Estate Management &Valuation
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Estate Management &Valuation
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Item Factors Influencing Residential Location Choices by Federal Civil Servants in Abuja, Nigeria.(2024) Bello Mustapha; Ogunbajo Rukaiyat AdeolaThe study aims to identify the key factors influencing residential location choices for federal civil servants in Abuja Nigeria. Abuja's planned development and growingItem EFFECTS OF SERVICE CHARGE ADMINISTRATION AND MANAGEMENT IN SELECTED MULTI-TENANATED COMMERCIAL BUILDINGS IN PHASE ONE, ABUJA.(2022) Fatima Mohammed; Rukaiyat Adeola OgunbajoThis paper assessed effects of service charge administration and management in selected multitenanted commercial buildings in phase one Abuja. The study was guided by these objectives which were investigating issues and challenges involved in the administration and management and assessing the occupant level of satisfaction. Data were collected by self-administered questionnaire and interview from eight (8) respondents from managers and 254 from tenant’s perspective respectively. Data was analyzed and presented using percentages, frequencies, relative satisfaction index and tables. Findings revealed that lack of transparency, lack of efficiency; improper accounting and poor facilities are the issues encountered. Howeve, the relative satisfaction index computed to show the satisfaction level of the occupants ranked Plumbing services 1st with relative satisfaction index of 0.7772, Cleaning of common services 2nd with relative satisfaction index of 0.718, refuse disposal 3rd with RSI with 0.653 while transformer maintenance has relative satisfaction index of 0 and ranked 13th. A number of guidelines should be taken in order to address the problems identified above which include Improved communication between manager and occupiers, clear disclosure of the basis for apportioning service charge costs between tenants among others.Item A CATEGORICAL MODELLING APPROACH FOR DETERMINING RENTAL HOUSE PRICES IN LOW-INCOME NEIGHBOURHOODS OF NORTH-CENTRAL NIGERIA(Adekunle Ajasin University, Akungba-Akoko, 2022) Rukaiyat Adeola Ogunbajo; Rakiya Ibrahim WaliOver the years, researchers in developing countries have applied varied methodologies to study housing attributes and house prices. This study utilised the categorical modelling approach to determine the contributory effect of housing attributes on rental house prices in a major town in North-Central Nigeria. A total of 827 housing units were sampled by stratified and random selection. The data used were generated through a questionnaire survey. Nine housing attributes were found to sustain residential buildings in the study area and these accounted for 45% and 61% variance in the rental prices of two major low-income house types. Results revealed that the identified housing attributes significantly predicted rental values for the sampled house types. The mean of predicted rental values was further computed for each house type and compared to the means of the actual rental values collated in the course of data collection and presented with line graphs. Results showed predicted values that are reasonably similar to the actual rental values of the dwelling units. This suggested a reasonably accurate prediction of rental house prices using the categorical regression approach. The study recommended the model to house managers to ensure accurate house pricing.Item Determining House Prices in Low Income Neighbourhoods of North-Central Nigeria: A Categorical Modelling Approach.(2022) Ogunbajo, R. A; Olabisi S. A.; Wali R.IIn recent times, researchers from social and behavioural sciences in developing countries have begun to look in the direction of the quality of the influencing housing attributes on house prices. These attributes are best measured qualitatively on ordinal and/or nominal scales. As such, an important development in multidimensional data analysis is the optimal assignment of quantitative values to qualitative scales. This study utilised the categorical modelling approach to determine the contributory effect of housing attributes on rental house prices in North-Central Nigeria. The categorical regression model uses the optimal scaling methodology as developed in the Gifi system to quantify categorical variables according to a particular scaling level, thus “transforming” categorical variables into numeric variables. Having adopted + 10% precision and 90% confidence level, a total of 1,134 housing units were sampled by stratified and random selection. The data used were generated through questionnaire. Nine housing attributes were found to sustain residential buildings in the study area and these accounted for 45% and 61% variance in the rental prices of two major low income house types. Results suggested that the identified housing attributes significantly predicted rental values for the low income house types. The mean of predicted rental values were further computed for each house type and compared to the means of the actual rental values collated in the course of data collection and presented with line graphs. Results showed predicted values that are reasonably similar to the actual rental values of the dwelling units. Thus suggest a reasonably accurate prediction of rental house prices using the categorical regression approach.Item THE RELATIONSHIP BETWEEN ROAD INFRASTRUCTURE BUDGETARY EXPENDITURES AND COMMERCIAL PROPERTY INVESTMENT RETURNS. CASE STUDY OF FADIKPE AREA MINNA, NIGERIA(RIGA TECHNICAL UNIVERSITY, 2020) Suleiman YAKUBU; Ajayi ADEYEMI; Abass SULE; Rukaiyat OGUNBAJOThe paper examines the relationship existing between commercial property investment returns and public capital investment (budgetary expenditures) on road infrastructure in Fadikpe area, Minna (Nigeria) with the aim of determining the degree of impact of public capital investment on commercial property investment returns. The paper addresses a pertinent policy and practice question on the impact of government’s budgetary expenditures on real estate sector of the economy. Government increasingly faces funding challenges in providing new infrastructure or improvement of existing ones, thus, keen to know the areas of greater impact of its expenditures and the extent to which the benefits from the impact may go in augmenting or providing funds (through tax) for new road infrastructure provision or repair of existing ones. The research uses the before-and-after case method to identify an increase in property values (rental and sales) as measured by the trend of property investment returns before-and-after budgetary expenditures. The results show that commercial property investment returns in the area increased after budgetary expenditure (road construction) took place. The results form the basis upon which the government should consider more budgetary allocations and expenditures related to road transportation infrastructure in its budgetary allocation decisions. The results also quantify the proposed alternative source of funding (property tax) that can be harnessed via capturing the increase in property investment returns.Item Assessing the Effects of Rental Default by Commercial Property Occupiers on Property Management in Minna, Niger State, Nigeria(Josepy Ayo Babalola University, 2023) Zainab Adetoro-Folorunso; Rukaiyat Adeola OgunbajoOne of the fundamental roles of a property manager in the property management process is his ability to collect rent on behalf of his client (landlord); rent is collected and given to the landlord to enable him to meet his investment needs. When rent arrears occur this could hinder the property owners or managers from attaining their objectives for investing in real estate. This paper fundamentally looks at the effect of rental default by commercial property occupiers on property management with experience from Minna, Niger State which is the study area. Thirty-eight property managers in the study area were surveyed with a structured questionnaire, twenty-eight were returned with a response rate of 74%. Data collected were analysed using descriptive statistical tools, analysis of the primary data depicts eleven (11) effects of rent defaults on commercial property management, of these eleven effects, income loss, reduction of annual rental yield and delay in payment of agent dues with an average means score of 3.91, 3.87, and 3.83 respectively, were ranked as the three most significant effects. The study recommended that property managers and owners should make adequate insurance provisions to protect themselves against rent arrears. Additionally, whenever any tenant fails to meet up with the agreement provided in the tenancy agreement without any genuine reason should be made to face the law.Item Distribution and Access to Urban Infrastructure by Residential Property Occupiers in Minna, Nigeria(University of Lagos, 2022) Rukaiyat Adeola Ogunbajo; Lateef A. Lawal; Sulaiman Adesoji OlabisiUrban infrastructure encompasses the essential amenities, facilities, and services that make life easy and comfortable for residents within neighbourhoods. The provision of nine basic urban amenities across thirteen neighbourhoods in Minna, and measurement of access to amenities by households are the points of evaluation in this study. A total of 1,134 housing units were sampled using the stratified and systematic random sampling techniques. Data were generated from questionnaires, inspections and enumeration in the study area. Weighted mean scores were computed and indexed to determine overall accessibility to amenities. The location quotient (LQ) was used to estimate the degree of concentration of the amenities, while the Welch adjusted analysis of variance tested for a significant difference in the distribution of urban amenities across neighbourhoods. The adjusted Welch's F ratio was 2.959, which was significant at the 0.05 alpha level, suggesting an uneven distribution of amenities across neighbourhoods in the study area. This study emphasises that government at all levels should prioritise provision and development of amenities and also support efforts by communities regarding basic amenities and services.Item The influence of proximate neighbourhood facilities on residential property vacancy periods in Minna, Nigeria.(Nelson Mandela University, South Africa, 2021) Ogunbajo, R. A.; Bello, M. O.; Adebayo, M. A.This study sought to provide evidence on the contributory effect of neighbourhood amenities on vacancy periods for residential buildings in Minna. The research population comprised 9,008 rented residential buildings in thirteen (13) selected areas in Minna Metropolis, while a total of 1,129 housing units were sampled following the Kothari (2004) formula for sample size selection and further adopting + 10% precision (margin of error), and 90% confidence level. Stratified and random sampling techniques were adopted in order to ensure an unbiased selection of the sample from the population. The data used were generated through two sets of questionnaires which were administered to the household heads of rented dwelling units that fell within the sample group, and the managers of the sampled houses. Questionnaire which was well completed represented an overall 77% response rate were used for analysis. Data analysis involved the use of inferential statistics to address specific objectives of the study. Precisely, collated data were analysed using the optimally scaled categorical regression analysis (CATREG). Nine amenities were found to sustain residential buildings in the study area, which accounted for 32% variance in the vacancy period of tenement buildings and one-bedroom apartments; and 34% & 51% variance respectively in the vacancy period of two and three-bedroom bungalows respectively in the study area. Among other findings, the study revealed that closer distances of shopping centres and health care centres to tenement buildings significantly increased the period of vacancy. Whereas, out of all the amenities measured, only refuse dumps significantly increased the vacancy period of two-bedroom bungalows. Having established the varying degrees of impacts of neighbourhood amenities on the vacancy periods of house types in the study area, it is evident that policy makers need to ensure the equitable allocation of the amenities in question across space.Item Modelling Coastal Externalities Effects on Residential Housing Values(Emerald Publishing Limited, 2023) Ayoola Adeyosoye Babatunde; Oladapo Rashidat Adejoke; Ojo Babajide; Oyetunji Abiodun KolawolePurpose – This paper aims to examine the impact of coastline on the rental value of residential property in proximity to the coastline, using the hedonic pricing model from two perspectives. First, Model 1A–C accounted for estimating the influence of coastal amenities while controlling for other housing attributes influencing rent. Second, Model 2A–C accounted for the interaction between coastal amenities/disamenities and other housing attributes influencing rent. Design/methodology/approach – A survey approach was adopted for the data collection process. For both models, property values were measured in proximity to coastline using 0–250m, 251–500m and 0–500m. Findings – Findings revealed that property rental value increases as we move away from the coastline when disamenities are not controlled. The results suggested that for a mean-priced home (N2,941,029 or $8,170) at the mean distance from the coastline (301.83m), a 1% increase in distance from the coastline would result in a 0.001% or N9.77 ($0.03) increase in rental value. Practical implications – The implication to real estate valuers is that varying premiums should be considered when valuing a property depending on the distance to the coastline while considering other housing attributes. Originality/value – This research introduces a novel approach to the hedonic model for determining property values in proximity to coastal environment by estimating the influence of coastal amenities while controlling for other housing attributes influencing rent, on the one hand, and accounting for the interaction between coastal amenities/disamenities and other housing attributes influencing rent, on the other.