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., 2020-12-12) Fateye, Tosin Babatola
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.
An Assessment of Workers’ Satisfaction in Estate Surveying and Valuation Firms in Lagos State, Nigeria
(IAEME Publication, 2019-03-03) Fateye, Tosin Babatola
This study examined the levels of satisfaction of employees with the major focus on the staff of estate surveying firms (ESFs) practicing in Lagos State, Nigeria. This was with a view to identify the factors influencing their levels of job satisfaction and analyze the relationship among the influencing factors. Structured questionnaire were administered to 367 ESFs operating in Lagos State out of which 274 representing 74.66% questionnaire were properly filled, returned and analyzed. The study deployed descriptive statistics such as simple frequency distribution, mean weighted score (MWS), cross tabulation, correlation and one-sample test (t-test). The findings of the study showed that few estate surveyors (17.52%) expressed satisfaction in the job, 39.42% of the employees were completely dissatisfied while 43.07% of them were unsure about their job satisfaction level. The result of cross tabulation showed that, male estate surveyors expressed higher level of dissatisfaction (53.73%) compared to their female counterparts (33.65%) in ESFs. From the MWS result, the respondents rated communication (COM: 4.41), fairness and sufficiency of salary (SAL: 4.23), the quality of relationship with supervisor (RLS: 4.23), fairness of organizational policies (ORG: 4.17), reward for good job performance (RWD: 3.85) and quality of relationship with co-workers (RCW: 3.77) as the dominant influencing factors of job satisfaction. The study also discovered strong positive correlation coefficient between COM and COW (.824), SAL and RWD (.775), RLS and COM (.754). At 5% confidence level, the result of the t-test showed positive contributions of all the influencing factors to employees job satisfaction in estate firms (p<0.05). The study concluded that providing enabling work environment in ESFs should be encouraged for optimal unitization of human and non-human resources. Thus, issues relating to staff welfare should be treated with optimum priority in organizations that desires to achieve efficiency in their operations.
Basic Residential Neighborhood Infrastructure Financing in Nigeria Urban Cities: Community Development Associations (CDAS)-Based Approach
(EnPress, 2021-06-08) Fateye, Tosin Babatola
The study examined the community-based approach to finance basic public infrastructures in residential neighborhoods. The primary objectives of the study were to determine the condition of public infrastructures, the level of community engagement, the modalities of financing and the prominent influencing factors. The study adopted convenience sampling and questionnaire survey techniques. A total of 120 questionnaires were administered to residents of selected high-income communities (HICs) and low/medium-income communities (L/MICs), out of which 48 (80%) and 52 (86.67%) were retrieved, respectively, and analyzed. The study deployed descriptive statistics of mean and standard deviation models and mean weighted score to analyze the data. The study found that the residents were satisfied with the security of the neighborhoods but deplored the state of the public potable water infrastructure in both communities. However, the residents in the HICs enjoy a better condition of road infrastructure compared with L/MICs. The residents in both communities indicated a high level of involvement in the financing of public infrastructures, with major engagement in security and waste disposal/management infrastructures. However, the HICs engaged more in road grading/maintenance, while the provision of community potable water was given as a priority by the L/MICs. The major mode of financing basic communal infrastructures is through membership levy/contribution, and prominent influencing factors are cooperation among members, fundraising and income status. Therefore, while private-sector support funds, such as from the CDAs, help in cushioning the effects of basic infrastructure decay, governments at all levels should provide an enabling environment that will motivate mutual communal relationships through integrated infrastructure policies.
Causal Effects of Macroeconomic Predictors on Real Estate Investment Trust’s (REIT’s) Performance in Nigeria
(Taylor and Francis Group, 2021-01-18) Fateye, Tosin Babatola
The paper examined the causal effects of macroeconomic predictors on the dividend return performance of the Nigerian Real Estate Investment Trusts (N-REITs) the macroeconomic indicators considered 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 various government institutions and annual financial reports of the Nigeria REITs for the study period (2008–2017). Autoregressivedistributed 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, cointegrated 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., 2019-03-24) Fateye, Tosin Babatola
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.
Changing Urban Land Use and Neighbourhood Quality: Evidence from Federal Capital Territory (Fct), Abuja, Nigeria
(IAEME Publication, 2018-11-11) Fateye, Tosin Babatola
Land use change in more recent times is becoming a natural phenomenon in cities of developing countries. Its causes and consequences were investigated with respect to FCT, Abuja, Nigeria. The responses of registered estate surveying firms (ESFs) practicing in FCT Abuja on the pattern of land use dynamics were obtained and analysed by descriptive statistics such as simple distribution frequency (SDF) and mean weighted score (MWS). Four major findings were discovered. Firstly, the predominantly changing land use were agrarian and residential, secondly the direction of change in land use revolves around public land use, residential, retail and office property with prevailing observations of new development and redevelopment involving renovations/rehabilitations and modifications/alterations. Thirdly the major determinants of land use change were identified as economic and spatial political factors and lastly the noticeable consequences had been arbitrary land/rental value, landscape distortion and pressure on urban infrastructure among others. The study recommended that policymakers and private stakeholders should encourage and adhere to land use control measures to strike a balance between economic development and land administrative system to foster a sustainable urban cities.
Determinants and Effects of Change in Use on Property Rental Value a Case Study Ibara/Oke-Ilewo Area, Abeokuta, Ogun
(International Organization of Scientific Research (IOSR), 2016-04-04) Fateye, Tosin Babatola
The study examined the causes and implications of change-in-use on landed properties’ rental value. 80 questionnaires were administered to practicing estate surveyors and valuers, property agents and developers at Ibara/Oke-Ilewo area of Abeokuta in Ogun state, Nigeria of which 67 (83.75%) were retrieved and analyzed using frequency tables, percentages and Relative Importance Index (RII) ranking model. The study attributed the observed changes in property use in the study area to conversion activities mainly from residential to commercial uses and revealed that internal modifications, vertical increase in floor levels, complete renovations were the major physical change patterns observed consequential to rental increment of the affected properties. Whereas, the significant contributory factors identified were; security, investment potentials, accessibility, infrastructural facilities, agglomeration of business activities and planning regulations, while ease of property management and population size of dwellers were the least determinants of change. The paper recommended obtaining of planning approval prior to any physical re-development, efficient monitoring and site inspections, strict enforcement of land-use-change and developments laws, public sensitization and increased professional advice cum service delivery drive to clients on property conversion and concluded that; change in use and the pace of social and economic developmental growths are mutually.
Impact of Cemetery on Proximate Residential Property Value
(Department of Geography and Environmental Studies, Bahir Dar University, Ethiopia., 2021-01-28) Fateye, Tosin Babatola
This study examined the probable impact of cemeteries on residential property value. The empirical inquiry aims at determining whether cemetery proximity has any significant bearing on the values of rental homes within its neighbourhood or not. Data was elicited via 150 questionnaires administered on rent paying residents around the neighbourhood of Atan Cemetery in Yaba, Lagos and analyzed using descriptive statistics and ordinary least square (OLS) regression tools. Result revealed that, consonant with earlier foreign studies, cemetery proximity is insignificantly related to rental values of residential properties located within 200 meter distance to the memorial site in the study area. The study concludes that where cemetery facilities receive proper care and attention, the effect of good maintenance could overshadow the associated probable gloomy impact of cemetery proximity to residential area and vice versa.
Infill Development and its Attendant Consequences on Neighbourhood Property Value: Evidence from Gwarinpa, Abuja, Nigeria
(Transstellar Journal Publications, 2020-06-30) Fateye, Tosin Babatola
This paper examines the impact of infill developments, which involve developing vacant or under-used parcels within existing urban areas that are largely developed, on local housing prices. Infill developments are encouraged because it helps in curbing urban sprawl and because the newer and more expensive buildings, which are constructed in place of old buildings or vacant sites, increase the city's tax base. However, infill developments may impose externality effects on nearby properties and thereby affect their values. It is not uncommon for existing residents to resist new developments within their neighbourhood for reasons such as visual pollution, increased traffic noise, disruption to local traffic patterns, or loss of a neighbourhood’s character. Nevertheless, a new development tends to have a positive net effect, since the new building, by virtue that it is cleaner and more attractively designed, adds to the overall appeal of the neighbourhood. This, in turn, attracts more desirable inhabitants, such as higher income occupants or homeowners, to live in the area. The study made use of questionnaires for data collection. A total of 106 questionnaires were distributed, 50 to estate surveyors and values and 56 to the residents of the housing units. The percentage of the retrieval rate is 68 % and 70 % respectively from the ESVs and the residents, which was used for the analysis. The study deployed descriptive statistics such as frequency distribution table, maximum, minimum, mean, standard deviation, mean weighted score (MWS), relative importance index (RII), and inferential statistics of t-test for the analysis. The findings showed that infill development has both positive and negative impacts on the study area. Many of the respondents agreed that the most significant positive impact of infill development in the area is that it has helped in increasing level of patronage and reduction in cost and travel time in accessing goods and services within the area, as well as the creation of employment opportunities for residents, amongst other positive impacts. Concerning the negative externalities of infill development on the area, those with a strong impact within the neighbourhood include pressure on existing facilities and amenities, traffic congestions and inadequate parking space around the community. On the relationship between the effects of infill development on the adjoining property value, the result of the t-statistics showed that all the effects exhibit positive and significant (p-values <0.05) relationship with the property value in the area. However, the infill development in Gwarinpa influences the property values at varying degrees.
Technological Innovations in Land Administration System (LAS): Concern on Level of Awareness in Nigeria
(Universiti Teknologi Malaysia (UTM) Press, 2020-12-31) Fateye, Tosin Babatola
The study examined the level of awareness of technological innovations in land administration among stakeholders comprising academics and officials charged with the responsibility of administering and managing land in the Federal Capital Territory, Abuja, Nigeria. The study sampled 114 land experts and employed multi-layer non-probabilistic sampling, i.e. cluster, convenience and snowballing techniques. Descriptive statistics of mean score of weighted options (5-point Likert scale), cross tabulation and Kruskal-Wallis test were deployed to analyse the data. The mean score (MS) showed a very low level of awareness of technological innovations among the respondents. The result revealed that, the respondents have a fair knowledge of Geodata Cadastral Database and Land Resource Manager. The compare mean score analysis of the level of awareness against the respondents’ background information revealed that field personnel, GIS experts, HND holders and experienced land administrators were relatively familiar with the technologies in their categories. Kruskal-Wallis was used to test if there is a significant difference in the opinions of the respondents considering variation in their background profiles. The test result showed that there is no statistical significant difference in the opinions of the land experts. The findings signaled that the operation of land administration in the country is still at a basic level, manual and labour intensive. The study therefore advocated for scaling up of sensitisation and awareness campaigns on the technological innovations, synergy between field and academic land experts, training and re-training of personnel and adoption of strong institutional framework that will enhance LAS in the country.

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