Estate Management &Valuation

Permanent URI for this collectionhttp://197.211.34.35:4000/handle/123456789/136

Estate Management &Valuation

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    Assessing the Effects of Rental Default by Commercial Property Occupiers on Property Management in Minna, Niger State, Nigeria
    (Josepy Ayo Babalola University, 2023) Zainab Adetoro-Folorunso; Rukaiyat Adeola Ogunbajo
    One of the fundamental roles of a property manager in the property management process is his ability to collect rent on behalf of his client (landlord); rent is collected and given to the landlord to enable him to meet his investment needs. When rent arrears occur this could hinder the property owners or managers from attaining their objectives for investing in real estate. This paper fundamentally looks at the effect of rental default by commercial property occupiers on property management with experience from Minna, Niger State which is the study area. Thirty-eight property managers in the study area were surveyed with a structured questionnaire, twenty-eight were returned with a response rate of 74%. Data collected were analysed using descriptive statistical tools, analysis of the primary data depicts eleven (11) effects of rent defaults on commercial property management, of these eleven effects, income loss, reduction of annual rental yield and delay in payment of agent dues with an average means score of 3.91, 3.87, and 3.83 respectively, were ranked as the three most significant effects. The study recommended that property managers and owners should make adequate insurance provisions to protect themselves against rent arrears. Additionally, whenever any tenant fails to meet up with the agreement provided in the tenancy agreement without any genuine reason should be made to face the law.
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    Modelling Coastal Externalities Effects on Residential Housing Values
    (Emerald Publishing Limited, 2023) Ayoola Adeyosoye Babatunde; Oladapo Rashidat Adejoke; Ojo Babajide; Oyetunji Abiodun Kolawole
    Purpose – This paper aims to examine the impact of coastline on the rental value of residential property in proximity to the coastline, using the hedonic pricing model from two perspectives. First, Model 1A–C accounted for estimating the influence of coastal amenities while controlling for other housing attributes influencing rent. Second, Model 2A–C accounted for the interaction between coastal amenities/disamenities and other housing attributes influencing rent. Design/methodology/approach – A survey approach was adopted for the data collection process. For both models, property values were measured in proximity to coastline using 0–250m, 251–500m and 0–500m. Findings – Findings revealed that property rental value increases as we move away from the coastline when disamenities are not controlled. The results suggested that for a mean-priced home (N2,941,029 or $8,170) at the mean distance from the coastline (301.83m), a 1% increase in distance from the coastline would result in a 0.001% or N9.77 ($0.03) increase in rental value. Practical implications – The implication to real estate valuers is that varying premiums should be considered when valuing a property depending on the distance to the coastline while considering other housing attributes. Originality/value – This research introduces a novel approach to the hedonic model for determining property values in proximity to coastal environment by estimating the influence of coastal amenities while controlling for other housing attributes influencing rent, on the one hand, and accounting for the interaction between coastal amenities/disamenities and other housing attributes influencing rent, on the other.