Advanced property valuation techniques and valuation accuracy: Deciphering the artificial neural network technique

Property valuation end-users generally rely on property value opinion provided by valuers in making informed real estate investment decisions. However, the inaccuracy of valuation estimates could be attributed to the adoption of inappropriate property valuation methods and such inaccurate estimates could mislead real estate investors and stakeholders. This could result in individual loss and national loss due to the importance of the real estate sector to the national economy. Therefore, this study aims to examine the application of advanced property valuation techniques with special emphasis on the artificial neural network (ANN) technique in estimating accurate property values. A detailed review of the literature on issues involved in property valuation was conducted. The issues presented in this paper include the origin of ANN, its strength and weaknesses in comparison with other valuation approaches, its application both in theory and in practice, requirements for application in property valuation, valuers' response to its adoption, amongst others. It was found that the ANN technique could produce on the average accurate and reliable estimates but has not been widely adopted in practice. Thereafter, the challenges ahead in bridging the gap between theory and practice of the application of artificial intelligence (AI) techniques were discussed. In addition, the strategies of facilitating this paradigm shift to achieve a global sustainable property valuation practice are presented in this paper

Bridging the gap between real estate research and professional practice in Nigeria

Purpose: Beyond contributing to literature, research findings are expected to reinforce existing best practices while also serving as a springboard for formulating new and more efficient methods of undertaking economic activities. However, academic research is sometimes divorced from implementation and research findings are not always translated into practice. This study, therefore, assesses the impact of real estate research activities and findings on the practice of real estate surveying and valuation in Nigeria as the largest real estate market in Africa. Design/methodology/approach: An online questionnaire survey was conducted to obtain relevant data from Estate Surveyors and Valuers across the country. The survey questions cover reading of academic papers from the field of real estate and the reasons for doing so; whether they have made any changes to their professional practice based on findings from academic papers; and possible barriers to adoption academic research findings in your practice. Mean score ranking and principal component analysis were employed for data analysis. Findings: Out of a total of 61 participants, only 35 have made a change to their professional practice based on findings from academic papers they have read. “Personal development and enlightenment” ranks first on the list of reasons for reading academic papers among the participants while barriers to the adoption of academic research findings relate mainly to education, dissemination and lack of guidance on how to apply research findings. Practical implications: The study demonstrates how findings from real estate research are being applied and identifies possible barriers that must be addressed to improve the level of application and consequently, the value of academic studies. Originality/value: The study provides evidence on barriers to the adoption of academic research and contributes to the global effort to bridge the gap between academia and practice

The Impact of Stakeholders’ Management Measures on Citizens’ Participation Level in Implementing Smart Sustainable Cities

Smart sustainable cities (SSC) tend to utilise technology to promote themselves by involving their citizens in urban development. Several cities around the world have adopted the “smart city” label in recognition of these advantages. In fact, citizen engagement in public urban development and decision making has been acknowledged globally in many countries; yet, evaluations of the outcomes that allow the contribution of empowerment to be measured and compared with other influences are lacking. This study examines the correlation between stakeholder management measures (SMM) and citizen participation level (CPL) in the process of achieving an SSC. Four SMM factors were extracted from a literature review and sent out to be examined by experts in the field of built environments. Mean score (MS) ranking was used to confirm the importance of these variables in terms of predicting correlations with CPL. The results were generalised by multiple regression analysis techniques. This study shows a positive significant correlation between SMM and CPL in terms of Regulation, Collaboration, Legitimates, and Control. These four predictors make a significant contribution to escalating the levels of engagement and empowerment of citizen participation (CP). This paper contributes to knowledge in the field by identifying pillars that can increase CPL. Our findings could support the stakeholders of SSC projects to raise CPL, not only by hearing their voices but also by delegating power

The Impact of Citizens’ Participation Level on Smart Sustainable Cities Outcomes: Evidence from Saudi Arabia

It is imperative to expand the concept of smart cities beyond merely focusing on technology to include human, social, and environmental capital investing to develop smart sustainable cities (SSC). In recognition of smart cities’ advantages, several cities have adopted smart city labels. Although citizens’ engagement in public urban development and decision-making has been acknowledged globally in many countries, evaluating the outcomes that allow citizens to contribute does not measure and compare with other factors. This study examines the impact between the citizens’ participation level (CPL) and the smart sustainable cities outcome (SSCO). Four factors were extracted from the literature review and interviews were conducted with 12 decision and policymakers to establish the importance of these factors and to suggest any other additional factors. In addition, a questionnaire survey was utilised to assess and validate the result by experts in the field of the built environment. The mean score (MS) ranking was used to confirm the importance of these predicted correlations with SSCO. Endogeneity tests and multivariate regression analysis were adopted to validate the causality between CLP and SSCO. The results suggest that a positive significant correlation exists between the CPL and SSCO. A higher CPL leads to a higher level of SSCO, but this does not apply the other way around. The four significant factors of CPL to engage and empower citizens are accountability and responsibility, transparency, participation, and inclusion. This paper contributes to knowledge by identifying the measures of CPL and SSCO that can support the implementation of SSC by understanding what can be expected from the government and decision-makers and what can be expected from the citizens

Implementing Smart Sustainable Cities in Saudi Arabia: A Framework for Citizens’ Participation towards SAUDI VISION 2030

Cities in Saudi Arabia need to expand rapidly due to the rapidly growing urban population. To develop smart sustainable cities (SSC), human, social, and environmental capital investments must be expanded beyond just focusing on technology. There have been several cities that have adopted smart city labels as recognition of the advantages of smart cities. Many countries acknowledge the value of citizens’ involvement in public urban planning and decision making, but it is difficult to evaluate their impact and compare it to other factors. This study aims to develop a citizens’ participation framework, identify any additional stakeholder’s management measures (SMM) (in addition to the ones previously developed by the authors), and explain the relationship with citizens’ participation level (CPL) for driving SSC. Three rounds of the Delphi method were conducted to structure and validate the framework by the decision maker in the field of urban planning and reach a consensus of understanding the drivers of SSC. The study group was limited to 25 participants because this study focuses on the perspective of decision makers toward CP. Mean score (MS) ranking and Kendall Coefficient were used to confirm the importance of these additional stakeholders’ management measures. The results suggest three main component structures of the conceptual framework, which are SMM, CPL, and Citizens’ Participation Recruitment (CPR), which are all necessary for smart sustainable city outcomes (SSCO) for achieving the Future Sustainable Cities Plan (FSCP) within the context of Vision 2030 and government policy in Saudi Arabia. Using the proposed framework will enable all the stakeholders to gain a deeper understanding of SSC and their complex natures from a conceptual and practical standpoint. The contribution to knowledge of this study is by developing a conceptual framework that can support the implementation of SSC, and by providing an understanding the CPR standards and the involvement of citizens in urban development, which eliminates any debate regarding SSC