Teleworking Alternative to Real Estate Practice in Nigeria: Findings from Literature

Organisations in different industries across the world including education, medicine, finance, information technology, engineering, amongst others have their workforce engaged in telework as the primary mode of operation. This mode of operation became even more prevalent during the COVID-19 pandemic. The adoption of telework in these industries is evidenced by the availability of published literature and guidelines. However, similar published evidence on telework as an alternative approach in the real estate profession is very limited, both in Nigeria and globally. It is in this light that this research sought to examine teleworking as an alternative to real estate practice in Nigeria with a view to identifying the tools and techniques applicable for the mode of practice. Via a review of literature, this study investigated the characteristics of telework in three major industries which included: education, medicine and Information Technology (IT). The characteristics identified were: the central use of ICT, remote communication with stakeholders, remote data acquisition and remote accessing and sharing of files. From these discoveries, and through further literature review, tools and techniques such as: Remote sensing and GIS, Property Management Software, Facilities Management Information System, property marketing platforms amongst other, were identified for remote real estate practice. It was however recommended that the Nigerian Institution of Estate Surveyors and Valuers (NIESV) performs a deeper investigation into the application of telework to real estate practice in Nigeria so as to provide institutionalbacked guidelines needed especially in situations similar to the COVID-19 pandemic

REWORKING TRADITIONAL FUND RAISING INSTITUTIONS FOR AFFORDABLE HOUSING PROVISION: A REVIEW OF NIGERIAN AND KENYAN CASE-STUDIES

Traditional fundraising institutions such as Esusu Cooperatives in South-West Nigeria and the Harambee system in Kenya have been a vital source of capital formation for low income earners. This paper examines traditional and contemporary funding systems, and proposes alternative strategies for addressing funding challenges that confront low-income earners, by reviewing existing literature related to funding systems in Nigeria and Kenya. Harambee schemes have been successfully deployed in the education sector in Kenya, and similarly, many models of the credit and thrift cooperatives that exist in Nigeria (particularly those based on the Esusu system), have provided improved access to loans and credit for low income earners. It is argued that the advantages of these traditional schemes which rely fundamentally on community collaboration can be successfully utilised in the delivery of housing projects. In conclusion, the financial benefits enjoyed in the Esusu and Harambee systems can be successfully harnessed in the delivery of small and medium-sized housing schemes via housing cooperatives and other finance institutions in urban locations, by focusing on loan default minimization and elimination of collaterals

Impacts of Gated Communities on Residential Property Values: A Comparison of ONIPETESI Estate and Its Neighbourhoods in IKEJA,Lagos State, Nigeria

There has been a considerable growth of interest in recent years surrounding the emergence of gated communities. This study examined the impact of gated communities on residential property values by comparing Onipetesi Estate and Idi-Mangoro neighbourhood. While questionnaire was administered on the 230 residents of Onipetesi Estate, 40 copies were administered on the Estate Surveying and Valuation firms managing properties within Onipetesi Estate and Idi-Mangoro neighbourhood. A total of 134 (58.26%) and 25 (62.5%) copies of the questionnaires were retrieved from the residents and Managing Agents respectively. In analysing the data collected for this study, descriptive statistics was adopted. The study revealed that residential properties within Onipetesi Estate are more expensive than that of Idi-Mangoro. The study further revealed that the quest for security of life and properties is a major factor attracting people to the estate. In terms of economic sustainability,gated communities provide good basis for improving the standard and quality of valuation of residential properties,however both environmental and social sustainability should be given equal recognition, especially with the various criticisms leveled against gated communities in terms of their sustainability contribution to urban growth

CO-OPERATIVE HOUSING AND BASIC INFRASTRUCTURE PROVISION: A CONCEPTUAL FRAMEWORK FOR EFFECTIVE PUBLIC PRIVATE PARTNERSHIP

Aside finance, the dearth of infrastructure in developing countries including Nigeria has been a major challenge debilitating all round economic, physical and social development. The level and state of infrastructure development in Nigeria has not only increased the cost of undertaking businesses in the country but also the overall cost of real estate project development. Despite the fact that people organize co-operative movement to address some of their individual and societal needs such as housing, it has been observed that one of the critical challenges confronting co-operative societies‟ efforts in housing provision is the lack of or inadequate on-site infrastructure whilst the existing infrastructure in housing estates already developed by some of these co-operative societies suffer from poor maintenance. With a view to developing a conceptual framework for effective public private partnership for the provision and improvement of infrastructure in co-operative housing estates, this study undertook a comprehensive review of extant literatures on infrastructure provision and national development particularly as it relates to housing delivery in Nigeria. The study evaluates the current issues and challenges facing infrastructure provision in co-operative housing estates and proposed a framework that emphasize active collaboration of co-operative societies with institutional stakeholders such as insurance companies or pension funds, federal ministry of works and housing, thereby bolstering infrastructure development and housing provision efforts of co-operative societies in Nigeria. Key words: Infrastructure, Co-operative housing, Partnership, Societies, Institution, Insuranc

Price Determination for Residential Properties in Lagos State, Nigeria: The Principal-Agent Dilemma

Arbitrary house pricing by property owners based on existing or expected economic situation partly explain the glut and proliferation of vacant properties in the housing market awash with demand for same. This study takes a look at the process and strategy of house pricing, the factors considered in determining housing price and the factors that prolong listing period in the residential property market. Primary and secondary data were gathered for the study. Primary data was collected with structured close-ended questionnaires administered to three groups of respondents, property owners, professional property managers and real estate developers in Lagos State. A total of 240 questionnaires were administered to senior management staff of these organizations and another 113 to property owners accessed through the estate agents involved in this survey. Secondary data was also obtained from existing journal articles, online resources, dailies and books. Data from the questionnaire survey was collated and analysed with the aides of descriptive tools such as percentages, 5-point likert scales and ranking. Findings showed amongst others that house prices in the residential property market are largely fixed and reserved by the sellers. It was also found that these sellers do not consider many of the determinants of housing price. Moreover, the doldrums in the housing market is caused by the speculative investors, resale, overpricing, lack of adequate knowledge of the housing market and lack of trust in the competence of the professional agents to fix price acceptable to the seller. It was therefore recommended that sellers undertake the valuation of their property before putting it in the market and that they should trust in the competence of the agent to advise on price deemed optimal for the property

Impacts of Gated Communities on Residential Property Values: A Comparison of ONIPETESI Estate and Its Neighbourhoods in IKEJA, Lagos State, Nigeria

There has been a considerable growth of interest in recent years surrounding the emergence of gated communities. This study examined the impact of gated communities on residential property values by comparing Onipetesi Estate and Idi-Mangoro neighbourhood. While questionnaire was administered on the 230 residents of Onipetesi Estate, 40 copies were administered on the Estate Surveying and Valuation firms managing properties within Onipetesi Estate and Idi-Mangoro neighbourhood. A total of 134 (58.26%) and 25 (62.5%) copies of the questionnaires were retrieved from the residents and Managing Agents respectively. In analysing the data collected for this study, descriptive statistics was adopted. The study revealed that residential properties within Onipetesi Estate are more expensive than that of Idi-Mangoro. The study further revealed that the quest for security of life and properties is a major factor attracting people to the estate. In terms of economic sustainability, gated communities provide good basis for improving the standard and quality of valuation of residential properties, however both environmental and social sustainability should be given equal recognition, especially with the various criticisms leveled against gated communities in terms of their sustainability contribution to urban growth

Defective Selection and Application of Valuation Data as the Cause of Valuation Inconsistency in Metropolitan Lagos, Nigeria

There has been increasing criticisms of the ability of Nigerian valuers to undertake investment valuations in a reliable and consistent manner. The earlier studies have focused mainly on the range of disparity between either the sale prices and valuation figures or between the valuation figures of two or more valuers. This study however sought to examine the roles of training and exposure to valuation inputs/data often employed in investment valuation by the professional valuers plays in the disparity/variance of the valuation figures produced by the valuers in cases where two or more valuers may have cause to carry out the valuation of the same property(ies) at about the same time/period. To achieve the aim of the study, the researchers employed quasi-experimental method whereby forty five estate surveyors and valuers with varying number of years in practice were sampled by requesting them to carry out valuation of twelve residential properties recently sold within Lagos Metropolis, the study area. The results of their valuations showed wide disparity/variance in the valuation outcomes between and amongst the valuers. These wide variance/disparity is traceable largely to lack of uniformity in the choice of valuation inputs employed by the valuers for valuation assignments and which has direct link to the training received by the respondent valers. The study concluded that there is the need by the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) and the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to take up the responsibility of ensuring that for any Estate Surveyor and Valuer to qualify to carry out valuation assignment(s) such Estate Surveyor and Valuer must have undergone sufficient training and acquire relevant exposure to the art and science of valuation which will afford them opportunity of how to employ relevant valuation data and inputs with a view to curtailing the problem of disparity in valuations amongst the valuers

Valuation Discrepancies in the Value Opinion of Professional Valuers’ in Lagos, Nigeria

Although no two valuer could perhaps arrive at the same value, the disparities in the variation of values poses a point of concern. This work is therefore aimed at discovering the prevalent causes of error/variance amongst the different valuation figures of Nigerian valuers. The study involved the distribution of 130 questionnaires to practicing estate surveyors and valuers in Lagos metropolis, one of the most buoyant property markets in the country. By adopting the use of weighted arithmetic mean, it was discovered that presently the variance amongst Nigerian valuation is principally attributable to the adoption of different yield and lack of adequate market information by Nigerian valuers while carrying out valuation. To curb these excesses in variance/excesses in margin of error, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) is encouraged to adopt reviewable standardized yield for valuers while carrying out valuation of land and property

Interval Estimate in Plant and Machinery Valuation: A Guide against Variance for Capacity Development amongst Estate Valuers

-Valuation variance, one of the valuation errors, has been explored by researchers all over the world in relation to valuation of land and buildings; however, there is dearth of this research on plant and machinery. This research is in a bid to harmonizing values of these assets amongst estate valuers particularly at this propitious time when the Financial Reporting Act of 2011 has paved way for more enforceable statutory valuations in Nigeria. This study as against most arbitrary placed margin of errors is in furtherance to an earlier pedagogic work that entailed the review of related literatures from where an allowable range of ±5% error was permisible and an interval estimate of an appropriate depreciated value at a 95% confidence level was adopted from basic statistics to give a reasonable ±9.8% margin of error. The researchers hereby opine that adherence to thie result in practice will help in capacity development of Estate Valuers who have the statutory preserve to undertake valuations of all asset

Cost of Urban Rental Housing and its Implications on Home Ownership Drive of Middle and Low-Income Earners in Lagos State, Nigeria

The quantitative and qualitative housing challenges especially among the middle and low income groups in Nigeria have continued to constitute a source of concern to all. Over the years, different studies have examined the situation and attributed the problem to the inability of government to provide housing enmasse, lack of access to capital, low income and high costs of procurement of available ones. This study advances knowledge by focussing on renters and taking a closer look at the overall cost of rental housing and its effect on renter to owner’s efforts. Renters’ population is on the increase in major urban centres with reduced capacity for home acquisition. This study examines household spending pattern, identifies other costs incidental to rental housing consumption and how they affect renters’ home acquisition drives’. Questionnaires were administered to 750 renters randomly selected from three local government areas in Lagos State. Data collected were subsequently analysed with descriptive tools such as tables, percentages, relative importance index and a 5-point likert scale. It was discovered that apart from rent, other costs incidental to rental housing consumption significantly reduces renters’ savings capacity. The study therefore suggests that these other costs be examined critically and treated appropriately. They could be stabilised, subsidized, eradicated or totally shouldered by the government