International Journal of Real Estate Studies最新文献

{"title":"Evaluating the Influence of Foreign Exchange Policy Regime on the Construction Sector in Nigeria","authors":"N. Saka, D. Moyanga","doi":"10.11113/intrest.v17n1.233","DOIUrl":"https://doi.org/10.11113/intrest.v17n1.233","url":null,"abstract":"In developing economies, foreign exchange policy regime (FEPR) play a critical role in the viability of all sectors of the economy. In Nigeria, the economy is dependent on foreign inputs from contracting services, technology, materials, expatriates, etc. Therefore, this study investigated the impact of FEPR on the performance of the construction sector in Nigeria. To achieve this goal, time series data was extracted from United Nations Statistics Division (UNSD) on the construction sector, gross domestic product (GDP) and FEPR for 50 years spanning from 1970 to 2019. The study uses econometric approach including tests of stationarity and co-integration as well as the generalized method of moment (GMM) to model the relationships between the variables. The study reveals that the 1986 FEPR reform had significant and negative effect on the construction sector output in Nigeria. This implies that the performance of the construction sector is affected by the state of the economy and government policy. This study proves that the foreign exchange policy regime does not significantly influence the construction industry during the period of review. It also ascertained that the development of the construction sector depends more on previous construction outputs and only altered due to oil export shock. Hence, this study recommends that sustainable construction development strategies should be implemented to eliminate construction sector challenges and reduce the effect of foreign exchange rate volatility on the construction sector. Finally, monetary and fiscal policies that can engender sustainable growth and development of the construction sector should be implemented.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"84 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130971096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Causes of Valuation Inaccuracy in Mortgage Lending in Ethiopia","authors":"H. Asres","doi":"10.11113/intrest.v17n1.262","DOIUrl":"https://doi.org/10.11113/intrest.v17n1.262","url":null,"abstract":"This study aims to add to the scarce empirical literature on mortgage valuation by ranking the variables that make inaccurate mortgage valuations. Given the central role, valuation plays in lending, high valuation inaccuracy leads to major market distortions in real estate with potentially harmful financial system repercussions. Thus, this study is envisioned to investigate the causes of valuation inaccuracy for mortgage purpose in commercial banks in Ethiopia. To achieve this objective, the study employed a convergent parallel mixed design. Data were collected from valuers through questionnaires and interviews using purposive, snowball, and convenience sampling techniques. To investigate the impact of the factors on valuation inaccuracy, an ordinal regression model was used. The study revealed that inappropriate valuation methods, the inadequacy of the market data, and property market imperfection were the most significant predictors. However, there are moderately significant causes which include the characteristics of the property market, valuation regulatory framework, and absence of the valuation standard. Client pressure, ethics, and competence of valuers were insignificant predictors. This paper recommends that the government should establish a government agency that is independent and in charge of valuation regulation, developing legal frameworks, and intervening in the property market. Based on the framework valuers should use an appropriate valuation method. Moreover, there should be an establishment of central databases that valuers relied on.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126038732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Dynamic Relationships among Composite Property Prices of Major Chinese Cities: Contemporaneous Causality through Vector Error Corrections and Directed Acyclic Graphs","authors":"Xiaojie Xu, Yun Zhang","doi":"10.11113/intrest.v17n1.294","DOIUrl":"https://doi.org/10.11113/intrest.v17n1.294","url":null,"abstract":"The present study is the first one that investigates dynamic relations among composite real estate price indices of ten different cities in China during the years from 2005 to 2021. Utilizing the data recorded on a monthly basis, we apply VECM (vector error-correction modeling) and DAGs (directed acyclic graphs) in order to characterize contemporaneous causal relations among the ten real estate price indices. We use the PC algorithm to identify a pattern with non-directed edges and the LiNGAM algorithm to determine the causal ordering, based on which we calculate the results of innovation accounting. The LiNGAM algorithm adopted here effectively utilizes non-normality for facilitating the arrival of complete causal orderings. Our results show that price dynamics revealed through processes of price adjustments due to shocks to prices are rather sophisticated and such dynamics are, in general, dominated by price indices of Shanghai and Shenzhen, which are two top-tier cities among the four top-tier cities in China. This indicates that policy design on composite property prices should be focusing on price indices of Shanghai and Shenzhen.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114533442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Socio-Economic Characteristics of Households Determining Housing Satisfaction in Bauchi Metropolis, Bauchi State, Nigeria","authors":"Jamiu Kayode Sakariyau, Salihu Maryam Muhammad, M. Bello, A. Aliyu, Rukayya Abdulrazak","doi":"10.11113/intrest.v17n1.318","DOIUrl":"https://doi.org/10.11113/intrest.v17n1.318","url":null,"abstract":"Life satisfaction and housing quality are inextricably linked, and socio-economic factors have an impact on both. Low income families in poor quality housing thus bearing the impact of income-related deficits with housing satisfaction. There is potential call for lower-income families to make more frequent housing adjustment in order to be content with less-than-ideal living conditions. In Bauchi, it has been observed that socio-economic characteristics of an individual translates into his earning, thereby influences his choice of location and housing satisfaction. This study's goal was to determine examining the impact of socio-economic characteristics of households on housing satisfaction in the study area. The study employed a quantitative methodology descriptive survey. 380 household heads received a questionnaire, of which 258 were recouped and used for data analysis. Households were surveyed employing stratified random sampling to gather data on the socio-economic characteristics of the households and satisfaction with environmental and physical characteristics. To determine the symbolic importance of the various elements, the gathered questionnaire was subjected to ordinal regression and descriptive statistics. According to the research findings, household’s satisfaction is correlated with their housing. There is significant link between socio-economic indicators and households’ housing satisfaction in the study area. The socio-economic factors in the study area that had a significant impact on housing satisfaction were gender and farming as a form of occupation. The government was advised to build the social facilities that are needed, repair the ones that are in bad shape, and implement the development control requirements as soon as possible.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"10 24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125762469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Use or Misuse of Urban Streets? Exploration of Everyday Urbanism in Traditional City Centres","authors":"Temitope Muyiwa Adebara, O. B. Adebara, A. O. Taiwo","doi":"10.11113/intrest.v17n1.235","DOIUrl":"https://doi.org/10.11113/intrest.v17n1.235","url":null,"abstract":"Urban residents often transform street precincts into places for informal activities through everyday urbanism to meet their daily needs, particularly in traditional city centres. Although strict regulations and control over public space exist, people-centred (bottom-up) interventions usually occur in traditional city centres. While such action exemplifies the rights people claim to suit their requirements and improve the daily living experience, there are arguments that everyday use of the streets generates land-use problems. In this regard, using data collected through questionnaire surveys, observations, and interviews, this study explores the factors that facilitate everyday urbanism and encourage using the streets as public spaces in traditional city centres of Nigeria. This is to provide helpful information that could serve as a tool for putting everyday urbanism into urban planning and design practices. The study established that the three most common street activities in the traditional city centres were informal trading, social events/ceremonies, and cultural festivals. It was also shown that the everyday use of public spaces created a unique setting for social interaction among people and contributed to the liveliness of the city centres. The principal component analysis (PCA) showed that the crucial factors that facilitated and encouraged the everyday use of streets were the economic factor (18.2%), the inadequacy of environmental amenities (17.8%), and culture and social lifestyle (12.2%). This study concludes that everyday urbanism contributes significantly to creating vibrant communities and improving life quality; therefore, it is recommended that the control and management of activities in public spaces should align with people's culture, lived experiences and socioeconomic realities.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123632395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Systematic Literature Review of the Digital Transformation of Cultural Heritage Assets during the COVID-19 Pandemic","authors":"Nor Fatimah Abd Hamid","doi":"10.11113/intrest.v17n1.212","DOIUrl":"https://doi.org/10.11113/intrest.v17n1.212","url":null,"abstract":"The repercussions of COVID-19 resulted in physical movement restrictions in the beginning of 2020. Due to these restrictions, which were imposed due to health policy considerations, cultural heritage assets are now under more pressure to continue operating and preserving their legacy. The approach for the protection and preservation of cultural heritage assets must be upgraded digitally. By conducting a thorough literature analysis, this research seeks to investigate how cultural heritage assets underwent digital change during the COVID-19 epidemic. A total of 334 results were returned for the search term. Unfortunately, only a total of 19 papers that were evaluated to be pertinent to the study issue. The analysis of these 19 papers showed that cultural heritage must be transformed digitally not just for conservation and preservation but also for improving visitor experiences, increasing understanding of the past, and educating, promoting, and managing heritage sites. The use of digital technology is mostly done to boost consumer interaction, enhance business performance, and support management needs. Advanced technologies including augmented and virtual reality, 3D reconstruction, digital twins, and the Internet of Things (IoT) are used to assist these purposes. Heritage managers may now continue their operations by providing visitors with virtual tours and displays. Also, certain institutes of higher learning are utilising this occasion to do study on the digitisation of historical assets. The analysis also suggests that the present stage of research on the digital transformation of cultural heritage assets is digitalisation. This is where technology adoption is focused on automating current business operations and procedures. Therefore, there are more opportunities for exploring the digital transformation of cultural heritage assets in order to reach a greater degree of digital transformation.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"52 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130708833","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Identifying Current User-Characteristics Influencing Housing Preferences in a Proposed Low-Income Estate Redevelopment in Lagos, Nigeria","authors":"A. S. Afolayan, Ibiyemi Saidat Yussuff","doi":"10.11113/intrest.v17n1.210","DOIUrl":"https://doi.org/10.11113/intrest.v17n1.210","url":null,"abstract":"Having fallen into disrepair, the Lagos State Development and Property and Property Corporation (LSDPC), Nigeria was to redevelop the studied low-income housing estate, which it built in early 1980s. This study highlights current users’ characteristics which exhibit relationship with their housing preferences in the eventual redevelopment, for enhanced satisfaction. To achieve this aim, the study identified current users’ characteristics and examined the degree of their correlation in satisfaction with some established domains of the housing environment, with a view to assessing those, which determine current dissatisfaction ratings and by implication shape housing preferences in the envisaged redevelopment programme. The research is correlational. The survey utilised structured Likert-scale questionnaires to collect data from systematically sampled 142 of the 714 households. Housing environment research variables were established in three domains; ‘infrastructures, ‘building features’, and ‘management’. Pearson Correlation Analysis was utilised, due to the nature of data, to test the relationship between selected user characteristics and level of satisfaction/dissatisfaction with selected elements of the domains. The resultant correlation coefficients were further corroborated with crosstabulations of selected user characteristics against the domain factors. The study revealed residents’ assessment of current state of infrastructure, building features and management services as poor, in parts. The factors which exhibited relationship with users’ preferences were found to include ‘tenure status’ and ‘length of stay’ in the estate. The others were ‘family size/structure’ and ‘age’ of household heads. With building features constituting prime and rigid attributes of the housing environment, an appreciation of these factors would guide public policy on user needs and perceptions for enhanced satisfaction and pre-emption of user activism attributable to user-group dynamics, hereafter. Broadly, the study recommended amelioration of identified areas of user dissatisfaction with Infrastructures in ensuing redevelopment. For building features, the study recommended improvement, in addition to proactive home-ownership allotee profiling system to embrace identified user characteristics in future projects.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121101934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Need for Creative Placemaking in New Development Areas: An Analysis of the Real Estate Developments of Qom, Iran","authors":"Saeideh Sobhaninia, Stephen T. Buckman, Jason Schupbach","doi":"10.11113/intrest.v17n1.244","DOIUrl":"https://doi.org/10.11113/intrest.v17n1.244","url":null,"abstract":"Sense of place gives meaning to the areas in which we live. Despite the importance of the sense of place in the quality of life and the success of new development areas, many new developments, especially those built as exurbs to large cities and geared towards housing for middle and lower-income people, are built without a conscious understanding and design to encourage a sense of place. While recognizing that economic and longstanding racial, religious, and other societal factors might influence the flow of capital and resources to new development areas, placemaking can provide communities with some of the tools they need to revitalize neighborhoods. This paper presents the findings of one of those places in Qom, Iran, where development was built without consulting those who would live there and, in turn, suffered the repercussions of that decision. Moreover, although some studies have acknowledged the importance of creative placemaking, limited studies have provided practical strategies to improve new development areas using this concept. Therefore, this study aims to evaluate the current sense of place and propose practical strategies to enhance place quality in new development areas using creative placemaking. Through a mixed-method study, including a survey and follow-up interviews with the community’s residents, the researchers have found that a general banality exists in the Qom, which degrades the residents' sense of place. The research results show the importance of social participation, emphasizing co-produced and citizen-led creative placemaking at the beginning of the development process. As only half of the community has been developed, the findings of this research can help lead the future of real estate development and, in turn, help real estate developers design and build communities that will create a sense of belonging for residents, maintain their value and be a destination for future residents.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121226036","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Perspective towards the Perceived Benefits and Challenges on Building Information Modelling - Facility Management (BIM-FM) Integration at an Early Stage of BIM Projects","authors":"Erni Yusnida Ariffin, Nur Emma Mustafa, M. Sapri","doi":"10.11113/intrest.v17n1.198","DOIUrl":"https://doi.org/10.11113/intrest.v17n1.198","url":null,"abstract":"Building information modelling (BIM) is the most recent facility management (FM) technology adopted in Malaysia. However, management and information technology (IT) system improvements are required for the adoption of this technology. Incorporating BIM and FM at an early stage of a project has the potential to yield significant benefits but may also increase project risk. Through a survey, this study aims at investigating the prospective benefits and challenges of BIM-FM integration in the early phases of a BIM project. 109 (55.6%) of the 196 facility management companies in Klang Valley answered a questionnaire survey that was sent to them. To determine the perceived benefits and obstacles of the integrated BIM-FM process, mean scores and standard deviations were computed. As a result, respondents perceived positively that integrating BIM-FM in the early phase of the BIM project will increase performance, improve collaboration and communication, increase FM business values, and reduce costs and time. In the meantime, all respondents agreed that organizational, process and technological factors influence the early adoption of BIM-FM integration in the Malaysian construction industry. This study substantially contributes to the current understanding of the advantages and disadvantages of BIM-FM integration in the early stages of BIM projects in Malaysia.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114345018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Factors Affecting Design toward Affordable Sustainable Housing Delivery in South African Construction Industry","authors":"I. Akinyede, J. Fapohunda","doi":"10.11113/intrest.v17n1.246","DOIUrl":"https://doi.org/10.11113/intrest.v17n1.246","url":null,"abstract":"The purpose of this study is to establish the factors that affect the design toward affordable sustainable housing delivery because housing is delivered above budget and unaffordable for low-income earners in South Africa. A sequential mixed method involving qualitative and quantitative approach was engaged for this study, and construction professionals were selected as respondents from nine provinces of South Africa to answer four points Likert scale quantitative questionnaires. A total of one hundred and fourteen (114) questionnaires were appropriately completed and retrieved from the respondents. Data collected were analyzed with descriptive statistics which include PCA, correlation, and regression analysis tools on SPSS version 25 to determine factors that affect the design with the regards to affordable housing delivery in South Africa, interview process is used to validate the findings obtained. The findings indicated that improper design leads to failure in achieving client objectives and causes a change in design and demolition. Lack of design of first-rate living conditions for a healthy environment, design sufficiency, and adaptability to meet people’s demand for cost efficient housing were the major factors responsible for unaffordable housing in South Africa. The study recommended that government should establish key policies on housing design to control resource waste and limit construction costs within budget. This will encourage the sensitivity of construction operators about resources control at the planning and implementation stages of housing production.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"1999 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126459559","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}