Department of Estate Management

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    Open Access
    Affordable Housing Delivery in Nigeria: Strategic Direction for Federal Authority and State Housing Corporations.
    (Housing Today. Journal of Association of Housing Corporations in Nigeria (AHCN). Town Planning Way, Ilupeju-Lagos, Nigeria., 2009-05) Nubi, T.G.; Abiodun, Y.
    Housing remains one of the basic needs of man. Its supply both in quantity and quality had been a major concern to most people in most places at different times in human history. Unfortunately, as urbanization and globalization deepens, so also is the problem of housing getting worse. This paper examines the .current housing problem in Nigeria viz-a-viz post efforts at solving it. The authors worked with the Technical Board of Federal Housing Authority between 2006 and 2007. During the tenure of the Board, efforts were made to put in place a Blue Print towards a sustainable Salable housing delivery in Nigeria in line with the new direction of the Federal Government. It is our belief that the model presented in this paper will go on a long way to resolving the nation's housing problem. The state Housing Corporations are also encouraged to adopt it at the state 'level to row, a quick spread of the gains of the model across the country.
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    Open Access
    Africa’s Housing Sector as a Pathway to Achieving the SDGs
    (Journal of Housing and SDGs in Urban Africa. Springer, Singapore, 2021) Nubi, T.G.; Anderson, I.
    Texts attached
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    Open Access
    Amicable Resolution to the Seeming Impasse on the Lagos State Land Use Charge (LUC) 2018
    (Published by Department of Estate Management, University of Lagos, 2018-04-15) Babawale, G. K.
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    Open Access
    An Analysis of Clients' Satisfaction with Mortgage Valuation Reports in Nigeria
    (International Journal of Marketing Studies, 2011) Oluwunmi, A.O.
    With continuous growth and sophistication in the property market and investment scene worldwide, there is a ompelling need to explore the adequacy or otherwise of valuation reports which serve as an important input to nvestors' investment decision making. Focusing on the Nigerian property market, this study considered clients' erception of the quality of property valuation reports with a view to determining clients' satisfaction level and hus improving on the quality of valuers' reports. The result revealed that 62% of the banks (clients) were at least atisfied with the overall content of the valuation report they received from valuers However, the results showed hat clients wanted some aspects of the valuation reports to be improved upon. These includes: (1) details of enancies which seldom appear; (2) details on specific comparable; (3) state of letting market; (4) general nformation on comparable; (5) valuation calculations and (6) uncertainty in valuation figures.
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    Open Access
    An Analysis of the Implication of Land Speculation Activities on Land Affordability in the Urban Fringe Area of Lagos State, Nigeria
    (AfRES- African Real Estate Society, 2017-09-13) Thontteh, E. O.; Omirin, M. M.; Olanrele, O. O.
    Purpose – While affordability studies have centred on house possession through either mortgage repayment or household ability to pay rent in the developed countries, land affordability has remained a topical issue in the third world countries and emerging economy with consequential effect on the economic growth. The purpose of this paper is to examine the activities of the real estate developers as touching the capability and ability of the first time buyers to pay for a plot of land towards actualising their home ownership dream. Design/Methodology – The study adopted a quantitative paradigm of research method. A questionnaire survey was carried out with members of the Real Estate Developers Association (REDAN) and household heads in Lagos urban fringe as stakeholders. The Income structure of the civil/public service was also collected. The study employed the use of Land Affordability Index relative to Affordable Limit to determine buyer’s affordability. Findings – The study finds a speculative motive in the activities of developers rather than solving housing supply problem resulting in non-affordability of land to the end user or first home dreamers. 77.8% of the developers’ affirmed they subdivide within two years of land purchase for the purpose of resale to the end users and further land retailers. However, other factors such as increase in demand for land, change in income, scarcity of developable land was also found to have impacted on the ease of land affordability. Practical Implications – The study revealed that the solution to the lingering housing Problem in Nigeria with over 16 million unit deficit, will not come from private developers if the activities of the developers continue unabated. Originality/Value of Work – The paper in addition to its contribution to literature, is the first to study land affordability in developing/third world context especially where there is inefficient mortgage system for home ownership, making individuals to acquire land and build their houses.
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    Open Access
    An Analysis of the Location of Worship Centers on Residential Property Values in Ota, Nigeria
    (Journal of Sustainable Development in Africa, 2011) Iroham, C.O; Oloyede, S.A; Oluwunmi, A.O
    Location of property is an effective tool in complementary land uses. Man in his quest for relationship with a Supreme Being resulted in the allocation of land to meet such need. However, the location of the Living Faith Church, Ota, the largest single worship center in the world, accommodating about 50, 000 worshippers, around other zoned land uses, residential inclusive, is a point of concern. This work aimed at discovering the effect of the worship center on property values in the study area. Forty-five local estate agents with the two estate surveying firms practising in the area were surveyed. Data were analyzed using the Student-T test at a confidence level of 95%. Findings reveal that the location of religious centers had a significant impact on the residential rental values. The researchers opine that worship centers be situated close to residential properties so as to enhanced economic development. However, a call for an effective traffic control scheme is advocated.
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    Open Access
    Applicability Of Existing Performance Evaluation Tools And Concepts To The Nigerian Facilities Management Practice
    (International Journal of Strategic Property Management, 2013) Koleoso, H.A.; Adewunmi, Y. A.; Babawale, G. K.
    ABSTRACT. There are noticeable gaps in aspects of Nigerian facilities management (FM) education and practice. Predicated by its relative infancy, one area where this gap is more apparent is in the measurement of performance. This paper is a systematic review of at least 22 performance measurement (PM) tools and concepts that are known and in use for assessment of performance of buildings / facilities and or performance of FM as a management process. Based on the literature, the research examined the essential features, strengths and weaknesses of each method generally and their specific applicability to the Nigerian environment, in view of her peculiarities as a developing nation. It also discusses the required attributes of a PM tool that will be applicable to FM in Nigeria. A major contribution of the study is the development of a table that presents a summary of the information on the tools or concepts at a glance. The paper is an extract from an ongoing PhD research; although it does not include details of the empirical survey, it nevertheless provides background work for a possible attempt at developing a PM tool that will be contextual and applicable to the measurement of building performance and effectiveness of facilities managers in the Nigerian FM practice and by extension, to most parts of the developing world.
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    Open Access
    An Appraisal of the Extent of Market Maturity in Nigeria Property Market
    (IOSR, 2013-09-13) Thontteh, E. O.
    Abstract: With increasing globalization of investments in recent years, it is becoming more important for investors to have better understanding of the Nigerian Property Markets. This paper aims to explore perceptions of market maturity and issues of importance for investment in the property markets. Maturity is a key concept in investors’ decision making as it takes into account the nature and evolution of the markets as well as their economic, social and institutional condition. Interview guide and questionnaire was used to elicit information from Estate Surveyors and Valuers, real estate financiers and real estate investors. The information collated shows that Nigeria Property Market is highly immature due to unsound financial and economic structure, strength and stability of the economy, market openness, low level of professionalism, lack of information availability and standardization and culture. The paper therefore recommends that government should develop a workable framework and environment to improve on existing data. Keywords - Globalization; Investments; Market Maturity; Nigeria; Property Market
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    Open Access
    Assessing the methods of valuing contaminated land in Rivers State, Nigeria
    (Academic Journal of Interdisciplinary Studies, 2020) Ajibola, M.O; Kabiamaowei, A.I; Oluwunmi, A.O; Owolabi, D.R
    The practice of environmental valuation for compensation has raised serious concerns among estate surveyors and valuers (ESVs) practicing in Nigeria due to the challenges posed by the enabling laws and other factors. This study examined the methods adopted by ESVs in carrying out the valuation of land contaminated by oil spill in Rivers State. The study focused on ESVs practicing with registered firms in Rivers State. Primary data was obtained by administration of questionnaires on 120 ESVs out of which 80 questionnaires were retrieved and used for the analysis. Also, semi-structured interviews were conducted with estate surveyors and valuers identified to be experienced in the subject of study in order to obtain data on their practice and experience. The primary data was analysed using, percentages, relative importance index (RII) and principal component analysis as well as coding and narrating for the interviews. The findings indicated that the methods adopted for valuation are the income capitalization, predetermined compensation rate, sales comparison, market prices and depreciated replacement cost approach. The study therefore recommends that professional bodies should continuously train and develop ESVs in this aspect of valuation.
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    Open Access
    Assessing the Trend in Rental Values of Commercial Properties along Oyemekun Road, Akure, Nigeria
    (Covenant Journal of Research in the Built Environment (CJRBE), 2014) Iroham, C.O; Oluwunmi, A.O; Simon, R.F; Akerele, B.A
    Commercial property investment which is now very evident along Oyemekun Road, Akure, Nigeria, a place characterized hither to by residential development, leaves investors at dark with the choice of commercial property investment. Commercial properties evident in the study area are purpose-built office space, converted office space and shopping complex. In a bid to lead investors aright on the best decision of the type of property to invest their hard earned income in, a study was conducted to assess the trends in rental values of the properties between 2006 and 2011 in order to discover the property with the highest trend. This study which is a cross-sectional research that entailed the survey of the entire 22 Estate Surveying Firms in the study area made use of questionnaires as the primary source of data. The use of both descriptive and inferential statistical techniques such as the frequency distribution table and the simple linear regression, and Analysis of Variance (ANOVA) were adopted in analysing data. From the study it was discovered that the converted office space is mostly predominant (53%) while the shopping complex is the most professionally managed property (46%) respectively. However, the purpose built office space with the highest R2 of 0.9 and having the highest trend in rental values will result to the fastest recoup of investment. The use of (ANOVA) coupled with Tukey post-hoc test reveal that the rental values of three properties at the 95% confidence level are significantly different (p=0.000). Based on the study findings, it is recommended that the purpose built office space with the highest rent and trend should be the focus of both investors and professional managing agents in order to maximize returns.
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    Open Access
    Assessing Wetland Functions in the Niger Delta Area of Nigeria
    (Journal of Contemporary Issues in Real Estate., 2016) Ajibola, M.O; Oloyede, S.A; Oluwunmi, A.O; Emeghe, I.J
    Until recently, wetlands were often viewed as waste lands, useful only when drained or filled. Every wetland is unique; a wetland in one part of a town may perform different functions from those in other parts though, they may appear at first glance, to be very similar. The location and size of a wetland may determine what functions it will perform. It is against this background that this study examined wetland functions in the Niger Delta, Nigeria with a view to ensuring that proper attention is given to such functions in the assessment of wetland value for various purposes, particularly compensation. The study used questionnaire instrument in collecting data. Seventy-two (72) questionnaires were retrieved out of which only fifty-five (55) of the respondents reported to have had previous experience in wetland valuation and only these were analysed. Descriptive analyses, relative importance index (RII) and principal components analysis (PCA) were employed in analysing the data collected. The study revealed that storm protection (RII = 3.65), shoreline stabilisation (RII = 3.51), recreation and tourism (RII = 3.49) and cilmate change mitigation are the four most important wetland functions in the study area. The study equally indicates that respondents basically valued crops (80%) and land (61.8%) at the expense of services (36.4%) and functions (29.1%) of wetlands. It was concluded that wetland functions are very important components of wetland ecosystems and that Estate Surveyors and Valuers should put these functions adequately into consideration when valuing these important natural resources, particularly for compensation purpose
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    Open Access
    Assessment of Supporting Facilities in Selected Private Universities in Ogun State, Nigeria
    (Journal of International Cooperation and Development, 2021) Ayedun, C.A; Utom, J.A; Oluwunmi, A.O; Omonijo, D.O; Akinjare, O.A
    The study was set out to assess the adequacy of supporting facilities provided in private Universities Ogun State from the users’ perspective. To achieve the aim, five objectives were set and resolved, These include ascertainment of the characteristics of students in the private Universities, identification of the basic supporting facilities available in the a private Universities, investigation of the students’ perception of the adequacy of supporting facilities, determination of the student’s level of satisfaction with the available supporting facilities and finally, examination of the relationship between the student’s characteristics and their satisfaction level with the adequacy of supporting facilities. The population for the study comprised of the students of private Universities (Covenant University, Ota, Bells University of Technology, Ota and Babcock University, Ilisan-Remo). Data for the study was collected with the aid of structured questionnaires which were distributed to three hundred and sixty (360) students in the three (3) selected private Universities out of which two hundred and seventy one (271) representing 75% of the total distributed questionnaires were retrieved and found useful. The data obtained from the retrieved questionnaires were computed with the aid of SPSS (version 20.0) and subsequently analyzed using percentages, mean, RII and multiple linear regression and presented in tables. Findings from the study indicated that amongst the pre-listed support facilities, 23% of the respondents attested to the availability of special facilities for the physically challenged. The study also revealed that students perceived inadequacy in the ambulance response time, number of buses available for transportation, provision of restroom for shoppers, prompt attendance to students in the cafeteria and number of rest rooms available. However, the study showed the students overall level of satisfaction with medical (RII = 0.6768), transportation (RII = 0.6777), shopping mart (RII = 0.6443) and cafeteria (RII = 0.6681). Furthermore, the study discovered a strong relationship between students characteristics and medical facilities (P = 0.000), transport facilities (P = 0.022) and cafeteria facilities (P = 0.001) in one (1) of the sampled private Universities. The study recommends that Management of the sampled Universities carry out regular facilities evaluation and also the provision of more shuttle ambulance, transportation buses, restrooms in the shopping mart and the cafeteria and special facilities that cater to the physically challenged.
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    Open Access
    Benefits and Barriers to the Implementation of Green Building Standards in Universities: What are Students’ Views?
    (IOP Conference Series: Materials Science and Engineering, 2019) Oluwunmi, A.O; Oladayo, O.P; Role, B.A; Afolabi, T.O
    Embracing the principles of green building in development is crucial in creating a sustainable environment. However, research on its adoption in educational institutions is very low and students’ opinions are not given priority in the few research that are available in Nigeria. This study therefore investigated the perception of built environment students on the need to embrace the principles of green building in Covenant University, Ota, Ogun State, Nigeria. 101 questionnaires were administered to students in the Departments of Architecture, Building Technology and Estate Management of the university and a response rate of 94% was achieved. The data collected was analysed using descriptive statistics such as percentage, weighted mean and relative importance index (RII) and the data was presented in tables. The study revealed that 88.42% of the students are aware of the concept of green building. According to the students, the degree of embracing green building standards in Covenant University is very low. Moreover, the benefits the students perceive the university can derive from adopting green building principles are: improved indoor air and water quality, reduction in pollution and environmental degradation, energy efficiency and water conservation. In addition, the students identified the following as the main barriers to green building adoption: ignorance on green building principles and their benefits (RII =0.91), high cost of green building technology (RII = 0.89), ignorance on professional knowledge and expertise on green building (RII = 0.89), ignorance on green building principles promotion by government (RII = 0.87) and ignorance on importance attached to green building principles by management of universities (RII = 0.87). The study recommended, amongst others, that there should be a forum where university management teams can be enlightened on the gains of embracing green building standards. This study is expected to broaden the knowledge of the Management of Covenant University on the importance of green development which will make the university environment to be conducive for learning, which will in turn aid better students’ academic performance. The study concluded that green building principles are vital to the physical and aesthetic planning of any development as it will reduce the amount of raw materials used in construction.
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    Open Access
    Big Data and Real Estate: A Review of Literature
    (IOP Conference Series: Materials Science and Engineering, 2019) Oluwunmi, A.O; Role, B.A; Akinwale, O.M; Oladayo, O.P; Afolabi, T.O
    The concept of big data though relatively new has brought a lot of solutions to modern day challenges. Many authors, particularly in developed countries, have adopted the concept in tackling the numerous challenges unfolding in the real estate profession. However, most of the findings from these authors are on individual bases and as such, there is a need to reach a general consensus on the relevance of big data to the real estate profession. The review shows the impact of big data to include digitization of records, information on user preferences, sensor information on the urban environment and sensor information on movement. The paper concludes that the relevance of big data to the real estate profession cannot be over-emphasised.
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    Open Access
    Borrowing constraints in homeownership and improvement in a Lagos housing sub-market
    (HOUSING FINANCE INTERNATIONAL, 2019-08) Oyalowo, B.A.; Muraina, O.; Nubi, T.G.; Okegbenro, T.
    Texts attached
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    Open Access
    Building Failure and Collapse in Nigeria: The Influence of the Informal Sector
    (Journal of Sustainable Development, 2010) Fagbenle, O.I; Oluwunmi, A.O
    The occurrence of building failure and collapse has become a major issue of concern in the development of this nation as the magnitudes of this incident are becoming very alarming. This paper therefore examines the incidents of building failure/collapse in Nigeria. By focusing on six major states from each of the six geo-political regions of the country, the paper examined the contributory role of the informal sector to this decadence. The study indicated that the building failure and collapse stem principally from hasty construction, low quality workmanship, poor supervision, inexperience (use of incompetent hands), ignorance, evasion/ non-compliance with building regulations and non enforcement of building quality, standard and control on construction site/market. This study has revealed that more than 70% of the reported cases of building collapse in Nigeria stemmed from the informal sector. It further showed that 70-0%, 23-3% and 6.7% of the reported cases occurred in private, public and corporate organizations respectively. In this paper, it is concluded that it is important to educate or giver further advice to the government and the governmental agencies to be proactive to their duties in order to curb/reduce this negative image.
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    Open Access
    Capital Market as a Major Provider of Housing Finance: Are Real Estate Developers Exploring the Opportunities?
    (African Real Estate Society (AFRES), 2010-10-29) Olalekan, B.A.; Osagie, J.U.; Nubi, T.G.
    The purpose of this study is to examine capital market as a major provider of housing in Nigeria and the current position of the private developers. The study examined why real estate developers in Nigeria have not explored the opportunities of the capital market to improve their capital base in order to increase their capacity to provide more residential properties. The empirical data were collected via the service of 120 questionnaires to REDAN members in Lagos metropolis. Out of this, 65 were returned, giving a response rate of 54%. SPSS statistical package was used to test the hypothesis and answer some research questions. The descriptive statistics used were frequency tables, crosstabs and non parametric and chi-square. Study revealed that, REDAN members have no financial support from foreign countries. The distribution of the capital base showed 75% of the companies had between N1 million - N1 billion while the remaining 25% had between N1billion and above which were obtained through equity and bank loan. The implication ids that, most of the companies were not having sufficient fund to develop houses. Research findings also showed that, the clientele of REDAN members were mostly middle and high income earners. The study found that, most REDAN members in Lagos had not explored the capital market to boost their capital base and strengthen the capability to provide houses. The study provides a good background for further studies in Nigeria on the capital market and housing delivery.
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    Open Access
    The Challenge of Globalization for Property Valuation Profession in Nigeria. A chapter in Globalization Culture and the Nigerian Built
    (Published by Department of Estate Management, Obafemi Awolowo University, Ile-Ife, Osun State, 2005-11) Babawale, G. K.
    Driven by the combined forces of technological advancement, economic liberation, and democracy, globalization in the 21st century has forced more on the integration of national economies with the aim of creating a more coherent global economy. While the process may suit the more advanced economies; it is doubtful whether the same can be said of the developing economies. Unfortunately, developing countries can ill afford a strategy of containment and isolationism. This paper examines the challenges posed by globalization to the property valuation profession in Nigeria. It particularly examines the preparedness of valuation profession in Nigerian to take full advantage of the cross – border movement of professional valuation expertise that globalization creates. The study noted that neither the existing property market structure nor the level of expertise in professional valuation discipline is capable of matching the demands of globalization and the challenges it poses. The paper therefore suggests improvement on the existing property market infrastructures and property valuation expertise in the country if Nigerian valuers hope to participate gainfully in the emerging global market.
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    Open Access
    Challenges and Prospects of Property Ownership in Ado-Odo/Ota Local Government Area, Ogun State, Nigeria: A Review of Literature
    (Covenant Journal in Research & Built Environment (CJRBE), 2020) Owolabi, D.R; Ajibola, M.O; Oluwunmi, A.O
    The aim of this paper is to identify property ownership challenges and prospects in Ado-Odo/ Ota Local Government Area, Ogun State with a view to guide property owners towards homeownership or property ownership. In the course of writing this paper, secondary data were collected from both published and unpublished journals, articles, reports, maps, and the internet was consulted to acquire more data as regards this study. Data sources are websites, government publications, books, internal records, journal articles, etc. Property ownership benefits identified include; property owner gain prestige and political power; provides shelter, health, welfare and wealth; good investment as regards to stable income generation; provides long-term monetary security; tax benefits; value appreciation overtime; provides hedge against inflation; etc. Property ownership challenges identified include; improper or lack of title document that could result to property ownership insecurity and denial to credit facilities; gender discrimination in accessing land or property; inadequate or lack of access to justice; presence of ineffective and inefficient land management system, laws and agencies; land dealings fraudulence and conflicts; poverty or lack of finance; etc. Some of the recommendations to mitigate property ownership challenges include; government and land policymakers should ensure that laws and management system are efficient and effective, property market should be flexible for easy access to land and information, programmes should be scheduled to guard against gender discrimination as regard property ownership, law officials should ensure court proceedings are less costly and flexible for easy access to justice, etc.
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    Open Access
    The Changing Residential Districts of Lagos: How the Past Has Created the Present and What Can Be Done about It
    (The European Conference on Arts & Humanities 2019 Official Conference Proceedings, 2019) Oyalowo, B.A.; Nubi, T.G.; Okuntola, B.; Saibu, O.; Muraina, O.; Olanrewaju, B.
    The position of Lagos as Nigeria’s economic centre is entrenched in its colonial past. This legacy continues to influence its residential areas today. The research work provides an analysis of the complexity surrounding low-income residential areas of Lagos since 1960, based on the work of Professor Akin Mabogunje, who had surveyed 605 properties in 21 communities across Lagos. Based on existing housing amenities, he had classified them as high grade, medium grade, lower grade and low grade residential areas. This research asks: In terms of quality of neighbourhood amenities, to what extent has the character of these neighbourhoods changed from their 1960 low grade classification? This research is necessary because these communities represent the inner slums of Lagos, and in order to proffer solutions to inherent problems, it is important to understand how colonial land policies brought about the slum origins of these communities. Lessons for the future can then become clearer. The study is based on a mixed methods approach suitable for multidisciplinary inquires. Quantitative data is gathered through a survey of the communities; with findings from historical records and in-depth interviews with residents to provide the qualitative research. This paper documents the work done so far, with focus on six districts. Preliminary findings indicate that in most cases, although they have undergone significant changes from being residential areas to mixed commercial-residential districts, these districts still remain in the same physically deplorable state as they were in 1968.