Another look at property market maturity framework and its application to Lagos property market, Nigeria

Olaleye, Abel; Adebara, Oyinloluwa Beatrice

doi:10.1108/jpif-04-2019-0048

Cited by 8 publications

(10 citation statements)

References 6 publications

(22 reference statements)

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“…Each of these terms can be addressed from qualitative and quantitative perspectives, through our interviews and market evidence, although the framework may no longer be fully fit for purpose. Chin et al (2006) adopt the framework for South-East Asian real estate markets, while Akinbogun et al (2014) and Olaleye and Adebara (2019) build on the framework to consider market maturity in Nigeria. The latter paper identifies additional characteristics for consideration including: liquidity, transparency, stability of property values, the economy and the institutional actors within the market.…”

Section: Market Maturity and Pbsa Investmentmentioning

confidence: 99%

“…Residential and purpose-built student accommodation (PBSA) are also defined as "alternative" asset classes. Considering the continuing growth in investment into PBSA in the UK, this paper questions how this asset class has evolved, theoretically framing the discussion around the concept of market maturity (Keogh and D'Arcy, 1994;Olaleye and Oyinloluwa Adebara, 2019). As far back as 2007 it was suggested that the PBSA sector could no longer be considered as an emerging investment opportunity (Savills, 2007), and soon became mainstream (Savills, 2015).…”

Section: Introductionmentioning

confidence: 99%

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All grown up? Market maturity and investment in London's purpose-built student accommodation sector

Livingstone¹,

Sanderson²

2021

JPIF

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PurposeThe UK's purpose-built student accommodation (PBSA) sector has seen significant institutional investment in recent decades. This paper unpacks contemporary trends and perspectives on the sector. It questions whether PBSA has moved from being an “alternative” to “mainstream” residential asset class, framing the analysis through the lens of market maturity.Design/methodology/approachThe methods triangulate perspectives drawn from literature on the evolution of PBSA as an asset class with illustrations of investment trends across the UK between 2005 and 2020 using data from Real Capital Analytics (RCA), combined with findings from 40 semi-structured interviews with investors and stakeholders in PBSA in the UK London is the focus of the work, whilst other regional cities are integrated for comparison.FindingsThe results demonstrate that London's PBSA market is ahead of trends currently being replicated in regional cities. However, the regions currently offer greater return potential and opportunities for risk taking compared to London, where yields are compressed, and the market is considered lower risk. The concept of maturity remains useful as a framework for evaluating markets, however a more granular analysis of sectors is necessary to further understand asset classes within sectors. PBSA continues to trade at a premium across the UK; it is considered the most mature residential asset class.Practical implicationsThe emergence of PBSA as an asset class continues to play a developing role within the residential sector and UK investment market. Risk, value and local context remain key when integrating PBSA into institutional portfolios, and as the first to consider the UK market from a qualitative research approach, this research provides a snapshot of these influences in 2021.Originality/valueOur approach offers original insight into investment trends across the UK and is the first to focus reflections on the London market specifically. The research highlights the role of PBSA as a vanguard asset class for investors into residential, situating its growth within the framework of market maturity and drawing out market nuances from interviews.

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Section: Market Maturity and Pbsa Investmentmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

All grown up? Market maturity and investment in London's purpose-built student accommodation sector

Livingstone¹,

Sanderson²

2021

JPIF

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“…The former market is a real estate market that incorporates all of the offers for sale and purchase of newly constructed independent residential and commercial premises, cooperative residential and commercial premises as well as single-family houses that have not yet been traded (Wong et al, 2017;Agboola and Scofield, 2018;Katzler, 2016). The secondary market, on the other hand, is a real estate market that incorporates all of the offers for sale and purchase of newly constructed independent residential and commercial premises, cooperative residential and commercial premises as well as single-family houses that have already been traded (Olaleye and Abebara, 2019;Abere et al, 2018).…”

Section: Literature Reviewmentioning

confidence: 99%

The Impact of Professional and Economic Activity on the Development of Apartments Market

Wolniak¹,

Olkiewicz²,

Szymczewska³

2020

ERSJ

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The aim is to examine to what extent does the professional activity of the population and the economic activity of entrepreneurs affect the development of the apartments' market. The subject of the study are local real estate marketsthe sector of commercial investmentsresidential seaside apartments. Design/Methodology/Approach: We analysed data about real estate markets of Polish communes located in Central Pomerania. The values of the analysed indicators were calculated using Excel program and the results were presented in the form of Tables and Figures in Microsoft Excel and ArcMap. Findings: The results show that there is a relationship between the professional activity of the population and the economic activity of entrepreneurs in the tourist communes and the development of the primary and secondary real estate markets. The analysis shows that economic effects of tourism development can influence the income of the commune, an increase in local revenue achieved by entities that manage tourism, high professional activity of the population and economic activity of entrepreneurs as well as the diversification of the economy thus allowing to obtain independence from the economic instability. Practical Implications: The most important practical implication is the statements that there is a need to make new investments in seaside towns in which the tourist market is developing. Originality/Value: The analysis shows that economic effects of tourism development can influence the income of the commune with an increase in the local revenue achieved by entities that manage tourism.

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“…Despite the many conducted researches, the real estate market still remains poorly examined, complicated and opaque. Because of the diversity of this market (Glaeser and Resseger, 2010) various pricing policies are used that result in disparities in the offered products (apartments) in the primary (Wong et al, 2017;Agboola and Scofield, 2018;Katzler, 2016) and secondary markets (Olaleye and Abebara, 2019;Abere et al, 2018). This means that the price formation process is of a supply and demand nature for entities interested in buying and selling specific goods (Topintzi et al, 2008, Xu et al, 2010Radzewicz and Wiśniewski, 2011;Hamilton, 2011;Olkiewicz et al, 2020).…”

Section: Introductionmentioning

confidence: 99%

The Functioning of the Real Estate Market: Dynamics of Price Formation and the Sale of Apartments

Wolniak¹,

Szymczewska²,

Olkiewicz³

2020

ERSJ

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The aim of this publication is to analyse how the dynamics of apartments' price formation correlates with the development of the apartment market. Design/Methodology/Approach: We analysed data about real estate markets of Polish communes located in Central Pomerania. The values of the analysed indicators were calculated using Excel program and the results were presented in the form of Tables and Figures in Microsoft Excel and ArcMap. Findings: This publication focuses on issues related to price formation on the housing market with the objective to illustrate a correlation between the dynamics of price formation of apartments and the development of the apartment market. This study concentrates on the pricing behaviour of transactions in the primary and secondary real estate markets of apartments. Research results indicate that there is a relationship between the dynamics of price formation and the development of the apartment market in both the primary and secondary markets. The hypotheses have been positively verified. The analysis of the obtained data does not indicate the same tendencies in the transaction prices of the apartment properties in the researched seaside communes in the years 2014-2018. Practical Implications: The most important practical implication is that the analyzed seaside areas still have a large investment space for newer, more expensive and larger apartments. Originality/Value: Research analysis of the two markets shows that the primary market is characterised by a much greater volatility of the average transaction price per sqm of apartment's usable floor area, while the secondary market is much more stable in terms of the average transaction price. There is also a very large variation in the average price per sqm between the surveyed municipalities.

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Another look at property market maturity framework and its application to Lagos property market, Nigeria

Cited by 8 publications

References 6 publications

All grown up? Market maturity and investment in London's purpose-built student accommodation sector

All grown up? Market maturity and investment in London's purpose-built student accommodation sector

The Impact of Professional and Economic Activity on the Development of Apartments Market

The Functioning of the Real Estate Market: Dynamics of Price Formation and the Sale of Apartments

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