Estate Management

Urban infrastructure delivery will benefit a nation directly by improving public welfare. In urban areas, it is particularly necessary for sustainability. A crucial prerequisite for this is the provision of land. However, suitable lands for specific projects may not be available, and where such lands exist they may be in private holding. In Nigeria the Land Use Decree of 1978 provides that such properties can be acquired compulsorily by governments with powers of eminent domain for overriding public interest. This decree is however silent on the issues of injurious affection and disturbance. Currently in Lagos, the initiatives of the government to improve public welfare have been geared greatly towards solving the problems associated with urban and infrastructure decay. Series of public developments like road expansions have been embarked upon, thereby disturbing several land owners. This paper aims at demonstrating the adequacy of compulsory compensation policy on injuriously affected land owners within Victoria Island, Lagos. The study also makes corresponding clarifications with acquiring authorities, on a study population within a prestigious socio-economic status. Data collection was based on a survey which adopted the use of questionnaires, and structured interviews. Results revealed the opinions of various stakeholders in the process and deficiencies in the process amongst others. This study will serve as a guide for urban land management planning and development.

Environmental valuation techniques have been used to quantify the influences of environmental amenities on house prices. Although this theme has attracted pedagogical attention internationally, a Nigerian perspective relating to effective demand and value systems of natural environmental amenities is lacking significantly. The gap in local market evidence relating to this topic is apparent in comparison to other real estate attributes such as physical infrastructure. In this study, the hedonic pricing model (HPM) is used to evaluate the contributions of environmental amenities to the rental values of detached houses in a submarket in Lagos, Nigeria. This paper, therefore, extends existing body of literature on hedonic studies by contextually assessing the broad category of natural environmental amenities in Lagos. Using a sample of 111 properties, the HPM was used to reveal value inferences of various environmental characteristics on house rents. Results show that 'green environment' as a natural amenity in the housing market studied, produces the highest variation in rental values. This study's significance lies in bringing to light the realities of market demand for natural amenities which, in turn, will help decision makers and public authorities in the strategic planning of the preservation and sustenance of natural amenities.

The success of any real estate investment is a function of in-depth pre-investment planning based on socio-economic and environmental considerations. The value of both commercial and residential development depends on the quantum of utility they can provide to the end users. This value is also a composite of different attributes of the respective developments, some internal and others external. This therefore calls for a need to evaluate their cost-value implications and identify user preferences in a hierarchal manner. This is an aspect neglected by most real estate developers as they fail to recognise the need for market research. Consideration of user preferences in development projects will be very useful in planning and budgeting, as emphasis will be on those building components and services that are more cost effective. Budget constraint encourages rationalisation in project planning. Using data of 150 from residential and 100 commercial tenants in areas of Lagos, Nigeria, ach...

This study develops a land value capture property tax rates schedule for use in Lagos state, Nigeria, in order to aid sustainability in municipal infrastructure financing. With the poor state of infrastructure in Lagos, the LVC property tax is advanced as a sustainable means of infrastructure reform through equitable rates. Using a sample from Alimosho - the largest local government area in Lagos - a hedonic regression model is used to determine the financial contributions of municipal infrastructure in property values to show their varying influences. From the regression analysis, the schedule is then derived, which is broadly premised on a quid pro quo basis. This stems from the fair notion that the pecuniary influences of municipal infrastructure should be recovered in the form of property taxes for public gains. Not previously done in the region, the schedule determines rates payable on property taxes and are reflective of the monetary influences that municipal infrastructure co...

Introduction 1.0 Background Public infrastructure when adequately provided offers multi-dimensional benefits within its operative network. In this regard, it is considered a positive externality as well as an environmental good. In modern society, these public services have simply become lubricants in the wheels of national development and are extremely essential for public welfare and fiscal growth. Economies require the development of infrastructure, such as water, energy, roads development, transport networks, information, and communication technology for sustainability and these urban services also positively influence the value of real estate as they improve housing conditions and quality. Odudu (2003) observed that housing values tended to peak in those locations that enjoyed one form of infrastructure or the other. Similarly in Lagos, Nigeria, recent road redevelopment projects have significantly increased the value of property in certain locations. This can be traced to the ...

The paper aims at assessing effective demand of toll roads in the context of user demand and willingness-to-pay (WTP). The specific objectives are to establish mitigation costs associated with existing roads, to find out users' involvement in project planning and what an average user will be willing to pay for improved road conditions. Using a sample of 500 observations, with a response of 356 (71.2%), effective demand for toll roads and willingness-to-pay along Lekki-Ajah corridor (Lekki toll road concession) in Lagos was investigated. Data was analyzed using descriptive statistics, and the discounted cash flow technique to ascertain project viability. The result of the analysis shows that majority of the respondents and commuters complained of not being consulted at the planning stage of the project, which affected the viability and willingness to pay (WTP) figures. Also, commuters suffer consequential damages and delay in travel time due to poor road conditions. Stakeholder consultation in infrastructure planning and provision is rarely undertaken in Nigeria. This paper is therefore designed to expose the implication of this practice to successful Public-Private-Partnership.

Urban infrastructure delivery will benefit a nation directly by improving public welfare. In urban areas, it is particularly necessary for sustainability. A crucial prerequisite for this is the provision of land. However, suitable lands for specific projects may not be available, and where such lands exist they may be in private holding. In Nigeria the Land Use Decree of 1978 provides that such properties can be acquired compulsorily by governments with powers of eminent domain for overriding public interest. This decree is however silent on the issues of injurious affection and disturbance. Currently in Lagos, the initiatives of the government to improve public welfare have been geared greatly towards solving the problems associated with urban and infrastructure decay. Series of public developments like road expansions have been embarked upon, thereby disturbing several land owners. This paper aims at demonstrating the adequacy of compulsory compensation policy on injuriously affected land owners within Victoria Island, Lagos. The study also makes corresponding clarifications with acquiring authorities, on a study population within a prestigious socio-economic status. Data collection was based on a survey which adopted the use of questionnaires, and structured interviews. Results revealed the opinions of various stakeholders in the process and deficiencies in the process amongst others. This study will serve as a guide for urban land management planning and development.

Whereas it is impossible to construct a building that will be maintenance free throughout its lifetime because of the effects of age weather and human activities on it, a proper maintenance of building will prolong its life and enhance its utility. This paper aims at examining the maintenance practices as they affect public and private primary school buildings with a view to proffering solutions to issues of maintenance that would assist the government, as well as private primary schools owners. In pursuing this aim, the paper considers the existing maintenance practices on public and private primary school buildings; examining their physical condition and fitness for use. It also evaluates the users' level of satisfaction with the maintenance of such buildings and examines the determinants of maintenance standard for the school buildings. Secondary data were obtained from existing related literatures while primary data were obtained mainly through the use of questionnaire randomly administered on head teachers of the schools. Resulting data were analyzed using descriptive statistics, Spearman's rank correlation while test of hypothesis was conducted with student t-test. The findings revealed apathy in the maintenance of the school buildings, inadequacies in the building maintenance budget and significant differences in the building maintenance methods and practices in the private and public primary schools. Policy recommendations include proper budgeting for building maintenance, encouragement of maintenance personnel and adoption of efficient building maintenance method and manual in Nigerian schools.

Whereas it is impossible to construct a building that will be maintenance free throughout its lifetime because of the effects of age weather and human activities on it, a proper maintenance of building will prolong its life and enhance its utility. This paper aims at examining the maintenance practices as they affect public and private primary school buildings with a view to proffering solutions to issues of maintenance that would assist the government, as well as private primary schools owners. In pursuing this aim, the paper considers the existing maintenance practices on public and private primary school buildings; examining their physical condition and fitness for use. It also evaluates the users' level of satisfaction with the maintenance of such buildings and examines the determinants of maintenance standard for the school buildings. Secondary data were obtained from existing related literatures while primary data were obtained mainly through the use of questionnaire randomly administered on head teachers of the schools. Resulting data were analyzed using descriptive statistics, Spearman's rank correlation while test of hypothesis was conducted with student t-test. The findings revealed apathy in the maintenance of the school buildings, inadequacies in the building maintenance budget and significant differences in the building maintenance methods and practices in the private and public primary schools. Policy recommendations include proper budgeting for building maintenance, encouragement of maintenance personnel and adoption of efficient building maintenance method and manual in Nigerian schools.

Whereas it is impossible to construct a building that will be maintenance free throughout its lifetime because of the effects of age weather and human activities on it, a proper maintenance of building will prolong its life and enhance its utility. This paper aims at examining the maintenance practices as they affect public and private primary school buildings with a view to proffering solutions to issues of maintenance that would assist the government, as well as private primary schools owners. In pursuing this aim, the paper considers the existing maintenance practices on public and private primary school buildings; examining their physical condition and fitness for use. It also evaluates the users' level of satisfaction with the maintenance of such buildings and examines the determinants of maintenance standard for the school buildings. Secondary data were obtained from existing related literatures while primary data were obtained mainly through the use of questionnaire randomly administered on head teachers of the schools. Resulting data were analyzed using descriptive statistics, Spearman's rank correlation while test of hypothesis was conducted with student t-test. The findings revealed apathy in the maintenance of the school buildings, inadequacies in the building maintenance budget and significant differences in the building maintenance methods and practices in the private and public primary schools. Policy recommendations include proper budgeting for building maintenance, encouragement of maintenance personnel and adoption of efficient building maintenance method and manual in Nigerian schools.

Whereas it is impossible to construct a building that will be maintenance free throughout its lifetime because of the effects of age weather and human activities on it, a proper maintenance of building will prolong its life and enhance its utility. This paper aims at examining the maintenance practices as they affect public and private primary school buildings with a view to proffering solutions to issues of maintenance that would assist the government, as well as private primary schools owners. In pursuing this aim, the paper considers the existing maintenance practices on public and private primary school buildings; examining their physical condition and fitness for use. It also evaluates the users' level of satisfaction with the maintenance of such buildings and examines the determinants of maintenance standard for the school buildings. Secondary data were obtained from existing related literatures while primary data were obtained mainly through the use of questionnaire randomly administered on head teachers of the schools. Resulting data were analyzed using descriptive statistics, Spearman's rank correlation while test of hypothesis was conducted with student t-test. The findings revealed apathy in the maintenance of the school buildings, inadequacies in the building maintenance budget and significant differences in the building maintenance methods and practices in the private and public primary schools. Policy recommendations include proper budgeting for building maintenance, encouragement of maintenance personnel and adoption of efficient building maintenance method and manual in Nigerian schools.

The 14 th AfRES ANNUAL CONFERENCE 2014 The 14 th AfRES ANNUAL CONFERENCE 2014 177 176 recommended that international real estate organizations and investors should collaborate with indigenous researchers, practitioners and the Nigerian real estate professional regulatory bodies in order to develop a sustainable market based forecasting framework.

This study evaluated the risk-return characteristics of real estate equities in Nigeria in order to identify diversification benefits arising there from. The study adopted the mean-variance and correlation analysis to test the correlation of real estate equities with those of selected common stocks between 2003 and 2009. The co-movements and positive correlations between real estate equities and the common stocks indicated that real estate equities did not perform any better than common stocks; and also suggested that real estate equities offered no diversification benefits. This finding negates the widely held belief that real estate equities correlate negatively with common stocks and are therefore amenable to diversification. It also confirms the fear that portfolio diversification could fail during periods of financial stress, when it is most needed. The paper recommends further studies incorporating all the asset classes including direct real estate in a mixed-asset portfolio t...

ABSTRACT
The study evaluated commercial building economic performance as well as facility management services. The study also assessed the FM tactics used in commercial buildings. It also determined the monthly energy usage and related costs in commercial buildings. The study examined the cost of water and the amount of water used each month in business facilities. Additionally, the study established the cost of annual operations and upkeep for many essential services provided by commercial buildings.
Additionally, the study established the cost of annual operations and upkeep for many essential services provided by commercial buildings. Additionally, the study demonstrated a link between FM methods and the expense of operations and maintenance in commercial buildings. These were done to provide data on facility management services and the economic performance of commercial buildings in Lagos. A total of 18 respondents, including male and female facility managers, were chosen as the study's sample size. The study used a descriptive survey approach.  For the study, respondents were chosen using the practical sampling technique. The respondents were interviewed to collect the data for this study. Data collected was analyzed using descriptive statistics and NVivo 12.0. The results from the study show that the facility management services that dominate commercial buildings are management, maintenance, fumigations, generator maintenance, lifts, cleaning services, Electrical, building maintenance, security, water treatment, sewage disposal, and floor maintenance. The outcome also revealed that the least Gross floor area is 540m2, the maximum is 86000m2, and the average is 12,706m2.
Additionally, the results showed that the average monthly consumption was 54,747kwh, with the minimum monthly consumption being 1,135kwh and the maximum monthly consumption being 480,000kwh. The results showed that energy consumption per square meter ranged from 1 kwh/m2 to 17.3 kwh/m2, with an average of 5.31 kwh/m2 being used. The study revealed that the monthly average cost of energy is 10.89 million Naira, with a maximum cost of 40 million Naira and a minimum cost of 1.5 million Naira. The survey also revealed that the average energy consumption per square meter is N1516.60, with N4 424 as the maximum, N3 25 as the minimum. According to the survey, the maximum monthly water consumption is 100,000 liters, the minimum monthly consumption is 2,000 liters, and the average monthly consumption is 198,266 liters. According to the survey, the least monthly expenditure related to water usage is N170,000, the greatest is N3,000,000, and the average is N508,033.
Additionally, the study found that the least water demand per square meter is 0.20 liters, the maximum is 133 liters/m2, and the average is 30.64 liters/m2. The research showed that the maximum cost per square meter was N425, the least was N4/m2, and the average was N71.53/m2.  The study found that facility managers spent an average of 73.4 million naira a year, with annual expenditures ranging from 3.3 million to 480 million naira. The study found that respondents believed that proactive FM systems, life cycle costing,  preventive, corrective, and predictive maintenance are all important components of facility management strategies used in commercial facilities. According to the study, all respondents agreed that there is a connection between facility management practices and operating and maintenance costs. According to the study, the respondents said that the economic success of their facilities depended on the availability of power, water, energy, and other services like janitorial and security, as well as generators. The survey found that the respondents believed that Facility Management's high-quality services encourage client retention, which increases revenue. The study showed that the respondents suggested to improve the economic performance of their facilities FM’s should be innovative, understand customer needs, and have cordial relationships with owners of buildings.

Transparency and effectiveness are emphasized as two positive consequences of the use of information and communication technologies (ICT) in the Courts. Indeed, ICT expanded the possibilities of access to information and judicial decisions, as well as its use especially in acts of distrainment, have given greater transparency and effectiveness to the judicial acts. In Brazil, federal, state and labor courts have web sites where judicial information is disclosed and their decisions are published. Moreover, they have agreements with the Federal Revenue Secretariat, the Central Bank and the National Register of Automobiles that allow them to implement all acts of distrainment. However, not all Courts are at the same stage as to the use of ICT because, on one hand, their web pages do not have all the features available and, on the other hand, their users are unable to explore the full potential offered by the new technologies. Delivering a diagnosis of the existing offer in the Courts' web sites and of the use of their agreements with other public services is the first task that is being proposed here. This paper intends to examine how such things are changing the judicial function and, in particular, the figure of the judge, in addition to contributing to a new insertion of the Judiciary in the society.

The paper sets out to answer the question 'why has housing finance system remained passive and irrelevant in the drive towards Housing delivery? By reviewing the evolution of our socioeconomic development, evaluation of the existing structure is carried out. Secondary data were obtained from existing literature on construction industry and housing finance market. The National Housing Policy provided a solid background needed for understanding the operation of the market. This historical survey approach revealed the reasons for failure of existing practice. The conclusion is that we cannot copy models from other nations but rather evolve workable models based on our socio-cultural background. Recommendations are made in this regard.

This paper examines the effectiveness of land administration in Lagos, with a particular focus on the practicality and impact of the 30-day "governor's consent" and "certificates of occupancy" procurement regime. This regime was introduced to facilitate land documentation and registration for housing delivery in the state. However, despite reducing the time required for processing and granting certificates of occupancy, this policy has not resulted in significantly increased applications nor has it had a significant effect on housing delivery in the state. In order to remedy this, the authors recommend large reductions in the charges made and other costs of the process (especially decentralization of the Land Registry and the use of updated technology).