T. Osunsanmi, Timothy O. Olawumi, Andrew Smith, S. Jaradat, C. Aigbavboa, John Aliu, Ayodeji Emmanuel Oke, O. Ajayi, O. Oyeyipo
PurposeThe study aims to develop a model that supports the application of data science techniques for real estate professionals in the fourth industrial revolution (4IR) era. The present 4IR era gave birth to big data sets and is beyond real estate professionals' analysis techniques. This has led to a situation where most real estate professionals rely on their intuition while neglecting a rigorous analysis for real estate investment appraisals. The heavy reliance on their intuition has been responsible for the under-performance of real estate investment, especially in Africa.Design/methodology/approachThis study utilised a survey questionnaire to randomly source data from real estate professionals. The questionnaire was analysed using a combination of Statistical package for social science (SPSS) V24 and Analysis of a Moment Structures (AMOS) graphics V27 software. Exploratory factor analysis was employed to break down the variables (drivers) into meaningful dimensions helpful in developing the conceptual framework. The framework was validated using covariance-based structural equation modelling. The model was validated using fit indices like discriminant validity, standardised root mean square (SRMR), comparative fit index (CFI), Normed Fit Index (NFI), etc.FindingsThe model revealed that an inclusive educational system, decentralised real estate market and data management system are the major drivers for applying data science techniques to real estate professionals. Also, real estate professionals' application of the drivers will guarantee an effective data analysis of real estate investments.Originality/valueNumerous studies have clamoured for adopting data science techniques for real estate professionals. There is a lack of studies on the drivers that will guarantee the successful adoption of data science techniques. A modern form of data analysis for real estate professionals was also proposed in the study.
{"title":"Modelling the drivers of data science techniques for real estate professionals in the fourth industrial revolution era","authors":"T. Osunsanmi, Timothy O. Olawumi, Andrew Smith, S. Jaradat, C. Aigbavboa, John Aliu, Ayodeji Emmanuel Oke, O. Ajayi, O. Oyeyipo","doi":"10.1108/pm-05-2022-0034","DOIUrl":"https://doi.org/10.1108/pm-05-2022-0034","url":null,"abstract":"PurposeThe study aims to develop a model that supports the application of data science techniques for real estate professionals in the fourth industrial revolution (4IR) era. The present 4IR era gave birth to big data sets and is beyond real estate professionals' analysis techniques. This has led to a situation where most real estate professionals rely on their intuition while neglecting a rigorous analysis for real estate investment appraisals. The heavy reliance on their intuition has been responsible for the under-performance of real estate investment, especially in Africa.Design/methodology/approachThis study utilised a survey questionnaire to randomly source data from real estate professionals. The questionnaire was analysed using a combination of Statistical package for social science (SPSS) V24 and Analysis of a Moment Structures (AMOS) graphics V27 software. Exploratory factor analysis was employed to break down the variables (drivers) into meaningful dimensions helpful in developing the conceptual framework. The framework was validated using covariance-based structural equation modelling. The model was validated using fit indices like discriminant validity, standardised root mean square (SRMR), comparative fit index (CFI), Normed Fit Index (NFI), etc.FindingsThe model revealed that an inclusive educational system, decentralised real estate market and data management system are the major drivers for applying data science techniques to real estate professionals. Also, real estate professionals' application of the drivers will guarantee an effective data analysis of real estate investments.Originality/valueNumerous studies have clamoured for adopting data science techniques for real estate professionals. There is a lack of studies on the drivers that will guarantee the successful adoption of data science techniques. A modern form of data analysis for real estate professionals was also proposed in the study.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44147996","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}
F. Simpeh, Glenrose Miller Mavangwa, Lance Wentzel
PurposePublic facilities in most part of the world, including South Africa, are poorly managed due to factors including inadequate funding and poor implementation of systems. This study seeks to develop strategies that would help to overcome the barriers to managing public facilities.Design/methodology/approachThe study adopted an exploratory research design. A semi-structured interview was used to collect qualitative data from the respondents. Purposive sampling was used to select the organizations whereas quota sampling was used to select the participants. The collected data were analysed by means of the thematic analysis technique.FindingsThe study found that 6 main strategies (i.e. adequate and capable human resources, provision of maintenance equipment and systems, adequate budget provision, amendment of procurement systems, root out corruption and effective organization structure) could be implemented to overcome public facilities management challenges.Research limitations/implicationsThe data were collected from only one province in South Africa. However, the findings may be applicable to other provinces since most of the provinces in the country share similar characteristics.Practical implicationsThe Department of Public Works and other public institutions could use these strategies to mitigate the barriers to public facilities management. This will help to improve the facilities management systems leading to enhanced facilities' value.Originality/valueStudies on challenges of public facilities management abound; however, approaches and strategies of dealing with these challenges have not received much attention. This study has identified strategies that could help mitigate the challenges associated with public facilities management. Thus, the findings of this study contribute to the body of knowledge on strategies of mitigating public facilities management challenges.
{"title":"Strategies to overcome barriers to public facilities management","authors":"F. Simpeh, Glenrose Miller Mavangwa, Lance Wentzel","doi":"10.1108/pm-03-2022-0016","DOIUrl":"https://doi.org/10.1108/pm-03-2022-0016","url":null,"abstract":"PurposePublic facilities in most part of the world, including South Africa, are poorly managed due to factors including inadequate funding and poor implementation of systems. This study seeks to develop strategies that would help to overcome the barriers to managing public facilities.Design/methodology/approachThe study adopted an exploratory research design. A semi-structured interview was used to collect qualitative data from the respondents. Purposive sampling was used to select the organizations whereas quota sampling was used to select the participants. The collected data were analysed by means of the thematic analysis technique.FindingsThe study found that 6 main strategies (i.e. adequate and capable human resources, provision of maintenance equipment and systems, adequate budget provision, amendment of procurement systems, root out corruption and effective organization structure) could be implemented to overcome public facilities management challenges.Research limitations/implicationsThe data were collected from only one province in South Africa. However, the findings may be applicable to other provinces since most of the provinces in the country share similar characteristics.Practical implicationsThe Department of Public Works and other public institutions could use these strategies to mitigate the barriers to public facilities management. This will help to improve the facilities management systems leading to enhanced facilities' value.Originality/valueStudies on challenges of public facilities management abound; however, approaches and strategies of dealing with these challenges have not received much attention. This study has identified strategies that could help mitigate the challenges associated with public facilities management. Thus, the findings of this study contribute to the body of knowledge on strategies of mitigating public facilities management challenges.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45145509","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}
PurposeThis paper develops a conceptual framework that is applicable in various compensation settings vis-a-vis relevant legal frameworks, compensation processes and practices, compensation outcomes and adequacy of resultant compensation by using a common evaluative framework, to address the lack of such a conceptual framework in the compensation literature. Also, by developing a new conceptual framework, this paper provides a platform and an analytical tool for anchoring and analysing future research on compensation for expropriation of various property rights.Design/methodology/approachThis conceptual paper is based on original thought and review of literature on compensation for expropriation.FindingsA critical analysis of existing literature on compensation for expropriation of customary properties reveals that most studies are inadequately informed by relevant compensation theories and that each study uses its own tailor-made analytical framework. This entails that there is no general conceptual framework for anchoring new studies in compensation and aid in extrapolating their results to similar populations and contexts.Originality/valueThis paper makes novel contribution to knowledge by developing a new conceptual framework for analysing compensation for expropriation of customary property rights, which is not there currently. Essentially, by developing the new conceptual framework, this paper provides a basis for anchoring new research works in compensation and their analyses, thereby making a further contribution to knowledge.
{"title":"A conceptual framework for analysing compensation for expropriation of customary property rights","authors":"Lucky Kabanga, M. Mooya","doi":"10.1108/pm-05-2022-0032","DOIUrl":"https://doi.org/10.1108/pm-05-2022-0032","url":null,"abstract":"PurposeThis paper develops a conceptual framework that is applicable in various compensation settings vis-a-vis relevant legal frameworks, compensation processes and practices, compensation outcomes and adequacy of resultant compensation by using a common evaluative framework, to address the lack of such a conceptual framework in the compensation literature. Also, by developing a new conceptual framework, this paper provides a platform and an analytical tool for anchoring and analysing future research on compensation for expropriation of various property rights.Design/methodology/approachThis conceptual paper is based on original thought and review of literature on compensation for expropriation.FindingsA critical analysis of existing literature on compensation for expropriation of customary properties reveals that most studies are inadequately informed by relevant compensation theories and that each study uses its own tailor-made analytical framework. This entails that there is no general conceptual framework for anchoring new studies in compensation and aid in extrapolating their results to similar populations and contexts.Originality/valueThis paper makes novel contribution to knowledge by developing a new conceptual framework for analysing compensation for expropriation of customary property rights, which is not there currently. Essentially, by developing the new conceptual framework, this paper provides a basis for anchoring new research works in compensation and their analyses, thereby making a further contribution to knowledge.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48272249","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}
PurposeThis paper is concerned with behavioural responses to reviewed ground rents in New Zealand. The focus is on how freehold growth information is interpreted when considering reviewed ground rents on ground leasehold value.Design/methodology/approachSemi-structured interviews were conducted with ground leaseholders to inform the design of a controlled experiment. The interviews revealed that (a) purchasers tended to directly compare freeholds to ground leaseholds and (b) used rudimentary valuation methods. In the experiment, 40 property investors were requested to estimate the ground leasehold value close to the ground rent review time. Thereafter, 20 of the investors reassessed their ground leasehold value estimate using a projection of the future ground rent and a statement as to freehold growth (treatment). The control group of the remaining 20 investors received the estimate of the future ground rent only.FindingsThe tendency for higher treatment group valuations indicated the growth information was too available. Comparing ground leaseholds directly to freeholds, rather than thinking about the cost implications, is attributed to a manifestation of the availability heuristic.Research limitations/implicationsThe study involves a typical ground lease arrangement (as verified by experts) in the New Zealand market where there are few protections for ground leaseholders. These findings justify prohibiting new ground leases where the ground rents are set by reference to freehold land value.Originality/valueThis paper extends behavioural theory (availability heuristic) to explaining human interaction with ground leaseholds.
{"title":"The response to freehold growth information when estimating ground leasehold value","authors":"Alan Richard Pope, G. Squires, M. Young","doi":"10.1108/pm-07-2022-0053","DOIUrl":"https://doi.org/10.1108/pm-07-2022-0053","url":null,"abstract":"PurposeThis paper is concerned with behavioural responses to reviewed ground rents in New Zealand. The focus is on how freehold growth information is interpreted when considering reviewed ground rents on ground leasehold value.Design/methodology/approachSemi-structured interviews were conducted with ground leaseholders to inform the design of a controlled experiment. The interviews revealed that (a) purchasers tended to directly compare freeholds to ground leaseholds and (b) used rudimentary valuation methods. In the experiment, 40 property investors were requested to estimate the ground leasehold value close to the ground rent review time. Thereafter, 20 of the investors reassessed their ground leasehold value estimate using a projection of the future ground rent and a statement as to freehold growth (treatment). The control group of the remaining 20 investors received the estimate of the future ground rent only.FindingsThe tendency for higher treatment group valuations indicated the growth information was too available. Comparing ground leaseholds directly to freeholds, rather than thinking about the cost implications, is attributed to a manifestation of the availability heuristic.Research limitations/implicationsThe study involves a typical ground lease arrangement (as verified by experts) in the New Zealand market where there are few protections for ground leaseholders. These findings justify prohibiting new ground leases where the ground rents are set by reference to freehold land value.Originality/valueThis paper extends behavioural theory (availability heuristic) to explaining human interaction with ground leaseholds.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43904331","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}
PurposeThis research has two primary goals: first, to develop a composite index that evaluates the degree to which Asian–Pacific economies are prepared to engage in public–private partnerships (PPPs), and second, to investigate the factors that have been most influential in the formation of PPP arrangements in the nations' infrastructure over the course of the period 1995–2016.Design/methodology/approachThe study constructs sectoral and overall index of possible determinants of PPP. Subsequently, it examines each constructed index's role in PPP investment. The author also conducted a panel data analysis to understand the role of each of the potential determinants on PPP projects and investments. This paper analyzes the author’s empirical models using a range of cross-section and panel estimators, including Poisson, zero-inflated Poisson and fixed effect.FindingsThe study’s results based on cross-section analysis suggest that regulatory and institution quality, institutional arrangement and regulatory frameworks, financial market development and macroeconomic stability positively impact investment in PPP. Moreover, the results depict that financial market development has the most substantial impact on PPP investment, followed by macroeconomic stability and prior experience with PPPs. The panel data analysis shows that per-capita income, financial development, inflation, debt, resource import and fuel export are crucial determinants of PPP in Asian–Pacific economies.Practical implicationsGovernments of the countries should promptly amend the important policies outlined in this study and adopt a more robust strategy to foster a competitive PPP environment. This will aid in maintaining transparency and gaining the confidence of investors. The study’s findings may assist policymakers in focusing on specific areas in need of improvement. Social welfare and industrialization are ultimately enhanced by the formulation of such policies and by attracting additional infrastructure investment.Originality/valueThis is the first attempt to rank countries on the basis of PPP enablers. Unlike previous studies, this study examines the role of a large number of indicators in determining PPP investment and projects in cross-section as well as panel data framework. The study also investigates the effects of PPP specific provisions and rules. Furthermore, the focus is specifically on Asian–Pacific countries, which are a mix of third-world, emerging, developing and developed countries. Focusing on Asia–Pacific is also crucial because the region is home to most of the world's population, and the region's infrastructure outcomes significantly impact their lives.
{"title":"Who does it better and why? Empirical analysis of public-private partnership in infrastructure in Asia-Pacific","authors":"C. Sharma","doi":"10.1108/pm-07-2022-0050","DOIUrl":"https://doi.org/10.1108/pm-07-2022-0050","url":null,"abstract":"PurposeThis research has two primary goals: first, to develop a composite index that evaluates the degree to which Asian–Pacific economies are prepared to engage in public–private partnerships (PPPs), and second, to investigate the factors that have been most influential in the formation of PPP arrangements in the nations' infrastructure over the course of the period 1995–2016.Design/methodology/approachThe study constructs sectoral and overall index of possible determinants of PPP. Subsequently, it examines each constructed index's role in PPP investment. The author also conducted a panel data analysis to understand the role of each of the potential determinants on PPP projects and investments. This paper analyzes the author’s empirical models using a range of cross-section and panel estimators, including Poisson, zero-inflated Poisson and fixed effect.FindingsThe study’s results based on cross-section analysis suggest that regulatory and institution quality, institutional arrangement and regulatory frameworks, financial market development and macroeconomic stability positively impact investment in PPP. Moreover, the results depict that financial market development has the most substantial impact on PPP investment, followed by macroeconomic stability and prior experience with PPPs. The panel data analysis shows that per-capita income, financial development, inflation, debt, resource import and fuel export are crucial determinants of PPP in Asian–Pacific economies.Practical implicationsGovernments of the countries should promptly amend the important policies outlined in this study and adopt a more robust strategy to foster a competitive PPP environment. This will aid in maintaining transparency and gaining the confidence of investors. The study’s findings may assist policymakers in focusing on specific areas in need of improvement. Social welfare and industrialization are ultimately enhanced by the formulation of such policies and by attracting additional infrastructure investment.Originality/valueThis is the first attempt to rank countries on the basis of PPP enablers. Unlike previous studies, this study examines the role of a large number of indicators in determining PPP investment and projects in cross-section as well as panel data framework. The study also investigates the effects of PPP specific provisions and rules. Furthermore, the focus is specifically on Asian–Pacific countries, which are a mix of third-world, emerging, developing and developed countries. Focusing on Asia–Pacific is also crucial because the region is home to most of the world's population, and the region's infrastructure outcomes significantly impact their lives.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43408070","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}
PurposeThe purpose of this article is to explore the possibility of people living in manufactured housing parks in Australia to collectively buy the property at fair market value and convert it into a resident owned community co-operative.Design/methodology/approachThe methodological approach is based on 20 interviews with occupants of resident owned communities (ROCs) and key informants in the USA state of New Hampshire. Residents' interviews provide an understanding of the motivations to want to own and self-manage the property.FindingsThe findings suggest that, based on USA experience and the availability of enabling financial structures, Australian residential park residents could be keen buyers of manufactured housing park properties.Research limitations/implicationsA limitation of this research was the small number of interviewees who were mainly people in ROC leadership positions and advocates. Another limitation was that no specific investigation was made to gauge manufactured housing park (MHP) residents' level of demand for ROCs in Australia. Although there was some evidence of support, further Australia-wide enquiry is needed.Practical implicationsThe sale of MHPs to resident co-operatives could become a new component of the property market in Australia and residents entering the market as buyers may cause a shift in market forces.Social implicationsROCs would offer greater diversity of housing choice and might further inform decision-makers of seniors and retirees' future intentions. Downsizers moving to ROCs could potentially increase the savings nest egg through the sale of the family home which will also free-up conventional housing for better utilisation by younger cohorts.Originality/valueOwners of residential parks are unlikely to have considered the tenants as potential buyers of the property, but, envisaging, ROCs could become a new type of tenure for Australians aged over 50 years.
{"title":"Manufactured housing parks: could their residents be buyers of the property?","authors":"D. Bunce","doi":"10.1108/pm-11-2021-0080","DOIUrl":"https://doi.org/10.1108/pm-11-2021-0080","url":null,"abstract":"PurposeThe purpose of this article is to explore the possibility of people living in manufactured housing parks in Australia to collectively buy the property at fair market value and convert it into a resident owned community co-operative.Design/methodology/approachThe methodological approach is based on 20 interviews with occupants of resident owned communities (ROCs) and key informants in the USA state of New Hampshire. Residents' interviews provide an understanding of the motivations to want to own and self-manage the property.FindingsThe findings suggest that, based on USA experience and the availability of enabling financial structures, Australian residential park residents could be keen buyers of manufactured housing park properties.Research limitations/implicationsA limitation of this research was the small number of interviewees who were mainly people in ROC leadership positions and advocates. Another limitation was that no specific investigation was made to gauge manufactured housing park (MHP) residents' level of demand for ROCs in Australia. Although there was some evidence of support, further Australia-wide enquiry is needed.Practical implicationsThe sale of MHPs to resident co-operatives could become a new component of the property market in Australia and residents entering the market as buyers may cause a shift in market forces.Social implicationsROCs would offer greater diversity of housing choice and might further inform decision-makers of seniors and retirees' future intentions. Downsizers moving to ROCs could potentially increase the savings nest egg through the sale of the family home which will also free-up conventional housing for better utilisation by younger cohorts.Originality/valueOwners of residential parks are unlikely to have considered the tenants as potential buyers of the property, but, envisaging, ROCs could become a new type of tenure for Australians aged over 50 years.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41603652","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}
PurposeThis paper examines participants' opinions on whether valuation education and training in Kenya is adequate while comparing it to actual material conditions.Design/methodology/approachThis research is based on a survey of registered and practicing valuers in Kenya, interviews of key informants from professional bodies and the five universities offering real estate degree courses in Kenya, and a review of Kenya's real estate curricula and Institution of Surveyors of Kenya (ISK) training.FindingsIt was perceived that while valuer education and training in Kenya is satisfactory, it differs from actual material conditions as it fails to cover practical issues in valuation practice.Originality/valueThe study makes a critical contribution to the empirical literature by introducing new insights in valuation education and training in Kenya.
{"title":"An assessment of valuation education and training in Kenya in comparison with practice","authors":"I. Cheloti, M. Mooya","doi":"10.1108/pm-02-2022-0011","DOIUrl":"https://doi.org/10.1108/pm-02-2022-0011","url":null,"abstract":"PurposeThis paper examines participants' opinions on whether valuation education and training in Kenya is adequate while comparing it to actual material conditions.Design/methodology/approachThis research is based on a survey of registered and practicing valuers in Kenya, interviews of key informants from professional bodies and the five universities offering real estate degree courses in Kenya, and a review of Kenya's real estate curricula and Institution of Surveyors of Kenya (ISK) training.FindingsIt was perceived that while valuer education and training in Kenya is satisfactory, it differs from actual material conditions as it fails to cover practical issues in valuation practice.Originality/valueThe study makes a critical contribution to the empirical literature by introducing new insights in valuation education and training in Kenya.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48515011","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}
PurposeProperty tax continues to be the most viable, steady, progressive and genuine source of income for an independent local government administration in India. Kerala has one of the most complex cadastral and property taxation systems in the country. In 2008, the Kerala government introduced “Fair value of land” for all landed property in Kerala, which is calculated per Are and notified by the Government of Kerala on the website. This paper presents the outcome of the spatial mapping of the fair value of land in Kerala and its comparison with actual land value collected through advertisements and surveys.Design/methodology/approachThe methodology used in this study analyzed the existing fair value system of land valuation in Kerala and identified its drawbacks. Fair value is integrated into cadastral data in geographical information system (GIS) and spatially analyzed to identify the discrepancies in fair value fixation. The actual land value for 837 locations is collected from online advertisements and verified through a field survey. A paired t-test analysis follows this to compare the fair value and actual land value of the study area.FindingsThe disparity between the original land value and the registration value in Kerala has resulted in the undervaluation of land resources by the government. The fair value fixed by the government is significantly lower than the actual land value based on the statistical comparison results. It is observed that the actual land value is multiple times higher than the government fixed land value. Also, the spatial distribution of the village level fair value shows the randomness in fixation and abnormalities existing at numerous locations.Practical implicationsThe results indicate that the traditional comparison method used for fair value calculation by the Kerala government is not suitable in Indian scenarios due to the unreliability of registration values. The study thus points to the importance of developing a scientific method for determining the land value that would consider various spatially influencing parameters.Originality/valueThe current study provided an in-depth analysis of the land valuation system of the Kerala government. The strengths and weaknesses of the existing system are analyzed through statistical methods.
{"title":"A critical review of the fair value of land in Kerala, India","authors":"B. Binoy, M. Naseer, P. P. Anil Kumar","doi":"10.1108/pm-04-2022-0029","DOIUrl":"https://doi.org/10.1108/pm-04-2022-0029","url":null,"abstract":"PurposeProperty tax continues to be the most viable, steady, progressive and genuine source of income for an independent local government administration in India. Kerala has one of the most complex cadastral and property taxation systems in the country. In 2008, the Kerala government introduced “Fair value of land” for all landed property in Kerala, which is calculated per Are and notified by the Government of Kerala on the website. This paper presents the outcome of the spatial mapping of the fair value of land in Kerala and its comparison with actual land value collected through advertisements and surveys.Design/methodology/approachThe methodology used in this study analyzed the existing fair value system of land valuation in Kerala and identified its drawbacks. Fair value is integrated into cadastral data in geographical information system (GIS) and spatially analyzed to identify the discrepancies in fair value fixation. The actual land value for 837 locations is collected from online advertisements and verified through a field survey. A paired t-test analysis follows this to compare the fair value and actual land value of the study area.FindingsThe disparity between the original land value and the registration value in Kerala has resulted in the undervaluation of land resources by the government. The fair value fixed by the government is significantly lower than the actual land value based on the statistical comparison results. It is observed that the actual land value is multiple times higher than the government fixed land value. Also, the spatial distribution of the village level fair value shows the randomness in fixation and abnormalities existing at numerous locations.Practical implicationsThe results indicate that the traditional comparison method used for fair value calculation by the Kerala government is not suitable in Indian scenarios due to the unreliability of registration values. The study thus points to the importance of developing a scientific method for determining the land value that would consider various spatially influencing parameters.Originality/valueThe current study provided an in-depth analysis of the land valuation system of the Kerala government. The strengths and weaknesses of the existing system are analyzed through statistical methods.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45571793","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}
PurposeThe purpose of this study is to analyze and compare the level of professionalization of the real estate broker's occupation in Victoria, Australia, and Sweden. As previous studies have indicated that the real estate agent occupation in both regions is experiencing low levels of trust, an analysis of the level of professionalization is warranted.Design/methodology/approachThe data used in the analysis in this paper have been gathered from a number of different high-quality sources. In Sweden, information has been obtained from the Swedish Real Estate Agents Inspectorate, the Association of Swedish Real Estate Agents and the Swedish Real Estate Agents Association, and Real Estate Statistics. For the Victorian case, information has been obtained from the Real Estate Institute of Victoria, which is the leading professional body in organizing real estate agents. Furthermore, information has also been sourced from the Business Licensing Authority as well as Consumer Affairs Victoria. The focus of the analysis has been on the institutional changes of the real estate profession, including the education required to become an agent, the legislation and supervision of real estate agents and the role of the professional bodies that organize the real estate agents. 10;FindingsThe analysis shows that both the real estate brokerage market in Victoria and Sweden could be characterized as mature. Using the definition of a profession from Millerson (1964), the authors conclude that the brokerage industry has a number of the characteristics of a profession such as a long albeit interdisciplinary education, strong professional bodies, code of conduct and some level of self-regulation.Research limitations/implicationsThis research examines two countries, both considered mature in their house market process. Findings may be very different if the research methodology was applied to house markets that do not exhibit the same level of regulatory control.Practical implicationsEven though the real estate occupation can be considered as a semi-profession, there is still room for improvement when it comes to how consumers perceive the trustworthiness of real estate agents. Therefore, the professional bodies ought to strive to find ways on increasing the status and trustworthiness of the profession. These could include increasing the transparency as well as continuing education for its members.Social implicationsUsers of real estate services need to have confidence in the skills and expertise of real estate agents they engage. The magnitude of the monies associated with real estate transactions should cause users to seek out agents who are proficient in what they do, and to this end, the professionalism of agents is critical to the provision of accurate and informative information to guide users toward positive and beneficial outcomes.Originality/valueTo the best of the authors’ knowledge, this is the first study that analyzes and compares the development of the real e
{"title":"Professionalization of the real estate agent occupation – A comparative study of Australia and Sweden","authors":"Rickard Engstrom, N. Hurst, B. Berggren","doi":"10.1108/pm-11-2021-0102","DOIUrl":"https://doi.org/10.1108/pm-11-2021-0102","url":null,"abstract":"PurposeThe purpose of this study is to analyze and compare the level of professionalization of the real estate broker's occupation in Victoria, Australia, and Sweden. As previous studies have indicated that the real estate agent occupation in both regions is experiencing low levels of trust, an analysis of the level of professionalization is warranted.Design/methodology/approachThe data used in the analysis in this paper have been gathered from a number of different high-quality sources. In Sweden, information has been obtained from the Swedish Real Estate Agents Inspectorate, the Association of Swedish Real Estate Agents and the Swedish Real Estate Agents Association, and Real Estate Statistics. For the Victorian case, information has been obtained from the Real Estate Institute of Victoria, which is the leading professional body in organizing real estate agents. Furthermore, information has also been sourced from the Business Licensing Authority as well as Consumer Affairs Victoria. The focus of the analysis has been on the institutional changes of the real estate profession, including the education required to become an agent, the legislation and supervision of real estate agents and the role of the professional bodies that organize the real estate agents. 10;FindingsThe analysis shows that both the real estate brokerage market in Victoria and Sweden could be characterized as mature. Using the definition of a profession from Millerson (1964), the authors conclude that the brokerage industry has a number of the characteristics of a profession such as a long albeit interdisciplinary education, strong professional bodies, code of conduct and some level of self-regulation.Research limitations/implicationsThis research examines two countries, both considered mature in their house market process. Findings may be very different if the research methodology was applied to house markets that do not exhibit the same level of regulatory control.Practical implicationsEven though the real estate occupation can be considered as a semi-profession, there is still room for improvement when it comes to how consumers perceive the trustworthiness of real estate agents. Therefore, the professional bodies ought to strive to find ways on increasing the status and trustworthiness of the profession. These could include increasing the transparency as well as continuing education for its members.Social implicationsUsers of real estate services need to have confidence in the skills and expertise of real estate agents they engage. The magnitude of the monies associated with real estate transactions should cause users to seek out agents who are proficient in what they do, and to this end, the professionalism of agents is critical to the provision of accurate and informative information to guide users toward positive and beneficial outcomes.Originality/valueTo the best of the authors’ knowledge, this is the first study that analyzes and compares the development of the real e","PeriodicalId":46102,"journal":{"name":"Property Management","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45320384","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}
PurposeThis paper aims to examine the compensation practices and the valuation methods valuers apply in the context of the current legal framework for expropriation to assess compensation for farms impacted by mining in Ghana.Design/methodology/approachCompensation reports and archival materials were examined to identify the issues related to the valuation methods, compensation practices and expropriation procedures in the mining sector. Interviews were then conducted with 35 farmers and farmers' representatives, officials of mining companies, representatives of the Land Valuation Division of the Lands Commission and valuers/researchers on the issues identified through the document analysis.FindingsThe results reveal that the lack of express standards for assessing compensation for mining-impacted crops has occasioned variations in the valuation methods and the standard crop population for compensation. The study further reveals the impacts of exchange rate distortions on crop compensation values.Practical implicationsThe study empirically substantiates the arguments for a revised compensation regime in Ghana's mining sector. Valuers, mining companies and policymakers' awareness of this research will impact farm compensation valuation practices in the future.Social implicationsThe adequacy of compensation for mining-impacted farmers remains a topical issue, especially in African countries. This research contributes to the literature and reveals the socio-economic impacts of the current compensation regime on the livelihoods of expropriated farmers.Originality/valueThis paper is the first to analyse the valuation methods, the compensation values and the key parameters valuers apply in assessing compensation for mining-impacted crops in Ghana.
{"title":"Compensation for farms compulsorily acquired for mining in Ghana: an analysis of the laws, compensation practices and valuation methods","authors":"Effah Amponsah, D. Halvitigala, H. Hwang, C. Eves","doi":"10.1108/pm-06-2022-0042","DOIUrl":"https://doi.org/10.1108/pm-06-2022-0042","url":null,"abstract":"PurposeThis paper aims to examine the compensation practices and the valuation methods valuers apply in the context of the current legal framework for expropriation to assess compensation for farms impacted by mining in Ghana.Design/methodology/approachCompensation reports and archival materials were examined to identify the issues related to the valuation methods, compensation practices and expropriation procedures in the mining sector. Interviews were then conducted with 35 farmers and farmers' representatives, officials of mining companies, representatives of the Land Valuation Division of the Lands Commission and valuers/researchers on the issues identified through the document analysis.FindingsThe results reveal that the lack of express standards for assessing compensation for mining-impacted crops has occasioned variations in the valuation methods and the standard crop population for compensation. The study further reveals the impacts of exchange rate distortions on crop compensation values.Practical implicationsThe study empirically substantiates the arguments for a revised compensation regime in Ghana's mining sector. Valuers, mining companies and policymakers' awareness of this research will impact farm compensation valuation practices in the future.Social implicationsThe adequacy of compensation for mining-impacted farmers remains a topical issue, especially in African countries. This research contributes to the literature and reveals the socio-economic impacts of the current compensation regime on the livelihoods of expropriated farmers.Originality/valueThis paper is the first to analyse the valuation methods, the compensation values and the key parameters valuers apply in assessing compensation for mining-impacted crops in Ghana.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":"1 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62185156","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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