International Journal of Real Estate Studies最新文献

{"title":"Assessment of Residential Real Estate Investment Performance in Lafia Metropolis, Nigeria","authors":"H. Agava, Naomi Ijadunola Popoola, Michael Tolulope Adeyemi Ajayi","doi":"10.11113/intrest.v17n1.240","DOIUrl":"https://doi.org/10.11113/intrest.v17n1.240","url":null,"abstract":"Investors are expected to be guided through investment performance measurement and analysis in order to safeguard against potential loss of investment returns or the capital invested. Whereas residential real estate (RRE) constitutes a significant part of the portfolios of individual and institutional investors across the globe, the assessment of risk-return performance of RRE investment in Nigeria generally has not been well researched. Investors in real estate (RE) in the Lafia city of Nasarawa State, like other cities in Nigeria, still rely on mere intuition, sales comparison and the rule of thumb in real estate investment decisions-making. Consequently, these ill-informed investors often venture into poorly conceived and subsequently financially disastrous real estate investment projects thereby failing to achieve their desired investment objectives. Hence, this research was conducted to evaluate the performances of RRE investment in Lafia metropolis of north-central Nigeria with a view to guiding existing and potential real estate investors and practitioners in the region in making informed property investment decision. A survey research design was adopted to collect transacted residential property value data from estate surveying and valuation firms as well as reputable estate agent offices in the study area. Mean scores, property value index and holding period return model were used to analyse the rental/capital value indices and total return performance respectively. The modified value-at-risk model was used to assess risk while the modified Sharpe ratio was used to evaluate the risk-return performance of RRE investment performance in the study area. The research findings revealed, among others, a progressive increase in rental and capital values of RRE within the study period. RRE investment showed an average rental growth of 6.8% per annum and capital value growth of 9.4% per annum. On the basis of investment returns, it was found that Angwan Doka outperformed other selected neighbourhoods in the study area with an average mean total return and risk-adjusted return of 13.76% and 0.80% per annum respectively while Shabu underperformed other locations with average mean total return and risk-adjusted return of 12.17% and 0.55% per annum. The study recommended, among others, that potential real estate investors should consider investing in residential real estate in Angwan Doka since this location gives higher total and risk-adjusted returns on residential property investment relative to other locations in the city.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"35 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":"122161982","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":"Role of Real Estate in a Mixed-Asset Portfolio and the Impact of Illiquidity","authors":"Robin Günther, Nadine Wills, D. Piazolo","doi":"10.11113/intrest.v16n2.168","DOIUrl":"https://doi.org/10.11113/intrest.v16n2.168","url":null,"abstract":"Real estate ratios have increased in recent years. This article thus examines the diversification potential of real estate investments that German investors can achieve at a global scale. To this end, it analyzes how the illiquidity of some real estate investments or the illiquidity preference of an investor can bring about optimal investment ratios. Optimum allocation quotas for German investors with a wide range of mixed-asset allocations are examined. In addition to traditional optimizations, this article applies the three-fund theorem to include liquid and illiquid forms of real estate investment and to determine optimum allocation ratios. While real estate may be an essential component in a mixed-asset portfolio, it is not included in all optimal portfolios. An optimal portfolio also depends on the investment form, insofar as real estate vehicles are not always suitable for diversifying the portfolio risk or for improving the performance of a mixed-asset portfolio. Moreover, illiquid investment vehicles can often provide strong diversification benefits. The optimum allocations to real estate thus depend on the investor’s illiquidity acceptance, even if allocation dominance has increased in recent years. While many studies have demonstrated the advantage that investors gain from adding certain real estate assets, such as those obtained by direct investments, this study goes further by examining the comparative advantage of different real estate investment forms within a variety of asset classes. New insights can thus be gained by considering investors’ liquidity preferences within a given portfolio. One of these insights is that there is a trade-off between illiquidity and diversification potential. Another is that optimum portfolio allocations depend on illiquidity acceptance. These findings therefore also provide practical guidance not only to German investors with a global portfolio diversification but also to practitioners who add illiquid asset classes to their portfolio, to say nothing of the valuable field knowledge it offers to researchers in this field.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133476727","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":"Positioning Research Paradigm in the Development of the Social Housing Management Model in a Semi-Arid Climate","authors":"M. A. Modu, M. Sapri, Zafirah Ab. Muin","doi":"10.11113/intrest.v16n2.265","DOIUrl":"https://doi.org/10.11113/intrest.v16n2.265","url":null,"abstract":"This paper examines the philosophical perspectives in research and the justification for the adoption of an appropriate paradigm in conducting social housing management research. An extensive review of established literature related to philosophical perspectives in social science research was conducted which forms part of the methodology. The review revealed several philosophical paradigms for conducting research such as positivism, realism, interpretivism, and pragmatism; and each of these paradigms aimed towards solving the many problems in research through appropriate methodologies. The review also indicated that effective strategy for housing management should be considered through research that is inclined to a relevant philosophical paradigm that dictates the appropriate research tools and design. The paper suggests that pragmatism with its methodological traditions was conceptualized by researchers to ensure not only adequate study of a given social phenomenon in the realm of social science as it views objective reality is embedded in the environment which is encountered through human experience; but also is a set of tools of value for addressing practical problems in the real world regardless of the peculiarity of research environment. Therefore, pragmatism has the potential to offer a suitable methodology to the social science research investigating social housing management in a peculiar environment such as the semi-arid climate by using different methodological combinations to address the research questions through either intermixing of interviewing, observation, and document analysis; relying on interviews rather than observations, or the intermixing of qualitative and quantitative data to address their research question.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128926529","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 and Practices of Social Sustainability across Construction Project Lifecycle","authors":"N. E. Kordi, S. Belayutham, C. K. C. Che Ibrahim","doi":"10.11113/intrest.v16n2.232","DOIUrl":"https://doi.org/10.11113/intrest.v16n2.232","url":null,"abstract":"Previous research has suggested incorporating social sustainability into the construction project lifecycle. However, the understanding and means of incorporating social sustainability practices throughout the project lifecycle remain unclear. Therefore, the purpose of this paper is to fill a knowledge gap by investigating the “real experiences” and “perspectives” of industry practitioners on social sustainability practices throughout the construction project lifecycle. The study began with a literature review to identify social sustainability attributes, which were then confirmed through structured interviews with 15 practitioners, and the data were then analysed thematically. The practitioners unanimously agreed that the social sustainability attributes could be divided into nine (9) main attributes along with the 20 sub-attributes, namely: 1) safety and health; 2) impact assessment; 3) employment; 4) stakeholder involvement; 5) satisfaction; 6) quality education; 7) social procurement; 8) protection design/belonging; and 9) human right. The practitioners have positioned the nine main social sustainability attributes into the different phases of the construction project lifecycle, based on actual practices in their projects and their professional opinion on the subject matter. Stakeholder Involvement shows the largest gap for improvement (31.7%), followed by the attributes of Worker Health and Safety (23.3%), Protection of Cultural Heritage (21.7%), and Social Procurement (21.7%). Findings from this study would benefit the industry stakeholders in incorporating social sustainability at different phases of the construction project lifecycle. The framework gives a comprehensive understanding of social sustainability that can be utilized to enhance construction project planning and sustainable development. The novelty also lies in the consolidation of social sustainability attributes for practitioners in construction that could act as a reference for any future developments related to social sustainability in construction.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126387493","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":"Competitive Advantage among Indigenous Construction Firms in Competing with Expatriate Contractors in Nigeria","authors":"S. Yusuf, Ayooluwa Femi Aribisala, Abdulhaqq Onoruoyiza Muhammed, Jonathan Oluwapelumi Mobayo, Usman Belgore","doi":"10.11113/intrest.v16n2.153","DOIUrl":"https://doi.org/10.11113/intrest.v16n2.153","url":null,"abstract":"In recent times, the preference for expatriates in the contractual process in Nigeria has become an issue of controversy and general public interest. As a result, the high presence of these foreign expatriates has raised competitiveness in the construction sector, which is partly caused by indigenous enterprises' incapacity to meet the demands placed on them in terms of construction project delivery. This paper, therefore, investigates the factors influencing clients’ choice of contractor, examines the performance index of both expatriate and indigenous construction firms (ICFs), and analyzes the key performance indicators (KPI) for ICFs to increase their competitive advantage. The methodology involved the administration of structured questionnaires to a paper population of 384 construction experts comprising engineers, architects, quantity surveyors, builders, and project managers in Nigeria. With a response rate of 69%, frequencies/percentages, mean values, relative importance index (RII), and regression model were employed for the analysis. The findings revealed that the most important factors influencing clients’ choice are past performance and experience, equipment capabilities, and quality specification/standards. Additionally, this paper used six (6) KPIs (human resource management, financial management practices client-based strategy, organizational culture practices, smart work methods, and quality management practices) to model the performances of ICFs to increase their competitive advantage in Nigeria. This paper concluded that there is a higher performance of foreign expatriates in terms of time, cost, scope, quality, and satisfaction over their indigenous counterparts. This paper recommended that there is a need for ICFs to increase their equipment capacity and ability to undertake mega projects, develop an effective funding strategy to execute projects and collaborate with international partners to boost their level of competitiveness.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124464251","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":"Built Environment Professionals’ Perception of the Importance of Facility Management Professionals at the Design Stage","authors":"A. Oluwunmi","doi":"10.11113/intrest.v16n2.191","DOIUrl":"https://doi.org/10.11113/intrest.v16n2.191","url":null,"abstract":"There is a misconception that facility management (FM) professionals are needed only after a building has been completed, in order to manage maintenance and operating expenses. Hence, they are hardly considered an essential part of the design team. To query this notion, this study investigated the perception of built environment professionals on the importance of FM professionals at the design stage. Quantitative research using a questionnaire survey was adopted. Three hundred and forty questionnaires were administered to four categories of built environment professionals (engineers - civil, electrical and mechanical; architects; quantity surveyors, and builders) in Lagos, Nigeria and 266 (78%) of the questionnaires were found useful for analysis. The data was analysed using percentages, mean, relative importance index (RII) and Kruskal-Wallis test. The outcome of the analysis showed that respondents agree that FM professionals are important at the design stage in order to review design from a maintenance, operation, and serviceability perspective. The study also revealed that architects and quantity surveyors are fully convinced that FM professionals are crucial at the design stage, while builders and engineers are not. It was suggested that the governing body of FM professionals, the International Facility Management Association (IFMA), should organize forums where other built environment professionals can be educated on the importance of involving FM professionals at the design stage. Moreover, IFMA should leverage its membership base to secure meetings with owners of facilities with high running costs and demonstrate to them the savings accruable had they engaged FM professionals at the design stage. This is with a view to encouraging such owners to engage IFMA members from the onset of their subsequent projects. Doing so will ensure the delivery of cost-efficient facilities.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132018490","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":"Effect of Facilities Management Service Quality on User Satisfaction and Institutional Image","authors":"Yusuf Nicholas, M. I. Mohammed, Kalu Joseph Ufere, Ahmad Ibrahim Kuna","doi":"10.11113/intrest.v16n2.206","DOIUrl":"https://doi.org/10.11113/intrest.v16n2.206","url":null,"abstract":"The rapid change in all sectors of human endeavour disrupts the way businesses, organisations and institutions conduct their activities. In the service industry, provision of high quality service becomes the trending issue as service users increasingly becomes sophisticated. Studies have shown that provision of high quality service improves institutional image and influences level of users’ satisfaction. The aim of this study is to investigate the effect of facilities management services quality on users’ satisfaction and institutional image in Gombe State University (GSU) with a view to providing evidence-based information for managerial decision. Using survey strategy, 666 questionnaires were administered, of which 458 were retrieved and used for analysis. The result show that FM service quality has statistically significant effect on institutional image (β = 0.979; t = 473.10; p < 0.05) and user satisfaction (β = 0.990; t = 1483.32; p < 0.05). The overall model performance indicated that FM service quality explained about 96% and 98% variation in institutional image and users’ satisfaction respectively. It is recommended that decision makers in higher education institutions (HEIs) should pay more attention to the management and upgrading of both core learning facilities and other support services to ensure sustained user satisfaction and institutional image.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130812692","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":"How Much Can VR Improve Spatial Experience? - A Case Study with a Commercial Building Project","authors":"Yi-Kai Juan, Hao-Yun Chi, Yang Zhang","doi":"10.11113/intrest.v16n2.200","DOIUrl":"https://doi.org/10.11113/intrest.v16n2.200","url":null,"abstract":"With the development of Industry 4.0 and the impact of the COVID-19 epidemic, the global construction industry has undergone a rapid digital transformation, pushing the development of building information modeling (BIM), virtual reality (VR), augmented reality (AR) and mixed reality (MR) technologies towards greater maturity. However, from the perspective of building developers and end users, does VR technology have any benefit for complex building projects? What are users' acceptance and evaluation on VR emerging technology? After constructing a VR simulation navigation system for an actual commercial building project, this study investigated and compared the differences between using the VR system and the traditional navigation system in the four dimensions of the technology acceptance model. The results showed that the subjects generally believed that the VR system has significant benefits in terms of usefulness, users’ attitude, and users’ intention, however, there is still room for improvement in the perceived ease of use. Moreover, feedback from developers supported the benefits of the VR technology validated the system effectiveness. Hence, VR and BIM technologies are recommended to be effectively integrated, in order to enhance the integrity of industrial applications and establish a new design communication and collaboration model for the architecture, engineering, construction, and facility management industry.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128104981","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":"Bias in Tenant Selection in Lagos Private Rental Housing Market, Nigeria","authors":"J. O. Oyedeji","doi":"10.11113/intrest.v16n2.189","DOIUrl":"https://doi.org/10.11113/intrest.v16n2.189","url":null,"abstract":"Bias in tenant selection is a global phenomenon. This necessitates the need to examine bias in tenant selection in the study area being a prime property market. This study aimed at examining the requirements for tenant selection and the nature of tenant selection bias in the study area. Data were gathered through structured questionnaires administered to 162 Estate Surveyors and Valuers out of which 137 questionnaires were retrieved. Data gathered were analyzed using frequency distribution table, weighted mean and ranking. Findings from the study revealed that all the identified tenant selection requirements are important and income status is the most important tenant selection requirement in the study area. Also, bias base on ethnicity is the most prevalent form of bias in tenant selection with a mean of 4.299. The major cause of tenant selection bias is as a result of previous bad experiences from old tenants with a mean of 4.058. The major consequence of tenant selection bias is increase in the void period with a mean of 4.190. It is imperative for government to legislate and make enforcement against all forms of tenant selection bias as it is inimical to housing accessibility. Also, it is important to orientate residential property owners against the negative consequences of bias in tenant selection.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"09 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127197484","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":"Analysis of Local Government Physical Asset Management Practices Stakeholders: The Ugandan Case","authors":"P. A. Obicci","doi":"10.11113/intrest.v16n2.158","DOIUrl":"https://doi.org/10.11113/intrest.v16n2.158","url":null,"abstract":"In local governments, physical assets are managed to achieved stated objectives of the organization. Although the stakeholders are entitled to enjoy flawless, safe and secure service outputs with the aid of excellent physical assets, in most cases the stakeholders are unknown. Stakeholder analysis is a valued tool for identifying and analyzing the characteristics, knowledge interests, positions, and potential for and/or actual stakeholders but is rarely carried out in local governments (LGs) in Uganda. This despite the fact that such analysis makes known the contribution of stakeholders to increased productivity and growth through optimizing the value of physical asset over its lifetime. Therefore, this paper has tackled the problem of PAM practices by introducing a theoretical framework bringing together all key stakeholders with the purpose of explaining their roles for an effective PAM practices in the LGs. Using Cooper’s Taxonomy of Literature Reviews (CTLR) offered by Cooper (1988), the researchers make a synthesis of diverse literary works to serve as a determinant consequence of effective stakeholder relationships with respect to PAM practices in the LG context. Drawing on the stakeholder theory, this work contributes to the literature by showing that stakeholders are embedded within the processes of PAM practices, and identifying them and their critical roles important for success. The implications of each of the findings for effective PAM practices are discussed. Besides the work emboldens the signification of empirical literature acting as a supplement for academics and researchers for reference to their quest. The results may also provide information to management in LG to leverage the engagement of their stakeholders for an effective PAM practice. Moreover, the work will be relevant to policymakers who design support schemes and mechanisms to enhance stakeholder engagement with the intent of promoting value creation in the physical assets.","PeriodicalId":139660,"journal":{"name":"International Journal of Real Estate Studies","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122727494","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}