Master's/Ph.D Thesis

ASSESSMENT OF THE AWARENESS OF DECISION SUPPORT SYSTEM TO RESIDENTIAL PROPERTY VALUE DETERMINATION IN LAGOS, NIGERIA.

2023-08-07T10:04:21Z

ASSESSMENT OF THE AWARENESS OF DECISION SUPPORT SYSTEM TO RESIDENTIAL PROPERTY VALUE DETERMINATION IN LAGOS, NIGERIA. PATUNOLA-AJAYI, O. L. The ability of Estate Surveyors and Valuers to accurately determine the value of real estate plays a strategic role in an economy and influences the investor’s decisions. However, consequent upon the rising cases of valuation inaccuracies and variances which has been largely blamed upon the limitations associated with the adoption of traditional methods of valuation. The current research examines the awareness of Decision Support Systems to real estate valuation with a view to determining their respective performances in residential property valuation in Lagos Metropolitan property market, Nigeria. A total of 3,079 datasets of transaction sales prices of different residential property types were sourced from the database of one hundred and ninety-four (194) practicing firms in the Lagos metropolitan property market using the combination of online and structured questionnaires. Descriptive Statistics, Correlation Analysis, Chi-Square, and Factor Analysis were used to analyze the objectives of the research. Six (6) advanced computer-based valuation techniques comprising Hedonic Model, Artificial Neural Network, Random Forest, CatBoost, XGBoost and LGBM were used in predicting the market value of the properties in the study area. A total of 80% of the 3,079 datasets collected representing 2,463 datasets were set aside for model building and training while the remaining 20% representing 616 datasets were also set aside to test the predictive ability of the six (6) developed models. Four model performance metrics such as Coefficient of Determination (R2), Root Mean Squared Error (RMSE), Mean Absolute Error (MAE), and Mean Absolute Percentage Error (MAPE) were adopted to determine the respective performances of the selected models. The results of the Weighted Mean Score, Correlation, and Chi-Square reveal amongst others that there is no significant relationship between Valuer’s educational & professional qualifications and awareness of Decision Support Systems indicating a low level of awareness of these techniques on the part of the Valuers. The results of the Factor Analysis with a KMO of 0.789 which generated a cumulative percentage of 73.713% based on an eigen level of 5.653 also revealed that the absence of centralized databank, lack of market data & inadequate technical know-how of the techniques are the foremost constraints associated with the use of Decision Support Systems. Furthermore, the performance metrics adopted revealed that all the selected models performed satisfactorily. However, the performance of the Decision Support Systems is better than that of the Hedonic Pricing Methodology. The study recommended the use of Decision Support Systems for better valuation accuracy.

EFFECT OF COMPULSORY LAND ACQUISITION ON THE LIVELIHOOD OF LAND OWNERS IN AKURE, NIGERIA

2023-08-07T09:55:44Z

EFFECT OF COMPULSORY LAND ACQUISITION ON THE LIVELIHOOD OF LAND OWNERS IN AKURE, NIGERIA AKINBAMIRE, OLUWASEYI ISRAEL This study carries out an effect of compulsory land acquisition on the livelihood of land owners in Akure, Nigeria. The scope of the Study is limited to the High Court and NEPA- Oluwatuyi, this is because this area represents one of the recent road construction projects embarked upon by the State Government. This area is characterized by its proximity to the Central Business District (CBD) of the City as well as the Administrative seat of the state in Alagbaka, Akure, this gives the area a healthy balance between both commercial and residential activities. To achieve the aim of the study, the following objectives were considered among others; identification of the existing interest in compulsory acquired lands in the study area; examination of the adequacy of the process of land acquisition in the study area; analysis of the effect of compulsory land acquisition on the livelihood of land owners; and analysis the perception of land owners to compulsory acquisition of land in the study area. The data for the study was collected through structured questionnaire administered to two hundred and seventy-one (271) affected persons in the compulsory acquisition exercise carried out in the study area for the purpose of road construction and an interview session with the Ondo state ministry of works and housing. Data collected were analysed using descriptive statistics (Frequency Distribution, content analysis and Relative Importance Index) and inferential statistics (Multiple Linear Regression). The result shows Freehold Interest to be type of Interest held by majority of the respondents in their properties at 68.6%. The analysis of the interview with officials of the ministry of works and housing revealed that although there is no constituted law as regards the process of acquisition, the process used by the state government was fair. The regression analysis carried out on the effect of compulsory acquisition shows that variables such as Loss of inheritance and Loss of business activities have much more effect on the livelihood of land owners in the study area. The perception of the land owners that they suffered loss of business 6 activities and that the compensation paid is not commensurate to dispossession ranks highest with 0.979 and 0.942 respectively on the Relative Importance Index carried out on the perception of land owners to compulsory acquisition in the study area. The study therefore recommends that government takes more proactive steps by promulgating laws that will comprehensively guide the process of acquisition, and adequately compensate affected persons in such a way that people are not left worse off than they were before the compulsory acquisition process started.

ASSESSMENT OF LAND USE AND ALLOCATION COMMITTEE PERFORMANCE IN LAND ADMINISTRATION IN KOGI STATE, NIGERIA

2023-07-31T14:36:10Z

ASSESSMENT OF LAND USE AND ALLOCATION COMMITTEE PERFORMANCE IN LAND ADMINISTRATION IN KOGI STATE, NIGERIA GUMA, THOMPSON DAZUMI The study assessed the performance of Land Use and Allocation Committee in land administration in Kogi State, Nigeria. The aim of this study is to assess the performance of Land Use and Allocation Committee (LUAC) in allocation of land in Kogi State with a view to provide information that will speed up accessibility to land in Kogi State. This study unveils that there was no constituted LUAC but mere management team, subjection of LUAC to the directive of the Honorable Commissioner of Lands – now Director General, land is less accessible in the study area and gives ideas on the way to ensuring smooth land acquisition and administration. Using simple random sampling techniques, 169 landlords/occupiers were selected respectively from the 4 selected Town Planning Schemes while 10 head of departments/units of Bureau of Land and Urban Development, Lokoja, 14 heads of practicing Estate Surveying and Valuation firms and 5 members of REDAN in Kogi State. Data were collected using structured questionnaires and analyzed using both descriptive and inferential statistics. The perception of land users to the activities of LUAC in Kogi State is the constitutional roles of the Committee of settling disputes, determination of amount of compensation and advising the Governor on land matters are abandoned rather than mere allocation of land. Others include acquisition with little or no compensation, exploitative tendencies of the staff and members of LUAC, land acquisition without recourse to families and communal holdings, corruption and increase in lobbyist tendencies, high class domineering, double allocation syndrome and generally LUAC is referred to as land grabbers. Kruskal-Wallis test shows that there is significance difference (high and low chi-square values, i.e. P values < 0.05 and P values > 0.05)on factors hindering the performance of Land Use and Allocation Committee in the allocation of state land between landlords/occupiers, Estate Surveying and Valuation firms and the REDAN members in the of economic, cultural, political, institutional, land tenure system, land disputes and opportunities and risk factors, lack of modus operandi (Exclusive discretion of the Governor), improper classification of an area, governor’s unquestionable personage in the overall administration of land in the state and inadequacy of Estate Surveyors and Valuers as members of LUAC. It was suggested that a formidable, empowered and result – oriented Land Use and Allocation Committee should be constituted in the state to reduce such perceived administrative challenges which shall involve the composition of membership of LUAC to include at least not less than two persons possessing qualifications approved as Estate Surveyors or Land Officers who have had such qualification for not less than five (5) years and a Legal Practitioner, the required executive order, tenure and number of seating should be properly specified during legislation by the state house of assembly and LUAC should be fully subject to the directive of the Governor.

THE INFLUENCE OF TENANTS’ PERSONALITY TRAITS ON THE PERFORMANCE OF RESIDENTIAL PROPERTY INVESTMENT IN AKURE, NIGERIA

2023-07-31T14:25:15Z

THE INFLUENCE OF TENANTS’ PERSONALITY TRAITS ON THE PERFORMANCE OF RESIDENTIAL PROPERTY INVESTMENT IN AKURE, NIGERIA ADEBISI, OLUWASOLA STEPHEN Residential property investment has been a significant contributor to the overall performance of the real estate sector in the economy. However, it has been bewildered with non-lease performance due to the high rate of rental default despite tenant selection procedures adopted. This study assessed the influence of tenants’ personality traits on residential property lease performance in Akure. The study examined the characteristics of residential property investment types, investigated the rental growth rate for different residential property investments across the various population density zones between 2011 and 2020, and assessed the effectiveness of landlords/agents in providing expected services to tenants. The study further evaluated the contribution of residential property tenants’ personality traits to lease performance. It examined the relationship between residential property tenants’ socioeconomic characteristics and lease performance in the study area. The target populations for this study are registered Estate Surveying and Valuation firms in Akure and tenants in their management portfolio. The researcher gathered data with structured questionnaires administered on 25 registered Estate Surveying and Valuation firms and 338 tenants in the management portfolio of the Estate Surveying and Valuation firms. The data gathered by the researcher were analyzed with both descriptive (frequency distribution tables, bar charts, mean score, weighted mean score, and factor analysis) and inferential statistics (ANOVA, correlation, and logistic regression analysis). The result of the study revealed that tenants were not satisfied with the accommodation facilities, neighborhood quality, and infrastructures in Akure private rented sector. The study further revealed that the private rented sector performed decently in terms of the average rental growth rate of various residential property types. ANOVA revealed a significant difference in the mean rental values of residential property types at a p-value of ≤ 0.05 except for detached and semidetached residential property types. The study further revealed that tenants were not satisfied with majority of the services rendered by Estate Surveyors and Valuers, which could be a possible source of recalcitrance by tenants. Correlation analysis revealed a significant positive relationship between lease performance and personality traits such as extraversion, agreeableness, and conscientiousness at p ≤ 0.05. Factor analysis of the contribution of personality traits constructs to lease performance of residential properties revealed that the happiness (27.331%) and humorous (51.49%) nature of the tenants contributed most to residential property lease performance. The logistic regression analysis revealed that socioeconomic characteristics such as gender, marital status, nature of employment have higher probability of influencing lease performance in the private rented sector. The study therefore recommends that investors, Estate Surveyors, and Valuers pay close attention to tenants’ personality traits and socio-economic characteristics in tenant selection in order to enhance residential property lease performance in the private rented sector. Key Words: Influence, Lease Performance, Personality Traits, Residential Property, and Tenant