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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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}
PurposeThe purpose of this paper is to highlight the regulatory barriers to achieving sustainable buildings in Kosovo. The present paper focuses on regulatory barriers viewed from the perspective of construction industry experts in achieving sustainable buildings.Design/methodology/approachThe present study uses a qualitative research method and semi-structured interviews as a research instrument. The present study interviews around 20 experts in construction and property management, property development, spatial planning and energy management.FindingsThe study finds that Kosovo building laws and regulations provide for the materials assessment criteria, but the materials assessment criteria are only for mechanic strength. The study further finds that the sustainability concept is not included and incorporated in Kosovo's urban planning laws and regulations. The study also finds that despite specific clauses mentioning energy performance certificates in the Law on Energy Performance of Buildings in Kosovo, energy performance certificates appears to be not enforced and the nature of the barrier is more organizational rather than regulatory. Finally, the study finds that Kosovo laws are silent as far as green labeling of building materials is concerned.Practical implicationsThe implication of the present finding is that policymakers in Kosovo not only should include clear sustainable materials assessment criteria in the law, but also enforce those criteria through testing and inspection mechanisms included in the law and implemented in practice through funding and organizational support. Nonetheless, policymakers in Kosovo should contemplate amending the urban planning laws in Kosovo and include both the term of sustainability at the planning level and conformity guidelines for sustainable design that can be done at the administrative directive level. Further, the clauses in the law do not suffice if the clauses are not accompanied by specific systemic and organizational support in the issuance of energy performance certificates. Policymakers in Kosovo should be proactive in designing clauses that specify green labeling standards for materials; however, these labeling standards should not adversely affect the cost of construction and reduce the demand for real estate.Originality/valueThe study is the first qualitative study about the perception of construction professionals in Kosovo, regarding the regulatory barriers of sustainable buildings in Kosovo.
{"title":"Regulatory barriers to implementing sustainable buildings in Kosovo","authors":"Visar Hoxha, Veli Lecaj","doi":"10.1108/pm-01-2022-0008","DOIUrl":"https://doi.org/10.1108/pm-01-2022-0008","url":null,"abstract":"PurposeThe purpose of this paper is to highlight the regulatory barriers to achieving sustainable buildings in Kosovo. The present paper focuses on regulatory barriers viewed from the perspective of construction industry experts in achieving sustainable buildings.Design/methodology/approachThe present study uses a qualitative research method and semi-structured interviews as a research instrument. The present study interviews around 20 experts in construction and property management, property development, spatial planning and energy management.FindingsThe study finds that Kosovo building laws and regulations provide for the materials assessment criteria, but the materials assessment criteria are only for mechanic strength. The study further finds that the sustainability concept is not included and incorporated in Kosovo's urban planning laws and regulations. The study also finds that despite specific clauses mentioning energy performance certificates in the Law on Energy Performance of Buildings in Kosovo, energy performance certificates appears to be not enforced and the nature of the barrier is more organizational rather than regulatory. Finally, the study finds that Kosovo laws are silent as far as green labeling of building materials is concerned.Practical implicationsThe implication of the present finding is that policymakers in Kosovo not only should include clear sustainable materials assessment criteria in the law, but also enforce those criteria through testing and inspection mechanisms included in the law and implemented in practice through funding and organizational support. Nonetheless, policymakers in Kosovo should contemplate amending the urban planning laws in Kosovo and include both the term of sustainability at the planning level and conformity guidelines for sustainable design that can be done at the administrative directive level. Further, the clauses in the law do not suffice if the clauses are not accompanied by specific systemic and organizational support in the issuance of energy performance certificates. Policymakers in Kosovo should be proactive in designing clauses that specify green labeling standards for materials; however, these labeling standards should not adversely affect the cost of construction and reduce the demand for real estate.Originality/valueThe study is the first qualitative study about the perception of construction professionals in Kosovo, regarding the regulatory barriers of sustainable buildings in Kosovo.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44188797","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}
Miller Williams Appau, Elvis Attakora-Amaniampong, I. Yakubu
PurposeThe diffusion of innovations in student housing, a commercial real estate subsector, is a critical concern to developers. Aside from how innovations contribute to investor' returns, there is a question of interest in real estate investment policies and contemporary real estate research. The study aims to assess the extent of innovation diffusion in student housing and its effects on investment returns in Ghana.Design/methodology/approachThe study used a mixed methods approach foregrounded on the innovation diffusion theory. With the mix of surveys and interviews of 828 student housing managers/investors and 25 key student housing association leaders across selected off-campus student housing among six universities in Ghana, the study used both primary and secondary sources. Selection criteria were based on at least one of these criteria: Have operated in the student housing market over the past ten years, have adopted the use of technology in student housing management, have introduced new student housing marketing strategies and have made improvements (added value) to student housing services. Multiple regression and narratives were the main analytical tools employed in this study.FindingsThe study demonstrates that over the past ten years, student housing investors in Ghana have invested hugely in product, marketing, process and organisation innovations. Among these innovations, innovations by: marketing through souvenirs and annual-get-togethers product through Internet services processes through Information Management Systems (IMS), and organisation through student leadership were most utilised to descending extent. Furthermore, the study identified marketing and organisation innovation to have the highest effects on investment returns. However, process and product innovation showed a weak and moderate effect on investment returns because management hastily implemented these services without understanding the consequences it has on investment returns in the long run.Practical implicationsThe moderate effect of product and process innovation on student housing investment can be a predictor for future student housing investment innovation strategies for new entrants as they do not provide an immediate positive investment return. Key takeaways require management to incrementally implement these innovations and adopt space management practices that create opportunities for future product and process innovations in Ghana. Investors should capitalise on marketing and organisational innovations as the best innovation strategies that yield the highest returns in Ghana.Social implicationsStudent housing investors should focus on emerging student preferences such as entertainment, improved building services and Information Communication to stimulate student housing selection intentions.Originality/valueInnovation diffusion in student housing is understudied. The closest connection of innovation diffusion theory to product enhancement, marketing
{"title":"Innovation diffusion effects on student housing investment in Ghana","authors":"Miller Williams Appau, Elvis Attakora-Amaniampong, I. Yakubu","doi":"10.1108/pm-06-2022-0043","DOIUrl":"https://doi.org/10.1108/pm-06-2022-0043","url":null,"abstract":"PurposeThe diffusion of innovations in student housing, a commercial real estate subsector, is a critical concern to developers. Aside from how innovations contribute to investor' returns, there is a question of interest in real estate investment policies and contemporary real estate research. The study aims to assess the extent of innovation diffusion in student housing and its effects on investment returns in Ghana.Design/methodology/approachThe study used a mixed methods approach foregrounded on the innovation diffusion theory. With the mix of surveys and interviews of 828 student housing managers/investors and 25 key student housing association leaders across selected off-campus student housing among six universities in Ghana, the study used both primary and secondary sources. Selection criteria were based on at least one of these criteria: Have operated in the student housing market over the past ten years, have adopted the use of technology in student housing management, have introduced new student housing marketing strategies and have made improvements (added value) to student housing services. Multiple regression and narratives were the main analytical tools employed in this study.FindingsThe study demonstrates that over the past ten years, student housing investors in Ghana have invested hugely in product, marketing, process and organisation innovations. Among these innovations, innovations by: marketing through souvenirs and annual-get-togethers product through Internet services processes through Information Management Systems (IMS), and organisation through student leadership were most utilised to descending extent. Furthermore, the study identified marketing and organisation innovation to have the highest effects on investment returns. However, process and product innovation showed a weak and moderate effect on investment returns because management hastily implemented these services without understanding the consequences it has on investment returns in the long run.Practical implicationsThe moderate effect of product and process innovation on student housing investment can be a predictor for future student housing investment innovation strategies for new entrants as they do not provide an immediate positive investment return. Key takeaways require management to incrementally implement these innovations and adopt space management practices that create opportunities for future product and process innovations in Ghana. Investors should capitalise on marketing and organisational innovations as the best innovation strategies that yield the highest returns in Ghana.Social implicationsStudent housing investors should focus on emerging student preferences such as entertainment, improved building services and Information Communication to stimulate student housing selection intentions.Originality/valueInnovation diffusion in student housing is understudied. The closest connection of innovation diffusion theory to product enhancement, marketing ","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48413767","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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