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Article
Publication date: 5 September 2023

Vincent Uwaifiokun Aihie, Abiodun Kolawole Oyetunji, Temitope Omotayo and Damilola Ekundayo

Income from investment properties can fluctuate depending on the state of the economy. The idea that there is always a potential exit (sale) value whenever the property stops…

Abstract

Purpose

Income from investment properties can fluctuate depending on the state of the economy. The idea that there is always a potential exit (sale) value whenever the property stops performing at its optimum or deflation in the economy will always appeal to investors. To determine housing prices, investors would rely on a direct comparison approach (DCA) of recent substitute sales in the open market. Appraisers use this approach to develop an opinion of value when there is a plethora of recent sales to analyse.

Design/methodology/approach

The study was designed to establish the use of the analytical hierarchy process (AHP) approach as a support tool for deciding property appraisals. A case study of an industrial single-storey stand-alone building with grade-level parking in the south-east of Calgary, Canada, was investigated with the AHP approach. The result was cross-referenced with the DCA.

Findings

Using a consistency index of 0.077321 and a consistency ratio of 0.085912, the matrix multiplication was determined to be 0.456706. The average valuations derived from the adjusted price per square foot using the direct comparison method and the unadjusted price per square foot using the AHP were deemed the best value estimate in the light of available comparables. The implications of the findings suggest that AHP, as a quantitative technique, can support and validate the use of similar non-recent sale comparables when appraising investment properties with the DCA.

Originality/value

AHP is an alternative aid in quantitatively deciding the most significant value attribute for comparison before subjective adjustments. When intuitively applied in the DCA, these subjective adjustments almost always lead to an overvaluation of properties.

Details

International Journal of Building Pathology and Adaptation, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-4708

Keywords

Article
Publication date: 16 July 2021

Rotimi Boluwatife Abidoye, Felice Fam, Olalekan Shamsideen Oshodi and Abiodun Kolawole Oyetunji

The construction of new transportation infrastructure tends to affect the adjoining properties, economy and environment. In particular, studies have investigated the change in the…

Abstract

Purpose

The construction of new transportation infrastructure tends to affect the adjoining properties, economy and environment. In particular, studies have investigated the change in the value of properties due to increased access to transportation facilities. The purpose of this paper is to examine the impact of the recently completed light rail on residential property values in Sydney, Australia.

Design/methodology/approach

Sales data of residential properties was extracted from the CoreLogic’s RP database. The hedonic pricing model was used to assess the effect of proximity to the light rail stops. Two models were developed for the announcement and construction phases of the light rail project.

Findings

It was found that during the announcement phase, properties located within the 400 m radius from the station were 3.3% more expensive than those within the 400–800 radius. At the construction stage, the properties within the 0–400 m radius from the stops sold at 3.1% more than those within the 400–800 m radius. This study concludes that a positive relationship exists between the values of residential property and proximity to light rail stations.

Practical implications

These findings would be useful for policymakers to develop land value capture programs for infrastructure funding and to real estate professionals and investors for investment in future transit-oriented development.

Originality/value

Previous studies that aimed at examining the impact of light rails on residential properties values around universities are limited. Hence, this study provides a broad perspective on the impact of light rail on residential properties values.

Details

International Journal of Housing Markets and Analysis, vol. 15 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 18 August 2022

Lovelin Ifeoma Obi, Temitope Omotayo, Damilola Ekundayo and Abiodun Kolawole Oyetunji

Building information modelling (BIM) is an innovative, collaborative process underpinned by digital technologies introduced to improve project performance in the architecture…

Abstract

Purpose

Building information modelling (BIM) is an innovative, collaborative process underpinned by digital technologies introduced to improve project performance in the architecture, engineering and construction (AEC). Growth in industry demands has necessitated BIM inclusion into the higher education (HE) curricula as both a pedagogic and practical objective to prepare and develop aspiring built environment (BE) professionals with the required competence for contemporary practice. However, comprehension of BIM concepts and subsequent development of the skill set required for its application remains overwhelming for students. In mitigating this challenge, adopting appropriate learner-centred strategies has been advocated. Problem-based learning (PBL) is becoming a widespread strategy to address concerns associated with authentic practices.

Design/methodology/approach

This paper evaluates the impact of the PBL strategy on students' accelerated learning of BIM based on a case study of 53 undergraduate students in a BIM module. The network analysis and centrality measures were employed in understudying the most applicable BIM skills.

Findings

From the analyses, PBL benefits students' knowledge acquisition (cognitive and affective) of BIM concept and development of transferable skills (academic and disciplinary), equipping them with capabilities to become BIM competent and workplace ready for the AEC industry.

Originality/value

The BIM pedagogy evolves, and new skillsets emerge. Analytical, communications and collaboration skills remain sacrosanct to delivering BIM modules. These skills mentioned above are essential in getting undergraduate students ready to apply BIM in the AEC sector.

Details

Smart and Sustainable Built Environment, vol. 13 no. 1
Type: Research Article
ISSN: 2046-6099

Keywords

Article
Publication date: 22 July 2021

Michael Ayodele Olukolajo, Abiodun Kolawole Oyetunji and Ifeoluwa Benjamin Oluleye

This paper aims to investigate construction site workers’ compliance with various coronavirus (Covid-19) protocols while working on construction sites.

Abstract

Purpose

This paper aims to investigate construction site workers’ compliance with various coronavirus (Covid-19) protocols while working on construction sites.

Design/methodology/approach

This survey was conducted at the end of the imposed lockdown following Nigeria’s upsurge of the Covid-19 pandemic. The survey research method was adopted for the study using a structured questionnaire administered to 246 construction site workers under strict Covid-19 preventive measures. The data was complemented through personal observations of the study site activities. The results were analysed using frequency tables and a factor analytical approach.

Findings

The preventive measures in place on construction sites can be classified into personal protective measures, good etiquette/manners, contact precautions and prompt actions. Although the workers claimed to be aware of the Covid-19 pandemic, their disposition towards the preventive measures on construction sites is worrisome. Hence, their level of compliance with the protocols could mitigate the spread of the virus.

Originality/value

This paper fulfils an identified gap to study the need to promote public health by mitigating the global pandemic’s spread in areas where social distancing cannot be easily observed.

Details

Journal of Engineering, Design and Technology , vol. 20 no. 1
Type: Research Article
ISSN: 1726-0531

Keywords

Article
Publication date: 23 November 2020

Ifeoluwa Benjamin Oluleye, Mukaila Bamidele Ogunleye and Abiodun Kolawole Oyetunji

Despite the varied housing policies guiding the Nigerian housing provision, its delivery is yet to level up with the global acceptable sustainability requirements. Previous…

Abstract

Purpose

Despite the varied housing policies guiding the Nigerian housing provision, its delivery is yet to level up with the global acceptable sustainability requirements. Previous studies revealed that developing countries are yet to unravel and embrace the tenets of sustainable housing delivery. This study, therefore, adopted the analytic hierarchy process survey in evaluating the critical success factors (CSFs) that can enhance the delivery of sustainable housing and, in turn, meeting the nation’s sustainable housing needs.

Design/methodology/approach

Data for the study was sourced from housing developers in Nigeria. A pilot survey was done to reduce the identified success factors into a manageable size. These factors were evaluated using the analytical hierarchy process to ascertain the significant factors for sustainable housing delivery in developing economies.

Findings

Findings from the study revealed that government funding towards sustainable housing, access to low-interest housing loan, mandating affordable housing development, ensuring community participation during housing delivery, the involvement of housing stakeholders, ensuring the security of life and properties, use of sustainable materials, adaptable housing design and befitting land use are the significant CSFs required for enhancing sustainable housing delivery.

Practical implications

The findings of this study seek to inform developers, practitioners and policymakers on the CSFs crucial for sustainability attainment in the built environment.

Originality/value

The CSFs are quite important and they would promote government sustainability programmes, meeting housing needs and if well implemented and adopted thereby solving environmental and socio-economic challenges of traditional housing development. This research has added to the existing literature on sustainable housing delivery by providing information on inclusive CSFs that would enhance the delivery of sustainable housing in the developing economy. Further research of this nature can also be carried out to compare and contrast with other developing economies.

Details

Journal of Engineering, Design and Technology , vol. 19 no. 5
Type: Research Article
ISSN: 1726-0531

Keywords

Article
Publication date: 3 November 2021

Ifeoluwa Benjamin Oluleye, Abiodun Kolawole Oyetunji, Michael Ayodele Olukolajo and Daniel W.M. Chan

Building information modelling (BIM) is a novel technological advancement in the built environment. Despite the potentials of BIM, its adoption and implementation are undermined…

Abstract

Purpose

Building information modelling (BIM) is a novel technological advancement in the built environment. Despite the potentials of BIM, its adoption and implementation are undermined in facility management (FM) operations. This might be because of limited information on the critical success factors (CSFs) that can enhance its adoption. The study aims to integrate building information modelling to improve facility management operation by adopting fuzzy synthetic approach for evaluating the critical success factors.

Design/methodology/approach

Data for the study were sourced from practising and registered facility managers within Lagos metropolis, Nigeria. The data collected were analysed using a combination of methods which include mean item score, factor analysis and fuzzy synthetic evaluation (FSE).

Findings

The factor analysis results showed that six underlying groups of CSFs would enhance the effective adoption of BIM in facility operations. The FSE results showed that out of the six groups, the three topmost important CSF grouping (CSFG) in the decision rule would enhance the effectiveness of BIM adoption for FM operations.

Practical implications

The result of this study provides a credible road map for facility managers, policymakers and other stakeholders in FM operations on the CSFs and CSFG required for the adoption of BIM.

Originality/value

Previous studies that aimed at integrating BIM into FM are limited. Hence, this study provides a broad perspective on the CSF required for BIM adoption and implementation in FM operations using the FSE approach.

Details

Journal of Facilities Management , vol. 21 no. 2
Type: Research Article
ISSN: 1472-5967

Keywords

Article
Publication date: 9 July 2021

Ndubisi Onwuanyi and Abiodun Kolawole Oyetunji

This paper explores the relevance of inter-market research to improving knowledge in property markets. It focuses on Nigeria's emergent property market which JLL (2018) suggests…

Abstract

Purpose

This paper explores the relevance of inter-market research to improving knowledge in property markets. It focuses on Nigeria's emergent property market which JLL (2018) suggests is information challenged. Given the country's lack of property data management, it is posited that inter-market studies can help to improve information supply and market knowledge. Inter-market research in Nigeria is compared with the UK's established market where such research is a key information source.

Design/methodology/approach

An online database search was used to collate published intra-market and inter-market research on Nigeria's property market between 2009 and 2019. The inter-market research were thereafter examined as to volume and scope (geographical and thematic) and compared with the UK's.

Findings

Relative to the UK, the volume as well as scope (geographical and thematic) of inter-market research in Nigeria are respectively far lower and narrower, thereby producing less information overall. Only a few Nigerian studies provide insights of two or more local markets. There is little or no research on many important market issues and other urban markets in the system. This suggests that inter-market research is relatively undeveloped in Nigeria.

Research limitations/implications

The online search approach used to assemble extant research in the absence of a research repository may have resulted in the omission of some inter-market research undertaken between 2009 and 2019 if these were not published online.

Practical implications

The dearth of inter-market research in Nigeria suggests an inadequately researched market. This limits market information, market knowledge, suggests a low market competitiveness with implications for development in view of the role of property in the modern economy.

Originality/value

In view of the little attention given to inter-market research in Nigeria, this study draws attention to its potential for improving market knowledge by the production of information which has a wider market relevance.

Details

Property Management, vol. 39 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 20 September 2022

Adeyosoye Babatunde Ayoola, Adejoke Rashidat Oladapo, Babajide Ojo and Abiodun Kolawole Oyetunji

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…

Abstract

Purpose

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 0–250 m, 251–500 m and 0–500 m.

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 (301.83 m), 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.

Details

International Journal of Housing Markets and Analysis, vol. 16 no. 6
Type: Research Article
ISSN: 1753-8270

Keywords

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