contributes to the few that exist on emerging markets, it is a study of the only major REIT market in Africa, and is significant as it discusses South African REITs from their implementation.

Provision of public facilities and infrastructure in various sectors such as agriculture, mining, transport, education, and health among others requires a lot of land, which government usually expropriates as it may not have the appropriate land, or in appropriate quantities, or in appropriate locations. Compensation is normally required to cover consequential expropriatory losses occasioned to expropriated people. This paper aims to deepen our understanding of the applicability of market value as a basis for valuing customary property rights for compensation purposes during expropriation. By using the case of Mombera University project, this paper analyses how compensation is valued for customary property rights that are dominant in Malawi. The paper demonstrates that practically compensation for expropriating customary properties is generally inappropriate because market value, as a compensation valuation basis, and the methods used for its determination, are ill-equipped for customary properties. In this regard, the paper argues that prevailing assessment practices lead to inappropriate compensation for customary property rights in Malawi.

RESEARCH PROBLEM: While the intended goals of Mixed Income Housing (MIH) are unquestionable as a means of deconcentrating poverty, encourage social and racial integration there is still persistence of NIMBY-ism due to the purported house-price lowering effects. The problem is that the negative

perceptions that often lead to resistance of MIH are largely based on heuristic judgments, with no solid evidence of the purported negative impacts in the case of South Africa. Compared to the developed world, the nature of research in South Africa has largely been descriptive and desktop analysis hence guidelines on MIH is to the bare minimum.

METHODOLOGY: An explorative hedonic model was used to analyse the price elasticities associated with house price determinant variables of the Randburg area that received Cosmo City MIH.

FINDING: There is an overall negative impact on house prices across six out of seven suburbs close to Cosmo City. This confirms the hypothesis that a typical MIH in South Africa is not viewed favourably despite all its highlighted benefits for residential markets.

CONTRIBUTION: This study is part of a broader on going PhD research study at the University of the Witwatersrand in South Africa. It provides an empirical insight on how market perceived Inclusionary Housing (IHP) in a South African market. Upgrading infrastructure, amenities and security are some of the policy implications that could reverse the impact of such models in the future.

This study examines challenges of youth access to agricultural land from both peri-urban and rural perspectives. Using the Techiman area as a case study, the study interviewed 455 youth and 23 elders made up of chiefs and family heads using multiple random sampling techniques. The results revealed that, the youth generally have access to small landholdings whether in the peri-urban or rural context but more pronounced among the peri- urban youth. These small holdings were a manifestation of the challenges underling the youth access to land under customary system. The predominant challenges facing the youth in both peri-urban and rural context included; high rental/acquisition cost, land scarcity and land disputes. The youth also suffered more from the urbanization effects but do not benefit from proceeds arising out of peri-urban land use conversions. The study recommends youth agricultural land access policy and a compensation regime which benefits both the youth and adults in land use conversions in the peri-urban areas of Ghana.

The study examined the socio economic characteristics of residents of Omu-Aran, Oke-Oyi and Amu communities in Kwara state; identified and examined the types of infrastructure projects financed by these communities; examined the factors that influenced the choice of the selected infrastructure projects and how the selected projects were financed. This was with a view to providing information for policy making on real estate and infrastructure provision.

Primary and secondary data were used. Questionnaire was used to elicit information from household heads in Omun Aran, Oke Oyi and Amun communities in Kwara State, Nigeria. The population consisted of 546 buildings, 50% (274) were selected using systematic sampling technique. Data on population figures and the number of buildings in the study area were extracted from the records of the National Population Commission (NPC), while the number of projects financed were obtained from the Kwara State Ministry of

Rural Development and Local Government. Frequency distribution, Percentages and Factor Analysis were used to analyse the data collected.

The factors identified by respondents as influencing the choice of financed real estate and infrastructure included government stake, level of public service support, instability in government, standard of living, inadequate delivery system, differences in taste and fashion and financial impediment accounting for 16.09%, 15.25%, 10.31%, and 8.89% of the variance respectively. All the factors accounted for 69.438% of the variance explained. The study concluded that the communities did not rely entirely on government and its agencies in financing infrastructure and the major means of financing were through donations and levying.

PURPOSE: Optimum return appears to be a tangible motive of Investors of Real Estate Investments. This motive over the years has been bedeviled with rent arrears or defaults by renters of properties in the property sector. This situation, to Property Managers and their Principals is worrisome. It is on this basis that this study attempts to assess the factors influencing rent arrears in Minna rental market.

DESIGN / METHODS FOLLOWED / APPROACH: The study employs data on various aggregate factors such as selection criteria, management subsystem, economic factors, tenancy arrangement, dwelling unit features and external household attributes influencing rent payments. Simple random sampling was used to administer

questionnaire to renters of residential properties in Minna while simple random and purposive sampling techniques were used to administer questionnaires to property managers. Spearman’s rank Correlation and Simple Multiple Regression are statistical tools used.

FINDINGS: Evidence from renters reveals slightly large association between decrepit economic condition, deteriorating dwelling unit features and rent arrears while decrepit economic condition, weak selection criteria and annual tenancy arrangement are correlated with the level of rent defaults from property managers’ percept. The correlation results confirm the regression analysis which reveals significant relationship between predicted variable and explanatory variables in both cases (p-values < 0.01).

PRACTICAL IMPLICATIONS: The study recommends that government should create jobs for her citizens and provide enabling environment for entrepreneurs while property managers should pay more attention to selection of tenants and encourage instalmental payments of rents before they are due as well as enforce both landlords and tenants to carry out their tenancy obligations.

ORIGINALITY / VALUE OF WORK: This research unravels the critical factors responsible for rental arrears in an urban settlement in Nigeria.

INTRODUCTION AND RATIONALE: In order facilitate rational and orderly system of land administration at the customary level, the Ghana Government with support from developing partners have been establishing Customary Land Secretariats (CLSs) based on substantial innovation and on strong, fruitful collaborative relationship between the different actors. The work seeks to provide an understanding of the operations of the CLSs in Ghana by demonstrating the outcome of establishing CLS over the period 2006 to 2016.

THE SPECIFIC OBJECTIVES ARE TO ASSESS THE EFFECTIVENESS OF CUSTOMARY LAND SECRETARIATS IN TERMS OF: streamlining Customary Land Administration, maintaining reliable and up-to-date record of land transactions, and settling disputes through Alternative Dispute Resolution mechanisms.

IMPORTANCE OF THE STUDY: The study is important because in Ghana just as in many African economies land is central to livelihood as such an efficient land administration system at the local level has the potential to improve upon the quality of life for many. DATA AND

METHODOLOGY: The research hinges on robust empirical evidence with analysis of primary quantitative and qualitative data collated from CLSs randomly selected across the country. To ensure the quality of information and data used steps were taken to cross check information from different sources.

FINDINGS: Results show that in Traditional Areas where CLSs have been established, there are now credible data on customary lands. The study also found a reduction in the number of ownership disputes in CLS areas and found that CLSs are making giant strides in public education and sensitization of community people on land issues. RECOMMENDATION: The work recommendations a process of monitoring of CLSs located within Civil Society to expose and defend the way land rights are abused by traditional authorities.

CONCLUSION: The work has points to the fact that the Ghanaian example provides useful lessons for other developing countries to improve upon the participatory approaches to land management at the grass roots.

Rental value or rent that is observed in the market has individual utility bearing attributes (explanatory variables) that could be modelled to ascertain the significance or contribution of same on overall rental value. We analyse the main drivers of residential rental values (RRVs) from experts and stakeholders in the residential rental market in a developing country context. A residential property is multidimensional and spatially fixed. A variety of theoretical and econometric studies have explored the determinants of house prices. However, the phenomenon that location determines RRVs has not been much understood as various researchers measure these explanatory variables differently. Not only does location and neighbourhood attributes determine to a large extent RRVs, but also the physical characteristics of the subject property. We present a first step in recognising and identifying which explanatory variables are relevant in determining RRVs prior to an empirical analysis. This in our opinion puts the discussion in its proper perspective in a market that is highly complex and diverse. To situate the research in its proper local context, 114 respondents (who comprise experts and stakeholders in the rental market) were asked their views about what they perceive, based on their individual experiences, on what explanatory variables drive the fixing of RRVs in the rental housing market in Ghana. We provide 38 different variables based on 3 broad groupings; structural, locational and neighbourhood characteristics. Most of these variables are statistically significant and have a positive effect on RRVs. Respondents agree that the variables electricity connection, piped water connection, type of house, property condition and number of bedrooms ranked among the top 5 variables per the relative importance index measured. Also the variables storeroom availability, rental units near to recreational facilities and a place of worship, quality of landscaping and number of storeys ranked among the bottom 5 variables.

Following in with modern times trends where digital technology is transforming the world of business and society, new peer to peer (Crowdfunding) on-line investment vehicles that offers inclusivity, haves become available to real estate entrepreneurs. Crowdfunding has been in existence since the 2008 global economic downturn. This phenomenon is becoming a valuable alternative source of funding for entrepreneurs seeking external and emerging approaches for implementing their ideas despite not having traditional monetary resources such as banks and venture capital (Sheng et al, 2016). The crowdfunding market is an evolving market that has shown considerable growth over the last few years an estimate of the global market show that at the end of 2015 the value was $145.29 billion. Real estate crowdfunding platforms offers financing vehicles that are inclusive, open, democratic and unbiased (Lakhani, Hutter et al. 2014).

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

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

A regulatory framework that controls the transparency, speed, and scale that advances in technology and the Internet can deliver to early-stage funding marketplace and also protect investor is important because if not crowdfunding becomes rife with fraud which could lead to market collapse (World Bank, 2013).

Furthermore thee development of a regulatory environment for the crowdfunding sector needs carefully consideration so as to ensure that new financial models are able to grow and innovate freely over time.

A balance need to be created by authorities to allow existing platforms to gradually become complaint over time and not to supress the potential of the nascent crowdfunding industry during infancy stage as too sudden restrictive regulations may harm a crowdfunding market (World Bank, 2013)

The aim of the study is examine what lessons can be learned by examining real estate crowd funding platforms regulations in the UK and the practicability of introducing these regulations in Namibia to help develop commercial real estate crowdfunding platforms. A realistic, mixed- methods research design guides this study. This approach calls for the implementation of methods that appears to be most appropriate to answer the research question (Groat et al., 2002). The mixed methods approach to research allows for primary data to be obtained by merging qualitative and quantitative methods. This research combines elements from literature review with field research, data analysis, and opinions and experiences gathered from stakeholders in Namibia.

The right policies in the construction sector can have huge economic, social, and environmental impact for developing countries during the 40 to 70-year life of buildings going into construction. The buildings sector is one of the main consumers of energy and resources, using about 35% of global energy (and 60%

of electricity), 25% of global water, 40% of materials extracted globally, (UNEP SBCI), and emitting approximately one fifth of greenhouse gases (UNFCCC AR5). Yet it remains one of the most difficult sectors to improve because of the complex and soiled value chain. Building growth is faster in Africa than any other region. Cities swelling by 18 million inhabitants per year are increasingly stretched to deliver water and electricity to new developments, most of which comprise low income households often paying about 20% of

their disposable income on utility bills. Due to the long life cycle of the built environment, its vital that we don’t lock in inefficiencies that cannot be addressed for many years to come at the end of the buildings lifecycle.

Parallel to the construction boom, many countries in Africa are experiencing power and water shortages, further amplifying the need to alleviate the burden placed on scarce natural resources. Efficiency in the built environment is critical to manage future demand on cities for energy and water.

The paper assesses the impacts and benefits of the IFC’s EDGE Green Building Program. It reveals that split incentives exist between the builder/developer who wants to minimize construction costs and the owner who has an interest in the all-in life-cycle cost of operations and maintenance of a building. Traditional valuation techniques do not account for these green features, creating a need for green measures to be defined and verified so these benefits can be valued and on-sold. The EDGE Green Buildings Program hopes to provide a solution through the use of a mixture of regulatory and voluntary approaches (depending on the country), to shift the building and construction sector towards a more resource-efficient development path. Introducing either method to a market requires a whole value chain approach and focused capacity building, monitoring, and support to ensure that implementation occurs. In Africa, greater market fragmentation, weaker public sector resources, and higher sensitivity to increases in up-front costs exacerbate all these barriers.

Muslims are required to pray five times a day in congregation at different intervals, this eludes to the importance of the Mosque. Many Muslims centre their daily life around the prayer thus indicating the symbolic significances of the Mosque. This has a spatial manifestation, as the Mosque is the focal point of the community. In post-apartheid South Africa, it is seen that Muslims are migrating to previously white suburbs to take advantage of better services and amenities. The growth of the Muslim population in these areas increases with the construction of a Mosque, new families settle in the immediate vicinity of the mosque. A similar effect is seen within the Jewish community. Studies found that Synagogues adds value to surrounding properties. This study will examine the effect of the Greenside Mosque on surrounding properties; particularly investigating if the Mosque increases the price of properties. One objective is to shed light on spatial trends that emerge in post- apartheid Johannesburg. Besides the physical characteristics, the price of property is determined by its location in relation to external factors. External factors can have a positive effect e.g. closeness to services. While other characteristics can be detrimental such proximity to a cemetery. Hedonic value is the value that a particular characteristic adds to the property. To ascertain the value of the Mosque on surrounding properties, the study will employ a hedonic analysis. Property prices of Greenside will be inputted into a Geographical Information system, to analyse its relationship with the Mosque. It has been hypothesised that the Mosque will have a positive increase on the surrounding property.

Using a large sample of borrowers, we test the ability of the Decoy Effect to enhance debt collection efforts. We find that by disclosing the Annual Percentage Rate (APR) during settlement negotiations, participants are less influenced by the decoy and more apt to select the repayment option that is in their best interest. At the same time, by reporting the APR, borrowers are more willing to make repayments on the modified loan, resulting in a net gain to debt collection efforts. Because disclosing the APR is Consumer Financial Protection Bureau (CFPB) compliant, this simple disclosure has the ability to increase debt collection returns while helping borrowers make better decisions when selecting debt modification repayment plans. Our results suggest an applicability to all types of defaulted debt including mortgages, sub-prime auto loans, credit cards, student loans, and payday loans.

Interest rates are determined by the market participants at the expectation of infla-tion of the currency and the risk they bear. Based on it the profitability and risk of a calculated venture the allocation of capital is planned. For example CAPM is based on a risk free investment, which normally should represent the actual inflation, but currently there are negative interest rates. The difference between the risk free in-vestment and the risk adjusted preferred investment is the overperformance. When the assumption especially in terms of inflation are wrong or manipulated it forts to a misallocations of capital. Also real economic growth has to be bigger than the real inflation, otherwise the capital stock depreciates. To keep the value of the capital stock it has to grow with the devaluation of the currency. Stable and sustainable growth needs a stable capital stock and reliable information during the planning horizon.

Inflation in Germany is measured by the HVPI. It makes no differences between the various sectors of the economy. By the trickle-down effect and the spill-over in the economy there is a time lag between the asset price inflation and the consumer price inflation, reinforced through the principal-agent conflict, in our case the gov-ernment and the market participants. We take a look on the actual measurement of inflation in Germany and analyse the increase in fiscal spending respektively taking and in general the increasing interventionism. Further the true cost of energy, prop-erty and real estate without statist intervention and its increase in the time. Added the risk allocation of interest rates inflation adjusted in different economic sectors. Seeing Real Estate dynamic and hedge the law- and inflation risk. Summarized with an alternative measurement of inflation and a short-, mid- and long term perspective for Germany under the influence of inflation and its effects on real estate.

Despite its relevance for economic growth and development, the level of mortgage market development varies widely across countries. Using panel data for the 2006 – 2013 period, we examine the institutional determinants of mortgage depth across 116 countries, with analysis conducted across groups of countries at similar levels of economic growth and development. The study shows that the coverage of information institutions widens and legal institutions strengthen with increasing economic growth and development. However, the information and legal characteristics of countries in terms of the efficiency of mortgage foreclosure, quality creditor legal property rights and the efficiency of credit information sharing via public credit registers matter more for mortgage deepening in low-income countries than in middle and high-income countries. As far as policy is concerned, our findings suggest that these formal institutions might be luxuries and develop as countries grow. This hints to the possibility of a pecking order in creditor protection mechanisms, running from credit information sharing through private credit bureaus to public credit registers and then to legal rights protections achieved through mortgage legal rules and foreclosure enforcement, with ramifications for mortgage deepening. Particularly, ex-post mechanisms through legal institutions provide a more effective protection for creditors than ex-ante mechanism such as information in low-income countries due to the limited scope of credit information systems.

PURPOSE: Indirect African property investments have largely been left out of international investment portfolios due largely to lack of empirical data (Akpan & Ogunba, 2015). This study attempts to provide some performance data which might stimulate more indirect African investment. It examines the return, risk, risk adjusted performance, diversification benefits and efficient frontier of a 4-aset portfolio of REITs which include an African country (Nigeria), and selected countries from other continents (Malaysia, USA and UK).

DESIGN/METHODS FOLLOWED/APPROACH: First, the paper calculated the returns, risk and risk adjusted returns (return to risk and coefficient of variation) of the assets. Second, the paper employed Mean variance analysis to determine the efficient frontier. Third, diversification benefits of each country’s REITs in the four asset portfolio were determined. The approach in doing this was to create five scenarios: The first scenario was an unconstrained set of efficient combinations of the four assets. The four other scenarios involved a sequential exclusion of one country’s assets at a time, creating constrained sets of efficient combinations of 3 of the four assets. The highest return to risk ratio and lowest coefficient of variation of each of the constrained sets were compared with corresponding ratios of the unconstrained set to determine return enhancing and risk reducing benefits

FINDINGS: The African REITs (N-REITs) were shown to perform well on most indicators and not so well on others. It provided the lowest risk of all the four REIT assets and one of the highest risk adjusted returns. Though it provided lower (zero) return enhancing benefits relative to US and Malaysian REITs, it also provided lower (zero) risk increasing effects. The efficient frontier demonstrated that risk adverse investors should invest as high as 49.187% in N-REITs.

PRACTICAL IMPLICATIONS: There is considerable potential for investing in African (in this case, Nigerian) REITs.

ORIGINALITY/VALUE OF WORK: The paper is probably the first to consider the inclusion of African REITs in international REIT portfolio.

The study examined the effects of land acquisition challenges on the provision of residential property by private real estate developers in Lagos State, Nigeria with a view to enhancing housing delivery.

Data for this study was derived from both primary and secondary sources. Field work through the administration of questionnaire was used to obtain primary data for this study. Two sets of questionnaire were administered. The first questionnaire was administered to the members of Real Estate Developers Association of Nigeria (REDAN) in Lagos State while the second set of questionnaire was administered to Registered and Practicing Estate Surveying and Valuation firms in Lagos State. A total of one hundred and seventy-seven (177) registered and practicing Estate Surveying and Valuation firms, and eighty seven (87) registered Real Estate Developers firms were sampled making a total of two hundred and sixty four (264).

Data collected were analysed using percentages, relative importance index, ANOVA and Factor Analysis. Findings from the study revealed that land management, external factors, time and procedure and institutional factors were the most significant land acquisition challenges that influenced the provision of residential property in Lagos State, Nigeria.

PURPOSE: The Nigeria REIT market has been rated low in term of dividend return amidst the industry variables of Size, NAV, FFO, Leverage, Advisor Puzzle among others. Other Scholars have examined the influence of macro- economic variables (GDP, Inflation, etc.). This study examines the effect of the macroeconomic variables on Nigeria REIT’s dividend return

DESIGN/METHODOLOGY: The study is a quantitative econometric study. The data were collected from various government institutions CBN, NBS, NSE and annual Reports of the Skye Shelter REIT. The data covers the period of existence of REIT in Nigeria (2008-2016). The study utilized linear multiple regression and correlation analyses to establish the influence and relationship of the macroeconomics variables on REIT return.

FINDINGS: The correlation study shows a significant relationship between REIT dividend to oil price (-ve) and exchange rate (+ve). The regression analysis confirmed the significant effect of oil prices of P=0.015 (P<0.5). The entire six variables accounted for 95.8% effect on dividend return having R-Square vale of 0.958. The F-Value is with a significant value of 0.031 (p<0.5)

PRACTICAL IMPLICATIONS: The study revealed the true staus of Nigeria economy as a single commodity dependent nation (crude oil) and import dependent for other commodities, especially consumables which is reflected in currency exchange rate It thus implies that the economic diversification effort of the current government from mono product situation to multi product economy be successful and sustainable to rejuvenate the Nigeria economy.

ORIGINALITY/VALUE OF WORK: The paper in addition to being the first to examine macroeconomic variables and Nigeria REIT market, has also added to the variables, the oil price and exchange rate to reflect the peculiar volatility of the Nigeria market.

PURPOSE – The Nigeria REIT market has been rated low in term of dividend return amidst the industry variables of Size, NAV, FFO, Leverage, Advisor Puzzle among others. Other Scholars have examined the influence of macroeconomic variables (GDP, Inflation, etc.). This study examines the effects of these macroeconomic variables and other specific factors on Nigeria REIT’s dividend return.

DESIGN/METHODOLOGY – The study is a quantitative econometric study. The data were collected from various government institutions CBN, NBS, NSE and annual Reports of the Skye Shelter REIT. The data covers the period of existence of REIT in Nigeria (2008-2016). The study utilized multiple regression and correlation analyses to establish the influence and relationship of the macroeconomics variables on REIT return.

FINDINGS – The correlation study shows a significant relationship between REIT dividend to oil price (-ve) and exchange rate (+ve). The regression analysis confirmed the significant effect of oil prices of P=0.015 (P<0.5). The entire six variables accounted for 95.8% effect on dividend return having R-Square value of 0.958. The F-Value is 31.37 with a significant value of P = 0.031 (P<0.5)

PRACTICAL IMPLICATIONS – The study contributes to the REIT literature with its consideration of some country specific economic variables (government spending, crude oil price and exchange rate). The study identified the Nigeria economy to be a single commodity (crude oil) as well as import dependent (of consumable commodities), which significantly impacts on the country’s currency exchange rate. It thus implies that the economic diversification effort of the current government from mono product situation to multi product economy be successful and sustainable to rejuvenate the Nigeria economy.

ORIGINALITY/VALUE OF WORK – The paper in addition to being the first to examine macroeconomic variables and the Nigeria REIT market, has also added country specific variables of government spending, crude oil price and exchange rate to reflect the peculiar volatility of the Nigeria market.

PURPOSE: This paper gives a global overview of the management of uncertainty in Real Estate Development (RED) appraisal. It provides a comprehensive review of the concepts related to forms and sources of uncertainty, management of uncertainty and factors influencing the adoption of real option model in RED appraisal. This is against the background of the need to improve the knowledge of stakeholders in RED appraisal practice and to ensure best practices.

DESIGN/METHODS: The research was based on desktop analysis of past authors’ perspectives, orientations and submissions on the management of uncertainty in RED appraisal.

FINDINGS: As it is expected, there are varying forms and sources of uncertainty in RED appraisal. Also, the review revealed diverse methods that could be used to manage uncertainty in RED appraisal. These range broadly from traditional approaches to modern/contemporary models such as real option approaches. It is however noted that while approaches to the management of uncertainty in RED appraisal abound, the methods employed appear to be dependent on the RED appraiser and other institutional factors. The consensus from the reviewed works favoured the real option model as a better approach towards mitigating uncertainty in RED appraisal. A framework that uses real option model in RED appraisal is thus advocated.

PRACTICAL IMPLICATION: This paper adds to the debate on the need to embrace real option framework in mitigating the effects of uncertainty in RED appraisal. The information provided, no doubt, will improve the knowledge of stakeholders in RED appraisal practice and could ensure best practices.

ORIGINALITY: The paper provides an in-depth examination of various concepts, perspectives and orientations on the management of uncertainty in RED appraisal, towards the adoption of a better framework.

This paper deals with modular buildings, their history and essential features, in particular the experiences and perspectives for the future of cities. Compared to other industries, the use of modular buildings and prefabrication in the real estate industry is low and still expandable. Modular buildings can be constructed within a very short time and still can achieve the highest quality standards. But it is important to pay attention to the design of product lines in order to fit precisely to their future use. Furthermore, the objective is to solve the conflict between climate protection anMd resource conservation on the one hand and a high demand on the other side to find appropriate solutions for the buildings of the future. Such concepts have to use at the same time most modern techniques within the building and in the production process.

The first part of the paper will provide the history and main characteristics of modular buildings. In the second part relevant markets and trends will be analyzed. The third part is focused on strategies to integrate modular building concepts, CO2 neutral energy concepts, social responsibility aspects of real estate developments, and cooperation models with municipalities. In addition to this, some case studies from different countries will be shown. The paper concludes with a discussion of the implications on African markets.

This study assessed neighbourhood quality indicators and their implications on property values in two planned areas in Port Harcourt municipality, Nigeria. Neighbourhood indicators were studied in situ without experimental manipulation and at one period in time, i.e. the study adopted a passive-observational research design. The study utilized both secondary and primary data sources. Primary data were collected using face-to-face administration of a largely pre-coded household questionnaire, to a probability sample of 171 respondents, drawn from the two planned areas. Data analysis was based on responses from 171 questionnaires retrieved and the univariate analytical method was adopted. The study found that huge percentage of residents reported a negative rating of neighbourhood quality indicators such as waste collection and disposal, safety of lives and property, fire stations, cleanliness of the neighbourhood, residential planning, government provision of housing for the poor, hospitals/ clinics, recreational areas, maintenance of streets, aesthetic condition, noise level and the neighbourhood condition. Residents rated markets and police stations adequate and noise levels, crime levels and fire hazards low. The availability and adequacy of neighbourhood attributes are keys in enhancing property values and reduce vacancy rates considerably. The study concluded that most residents rated neighbourhood quality indicators inadequate. The study recommended that government should provide more fire stations and hospitals and clinic and residents and the government should improve the neighbourhood and aesthetic conditions in these areas to enhance the neighbourhood quality to achieve environmental sustainability and boost neighbourhood real estate market.

With regard to a number of real estate literature on maturity of global property markets as pegged to, among other things, market transparency, there seems to be a less definitive or cutting-across picture portraying such transparency in the light of aiding the developments in property price indices in markets of differing levels of maturity. It seems bewildering that much of the literature is either based on developed European and US markets or a comparison between those two and Asian markets and little concern has been on infant markets.

The aim of this review paper was not to give account on developments in property price indices in infant markets but rather to generate a collectively comparative picture of the development of such indices with regard to three most regarded levels of market maturities i.e. developed, emerging and infant markets. The paper looks at data availability in different market levels and the adopted methods in developing house price indices. A number of available literature were reviewed at different market levels. In general, a vast of literature suggests that transaction based models in house price indices are more prevalent in highly matured markets and less prevalent in emerging markets such as some parts of Asia. Little literature is available on the adoption of transaction based models in infant sub-Saharan markets. The literature further collectively suggests that the more vibrant the market is, in terms of property transactions, the more preference will be on transaction based models as opposed to valuation/appraisal based models. Also collectively, the literature suggests that valuation based models would more easily fit the infant markets given infrequent trading of housing units. Recommendations out of this review are two-fold: modification of valuation based models to effectively mimic transactions or data innovative techniques to favour the adoption of transaction based models.

PURPOSE: The purpose of this study was to explore the evolution of real estate degree programs since their inception in Uganda in 2005. It further assesses the relevance in regard to solving the land management challenges which they were intended to solve.

DESIGN/METHODS/APPROACH: This study was mainly a case study research. Purposive sampling was vital in selection of relevant departments in universities where programs are taught and stratified techniques were

used in collecting data from the different stakeholders; in addition, there was a review of several documents to enhance knowledge obtained from the primary data.

FINDINGS: The study established that, although real estate programs were introduced in Uganda more than a decade ago to cub the glaringly unguided property market and the challenges of the land management and

development function, policy makers haven’t yet appreciated their existence. Relevance of the initial curricula designs weren’t sustainable, hence necessitating thorough reviews both on course content, weightings and even total replacements.

RESEARCH LIMITATIONS/IMPLICATIONS: This research hasn’t made a comparative study of relevance of real estate programs with key states within the East African Community. The time period is also limited to since the inception of the programs and little focus has been put on the magnitude of the land challenges during the period before their inception

PRACTICAL IMPLICATIONS: Results of this research can be instrumental in boosting the quality of real estate programs to become more relevant and sustainable

ORIGINALITY/VALUE OF WORK: Since their inception in Uganda, this study provides the first opportunity to ‘stoke take’ on the focus and relevance of the real estate programs to the Ugandan property industry.

PURPOSE: in the valuation of specialized property without trading potential, the property valuation approach is that market or existing use value is taken as equating to reconstruction costs modified by deductions for physical deterioration and functional/economic obsolescence. However, market value is determined by the interaction

of the economic forces of supply and demand, not supply alone. The purpose of the paper was to compare the suitability of property and environmental (contingent) valuation approaches to the valuation of specialized property for the purpose of determining whether a paradigm shift is necessary in valuation practice.

DESIGN/METHODS FOLLOWED/APPROACH: The approach was to draw conclusions from an analysis of three indicators of suitability: the comparative rationality of the basis and methods of the two approaches; their likely comparative accuracy; as well as their comparative practical ease of use in application to specialized property.

FINDINGS: The analysis concluded that environmental (contingent) valuation approaches were more suitable for specialized property valuation as they were more rational and more capable of producing accurate results, though less easy to use.

RESEARCH LIMITATIONS/IMPLICATIONS: Contingent valuation approaches are subject to certain limitations and practicality suggests it might necessary to take them together with the usual cost approaches. The paper suggested that a paradigm shift towards such combined usage is necessary in specialized property valuation practice

PRACTICAL IMPLICATIONS: Contingent valuation approaches deserve to become part of standard specialized valuation training and practice

ORIGINALITY/VALUE OF WORK: The paper has value in stimulating more rationality and accuracy in specialized valuation practice.

There is Ghanaian adage that says ‘when a man dies, people ask of his house not his money’. Culturally, every breadwinner is expected to leave behind a legacy of a house, without which one is considered a failure

in society. Driven by this cultural norm, many urban dwellers are compelled to combine renting and building a house for several years until they are able to complete their house. Building a house in urban Ghana costs a

fortune. Landlords expect tenants to pay a rent advance of at least 2 years. Individuals may also have personal responsibilities. The objective of this study is to understand how urban dwellers in Ghana combine renting and building a house amidst other personal responsibilities. The study also examines the effect of this combination on their everyday life. Using a case of Accra, this study employs structured questionnaire to gather data from 120 low and middle income earners who are either renting and building a house simultaneously or have completed their house. Many respondents said that the combination of renting and building a house puts a huge financial burden on them. Some have had to rent a relatively substandard accommodation in order to invest more in building their house. Many engage in multiple income generating activities in order to raise money to continue building their house and to pay their rent. The practical reality of this study is that every individual who is combining or has combined both renting and building a house has a story to tell. However, urban scholars in Ghana have not paid attention to this phenomenon. The originality in this study is an understanding of the struggles and sacrifices of the ordinary Ghanaian in the quest to meet the cultural expectations of society.

Analysis of second/holiday homes in other countries link them to a whole range of negative impacts that include socio-economic consequences and pushing house prices beyond the reach of local buyers and renters. In Kenya they have been linked to conversions of highly potential agricultural land to residential or commercial land use, contributing to food insecurity. The rising values have also contributed to sale of ancestral homes leading to increased poverty for the rural folk.

These second/holiday homes are becoming a common place in rural Kenya. The properties are either built in the rural areas where one originally came from or in gated community developments. Those in the gated community developments are often sold or marketed as part of the tourist industry and are supposed to give the owner abnormal profits and as well as make a contribution to the local economies. These properties are supposed to offer the perfect holiday venue, which makes the properties highly rentable. Studies have shown that these homes

initially made a useful contribution, but is that still the case? To what extent do these homes have an impact on land values and a positive effect on the rural economy?

The research will look at second/holiday homes in ancestral areas and rural gated developments in Naivasha and Laikipia. The study hopes to determine if these properties have contributed to the rise in land values in areas where they are, leading to rural areas being converted from agricultural use to commercial uses and therefore leading to food insecurity.

The study recommends that Governments need address the problems posed by empty and rarely used properties. The role of land use planning must be more widely discussed to understand its scope and limits for these types of homes. This is especially in the areas of land use class, zoning categorisation and changes in land use.

PURPOSE OF THE PAPER: To investigate of the impact of the Government Immovable Asset Man-agement Act (GIAMA, No. 19 of 2007) on immovable asset management by the Department of Public Works (DPW), South Africa, which is mandated to be the custodian of all immovable assets utilized by National Departments.

METHODOLOGY: Primary sources included survey questionnaires and interviews with relevant man-agers of all business units involved in life cycle asset management within DPW. The units are As-set Investment Management, Professional Services, Policy and Key Accounts Management. The population was subdivided into three levels of management (Chief Directors, Directors, Deputy Directors). Stratified random sampling

identified a total of 30 out of a total population of 80 man-agers from the four units. A total of 27 completed questionnaires were received and analysed. Secondary data included theory from previous research, current theories and official documents of the department including strategic plans, guidelines, policies and relevant legislations.

FINDINGS: The study has established that the roles and goals of different business units within DPW involved in immovable asset management are not properly aligned to strategic goals of the department. The asset register in the department which was not updated had a negative impact on the effectiveness and efficiency of asset management and planning. The Department has a number of asset management policy and skills gaps which need to be addressed to comply with GIAMA. It is recommended that DPW should ensure that it addresses the gaps in the asset man-agement systems, policies, skills and asset management planning in the department to ensure that the department complies with all GIAMA requirements.

PRACTICAL IMPLICATIONS: Implementation of the recommendations should contribute to the optimi-zation of the fixed assets owned by the South African government and also impact positively on service delivery to User Departments.

South Africa is challenged with an increased backlog of adequate subsidised affordable housing in well-located areas that provide access to urban amenities and places of employment. On the other hand, such housing is frequently opposed to by homeowners in fear that their property values will decline and their neighbourhoods will lose their personality. As questions continually arise about whether the sales and prices of bonded properties are going to be affected by close proximity of subsidised affordable housing. Property value is considerably important as rising values within a neighbourhood suggests that the neighbourhood is moving in positive direction, which increases the attractiveness of that neighbourhood. Increased property value acts as a proxy of the quality of life, which are essentially difficult to assess numerically as they reflect the types of amenities neighbourhoods are able to provide as stated by the location theory (McArthur and McArthur, undated). The theory also states that the more accessible or attractive a location, the greater its profit potential. However, the relationship between subsidised affordable housing and property value is complex. As neighbourhoods are characterised by their complex interrelated attributes which together determine the neighbourhoods character (Nguyen, 2005).

This study, will assess whether subsidised affordable housing provided through South Africa’s Integrated Residential Development Programme (IRDP) looking at Fleurhof, Johannesburg impacts the property value of neighbouring bonded properties. The study considers the study area of Fleurhof in Johannesburg, as it was developed using the IRDP and is located within close proximity to bonded properties. This study will use a quantitative methodology, using the hedonic price modelling. This model is used as it considers all the characteristics of a property from its physical appearance to the locational amenities that are located within proximity to the property and the characteristics found in the neighbourhood the property is located which in turn are reflected in the property’s price (Barton and Madsen, undated). This research reports clarifies bonded property homeowner concerns about their property values and the way in which subsidised affordable housing impacts it. Bonded properties located within close proximity to subsidised affordable housing has no negative impact on property values and bonded property homeowners need not be concerned about the proximity of subsidised affordable housing.

PURPOSE: One of the important performance indicators that investors consider in international investment decision making is inflation hedging performance of prospective investments. Africa has been largely left out of investment due to data opacity. The study assessed the actual, expected and unexpected inflation hedging

performance of REITs from four countries which included an African country (Nigeria), and selected countries from other continents (Malaysia, USA and UK). This study attempted to provide relative comparative inflation hedging data to hopefully stimulate more indirect African investment.

DESIGN/METHODS FOLLOWED/APPROACH: The Fama and Schwert (1977) OLS methodology has traditionally been used in inflation hedging analysis. However, one of the assumptions of OLS is stationarity. Accordingly, a unit root test (in this case the Augmented Dickey Fuller test was first conducted to determine if REIT total returns and inflation were stationary. In the study, OLS could not be used because stationarity assumptions OLS are violated. Therefore, cointegration tests are conducted on the data to determine the right model to estimate the relationship between the between total returns and inflation components. Where the variables in the tables listed were found to be cointegrated, the Error Correction Model (ECM) was adopted and where the variables where not cointegrated, first differencing was applied to the variables, upon which the Ordinary Least Squares (OLS) method was used for the inflation hedging analysis.

FINDINGS: The study found that the African REITs (N-REITs) and M-REITs provided a hedge (albeit partial), against all inflation components. In contrast, UK-REIT could not provide a hedge against expected inflation while US-REIT provided a hedge only against one inflation component (expected inflation).

PRACTICAL IMPLICATIONS: Investors interested in hedging against all inflation components should invest in the African (Nigerian) and Malaysian REITs. However, governments in the four countries (and their central banks) need to reduce their CPIs and TB rates if they wish to encourage international investors who have an eye on inflation.

These results are important for asset managers as well as government regulatory agencies to make better informed decisions in relation to factors which affect direct real estate returns in an emerging economy.

Under property informality, perceptions on transaction failure risks at purchase can diversify the spectrum of possible prices depending on anticipated occupation strategies subsequent to purchase. Based on survey data on 1246 land purchasers from Kinondoni municipality, Dar es Salaam Tanzania, binomial logistic regression models were implemented to predict pre-purchase perceived transaction failure risks and mixed effect models were utilised to examine the effect of the predicted risks on (2010 constant) price of 400m2 plots. The results suggest that risk averse households pay on average around Tanzanian Shillings (Tshs) 10,000/=more if they intend to effectively occupy their newly acquired plots than they would pay for similar but ineffectively occupied plots simply because of a relatively lower perceived transaction failure risk associated with the former. This observation suggests that risk- price premium in land transaction is dependent on the anticipated occupation strategy subsequent to purchase. On average “frequent visitation” after purchase induces a higher risk-price premium over formal purchases. A Legal title to a “vacant plots” has a relatively smaller risk-price premium of around Tshs. 5,000/= over “effective occupation” for the same but a relatively higher risk-price discount is associated with “frequently visited” plots among risk lovers. These risk-price premia yields translates to an average of around Tshs. 16,000/= for each 400m2 plot purchase.

These marginal risk-price premia suggest that informal and formally titled plots sale on average, at around the same price regardless of whether the purchaser is risk averse or otherwise. In terms of policy, titling of vacant land has limited transaction risk-reduction effect, purchasers might be indifferent between formal and informal purchase of vacant land.

PURPOSE: A key criticism of ‘mainstream economics’ is that, by emphasising equilibrium, and focusing on market outcomes, it neglects matters of process leading to those outcomes. There is thus significant interest within the heterodox economics tradition in matters of process. This paper applies/extends John Latsis’ economic process theory (EPT) to the analysis of real estate markets. The purpose is to shed light, both on the analytical value of EPT, and on how real estate markets may be more fruitfully analysed.

METHOD/APPROACH: This is a theoretical contribution, and involves an explication, adaptation and application of Latsis’ EPT to the analysis of real estate markets.

FINDINGS: The paper argues that EPT brings into view key empirical variables regarding the functioning of real estate markets that are inaccessible or invisible from the perspective of conventional analyses of these markets. The focus of the later on market outcomes (such as prices, rentals, yields, vacancies etc.) leaves much of the actual operation of real estate markets hidden from view.

PRACTICAL IMPLICATIONS: The paper provides an analytical framework and language that is useful for the empirical study of real estate markets, in the process bringing new insights to this field of study. This opens the way for new research pathways into the behaviour of research markets in different contexts.

ORIGINALITY/VALUE OF WORK: This paper makes a contribution to the growing literature on economic process. The originality of the paper is that it represents the first attempt at extending the reach of EPT specifically to the analysis of real estate markets.

PURPOSE: The paper provides an insight into managerial perceptions on the roles of innovation sources and ICT in facilities management (FM) in Lagos Metropolis. It establishes the challenges faced by the facilities managers, level of awareness and determines their perception on the impacts of innovation sources and ICT on facilities management.

DESIGN: A total enumeration survey was adopted; hence, 130 questionnaires were administered on the 130 registered facilities managers who are financial members in Lagos Metropolis in 2016; 90 were retrieved. This represents a response rate of 69%. The weighted mean and relative importance indices (descriptive) were adopted as the tools of analysis.

FINDINGS: The findings posit that frequent change in management (2.43) and lack of effective and appropriate communication skills (2.38) ranged as top challenges faced by the service providers; and thus discovered that they were most comfortable with the use websites and blogs in effective service delivery.

RESEARCH LIMITATIONS/IMPLICATIONS: The paper was only able to cover Lagos metropolis because of time constraints. Most of the registered facilities managers are in Lagos metropolis; hence, the results should substantially form an opinion of their perception.

ORIGINALITY/VALUE OF WORK: The paper consolidates on existing literature on enhancing best practices in facilities management.

With the President away on medical leave, the technocrat Vice-President twice took the reins and has made decisive actions leading to a rebound of the Naira, facilitating ease of doing business for foreigners and locals alike and calming nerves in the Niger Delta, which led to the much-needed increase in the nations crude oil output, amongst others. It wasn’t long before the World Bank predicted an exit from recession in 2017 and economic growth of 1%, later reviewed to 1.2% by mid-year.

But it was not all rosy in the first half of the year as there’s more than one boiling pot of social instability in different pockets of the country. Boko Haram, Fulani herdsmen, and now a Biafra and Arewa faceoff have further made more than 50% of the country’s land area undesirable for commercial real estate activities or significant investments.

Resultant to these, built property prices either stayed constant or declined in most locations, only rising in select areas where quality and location induced growth. Land prices on the other hand continued to rise in most regions, seemingly being the best form of real estate investment considering the high cost of developing property in a country where over 50% of construction materials are imported even in the face of a weakened local currency,

The zealous implementation of the whistleblowing act also had far reaching consequences on the real estate sector and sadly they are not positive. Two corporate real estate players sought public funding/investment for their real estate developments. Mixta Nigeria recorded success while the other was not so successful. The Government equally demonstrated some commitment towards financing housing delivery and accessed a World Bank loan of $300M for that purpose.

Real estate is the physical land and anything attached or fixed to land including manmade features attached to land, below and above ground. Virtual Reality refers to spaces that are created in a digital form that human beings can access using complex computer equipment. Virtual reality uses immersion where the user is immersed in an imagined world. It stimulates presence and creates an atmosphere that is similar to the real world.

This study conducted was an exploratory study. Questionnaires were administered to online gamers and interviews conducted.

This paper seeks to investigate and justify the inclusion of virtual property as real property to allow the rights and ownership of these properties to be transacted by real estate professionals. It presents investment into virtual real estate as an alternative investment tool in real estate. It seeks to show ways to invest in these properties and their economic contributions. The study found out that virtual real estate transactions in Kenya were very few only at 15%. However, if not well regulated then the rising investments in this field will create insurmountable challenges within the industry that tend to have ripple effects if unattended such as bubbles that have great impacts on general economies.

The real estate academy has always been preoccupied with the quality of research and research contribution. The research team conducted an on-line survey of journal editors and associate editors in real estate, housing, planning and related fields in summer 2015. The responding editors from 23 journals represent 74% of the population. Among the dozen potential contributions, developing new theories that can be applied to existing or new problems top the list, with potential for citations, case studies and straight replication having the weakest support. The survey revealed interesting facts about journal editors, best practice, impact factors, use of reviewer software, and advice for emerging scholars.