Property marketing in Nigeria has frequently been characterised by unique challenges due to inade... more Property marketing in Nigeria has frequently been characterised by unique challenges due to inadequate and unreliable data. In recent times, big data has presented a wide range of solutions to contemporary issues in different industries, including real estate. Notwithstanding, there is a paucity of practical studies on the role of big data in property marketing of many developing nations, including Nigeria. Hence, there is a need to investigate the role of big data in transforming property marketing in Nigeria. The aim of this study is therefore to investigate Estate Surveyors and Valuers’ (ESVs) perception of the role of big data in property marketing in Lagos, Nigeria. 82 questionnaires were administered to ESVs in the study area and 55 (67%) of them were found useful for analysis. The data were analysed using frequency, percentage, mean and relative importance index. The results revealed that out of 9 possible roles of big data in property marketing, the 2 most notable ones are t...
Investors rely on statistical forecasts to guide their investment decisions. Given the relative o... more Investors rely on statistical forecasts to guide their investment decisions. Given the relative opportunity cost associated with these decisions, and the huge financial implication of commercial property investments, such insights are invaluable; because investors can choose investments from an informed position. Despite this recognised benefit of forecasting, there has been little focus on forecasting the performance (total returns) of commercial property investments in Lagos Metropolis. This paper, therefore, aims to forecast the total returns of two commercial property investment types (shops and offices) in five sub-markets (Yaba, Ikeja, Ikoyi, Victoria Island and Lagos Island) within the Lagos property market. In doing so, the study uses longitudinal data for the capital and rental values of commercial property investments in Lagos between 2006 to 2018 alongside a simple regression model for 2019-2021 predicted total returns. Autocorrelation was used in testing the predictive v...
Baltic Journal of Real Estate Economics and Construction Management, 2020
The level of sensitivity of every investment option to a market index is crucial to investors. Se... more The level of sensitivity of every investment option to a market index is crucial to investors. Sensitivity analysis of individual or a set of returns on investments to market return index predicts the reaction of the investment(s) to changes in the market index; informs investors of prospective performance of different investments types; as well as assists the investors in making appropriate decisions on investment selections. This paper assessed how sensitive indirect real estate investments in Nigeria were to market index. The three companies whose asset returns were considered in this study were real estate investment trusts listed in the Nigerian Stock Exchange. The data used in this study were sourced from annual reports of the listed companies, and reports of the Nigerian Stock Exchange. The beta coefficients were used to determine the sensitivity of the selected stocks to market return index. The study found a very low and insignificant beta coefficient among various real est...
This paper ascertained how valuers generate anchor data based on past valuations experiences and ... more This paper ascertained how valuers generate anchor data based on past valuations experiences and how adjustments were made on the anchors to obtain capital values of residential properties. From a Total population of 260 registered firms, 164 were located. Yamane’s (1967) formula with 0.05 sampling error was adopted in determining sample size. It was found that sources of anchor and what valuers have been adjusting for varies . Additionally, generating anchor data from local experts was more common than from firms’ records; while general adjustment of anchor for differences in identified attributes has highest adoption rate (92.3%). Previous value experience of subject property is the most common of considered anchor sources. Externally generated anchor ranked higher in use than internally generated anchor; but ranked lower in terms of adjustment. Adjusting without identification of differences in attributes should be avoided to prevent misrepresentation of comparable and loss of cl...
The study aims at investigating and implementing aspects of opportunities that exist for utilizin... more The study aims at investigating and implementing aspects of opportunities that exist for utilizing Geographic Information System(GIS) techniques in the real estate industry with emphasis in the retail submarket using geospatial data. Data was obtained through geographic information system (G.I.S) making use of the street map of the study area and digitalized administrative boundary of local government areas of Lagos State. This is linked with the GPS (Global Positioning System) locations of some points of interest like hotels, schools and educational institutions. Findings from the study indicated the best route that has the lowest impendence that can aid the real estate analyst as to the most appropriate locations where retail outlets could be located for easy accessibility of prospective customers. It also shows that lack of technology, poor information and interchange among stakeholders are major problems. Inspite of growing investment interest in the subsector, research in retai...
This study evaluated the risk-return characteristics of real estate equities in Nigeria in order ... more This study evaluated the risk-return characteristics of real estate equities in Nigeria in order to identify diversification benefits arising there from. The study adopted the mean-variance and correlation analysis to test the correlation of real estate equities with those of selected common stocks between 2003 and 2009. The co-movements and positive correlations between real estate equities and the common stocks indicated that real estate equities did not perform any better than common stocks; and also suggested that real estate equities offered no diversification benefits. This finding negates the widely held belief that real estate equities correlate negatively with common stocks and are therefore amenable to diversification. It also confirms the fear that portfolio diversification could fail during periods of financial stress, when it is most needed. The paper recommends further studies incorporating all the asset classes including direct real estate in a mixed-asset portfolio t...
This study evaluates the facilities managements’ performance on low-rise Housing Schemes in Victo... more This study evaluates the facilities managements’ performance on low-rise Housing Schemes in Victoria Island Lagos, Nigeria based on the preference and satisfaction levels of expatriate occupants. A 5-point likert scale form of questionnaires were administered to expatriates representing each of the 175 housing units which make up the nine existing low-rise housing estates in Victoria Island, Lagos. Primary data obtained by administrating questionnaires to the expatriates that occupy the considered houses in the Victoria Island estates as well as some key management staff responsible for the facilities management. The considered respondents were based on purposeful sampling. Data obtained from the respondents was ranked and analysed with the mean item score, found in Statistical Packages for Social Sciences (SPSS) version 17. The findings were that ease of access by public transport, functional quality of lifts, and availability of convenience stores/market nearby are on a very low...
This study evaluates the facilities managements’ performance on low-rise Housing Schemes in Victo... more This study evaluates the facilities managements’ performance on low-rise Housing Schemes in Victoria Island Lagos, Nigeria based on the preference and satisfaction levels of expatriate occupants. A 5-point likert scale form of questionnaires were administered to expatriates representing each of the 175 housing units which make up the nine existing low-rise housing estates in Victoria Island, Lagos. Primary data obtained by administrating questionnaires to the expatriates that occupy the considered houses in the Victoria Island estates as well as some key management staff responsible for the facilities management. The considered respondents were based on purposeful sampling. Data obtained from the respondents was ranked and analysed with the mean item score, found in Statistical Packages for Social Sciences (SPSS) version 17. The findings were that ease of access by public transport, functional quality of lifts, and availability of convenience stores/market nearby are on a very low satisfaction scale. Based on the findings, we recommend that the property developers and the facilities managers should be locating in areas where there is ease of access by public transport; ensuring functional quality of lifts and availability of convenience stores/market nearby. Keywords: Building, expatriates, facilities, housing, performance, schemes
This study evaluates the performance due to diversification of 3 and 5bedroom residential propert... more This study evaluates the performance due to diversification of 3 and 5bedroom residential property types in different geographic areas in Ibadan with a view to advising prospective risk-averse investors on best paired investment combinations to invest upon. Annual rents and capital values were obtained from the records of estate surveying and valuation firms that are operating in the study areas. This was followed by averaging the annual rental and capital values of the properties and adopting the annual averages in determining the income returns, capital returns and total returns of residential properties on annual basis from 2002 to 2014. The correlation coefficients of several paired returns were determined using Statistical Packages for Social Sciences (SPSS) version 20. Investing on 3-bedroom flats in Eleyele was found to be consistently a viable investment option in all cases of correlating the returns; except in the case of correlating annual returns of 3-bedroom in Eleyele a...
Property marketing in Nigeria has frequently been characterised by unique challenges due to inade... more Property marketing in Nigeria has frequently been characterised by unique challenges due to inadequate and unreliable data. In recent times, big data has presented a wide range of solutions to contemporary issues in different industries, including real estate. Notwithstanding, there is a paucity of practical studies on the role of big data in property marketing of many developing nations, including Nigeria. Hence, there is a need to investigate the role of big data in transforming property marketing in Nigeria. The aim of this study is therefore to investigate Estate Surveyors and Valuers’ (ESVs) perception of the role of big data in property marketing in Lagos, Nigeria. 82 questionnaires were administered to ESVs in the study area and 55 (67%) of them were found useful for analysis. The data were analysed using frequency, percentage, mean and relative importance index. The results revealed that out of 9 possible roles of big data in property marketing, the 2 most notable ones are t...
Investors rely on statistical forecasts to guide their investment decisions. Given the relative o... more Investors rely on statistical forecasts to guide their investment decisions. Given the relative opportunity cost associated with these decisions, and the huge financial implication of commercial property investments, such insights are invaluable; because investors can choose investments from an informed position. Despite this recognised benefit of forecasting, there has been little focus on forecasting the performance (total returns) of commercial property investments in Lagos Metropolis. This paper, therefore, aims to forecast the total returns of two commercial property investment types (shops and offices) in five sub-markets (Yaba, Ikeja, Ikoyi, Victoria Island and Lagos Island) within the Lagos property market. In doing so, the study uses longitudinal data for the capital and rental values of commercial property investments in Lagos between 2006 to 2018 alongside a simple regression model for 2019-2021 predicted total returns. Autocorrelation was used in testing the predictive v...
Baltic Journal of Real Estate Economics and Construction Management, 2020
The level of sensitivity of every investment option to a market index is crucial to investors. Se... more The level of sensitivity of every investment option to a market index is crucial to investors. Sensitivity analysis of individual or a set of returns on investments to market return index predicts the reaction of the investment(s) to changes in the market index; informs investors of prospective performance of different investments types; as well as assists the investors in making appropriate decisions on investment selections. This paper assessed how sensitive indirect real estate investments in Nigeria were to market index. The three companies whose asset returns were considered in this study were real estate investment trusts listed in the Nigerian Stock Exchange. The data used in this study were sourced from annual reports of the listed companies, and reports of the Nigerian Stock Exchange. The beta coefficients were used to determine the sensitivity of the selected stocks to market return index. The study found a very low and insignificant beta coefficient among various real est...
This paper ascertained how valuers generate anchor data based on past valuations experiences and ... more This paper ascertained how valuers generate anchor data based on past valuations experiences and how adjustments were made on the anchors to obtain capital values of residential properties. From a Total population of 260 registered firms, 164 were located. Yamane’s (1967) formula with 0.05 sampling error was adopted in determining sample size. It was found that sources of anchor and what valuers have been adjusting for varies . Additionally, generating anchor data from local experts was more common than from firms’ records; while general adjustment of anchor for differences in identified attributes has highest adoption rate (92.3%). Previous value experience of subject property is the most common of considered anchor sources. Externally generated anchor ranked higher in use than internally generated anchor; but ranked lower in terms of adjustment. Adjusting without identification of differences in attributes should be avoided to prevent misrepresentation of comparable and loss of cl...
The study aims at investigating and implementing aspects of opportunities that exist for utilizin... more The study aims at investigating and implementing aspects of opportunities that exist for utilizing Geographic Information System(GIS) techniques in the real estate industry with emphasis in the retail submarket using geospatial data. Data was obtained through geographic information system (G.I.S) making use of the street map of the study area and digitalized administrative boundary of local government areas of Lagos State. This is linked with the GPS (Global Positioning System) locations of some points of interest like hotels, schools and educational institutions. Findings from the study indicated the best route that has the lowest impendence that can aid the real estate analyst as to the most appropriate locations where retail outlets could be located for easy accessibility of prospective customers. It also shows that lack of technology, poor information and interchange among stakeholders are major problems. Inspite of growing investment interest in the subsector, research in retai...
This study evaluated the risk-return characteristics of real estate equities in Nigeria in order ... more This study evaluated the risk-return characteristics of real estate equities in Nigeria in order to identify diversification benefits arising there from. The study adopted the mean-variance and correlation analysis to test the correlation of real estate equities with those of selected common stocks between 2003 and 2009. The co-movements and positive correlations between real estate equities and the common stocks indicated that real estate equities did not perform any better than common stocks; and also suggested that real estate equities offered no diversification benefits. This finding negates the widely held belief that real estate equities correlate negatively with common stocks and are therefore amenable to diversification. It also confirms the fear that portfolio diversification could fail during periods of financial stress, when it is most needed. The paper recommends further studies incorporating all the asset classes including direct real estate in a mixed-asset portfolio t...
This study evaluates the facilities managements’ performance on low-rise Housing Schemes in Victo... more This study evaluates the facilities managements’ performance on low-rise Housing Schemes in Victoria Island Lagos, Nigeria based on the preference and satisfaction levels of expatriate occupants. A 5-point likert scale form of questionnaires were administered to expatriates representing each of the 175 housing units which make up the nine existing low-rise housing estates in Victoria Island, Lagos. Primary data obtained by administrating questionnaires to the expatriates that occupy the considered houses in the Victoria Island estates as well as some key management staff responsible for the facilities management. The considered respondents were based on purposeful sampling. Data obtained from the respondents was ranked and analysed with the mean item score, found in Statistical Packages for Social Sciences (SPSS) version 17. The findings were that ease of access by public transport, functional quality of lifts, and availability of convenience stores/market nearby are on a very low...
This study evaluates the facilities managements’ performance on low-rise Housing Schemes in Victo... more This study evaluates the facilities managements’ performance on low-rise Housing Schemes in Victoria Island Lagos, Nigeria based on the preference and satisfaction levels of expatriate occupants. A 5-point likert scale form of questionnaires were administered to expatriates representing each of the 175 housing units which make up the nine existing low-rise housing estates in Victoria Island, Lagos. Primary data obtained by administrating questionnaires to the expatriates that occupy the considered houses in the Victoria Island estates as well as some key management staff responsible for the facilities management. The considered respondents were based on purposeful sampling. Data obtained from the respondents was ranked and analysed with the mean item score, found in Statistical Packages for Social Sciences (SPSS) version 17. The findings were that ease of access by public transport, functional quality of lifts, and availability of convenience stores/market nearby are on a very low satisfaction scale. Based on the findings, we recommend that the property developers and the facilities managers should be locating in areas where there is ease of access by public transport; ensuring functional quality of lifts and availability of convenience stores/market nearby. Keywords: Building, expatriates, facilities, housing, performance, schemes
This study evaluates the performance due to diversification of 3 and 5bedroom residential propert... more This study evaluates the performance due to diversification of 3 and 5bedroom residential property types in different geographic areas in Ibadan with a view to advising prospective risk-averse investors on best paired investment combinations to invest upon. Annual rents and capital values were obtained from the records of estate surveying and valuation firms that are operating in the study areas. This was followed by averaging the annual rental and capital values of the properties and adopting the annual averages in determining the income returns, capital returns and total returns of residential properties on annual basis from 2002 to 2014. The correlation coefficients of several paired returns were determined using Statistical Packages for Social Sciences (SPSS) version 20. Investing on 3-bedroom flats in Eleyele was found to be consistently a viable investment option in all cases of correlating the returns; except in the case of correlating annual returns of 3-bedroom in Eleyele a...
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