Design Inadequacies and the Maintenance of University Buildings in Ile-Ife, Nigeria

It is imperative that the maintenance possibilities of a building be considered at the design stage, this will enhance ease of maintenance of such buildings and prevent building failures resulting from design inadequacies. This study analyzed the design configurations of selected buildings in Obafemi Awolowo University, Ile-Ife; the maintenance problems traceable to design; and also determined the impact of design related problems in the maintenance of the buildings. This was with a view to providing information that could enhance the maintenance of future buildings in the study area. The study used primary data obtained from physical observations of the selected buildings and secondary data from existing maintenance records. There were thirteen (13) faculties with forty-four (44) buildings and eighteen (18) lecture theatres within the study area. Using stratification based on design configuration, twenty-seven (61%) faculty buildings and ten (56%) lecture theaters were selected as sample size for the study. Forty five questionnaires were administered on the staff of Maintenance Unit, building occupiers and the staff of Physical Planning and Development Unit (PPDU) of the university. Data collected were analyzed using frequency counts and percentages. The results of the study revealed that in-built access for maintenance operations was provided for only 31% of the total building facades. The problems encountered in the management of maintenance operations on the defective elements were traceable to factors such as environmental impacts (13%), structural stability (11.1%), functional failures (10.5%), and inaccessible defective portions (9.3%). Others were aesthetic considerations (9.3%), users’ impacts (9.3%), choice of inappropriate construction materials (8%), and building shapes (6.8%). The identified physical impacts traceable to design inputs were moisture stain (2.92%), weeds on building elements (2.63%) cobweb stains (2.34%), broken concrete fins at stairwells (0.15%), plumbing defects (0.44%), blocked drains (0.15%), and undersized roof gutter (0.15%) among others. The study concluded that problems encountered in the management of the maintenance operations such as provision of as-built drawings; working space and safe access to defective portions; choice of correct construction materials and methods by certified personnel were not taken care of during the design stage. The study recommended that all building items, elements or components be designed and constructed for ease-of-maintenance to ensure better future performances. Keywords: Building, Building Design, Building Reliability, Building Availability, Building Maintainability, Maintenance Problem

Lack of Maintenance Culture in Nigeria: The Bane of National Development

Lackadaisical attitude of Nigerians on maintenance culture has negatively affected infrastructural development which is critical and essential to a Nation’s development. Achieving vision 2020 goals would be attainable if existing structures and facilities are constantly maintained. Poor maintenance culture has drawn the nation a thousand steps backward and one of the stride actions that could salvage the country from the total mess of infrastructural decay is maintenance. This paper aimed at examining lack of maintenance culture through review of archival materials and participative observations. Poor leadership, corruption, attitudinal problem and lack of maintenance policy were identified as major causes of the menace. In conclusion, the paper recommends the inclusion of maintenance culture in national educational curriculum, maintenance policy formulation and appointment of facility managers among others as necessary steps towards making the country among the comity of developed nations. Keywords: Culture, Infrastructure, Maintenance, Maintenance Policy and National Developmen

Financial Structure of REITs in Emerging Property Markets: An Assessment of N-REITs

Purpose: The study assessed the financial structure of REITs in emerging markets, using the Nigerian Real Estate Investment Trusts (N-REITs) to provide relevant information to guide both foreign and domestic investors.  Design/Methodology/Approach: Secondary data obtained from the financial statement and annual reports of all the REITs companies in Nigeria namely Skye Shelter Fund, Union Homes REITs and UPDC REITs were used for the study. The study period covered from 2007 to 2016. Descriptive statistical tools such as frequencies, mean weighted scores and percentages were used in analyzing the data obtained for the study. Findings: The study revealed that UPDC REITs had the highest capital injected into the industry; hence it has the highest market capitalization. However the entire industry has a market capitalization of ₦41, 183, 684, 050 ($134.5 million) and a unit holders’ fund of ₦44,726,754,000 ($146.2 million) within the study period, this is considered quite small when put alongside REIT companies of other nations with substantial market capitalizations such as the US which had a market capitalization of about $977.9 billion and South Africa with market capitalization of about$21 billion. Similarly, the study revealed that the N-REITs has great potentials given that the direct property from which it derives its income is doing well in terms of return performance in the study area.Originality/Value: REITs in emerging property markets has not been sufficiently studied. This study provided empirical data from an emerging property market which can guide prospective investors from across the globe. Keywords: Emerging markets, investment, market capitalization, real estate, structure

Trends in the Rental Values of Residential Properties Proximate to Tertiary Institutions: The Case of Federal Polytechnic Ede, Nigeria

The aim of this study is to assess the trend of residential properties proximate to Federal Polytechnic Ede, Nigeria with a view to providing information for real estate investment decisions. The study was carried out by means of questionnaire survey. The population for the study consisted of Estate Surveyors and Valuers, Landlords, and the staff of the Management Information System (MIS) Unit of the Federal Polytechnic Ede. The areas covered for this study includes Agbale, Rombay, Ogberin and main gate areas which are neighborhoods proximate to the institution. Both descriptive statistical tools such as percentages, weighted mean scores and averages as well as inferential statistical tools such as correlation and regressions models were used in analysis of the data obtained. The study found that there was a steady and consistent increase in students’ enrolment from 2007 to 2016. Similarly there was a significant increase in the rental values of residential properties in the neighborhoods around the institution. Both the correlation and regression analysis showed a significant positive relationship between students’ enrolment and the rental values of residential properties in the study area.  The implication of this is that investors in the real estate sector could consider investing in properties proximate to such institutions so as to address the mismatch between supply and demand for students’ accommodation and enjoy high returns on investments. Keywords: Investment, property, proximate, rent, residential, students

Evaluating the attitudes of real estate students toward property valuation

Property valuation is a capstone course for real estate professionals and an essential component of core knowledge in real estate education. The prominence of real estate in the investment market and information asymmetries have created a demand for property valuation all around the world. However, anecdotal evidence suggests that real estate students rarely have positive attitudes toward property valuation. This condition can hinder understanding the contents and acquiring the requisite valuation skills as attitudes are critical for learning. It has been contended that developing positive attitudes should be the desired course goal. This study employs quantitative research designs to evaluate the attitudes of real estate students toward property valuation to determine whether the desired goal has been achieved. A self-administered questionnaire containing a modified SATS-36 attitudes assessment scale was distributed to all 87 Higher National Diploma (HND) I students after the first semester's valuation course. The findings suggested that the sampled students' attitudes toward property valuation were not negative. The students recognise the importance of property valuation for their careers, are ready to put up the effort to understand and acquire valuation skills, and believe they can learn property valuation. This study recommends that the pilot instrument used in this study be expanded to other polytechnics, universities, and nations in order to gather general data that may be used to guide the development of positive attitudes