ORCID Profile
0000-0001-9049-9527
Current Organisation
UNSW Sydney
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Publisher: Informa UK Limited
Date: 02-01-2017
Publisher: Emerald
Date: 04-07-2016
Abstract: Real estate property has been established as a composite good, and its value is determined by many variables. The heterogeneous nature of real estate property has made different stakeholders value these variables differently. Therefore, this study aims to identify and evaluate these sets of variables which influence residential property value in the Lagos metropolis property market, Nigeria, based on professional valuers’ perception. A list of variables that influences property value was generated through literature review, and the list was used to design an online questionnaire that was administered to valuers practicing in the metropolis. The valuers were asked to rank these variables in order of significance. Their response was analysed to establish the mean score of each variable that depicts their level of significance. In order of importance, property location, neighbourhood characteristics, property state of repair, size of property, availability of neighbourhood security and age of property are the most highly significant variables that are influential on the property value in the Lagos metropolis. The findings of this study will inform all existing and prospective real estate stakeholders, including facility managers of the major determinants of the value of their investments and, at the same time, will be a tool for valuers and researchers in property value modelling. This study is the first attempt to develop a framework of property value determinants in this research area in Nigeria.
Publisher: Emerald
Date: 05-05-2021
Abstract: 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 orced 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. 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. 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. 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. 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.
Publisher: Emerald
Date: 15-02-2021
Abstract: This study updates and extends the current work on the issue of accuracy of property valuation. The paper investigates the factors that contribute to property valuation inaccuracy and examines different strategies to achieve greater accuracy in practice. An online questionnaire was designed and administered on the Australian Property Institute (API) registered valuers, attempting to examine their perceptions on the current state of valuation accuracy in Australia. The variables/statements from responses are ranked overall and compared for differences by the characteristics of respondents. Using mean rating point, the survey ranked three factors inexperience valuers, the selection, interpretation and use of comparable evidence in property valuation exercise and the complexity of the subject property in terms of design, age, material specification and state of repairs as the most significant factors currently affecting valuation inaccuracy. The results of a Chi-square test did not, however, show a significant statistical relationship between respondents' profile and the perception on the comparative importance of the factors identified. Except for valuers' age and inexperience valuers and valuers' educational qualification and inexperience valuers and the selection, interpretation and use of comparable evidence in property valuation exercise. Also, the three highly ranked strategies for reducing the level of inaccuracy are: developing a global mindset, use of advanced methodology and training valuers on market forecasting skills. In order for valuers to provide state-of-the-art service to the public and to remain relevant, there is a need to accurately and reliably estimate valuation figures. Hence, the strategies highlighted in this study could be considered in a bid to reduce property valuation inaccuracy in practice. This study provides an updated overview of the issue of property valuation inaccuracy in the Australia valuation practice and examines the strategies to reduce it.
Publisher: Informa UK Limited
Date: 02-01-2018
Publisher: MDPI AG
Date: 14-04-2023
DOI: 10.3390/SU15086648
Abstract: 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.
Publisher: Springer International Publishing
Date: 2022
Publisher: Emerald
Date: 20-04-2023
Abstract: The property valuation process involves the property valuer expressing expertise in reaction to a client' instruction. However, there are instances where clients, driven by self-interest, impose their will to influence valuers into returning property valuation figures that are not the true reflection of the valuer's assessment. This paper set out to revisit the issue of client influence in property valuation by conducting a scoping review to establish key findings, gaps, implications and solutions. In total, 21 articles on client influence published from 1997 till date were systematically obtained from Scopus, Web of Science, Google Scholar and through citation searching and reviewed through a “Patterns, Advances, Gaps, Evidence for practice and Research recommendations (PAGER)” framework. Further analysis and visualisation were performed using VOSviewer software. This study found that based on the number of studies, the issue of client influence has received empirical attention, which is few and far between, with financial institutions identified as the major culprits in most of those studies. One core reason for this is the stakes involved in the finance sector, which relies on property valuation for loan disbursement and performance measurement. Furthermore, previous studies have focused on identifying the issue through the lens of the property valuer without giving recourse to the client's perspective on what may drive the issue. This study provides evidence that the issue of client influence persists, with some elements of bias in the methodology. Furthermore, the solutions proffered have focused on the valuer and have not been tested to ascertain their effectiveness. Future studies can consider examining the issue from the perspective of financial institutions. This study is one of the first review studies on client influence on property valuation. It is also the first to identify a pattern in client influence studies that points to the issue being perpetuated by financial institutions. Furthermore, it is the first in recent time to reveal how limited study has been conducted in the area as well as the solutions which have neither been tested nor implemented.
Publisher: MDPI AG
Date: 07-01-2022
DOI: 10.3390/SU14020640
Abstract: Bridging the gaps between property graduates’ attributes and industry expectations has been touted to be the key driver of sustainable development for the next generation of the workforce. This study investigated property-related knowledge and skills from the perspective of property employers and graduates in Australia in the digital age by (1) identifying the most and least important knowledge and skillsets in the property sector (2) examining the strategies used to develop the required knowledge and skillsets and (3) ascertaining if there are differences in the knowledge and skillsets perceived to be necessary between employers and graduates. A questionnaire survey was undertaken across property employers affiliated with the Royal Institution of Chartered Surveyors (RICS) and graduates of an Australian university. The results showed that problem solving and time management are the most important knowledge and skills for property employers and graduates, respectively. Notably, there were statistically significant differences in the perceived importance of course directors maintaining close communication with employers, real-life case study-based school assessment, the use of various course delivery methods, inviting guest speakers, and internship training while studying between employers and graduates. This finding implies that Australian property professionals are yet to fully embrace technology in the digital age.
Publisher: Emerald
Date: 12-12-2022
DOI: 10.1108/SASBE-08-2022-0170
Abstract: The smart sustainable cities (SSC) concept has a wide acknowledgement amongst governments and societies that deal with emerging technology and help in developing better urban communities. However, the fact that citizens' participation (CP) is not adherent to the current policies and governance often boosts their aspirations of decision-making to become smart cities. This paper aims to identify SSC variables and, more importantly, rank, categorise and discuss the factors towards implementing SSC by engaging, empowering and enabling citizens to participate in the urban development of SSC. A comprehensive literature review identified 38 factors in the CP process. Those factors were used to design an online questionnaire administered to the respondents. A total of 164 valid responses were collected. A two-stage statistical analysis was adopted. First, the Relative Importance Index (RII) was used to rank and prioritise the importance of the factors that affect the current policies and agenda. Second, factor analysis was utilised to categorise and group those factors. This study founds four significant factors that help in implanting SSC: “knowledge of smart sustainable cities”, “awareness of smart sustainable cities”, “willingness of the citizens to participate” and “opinion on the current agenda of the government's role”. This study has a few limitations which can be considered in future studies. First, the response rate of the participant is relatively low (163), so s ling a larger segment will support the broader perception of the citizens. The outcome of this paper underlines the need for the successful implementation of smart cities by adopting CP in the process of impacting policies and governance. Particularly, it identifies factors that help cities and policymakers in engaging CP in developing new policies and revising existing policies for promoting SSC. There is a need to investigate the most critical factors that influence CP for implementing SSC. These factors have not been adequately examined in extant literature.
Publisher: MDPI AG
Date: 03-02-2022
DOI: 10.3390/BUILDINGS12020171
Abstract: The current young generation in Australia is increasingly facing issues around housing, and the demand for affordable and personalised housing alternatives to suit the needs of the younger population has given rise to a variety of housing options. The Build-to-Rent (BTR) housing supply model is one such option that was recently introduced with the aim to provide ersity and choice within the private rental sector (PRS). Although the idea of building housing infrastructure to rent is not new, the formalisation of the BTR concept is currently underway and requires a comprehensive understanding of the various factors influencing its successful adoption. With the introduction of big market players such as institutional investors, understanding the critical success factors (CSFs) for producing successful BTR projects is crucial for its adoption as a feasible option for housing provision, especially for the younger population. Through a systematic literature review approach using the Web of Science and Scopus databases, recent literature from 2011 to 2021 were reviewed to identify CSFs related to the BTR housing model. These CSFs help distinguish the BTR paradigm within the general housing market system. A total of 32 CSFs were identified through the review process. Major factors relate to investors’ interest and willingness, affordability, and housing reforms and awareness. These CSFs identify the key areas of interest within the BTR research which can help create a comprehensive understanding of the current BTR scheme, along with providing a baseline for future research.
Publisher: Informa UK Limited
Date: 09-03-2017
Publisher: Emerald
Date: 16-10-2017
Abstract: The predictive accuracy and reliability of artificial intelligence models, such as the artificial neural network (ANN), has led to its application in property valuation studies. However, a large percentage of such previous studies have focused on the property markets in developed economies, and at the same time, effort has not been put into documenting its research trend in the real estate domain. The purpose of this paper is to critically review the studies that adopted ANN for property valuation in order to present an application guide for researchers and practitioners, and also establish the trend in this research area. Relevant articles were retrieved from online databases and search engines and were systematically analyzed. First, the background, the construction and the strengths and weaknesses of the technique were highlighted. In addition, the trend in this research area was established in terms of the country of origin of the articles, the year of publication, the affiliations of the authors, the s le size of the data, the number of the variables used to develop the models, the training and testing ratio, the model architecture and the software used to develop the models. The analysis of the retrieved articles shows that the first study that applied ANN in property valuation was published in 1991. Thereafter, the technique received more attention from 2000. While a quarter of the articles reviewed emanated from the USA, the rest were conducted in mostly developed countries. Most of the studies were conducted by universities scholars, while very few industry practitioners participated in the research works. Also, the predictive accuracy of the ANN technique was reported in most of the papers reviewed, but a few reported otherwise. The articles that are not indexed in the search engines and databases searched and also not available in the public domain might not have been captured in this study. The findings of this study reveal a gap between the valuation practice in developed and developing property markets and also the contributions of real estate practitioners and universities scholars to real estate research. A paradigm shift in the valuation practice in developing nations could lead to achieving a sustainable international valuation practice. This paper presents the trend in this research area that could be useful to real estate researchers and practitioners in different property markets around the world. The findings of this study could also encourage collaboration between industry professionals and researchers domiciled in both developed and developing countries.
Publisher: MDPI AG
Date: 25-07-2023
DOI: 10.3390/BUILDINGS13081892
Abstract: Amid Australia’s surging house prices, rental housing has become the safety net for young adults experiencing housing stress. The attention of policymakers is drawn towards the build-to-rent (BTR) housing model, a growing housing option for many young Australian adults. Although BTR’s integration into Australia’s housing and planning landscape is unfolding, the perception of young adults is lacking in policy reforms for this growing industry. This study examines the perspectives of young adults aged 18 to 34 years on the critical success factors (CSFs) of the BTR housing provision in Australia. The responses are analysed using an explanatory factor analysis, relative importance index, and ANOVA. Our findings show a critically low awareness of BTR among young adults in Australia. Respondents, between 18 and 24 years, are most concerned with public awareness, an indication of their desire for transparency and engagement in decision making at the policy level. Young adults rank regulation and government policy interventions as the most important CSF of BTR housing. This shows that they are more concerned about the affordability of BTR houses. This study concludes that young adults’ viewpoints on BTR are important in ongoing policy reforms. There is a need to ensure that this asset class is accessible and affordable to this target group.
Publisher: MDPI AG
Date: 12-12-2022
DOI: 10.3390/SU142416617
Abstract: 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.
Publisher: Penerbit UTM Press
Date: 31-03-2016
DOI: 10.11113/SH.V8N2.768
Publisher: Elsevier BV
Date: 06-2017
Publisher: Emerald
Date: 21-10-2019
Abstract: Improving valuation accuracy, especially for sale and acquisition purposes, remains one of the key targets of the global real estate research agenda. Among other recommendations, it has been argued that the use of technology-based advanced valuation methods can help to narrow the gap between asset valuations and actual sale prices. The purpose of this paper is to investigate the property valuation methods being adopted by Australian valuers and the factors influencing their level of awareness and adoption of the methods. An online questionnaire survey was conducted to elicit information from valuers practising in Australia. They were asked to indicate their level of awareness and adoption of the different property valuation methods. Their response was analysed using frequency distribution, χ 2 test and mean score ranking. The results show that the traditional methods of valuation, namely, comparative, investment and residual, are the most adopted methods by the Australian valuers, while advanced valuation methods are seldom applied in practice. The results confirm that professional bodies, sector of practice and educational institutions are the three most important drivers of awareness and adoption of the advanced valuation methods. There is a need for all the property valuation stakeholders to synergise and transform the property valuation practice in a bid to promote the awareness and adoption of advanced valuation methods, (e.g. hedonic pricing model, artificial neural network, expert system, fuzzy logic system, etc.) among valuers. These are all technology-based methods to improve the efficiency in the prediction process, and the valuer still needs to input reliable transaction data into the systems. This study provides a fresh and most recent insight into the current property valuation methods adopted in practice by valuers practising in Australia. It identifies that the advanced valuation methods could supplement the traditional valuation methods to achieve good practice standard for improving the professional valuation practice in Australia so that the valuation profession can meet the industry’s expectations.
Publisher: MDPI AG
Date: 26-01-2023
DOI: 10.3390/BUILDINGS13020343
Abstract: 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.
Publisher: Emerald
Date: 17-10-2016
Abstract: The emerging trend in the global real estate valuation practice has led to the development of advanced valuation approaches to replace the traditional methods. The purpose of this paper is to investigate the extent to which real estate valuers practicing in Nigeria are aware and use these advanced approaches in real estate valuation practice. Both traditional and advanced approaches were identified from the literature. An online-based questionnaire survey was administered on estate surveyors and valuers to measure their level of awareness and frequency of use of the identified valuation approaches. The feedback was collated and analyzed using descriptive statistical analysis. The professionals are mostly aware of the traditional methods and always use the “sales comparison method” in practice. In contrast, they are not very aware of the advanced approaches and hence, only use the hedonic pricing model occasionally in practice. The study only focuses on the Lagos metropolis, a nationwide survey will produce more comfortable generalizable findings. This is a wake-up call for the real estate regulatory bodies and indeed all the real estate professionals in Nigeria to embrace the use of the advanced valuation approaches in practice, in order to remain relevant in the international real estate practice. Implementation of the recommendations of this study could help position the Nigerian real estate professionals and the industry for a global exposition.
No related grants have been discovered for Rotimi Boluwatife Abidoye PhD MRICS ANIVS RSV.