Faculty of Built Environment Studies

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Analysis of the Driving Factors of Property Investment in the Peri-Urban Property Market of Ogun State, Nigeria
(Department of Estate Management, Obafemi Awolowo University, Ile-Ife, Nigeria., 2020-03-24) Ajayi, Cyril Ayodele
This study examined the driving factors of property investment in the periurban property market with a major focus on Abeokuta suburbs. It was done with a view to providing information on the types of real estate property developed for investment purposes and the prominent market driving forces in the suburb. The study used primary data and the relevant information was collected through a structured questionnaire instrument. The study employed convenience sampling techniques. A total of 150 questionnaires were administered to members of Nigeria Institution of Estate Surveyors and Valuers (NIESV) and Real Estate Developers Association of Nigeria (REDAN). Eighty-two (82) and seventy-forty (74) questionnaire were retrieved from NIESV and the REDAN respectively. The study deployed descriptive statistics such as simple frequency distribution and meanstandard deviation model to analyse the data. The study found that in the suburb, the property types such as residential and commercial were identified to be the most often developed investment property types and major businesses occur in buying and selling of investment property among the trading activities in the market. The prominent driving forces were land availability and affordability, economic gain/market potential, proximity to urban centres, population growth and strategic locational features. This result signals the need for potential real estate investors to consider the driving forces as underlying factors for informed decision when thinking of investing in the peri-urban property market.
Causal Effects of Macroeconomic Predictors on Real Estate Investment Trust’s (REIT’s) Performance in Nigeria
(Pacific Rim Property Research Journal, 2021) Ajayi, Cyril Ayodele
The paper examined the causal effects of macroeconomic predic tors on the dividend return performance of the Nigerian Real Estate Investment Trusts (N-REITs) the macroeconomic indicators consid ered was interest rate (INTR), an exchange rate (EXGR), inflation rate (INFR), market capitalisation (MKCP) and all share index (ASI). The study is quantitative based on secondary data collected from var ious government institutions and annual financial reports of the Nigeria REITs for the study period (2008–2017). Autoregressive distributed lag (ARDL) and Bound test were used to analyse the data. The result of the Bound test indicated that N-REIT, INTR and ASI with F-statistic values of 11.07, 5.71 and 4.18, respectively, co integrated with other macroeconomic predictors, especially for the variable vectors. ASI with t-stat and prob. value 2.9491 and 0.0065, respectively, implies statistically significant contribution of ASI to REIT performance in the long run (p < 0.05). Through ECM, the series was good at convergence and nonexplosive series ect (−1): −4.98 and p-value 0.0000, the macroeconomic predictors have significant explanatory power on N-REIT performance in the short run. The no capital gain nature of the N-REIT constitutes a limitation in this study, while the competitive dividend return is the driving force for the study.
Causal Relationship between N-REIT’s Dividend Yield and Money Market Indicators
(The University of Cape Town Libraries, South Africa., 2019-03-04) Ajayi, Cyril Ayodele
This paper examined the relationship between the Nigerian Real Estate Investment Trusts (NREITs) and Money Market Indicators (MMIs) which comprise of: Currency in Circulation (CIC), Broad Money Supply (BMS), Corporate-private Sector (CPS), Prime Lending Rate (PLR) and Treasury Bill Rate (TBR). Data for the N-REITs were sourced from the annual published report of SkyeREIT (an indirect real estate investment vehicle of Skye Shelter Fund Plc), while that of the MMI were sourced from the quarterly published bulletins of the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS) for the period 2008-2017. The study adopted the Co-integration test, Vector Autoregressive (VAR) and Vector Error Correction Model (VECM). The data collected passed the stationary test at p-value of p<0.05 which implies that the data is fit for Granger Causality Model (GSM) in a VAR environment. The co-integration test at 5% confidence level shows the existence of a partial long-run relationship at p-values of 0.0003, 0.0292 and 0.0297 respectively at the first three orders, while the Max-Eigen rank test was significant at the first order (none) with a p-value of 0.005. The results of the VAR and VEC models showed that CPS, PLR and TBR, with chi-square values of 11.748; 16.589; and 34.778 respectively, significantly affected the performance of N-REITs, while the PLR (4.5798) had a long-run significant effect. The findings provide decision caution for investors, analysts and capital market players when considering investment on securitised real estate assets.
Causal Relationship between N-REIT’s Dividend Yield and Money Market Indicators
(Journal of African Real Estate Research, 2019-03-04) Ajayi, Cyril Ayodele
This paper examined the relationship between the Nigerian Real Estate Investment Trusts (NREITs) and Money Market Indicators (MMIs) which comprise of: Currency in Circulation (CIC), Broad Money Supply (BMS), Corporate-private Sector (CPS), Prime Lending Rate (PLR) and Treasury Bill Rate (TBR). Data for the N-REITs were sourced from the annual published report of SkyeREIT (an indirect real estate investment vehicle of Skye Shelter Fund Plc), while that of the MMI were sourced from the quarterly published bulletins of the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS) for the period 2008-2017. The study adopted the Co-integration test, Vector Autoregressive (VAR) and Vector Error Correction Model (VECM). The data collected passed the stationary test at p-value of p<0.05 which implies that the data is fit for Granger Causality Model (GSM) in a VAR environment. The co-integration test at 5% confidence level shows the existence of a partial long-run relationship at p-values of 0.0003, 0.0292 and 0.0297 respectively at the first three orders, while the Max-Eigen rank test was significant at the first order (none) with a p-value of 0.005. The results of the VAR and VEC models showed that CPS, PLR and TBR, with chi-square values of 11.748; 16.589; and 34.778 respectively, significantly affected the performance of N-REITs, while the PLR (4.5798) had a long-run significant effect. The findings provide decision caution for investors, analysts and capital market players when considering investment on securitised real estate assets.
Comparative Analysis of Students' Satisfaction with Classroom Facilities in Nigerian Private Universities
(Macrothink Institute:Journal of Studies in Education, 2015-11) Ajayi, Cyril Ayodele
In order for educational institutions to meet national and international standards, users preferences becomes an essential determinant of user satisfaction with facilities provided in such institutions. This study evaluates students' satisfaction with classroom facilities in three (3) private Universities in Ado-Odo Local Government Council Area, Ota, Ogun State, Nigeria. A total of five hundred and seventy (570) questionnaires were administered to students, and four hundred and thirty-two (432) representing 76% were returned and analysed. It was found that students were satisfied with electricity supply, ceiling finishes, windows/doors and furniture in their classrooms but, they were not satisfied with the provision and availability of air-conditioning and internet facilities in classrooms. However, when the results were analysed to reflect the findings for each University, they showed different levels of satisfaction and dissatisfaction. The study recommended that the Management of each University should work continuously towards ensuring that this essential facility is given priority in financial decisions and provisions. Essentially, this study would assist University policy-makers to allocate resources more effectively and efficiently since allocation of resources is critical to attaining excellence in a competitive academic environment.
Effects of Characteristics of Nigerian Students on Perceived Satisfaction of Academic Facilities in Private Universities in Ogun State, Nigeria
(International Association of African Researchers and Reviewers (IAARR), 2014-07-05) Ajayi, Cyril Ayodele
Students' retention amongst the competitive private Universities in Nigeria leads to issues of students' satisfaction which is relatively sparse in literature. This study thereby examined the relationship between selected students' characteristics (sex, age, year of study and type of sponsorship) on the students’ satisfaction in three (3) private Universities in Ado - Odo Local Government Council, Ogun State, Nigeria. A total of four hundred and thirty two (432) questionnaires, representing 76% of the sample size, were used for analysis. The result of the analysis using cross-tabulation, Mann-whitney U Test and Krustal Wallis showed that there is no close relationship between sex, age, year of study and type of sponsorship and satisfaction with academic facilities in the Universities. However, this result is not totally conclusive, particularly for Covenant University, as further analysis revealed that mode of sponsorship is significant. Further research is thereby advocated.
Factors Influencing the Choice of Automating Systems Used in High-Rise Buildings in Lagos, Nigeria
(African Real Estate Society, 2019-09) Ajayi, Cyril Ayodele
The consistent change and functions of building systems coupled with the level of sophistication of users of high-rise buildings require that facility managers find innovative ways to control and manage facilities. In this while, the use of automation systems presents facility managers innovative ways of ensuring functionality of the built environment through the integration of people, place, process and technology. These systems must however be selected with care and operated with dedication to achieve desired results. This study examined factors influencing the choice of automating systems in high-rise buildings in Lagos, Nigeria with a view to providing information that could enhance facility management practice. The study selected 53 high-rise commercial buildings based on their high occupancy ratio. Total enumeration of the identified 53 resident facility managers of these high-rise buildings was carried out. Information collected included types of automating system used by facility managers, time of acquisition of automating systems used among others. Descriptive and inferential statistics such as frequency tables, mean ranking and factor analysis were used to analyse the result. Findings of the study revealed that the choice of automating systems used by facility managers was significantly influenced by the cost of acquisition of the automating system, while the need to protect buildings against failure was considered as the most significant factor influencing the adoption of automation in the management of facilities in high-rise buildings. The study concluded that cost of acquiring automating system is the most influencing factor when considering the choice of automation, while the need to protect buildings against failure was considered as the most significant factor influencing the adoption of automation
The Impact of Information and Communication Technology on Real Estate Agency in Lagos Metropolis, Nigeria
(Emeraldinsight, 2018-03-28) Ajayi, Cyril Ayodele
Purpose – The purpose of this paper is to evaluate the effect of information and communication technology (ICT) on real estate agency transactions with a view to determine its influence on the performance of estate agents. Design/methodology/approach – A research approach in which questionnaire was administered to elicit relevant information from 220 practicing Estate Surveyors and Valuers surveyed in the course of the study. Data collected were analysed using mean ranking, relative influence index and analysis of variance. Findings – The results showed that the use of ICT impacted positively on real estate agency transactions by promoting company’s brand thereby increasing the level of patronage. Consequently, the increased level of patronage signifies an increase in the level of income of the agents. Research limitations/implications – The study was limited to social media applications otherwise referred to as ICT, which are used in real estate agency transactions. Further study on other ICT media and their effects on more areas of real estate practice in the developing economy may be required. Originality/value – This paper is one of the few works on the impact of ICT on real estate agency transactions with particular reference to the social media networking especially in an emerging economy. Most of the previous studies conducted on ICT and real estate focussed only on internet use with respect to real estate agents and practices. Keywords Impact, Social media, Real estate, Information and communication technology, Developing economy, Agency transactions Paper type Research paper
Impact of Property Assets’ Management Styles on Effective Service Delivery in South-Western Nigerian Hotels
(Canada Centre of Science and Education, 2011-08-04) Ajayi, Cyril Ayodele
A survey was conducted on probabilistically determined 57 hotels of various ‘stars’ in South-Western geo-political zone of Nigeria with specific objective of assessing the impact of hotel assets management styles on service delivery effectiveness. Data were collected on hotel organizations through their general managers, staff, and customers in addition to physical assessment of hotel structures and system operations. Stratified sampling technique was used in selecting the samples while Kothari’s formula was used to determine the sample size. Data analysis was executed using descriptive statistics, Spearman Correlation analysis and relative importance index. The findings showed that all the hotels that are using facilities management as assets’ management tool as against maintenance management or property management are more effective in their service delivery. It was recommended that the time is ripe for facilities management principles’ propagation and adoption among hotel operators as an instrument for sustainable hotel development in Nigeria.
Occupants’ Satisfaction and Rent Paid for Residential Properties Close to Waste Dump Sites in Nigeria
(The Canadian Center of Science and Education, 2010-03) Ajayi, Cyril Ayodele
The paper examined occupants’ satisfaction and rent paid for residential properties within three neighbourhoods Olusosun, Abule – Egba, and Solous) close to waste dump sites and Ketu neighbourhood (not close to dump site) in Lagos Metropolis. Relative Satisfaction Index, Analysis of Variance and Correlation Coefficient are used to analyse the data based on the System Unit, Dwelling and Environmental Subsystems. The results show that the occupants of properties close to dump sites have a minimum level of satisfaction of 37.22, 40.48 and 27.09 percent in the system unit and subsystems; while Ketu is 60.00, 60.71 and 56.25 percent. Also, a weak linear relationship between rental value and the satisfaction of occupants in the neighbourhoods (Olusosun, 0.056 (p > 0.05); Solous, 0.026 (p >0.05); Abule-Egba, 0.062 (p > 0.05); and Ketu, 0.108 (p > 0.05) exist. The paper recommends that property investors should avoid building around dump sites to enhance property values.
Property Portfolio Performance and Management Practice in Lagos Metropolis: An Empirical Study.
(Faculty of Environmental Design and Management, Obafemi Awolowo University, Ife, 2009-03-01) Ajayi, Cyril Ayodele
This paper against the background of increasing challenges to property portfolio management practice in Nigeria property market, examined the whole gamut of property portfolio management as currently practiced by estate surveyors in Nigeria. This was with particular reference to the methods being used in property portfolio management practice and the performance of properties under management. The study administered questionnaires on 75 practicing estate surveyors and 150 property owners, the sample sizes of which were selected through purposive sampling having stratified the study area into five zones. The total response for the managers and the property owners were 44(59%) and 76(51%) respectively. Statistical tools employed in analyzing data on management practices were frequency distribution and percentages as well as mean and standard deviation of all respondents rankings for each factor considered. The results of the measure of property portfolio (34 in all) performances by internal rate of returns (IRR) were analyzed using the mean of returns measure, standard deviation of returns, Sharpe (1966) Index, and the differential return measure. The study revealed that, it is the traditional property management practice that was given prominence in the study area. The results showed that, on mean return basis, 21 (62%) of the 34 measured portfolios performed above the targeted (Treasury bill) rate of 14.38% and that property returns exhibited little variations for the period of measurement. However, out of the 34 measured portfolios across the zones, only nine (9) (26%) of the managers showed better performance in their respective zones. The results concluded that the current practice is less able to cope with the dynamism which today’s property market demands.
Property Portfolio Performance and Management Practice in Lagos Metropolis: an Empirical Study.
(Faculty of Environmental Design and Management, Obafemi Awolowo University, Ife, 2009-03) Ajayi, Cyril Ayodele
This paper against the background of increasing challenges to property portfolio management practice in Nigeria property market, examined the whole gamut of property portfolio management as currently practiced by estate surveyors in Nigeria. This was with particular reference to the methods being used in property portfolio management practice and the performance of properties under management. The study administered questionnaires on 75 practicing estate surveyors and 150 property owners, the sample sizes of which were selected through purposive sampling having stratified the study area into five zones. The total response for the managers and the property owners were 44(59%) and 76(51%) respectively. Statistical tools employed in analyzing data on management practices were frequency distribution and percentages as well as mean and standard deviation of all respondents rankings for each factor considered. The results of the measure of property portfolio (34 in all) performances by internal rate of returns (IRR) were analyzed using the mean of returns measure, standard deviation of returns, Sharpe (1966) Index, and the differential return measure. The study revealed that, it is the traditional property management practice that was given prominence in the study area. The results showed that, on mean return basis, 21 (62%) of the 34 measured portfolios performed above the targeted (Treasury bill) rate of 14.38% and that property returns exhibited little variations for the period of measurement. However, out of the 34 measured portfolios across the zones, only nine (9) (26%) of the managers showed better performance in their respective zones. The results concluded that the current practice is less able to cope with the dynamism which today’s property market demands.

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