Browsing by Author "Ogunbajo, R. A"

Now showing 1 - 2 of 2

Determining House Prices in Low Income Neighbourhoods of North-Central Nigeria: A Categorical Modelling Approach.
(2022) Ogunbajo, R. A; Olabisi S. A.; Wali R.I
In recent times, researchers from social and behavioural sciences in developing countries have begun to look in the direction of the quality of the influencing housing attributes on house prices. These attributes are best measured qualitatively on ordinal and/or nominal scales. As such, an important development in multidimensional data analysis is the optimal assignment of quantitative values to qualitative scales. This study utilised the categorical modelling approach to determine the contributory effect of housing attributes on rental house prices in North-Central Nigeria. The categorical regression model uses the optimal scaling methodology as developed in the Giﬁ system to quantify categorical variables according to a particular scaling level, thus “transforming” categorical variables into numeric variables. Having adopted + 10% precision and 90% confidence level, a total of 1,134 housing units were sampled by stratified and random selection. The data used were generated through questionnaire. Nine housing attributes were found to sustain residential buildings in the study area and these accounted for 45% and 61% variance in the rental prices of two major low income house types. Results suggested that the identified housing attributes significantly predicted rental values for the low income house types. The mean of predicted rental values were further computed for each house type and compared to the means of the actual rental values collated in the course of data collection and presented with line graphs. Results showed predicted values that are reasonably similar to the actual rental values of the dwelling units. Thus suggest a reasonably accurate prediction of rental house prices using the categorical regression approach.
THE CONTRIBUTORY EFFECT OF EXTERNALITIES TO THE VOID PERIODS FOR RESIDENTIAL BUILDINGS IN MINNA, NIGERIA
(FEDERAL UNIVERSITY OF TECHNOLOGY, MINNA, 2018) Ogunbajo, R. A; Adewusi, A. O; Usman, B.S.; Ayoola, A. B
A number of residential buildings have been observed to suffer longer void periods in recent times despite the increasing demand for residential accommodation across urban areas. Landlords and real estate investors are sometimes faced with the challenge of replacing tenants within the shortest possible time, thus being unable to adequately recoup the invested capital on residential properties developed in particular neighbourhoods. This study provides evidence on the contributory effect of externalities on the void period for residential buildings in Minna. The sample for the study constituted a total of 207 three bedroom bungalows which fell into void at any point between January 2014 and December 2016 – covering a three year period. Adequate data were provided for 144 of these dwellings which spread across nine neighbourhoods, representing 70% response rate. Data were sourced from practicing estate surveyors & valuers, and estate agents in the study area, as well as occupants of housing units that fell within the sample. The sourced data provided information on the void periods of sampled dwelling units as well as required information on selected externalities. Collated data were analysed using the optimally scaled categorical regression analysis. The regression model explained 51% of the total variation in the void period of residential buildings. Findings revealed that the void periods of residential buildings reduced with closer distances to shopping centers, recreation centers, major roads, and improved electricity supply. On the contrary, educational institutions, health care centers, refuse dumps, security and sources of water supply were found not to have significant contributions to the void period of three bedroom bungalows in the study area. The study recommended that real estate investors’ should be mindful of externalities in an area before embarking on real estate developments in order to ensure satisfactory returns on their investment.