Browsing by Author "Adekunle Sunday Adeogun"

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    Assessing the Factors that Account for Variations in Residential Property Investment Returns Relative to Infrastructure Conditions in North Central Nigeria
    (Penerbit UTM Press, 2020-09-02) Adekunle Sunday Adeogun; Shien Stephen Kuma
    Variation in the returns on residential property investment in the same region or location in spite of availability of infrastructure is a course for action. This paper assessed the factors that account for the variations in residential property investment returns in relation to infrastructure conditions in the North Central Nigeria. Data were collected and analysed from 765 closed-ended questionnaires administered through stratified sampling technique in Abuja, Jos and Ilorin respectively. Descriptive and inferential methods were adopted to analyse data collected. The result revealed a better rate of return on residential property investment in Abuja than Jos and Ilorin and a significant variation in the rate of returns existed across the 3 cities. Analysis also show that infrastructure conditions are better in Abuja, good in Jos and fair at Ilorin as assessed using condition index developed through the scoring analysis and measured against the standard rating developed by AAPPA (2010). Further, result from factor analysis indicates that, infrastructure conditions has accounted for 74.087% variation in the rate of return on residential property investments in the study area. Two (2) main categories of infrastructure types are responsible for such variation with the first ‘Aesthetic factor’ accounting for 54.56% with infrastructure type such as recreation, drainage, waste disposal and streetlight. The second types are labelled ‘Freedom Factor’ with power (electricity), access roads, security, education, health, and water supply. The study concluded that variation in residential property investment returns is influenced by availability and functionality of infrastructure. A recommendation of stakeholders in real estate investment consultation was made to assist in making best investment decision relative to infrastructures that are responsible for higher returns on property investment.
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    Effects of COVID-19 on Urban Housing Delivery and Affordability in Nigeria
    (Penerbit UTM Press, 2020-12-12) Godswill Unekwuojo Musa; Adekunle Sunday Adeogun; Wasiu Ayobami Durosinmi
    The world economy has been experiencing serious disruption due to the advent of COVID-19 pandemic impacting at both local and global scales. Inquiries, studies and researches are currently ongoing to analyse the impacts COVID-19 has on various sectors of the economy so as to enable stakeholders in policy making understand and come up with adequate plans to develop resilience to the pandemic and ensure sustainability of the several affected sectors in the economy. Housing is one of the fundamental needs of man and has no doubt been affected by the advent of COVID-19 pandemic, especially in the aspect of housing need, space requirement, housing security, housing affordability and security of tenure, housing/property investment and construction. This study reviews various existing studies on the current effects and potential impact of COVID-19 pandemic on different facets of urban housing, and its effects on urban housing delivery and affordability, with a view to identifying fissures or gaps as well as filling the identified gaps and create platform for further studies and contribution to knowledge and academic research. Preferred Reporting Items for Systematic Reviews and Meta-Analyses was adopted with a total of 140 documents retrieved and 79 eliminated using adopted criteria leaving out 61, out of which 30 not addressing subject matter in the study area were excluded from findings; thus, 33 documents including PhD dissertations, MSc. thesis, peer reviewed journal articles, books, proceedings, technical reports and other published articles directly relevant to this paper work were succinctly reviewed. Results show COVID-19 has impacted housing need, space requirement, housing security, housing affordability, real estate investment and housing development. The study also shows that residential, hospitality, retail, offices, industrial and healthcare sectors have different experiences of COVID-19 impact as some are positive like in the case of industrial and healthcare while others are negative.
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    EMPLOYEE EMPOWERMENT IN NIGERIAN ESTATE SURVEYING AND VALUATION FIRMS
    (AAUA Journal of Environmental Design and Management, 2024-08) Samson Oluseun Ojekalu; Timothy Tunde Oladokun; Adekunle Sunday Adeogun; Halim Yusuf Agava
    Abstract This paper examined employee empowerment practice of estate surveying and valuation firms in Nigeria with a view to improving its extent of adoption and firm performance. Primary data were used for the study. Questionnaire was administered to practicing Estate Surveyors and Valuers (ESV) in Lagos, Abuja, and Port Harcourt. Estate Surveyors and Valuers Registration Board of Nigeria Directory showed there were 272, 143, and 67 firms in the three cities respectively. Seventy per cent in each of the cities were selected using a simple random technique. Hence, 190, 100, and 47 ESV were selected in Lagos, Abuja, and Port Harcourt respectively and 149, 83, and 42 copies of the questionnaire were retrieved. Information on empowerment practice in terms of types and extent of adoption was measured using scales developed in the literature. The data were analysed using mean ranking. The study found that the types of empowerment practiced in Nigeria by estate surveying and valuation firms were psychological empowerment (2.85) and structural empowerment (2.74). The extent of adoption of empowerment practices was moderate. Competence attribute of psychological empowerment was moderately practiced in Nigeria (3.43) and Lagos (3.44) whereas in Abuja and Port Harcourt, it was practiced highly with mean values of 4.49 and 3.74 respectively. Similarly, the impact attribute of psychological empowerment was practiced little across the three cities. The structural empowerment practiced was little in Lagos (1.99), Abuja (2.39), and Nigeria (2.31) but was moderate in Port Harcourt (2.85) while the reward system (2.31) of structural empowerment was rarely practiced in Nigeria. The study concluded that employee empowerment practice of Nigerian Estate Surveyors and valuers is moderate and that they should be more committed to the implementation of both psychological and structural empowerment in order to enhance employees' commitment and loyalty. The estate surveying and valuation firms should incentivise their employees either financially and non financially when they are instrumental to the facilitation and consummation of real estate transactions to boost their morale which in effect leads to quality service delivery. .
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    Evaluation of trends in returns on real estate investment and infrastructure conditions indices in Abuja, Nigeria.
    (The University of KwaZulu-Natal, 2023) Adekunle Sunday Adeogun; Ranti Taibat Adebiyi; Namnso Bassey Udoekanem; Ethel Asinya Mendle; Timothy Tunde Oladokun
    Functional infrastructure tends to influence returns in the property investment market. This study adopted exploratory research design to evaluate the flow of returns on property investment and infrastructure conditions indices in Abuja between 2012 and 2021. Data were obtained via questionnaire, distributed to real property appraiser firms and residents of the selected neighbourhoods. Random variety technique was adopted to administer the questionnaire to six hundred and eighty two (682) respondents out of which four hundred and eighty five (485) were retuned for the analysis representing a response rate of 71%. Descriptive system of data analysis were used, Coefficient of Variant (COV) and Rank-order relationship representation were also used to evaluate the returns on investment in the selected neighbourhoods of Abuja and to establish the indices of conditions bench mark for least suitable standard conditions of infrastructure. Kendall Coefficient of Concordance was applied to weigh up the relationship between the ranked variables. Analysis revealed higher ideal infrastructure conditions indices in Wuse II and Maitama (ranging from 82%-92% and 81%-94%) contrast with stipulated average at 60%, whereas the condition of infrastructure at Kubwa and Lugbe were discovered to be below the normal standard condition. Kubwa and Lugbe property markets in Abuja performed better than Maitama and Wuse on the basis of risk-return ratio analysis and showed reliable market performance while Maitama and Wuse property markets exhibited opposite. Kubwa and Lugbe real estate markets revealed stable market lower risk range of 8%-36%. It was concludes that, neighbourhood facilities play significant weight in influencing the returns on property investment and this calls for better consideration when taking property investment decision.
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    Graduate Competency and Employer Satisfaction: A Concern for Employment Sustainability of Nigerian Real Estate Graduates
    (University of Cape Town, 2024-06-25) Nurudeen Akinsola Bello; Rasheed Kolawole Alimi; Halim Yusuf Agava; Rasheed Olamide Alao; Sulaiman Adesoji Olabisi; Adekunle Sunday Adeogun
    Real estate educational institutions in Nigeria seem to rely on student academic performance, programme accreditation status and short time industrial training for self-assessment of their undergraduate programme performance. Little emphasis has been placed on the post-graduation industrial performance to monitor the level of Real Estate Graduate Employer (REGE)’s satisfaction of their Real Estate Graduate (REG)’s competency. This study focused on the ‘hands on’ feedback of the competency of REG (university and polytechnic) compares with the level of satisfaction of their employers (accredited real estate firms) in Nigeria. Data were collected with the use of questionnaire, administered on 339 head of real estate firms in Nigeria and analysed with frequency/percentages and Likert summation scaling/ranking. The finding indicates a mismatch between employer’s competency requirements and satisfaction with REG industrial competency especially in commercial awareness coupled with decreasing competency and increasing employer’s dissatisfaction. The consequent effect may be a threat to the relevance of real estate education in Nigeria tertiary institutions. The study recommended among others, a need for tertiary institutions (offering real estate programme) in Nigeria to identify commercial awareness as a vital competency requirement of the REGE and effectively incorporate such in their curriculum towards stemming the rising substitutes for REG.