This journal is hosted by the University of Cape Town Libraries at the request of the journal owner/editor. Furthermore, previous South African property price studies have focused on specific segments of the property market. This makes H2o.ai's implementation of the GBM algorithm portable and interoperable for organizations such as real estate portals.
Model Evaluation and Selection
This involves dividing the data into 𝑘 roughly equal parts while retaining the original distribution of the response. Table 5 illustrates an example of 5-fold cross-validation. 10 However, if the purpose of the model is to interpolate or predict within the same spatial structure, random cross-validation or random split techniques are reasonable approaches since the conditions of the model do not change (Roberts et al., 2017). Similarly, partial dependence plots (PDP) have been developed for the GBMs to understand the effect of the covariates on the response.
Results and Discussion
The Moran I specification test indicates that there is insufficient evidence to reject the null hypothesis in favor of positive alternative spatial autocorrelation. A covariate is first grouped into 1% bins, where the mean of the outcome and predicted response is calculated holding other covariates constant. Property size and number of bathrooms are consistently considered the most important physical attributes for each model year.
Summary
20 develop a framework to democratize the proposed methodology, showing how real estate portals or real estate agents can leverage their data to guide home owners on what price to sell their home for. Spatial Dependence, Housing Submarkets, and House Price Prediction, Journal of Real Estate Finance and Economics, 35(1), pp.142-160. On the functional form of the hedonic price function: A matching-theoretic model and empirical evidence.
- Introduction
- Literature Review
- Methodology
- Results
- Conclusion and Implications
- References
More recent studies by Krugman (2014) and Hsieh and Moretti (2014) have revisited the issue of housing sector productivity. On a sample size of 0 to 5, they evaluated the labor productivity of the housing construction sector in Turkey. They showed that labor productivity growth is attributed to organizational factors.
Law (1987) estimated total factor productivity in the UK construction sector. From the national production function, they found a positive effect of intangible capital on the productivity of the real estate sector. They found a positive correlation between wage incentives and employee productivity growth in the Nigerian real estate sector.
This shows that the debate about the productivity of the real estate sector remains current. Every year they produce databases on the performance of the real estate sector in Cameroon. The study is based on 123 production units of the real estate sector in Cameroon.
These results provide very important information to guide efforts to improve the productivity of the housing sector in Cameroon.
Causes of Discrepancies in Value Estimates on Compensation for Oil Spill Damages in the Niger Delta
Research Methodology and Data
The study adopted a survey approach and data was obtained from ESV firms which are the target group in NDR, Nigeria. According to Eregha and Irughe,. 2013), communities and states in the NDR have similar experiences and exhibit similar characteristics regarding the threat posed by oil spills and its antecedent effects on human well-being as well as the natural environment. The valuers of these ESV firms are members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV); the professional association responsible for valuation in Nigeria, as well as the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON); which regulates the practice of property surveying and valuation in Nigeria.
Based on the data from various departments of the NIESV in the selected states in the NDR, there are 190 registered companies to which survey questionnaires were administered. From the retrieved questionnaire, the total number of appraisers who were actually involved in appraisals of damage due to oil leaks were included in the retrieved sample. Data was obtained through questionnaires, supported by interviews with respondents on potential factors that could lead to differences in the opinions of appraisers regarding the compensation value, prepared by the agent of the claimants and that of the oil companies.
Apart from the questions on the personal details of the respondents and the profile of their respective firms, other questions were prepared on a 5-point Likert scale to enable the respondents to express their opinions more clearly. Adequacy of the data set used in the Factor Analysis was performed using Bartlett's test and the Kaiser Meyer Olkin (KMO) measure of sampling adequacy. The KMO statistics score ranges between 0.1 and 1; when it is 0, factor analysis is unlikely to be appropriate because the sum of the partial correlations is greater than the sum of the correlations, indicating diffusion in the pattern of correlations.
When the KMO value is close to 1, it indicates compactness in the correlation pattern, and the factor analysis test is considered reliable in such cases (Hutcheson &. Sofroniou, 1999).
Results and Discussion
Results on respondents' status in their respective firms indicate that 10.84% of them were general partners/directors of their firms; 33.73% were managing partners, while the majority of respondents (49.40%) were senior surveyors. In addition, some of the respondents (2.41%) belong to the international professional body, Federation Internationale des Administrateurs de Bien-Conselis Immobiliers/ The International Real Estate Federation (FIABCI). Lack of input from other professionals in determining value Inadequacy of legislation guiding compensation for oil spill damage.
The usual OPTS (Oil Producers Trade Section) of the Lagos Chamber of Commerce and Industry; a private sector group representing the interests of oil and gas producing companies in Nigeria. The compensation schedule is used as a guiding document in the damage assessment, but is not comprehensive with regard to the scope of claims. The quality of the input is important for the success or failure of the compensation exercise. The inadequacy of legislation regulating compensation for oil spill damage ranked fifth with an average score of 4.08.
Of all the factors responsible for differences in value, the least increase in compensation value by valuers is to earn higher commission;. The first factor is called 'Poor standard/code of practice' and explains 41.86% of the total variance. The second factor was labeled as 'Insufficient legal framework and external influence' with 17.61% of the total variance.
Variables under this are: the experience of the appraisers; and failure to use the total economic value concept as a basis for valuation.
Conclusion
An assessment of the relative influence of factors affecting estimation inaccuracy. 2013). Emerging Issues in the Assessment of Oil Spill Compensation in the Niger Delta Area of Nigeria. The impact of appraisers and appraisals on the functioning of the commercial property investment market. In Proceedings of Joint International Conference (JIC) on 21st Century Human Habitat: Issues, Sustainability and Development, 21-24 March 2016, Akure, Nigeria, pp.650-659.
Adequate Compensation as a Conflict Resolution Tool in Oil Polluted Wetlands of the Niger Delta Region of Nigeria. Compensation of Oil Spill Victims in Nigeria: The More Oil, the More Blood. Singaporean Journal of Business Economics, and Management Studies, 2(3), pp Phenomenological research in compulsory land acquisition and compensation.
A Valuation Model for Assessing Compensation from Oil Spills in the Niger Delta Region of Nigeria. Legal and economic evaluation of the valuation practice for natural resource compensation in the Niger Delta region of Nigeria. The costs of marine oil pollution: an analysis of the process of damage assessment and compensation after oil spills.
The PropTech revolution: the requirements for Nigeria's estate survey and valuation professionals to catch up or be left behind.
The PropTech Revolution: The Imperatives for Nigeria’s Estate Surveying and Valuation Professionals to Catch Up or Get Left Behind
- The PropTech Evolution
- Estate Surveying Practice and the Proptech Industry in Nigeria
- Problems Militating the Adoption of Proptech by the Estate Surveying and Valuation Profession in Nigeria and its
- The Way Forward
- Conclusion
It is suggested that the property industry needs an upgrade – a property technology or 'PropTech' upgrade (Feth & Gruneberg, 2018). This innovation, together with the growth of the Real Estate Investment Trust (REIT) in terms of investors, capital and advisory services, gave rise to growth in real estate ICT (Baum, 2017). The confusion stems from the close cooperation they share because of the funds needed to transact in real estate.
According to Piazolo, these driving forces would be the foundation for future developments in real estate. 2018) argued that most of the real estate firms in Lagos lack the technological skills to set up local real estate practices. Nigeria, with a population of over 180 million, is a country loaded with opportunities, especially in the real estate sector.
Various authors highlight various barriers to ICT deployment in real estate companies in Lagos State. The performance of real estate companies in the country is still limited to the knowledge and decision-making ability of the company's key partner. Factors influencing the use of information and communication technology in real estate practice in Minna.
Platform Real Estate: theory and practice of new urban real estate markets, Urban Geography, pp.
The Structure, Conduct and Performance of REITs in Emerging Markets
Empirical Evidence from Nigeria
REITs Structure
REITs Conduct
REITs Performance
This finding is consistent with other similar studies in the real estate industry such as, Chan et al. The study also provides essential information to stakeholders in the real estate sector regarding the impact of structure and behavior on N-REIT performance. Proceedings of the 15th Annual Conference of the African Real Estate Society (AFRES), 31 August–3 September 2015, Kumasi, Ghana, pp.90-110.
The Diversification and Inflation Hedging Opportunities of Direct and Indirect Real Estate Investments in Nigeria. Proceedings of the 15th Annual Conference of the African Real Estate Society (AFRES), 31 August – 3 September 2015, Kumasi, Ghana. Proceedings of the 15th Annual Conference of the African Real Estate Society (AFRES), August 31 – September 3, 2015.
Proceedings of the 19th African Real Estate Association (AFRES) Annual Conference, 10th to 13th September, 2019, Arusha International Conference Centre, Tanzania, pp.112-237. An Empirical Analysis of Real Estate Investment Trusts in Asia: Structure, Performance and Strategic Investment Implications. Real Estate Investment Trusts (REITs) for Faster Housing Development in India: An Analysis in the Context of the New Regulatory Policy of SEBI.
Proceedings of the 18th Annual Conference of the African Real Estate Society (AFRES), 11 to 15 September 2018, Abeokuta, Nigeria.
