Pub Date : 2018-04-19DOI: 10.1080/14445921.2018.1461770
E. Thontteh, J. A. Babarinde
This study investigates and analyses factors motivating land speculators operating in the urban fringe of Lagos, Nigeria. The paper, in addition to contributing to literature, is the first known at...
{"title":"Analysis of land speculation in the urban fringe of Lagos, Nigeria","authors":"E. Thontteh, J. A. Babarinde","doi":"10.1080/14445921.2018.1461770","DOIUrl":"https://doi.org/10.1080/14445921.2018.1461770","url":null,"abstract":"This study investigates and analyses factors motivating land speculators operating in the urban fringe of Lagos, Nigeria. The paper, in addition to contributing to literature, is the first known at...","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2018.1461770","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44252990","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}
Pub Date : 2018-04-18DOI: 10.1080/14445921.2018.1461768
V. Ige, R. A. Oladapo
AbstractThe purpose of this paper is to assess the variation in compensation offered to claimants by the acquiring authority and the value arrived at by the Consultant Private Valuers, following th...
摘要本文的目的是评估收购机构向索赔人提供的赔偿的变化和私人估价师顾问得出的价值。。。
{"title":"Variation in compensation for compulsory property acquisition: Ondo State, Nigeria experience","authors":"V. Ige, R. A. Oladapo","doi":"10.1080/14445921.2018.1461768","DOIUrl":"https://doi.org/10.1080/14445921.2018.1461768","url":null,"abstract":"AbstractThe purpose of this paper is to assess the variation in compensation offered to claimants by the acquiring authority and the value arrived at by the Consultant Private Valuers, following th...","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2018.1461768","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43390383","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}
Pub Date : 2018-04-16DOI: 10.1080/14445921.2018.1461767
Nurul Afiqah Azmi, M. N. Razali, Rosli Said
This paper aims to benchmark the level of performance and volatility of Malaysian-Listed Property Companies (MLPCs) within developed countries over the period January 1994 to December 2014. This re...
{"title":"Benchmarking developed property portfolio markets in Malaysian-listed property companies","authors":"Nurul Afiqah Azmi, M. N. Razali, Rosli Said","doi":"10.1080/14445921.2018.1461767","DOIUrl":"https://doi.org/10.1080/14445921.2018.1461767","url":null,"abstract":"This paper aims to benchmark the level of performance and volatility of Malaysian-Listed Property Companies (MLPCs) within developed countries over the period January 1994 to December 2014. This re...","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2018.1461767","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48075390","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}
Pub Date : 2018-02-01DOI: 10.1080/14445921.2019.1598008
J. Sheehan, Jasper Brown
ABSTRACT Australian property law has steadily evolved to facilitate the recognition of new or previously unrecognised property rights. Concurrently, modern property rights have become increasingly complex. This evolution of property rights has had fundamental implications when addressing compensation for the impairment or acquisition of land (Indigenous or non-Indigenous) by government. Indeed as understanding of property rights advances, the ambit of compensation is catapulted into uncharted waters. This paper highlights the difficulty of containing property rights to a particular set of descriptors and the effect this has on compensation claims. Further, the current methodology for processing compensation claims exposes a disconnect between the public and the New South Wales (NSW) government. Finally, through an exploration of specific examples of compensation for private property rights, this paper concludes that there is need for a workable consensus on good, bad and fair compensation.
{"title":"The compensation catapult","authors":"J. Sheehan, Jasper Brown","doi":"10.1080/14445921.2019.1598008","DOIUrl":"https://doi.org/10.1080/14445921.2019.1598008","url":null,"abstract":"ABSTRACT Australian property law has steadily evolved to facilitate the recognition of new or previously unrecognised property rights. Concurrently, modern property rights have become increasingly complex. This evolution of property rights has had fundamental implications when addressing compensation for the impairment or acquisition of land (Indigenous or non-Indigenous) by government. Indeed as understanding of property rights advances, the ambit of compensation is catapulted into uncharted waters. This paper highlights the difficulty of containing property rights to a particular set of descriptors and the effect this has on compensation claims. Further, the current methodology for processing compensation claims exposes a disconnect between the public and the New South Wales (NSW) government. Finally, through an exploration of specific examples of compensation for private property rights, this paper concludes that there is need for a workable consensus on good, bad and fair compensation.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1598008","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45241646","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}
Pub Date : 2018-01-02DOI: 10.1080/14445921.2017.1418146
David M. Higgins
Wong, P. Y., Higgins, D. M., & Wakefield, R. (2017). Chinese investors investment strategies in the Australian residential property market. Pacific Rim Property Research Journal, 23(3), 227–247. https://doi.org/10.1080/14445921.2017.1372037 When this article first appeared online, the affiliation of David M. Higgins was incorrect. The affiliation should instead read, School of Engineering and the Built Environment, Birmingham City University, Birmingham, UK The authors apologize for this error.
{"title":"Corrigendum","authors":"David M. Higgins","doi":"10.1080/14445921.2017.1418146","DOIUrl":"https://doi.org/10.1080/14445921.2017.1418146","url":null,"abstract":"Wong, P. Y., Higgins, D. M., & Wakefield, R. (2017). Chinese investors investment strategies in the Australian residential property market. Pacific Rim Property Research Journal, 23(3), 227–247. https://doi.org/10.1080/14445921.2017.1372037 When this article first appeared online, the affiliation of David M. Higgins was incorrect. The affiliation should instead read, School of Engineering and the Built Environment, Birmingham City University, Birmingham, UK The authors apologize for this error.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2017.1418146","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41289723","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}
Pub Date : 2018-01-02DOI: 10.1080/14445921.2018.1436323
W. Reddy, W. Wong
Abstract Investment managers have traditionally resorted to the Australian real estate investment trusts (A-REITs) as a means to growing portfolio return. The A-REITs have been popular for yielding some of the best returns until 2007, when the global financial market (GFC) collapse led to major fall in values. Since the GFC, with low interest rates the A-REITs have performed well compared to the broader stock and bond markets. Given low expectations of additional monetary easing, future rising interest rate environment can significantly impact A-REIT performance mainly in industry sectors with greater reliance on debt funding. Thus, this research explores the sensitivity of A-REITs performance to changes in short- and long-term interest rates across five sectors: diversified, industrial, retail, office and specialised (non-core) funds. The analysis covers a 21-year period (1995–2016) using the capital asset pricing model. In doing so, the research allows comparison of A-REITs performance at sub-sector level and over different market cycles. Findings indicate that both the diversified and retail sector exhibit strong relationship to market risk, short- and long-term interest rates. Rising short-term interest rates contribute to positive returns while rising long-term interest rates result in lower returns. However, the impacts of movements in interest rates on industrial, specialised (non-core) and office sectors were not well explained by the asset pricing model. This could be due to the relatively small sample size of these funds. Overall, the results suggests that gearing levels and by extension costs of debt, do play a significant role in the returns generating process. The paper offers a well-defined practical implication by suggesting that investors may hedge against interest rate risk by selecting A-REITs sub-sector funds with less leverage and large market capitalisation.
{"title":"Australian interest rate movements and A-REITs performance: an analysis by industry sector","authors":"W. Reddy, W. Wong","doi":"10.1080/14445921.2018.1436323","DOIUrl":"https://doi.org/10.1080/14445921.2018.1436323","url":null,"abstract":"Abstract Investment managers have traditionally resorted to the Australian real estate investment trusts (A-REITs) as a means to growing portfolio return. The A-REITs have been popular for yielding some of the best returns until 2007, when the global financial market (GFC) collapse led to major fall in values. Since the GFC, with low interest rates the A-REITs have performed well compared to the broader stock and bond markets. Given low expectations of additional monetary easing, future rising interest rate environment can significantly impact A-REIT performance mainly in industry sectors with greater reliance on debt funding. Thus, this research explores the sensitivity of A-REITs performance to changes in short- and long-term interest rates across five sectors: diversified, industrial, retail, office and specialised (non-core) funds. The analysis covers a 21-year period (1995–2016) using the capital asset pricing model. In doing so, the research allows comparison of A-REITs performance at sub-sector level and over different market cycles. Findings indicate that both the diversified and retail sector exhibit strong relationship to market risk, short- and long-term interest rates. Rising short-term interest rates contribute to positive returns while rising long-term interest rates result in lower returns. However, the impacts of movements in interest rates on industrial, specialised (non-core) and office sectors were not well explained by the asset pricing model. This could be due to the relatively small sample size of these funds. Overall, the results suggests that gearing levels and by extension costs of debt, do play a significant role in the returns generating process. The paper offers a well-defined practical implication by suggesting that investors may hedge against interest rate risk by selecting A-REITs sub-sector funds with less leverage and large market capitalisation.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2018.1436323","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44245904","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}
Pub Date : 2018-01-02DOI: 10.1080/14445921.2017.1391680
L. Bryant
Abstract This article outlines the results from a study into the educational use of the board game Monopoly City™ in a first-year property economics unit. Gameplay was introduced as an interactive way of achieving a number of desired outcomes including: enhanced engagement of first-year students; introduction of foundation threshold concepts in property education; introduction of problem solving and critical analysis skills; early acculturation of property students to enhance student retention; and early team building within the first-year cohort, all in an engaging and entertaining way. The results from this two-stage action research project are encouraging. The students participating in this unit have demonstrated explicit linkages between their Monopoly City™ experiences and foundation urban economic and valuation theories. However, student resistance to change and innovative learning practices were evident. Key success factors identified when implementing such teaching innovations include: adequate preparation time, use of a “play-share-reflect” component, an ice-breaker activity, a leader board and a novelty factor to keep students interested.
{"title":"How gameplay can enhance learning and engagement for first year property students: a case study using Monopoly CityTM","authors":"L. Bryant","doi":"10.1080/14445921.2017.1391680","DOIUrl":"https://doi.org/10.1080/14445921.2017.1391680","url":null,"abstract":"Abstract This article outlines the results from a study into the educational use of the board game Monopoly City™ in a first-year property economics unit. Gameplay was introduced as an interactive way of achieving a number of desired outcomes including: enhanced engagement of first-year students; introduction of foundation threshold concepts in property education; introduction of problem solving and critical analysis skills; early acculturation of property students to enhance student retention; and early team building within the first-year cohort, all in an engaging and entertaining way. The results from this two-stage action research project are encouraging. The students participating in this unit have demonstrated explicit linkages between their Monopoly City™ experiences and foundation urban economic and valuation theories. However, student resistance to change and innovative learning practices were evident. Key success factors identified when implementing such teaching innovations include: adequate preparation time, use of a “play-share-reflect” component, an ice-breaker activity, a leader board and a novelty factor to keep students interested.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2017.1391680","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46809593","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}
Pub Date : 2018-01-02DOI: 10.1080/14445921.2018.1436305
M. F. Dziauddin, Zulkefli Idris
Abstract This paper assesses the relative importance of structural and locational attributes on residential property values in Metropolitan Kuala Lumpur. A computer-intensive algorithm known as LMG method was used in the analysis. Results suggest that Metropolitan Kuala Lumpur property values are mainly determined by the structural attributes which explain 62% of price variations, and the locational attributes explain only 17%. Results further suggest that floor area, two or more storeys, property types, property with freehold status, lot size, greater number of bedrooms, and two locational attributes i.e. closeness to city centre and closeness to forest are the most important variables affecting property values. The result of this analysis offers deeper understanding on how structural and locational attributes interact with property values in an urban setting, and could further increase the degree of objectivity of the professional valuer’s in the predictive model.
{"title":"Assessing the relative importance of structural and locational effects on residential property values in Metropolitan Kuala Lumpur","authors":"M. F. Dziauddin, Zulkefli Idris","doi":"10.1080/14445921.2018.1436305","DOIUrl":"https://doi.org/10.1080/14445921.2018.1436305","url":null,"abstract":"Abstract This paper assesses the relative importance of structural and locational attributes on residential property values in Metropolitan Kuala Lumpur. A computer-intensive algorithm known as LMG method was used in the analysis. Results suggest that Metropolitan Kuala Lumpur property values are mainly determined by the structural attributes which explain 62% of price variations, and the locational attributes explain only 17%. Results further suggest that floor area, two or more storeys, property types, property with freehold status, lot size, greater number of bedrooms, and two locational attributes i.e. closeness to city centre and closeness to forest are the most important variables affecting property values. The result of this analysis offers deeper understanding on how structural and locational attributes interact with property values in an urban setting, and could further increase the degree of objectivity of the professional valuer’s in the predictive model.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2018.1436305","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45799461","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}
Pub Date : 2018-01-02DOI: 10.1080/14445921.2017.1409153
T. Oladokun, A. Olaleye
Abstract Purpose: The importance of education is always underscored without adequate demonstration of skill(s) for practice. Appropriate professional skills guarantees efficient real estate investment decision making and prevents loss of investment fund. The study evaluated, from the perspective of employers of labour, the effort of the government, through students, industrial scheme, at bridging skill gaps in real estate education in Nigeria. Design Methodology/approach: Primary data were collected with the aid of questionnaire served on 270 estate surveying and valuation firms in Lagos state, Nigeria. The descriptive methods of mean and proportion method were used to determine the contribution of government industrial scheme to real estate education in Nigeria. Findings: The result found that through the student industrial scheme, students acquired experience/skill in real estate marketing as well as the art of team work. Originality/Value: The paper is to serve as impetus to policy makers to enhancing the quality of real estate in Nigeria. It will also serve as proof to foreign investors of the quality of Nigerian real estate practitioners to give them efficient service.
{"title":"Bridging skill gap in real estate education in Nigeria","authors":"T. Oladokun, A. Olaleye","doi":"10.1080/14445921.2017.1409153","DOIUrl":"https://doi.org/10.1080/14445921.2017.1409153","url":null,"abstract":"Abstract Purpose: The importance of education is always underscored without adequate demonstration of skill(s) for practice. Appropriate professional skills guarantees efficient real estate investment decision making and prevents loss of investment fund. The study evaluated, from the perspective of employers of labour, the effort of the government, through students, industrial scheme, at bridging skill gaps in real estate education in Nigeria. Design Methodology/approach: Primary data were collected with the aid of questionnaire served on 270 estate surveying and valuation firms in Lagos state, Nigeria. The descriptive methods of mean and proportion method were used to determine the contribution of government industrial scheme to real estate education in Nigeria. Findings: The result found that through the student industrial scheme, students acquired experience/skill in real estate marketing as well as the art of team work. Originality/Value: The paper is to serve as impetus to policy makers to enhancing the quality of real estate in Nigeria. It will also serve as proof to foreign investors of the quality of Nigerian real estate practitioners to give them efficient service.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2017.1409153","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43609066","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}
Pub Date : 2018-01-02DOI: 10.1080/14445921.2018.1436306
R. Abidoye, Albert Chan
Abstract Inaccuracies in property valuation is a global problem. This could be attributed to the adoption of valuation approaches, with the hedonic pricing model (HPM) being an example, that are inaccurate and unreliable. As evidenced in the literature, the HPM approach has gained wide acceptance among real estate researchers, despite its shortcomings. Therefore, the present study set out to evaluate the predictive accuracy of HPM in comparison with the artificial neural network (ANN) technique in property valuation. Residential property transaction data were collected from registered real estate firms domiciled in the Lagos metropolis, Nigeria, and were fitted into the ANN model and HPM. The results showed that the ANN technique outperformed the HPM approach, in terms of accuracy in predicting property values with mean absolute percentage error (MAPE) values of 15.94 and 38.23%, respectively. The findings demonstrate the efficacy of the ANN technique in property valuation, and if all the preconditions of property value modeling are met, the ANN technique is a reliable valuation approach that could be used by both real estate researchers and professionals.
{"title":"Improving property valuation accuracy: a comparison of hedonic pricing model and artificial neural network","authors":"R. Abidoye, Albert Chan","doi":"10.1080/14445921.2018.1436306","DOIUrl":"https://doi.org/10.1080/14445921.2018.1436306","url":null,"abstract":"Abstract Inaccuracies in property valuation is a global problem. This could be attributed to the adoption of valuation approaches, with the hedonic pricing model (HPM) being an example, that are inaccurate and unreliable. As evidenced in the literature, the HPM approach has gained wide acceptance among real estate researchers, despite its shortcomings. Therefore, the present study set out to evaluate the predictive accuracy of HPM in comparison with the artificial neural network (ANN) technique in property valuation. Residential property transaction data were collected from registered real estate firms domiciled in the Lagos metropolis, Nigeria, and were fitted into the ANN model and HPM. The results showed that the ANN technique outperformed the HPM approach, in terms of accuracy in predicting property values with mean absolute percentage error (MAPE) values of 15.94 and 38.23%, respectively. The findings demonstrate the efficacy of the ANN technique in property valuation, and if all the preconditions of property value modeling are met, the ANN technique is a reliable valuation approach that could be used by both real estate researchers and professionals.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2018-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2018.1436306","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44695018","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}
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