The impact of property price on construction output

Zheng, Xian; Chau, Kwong Wing; Hui, Eddie C.M.

doi:10.1080/01446193.2012.714872

Cited by 12 publications

(13 citation statements)

References 36 publications

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“…Historical and cultural sites influence values of real estate properties that are located within their proximity. It has been said that prices of properties play a vital role in determining the volume of new investments in construction projects (Zheng et al, 2012). Other investigations have proven that preservation of cultural and historic sites enhance residents' and visitors' perception of a neighbourhood (Zahirovic-Herbert and Chatterjee, 2012) and promote urban economic development (Slaughter, 1997, Samimi et.al., 2011.…”

Section: Introductionmentioning

confidence: 99%

Classification Modelling for the Impact of Historical Site on Residential Property Rental Value in Osogbo, Nigeria

Oyedeji

Oyewale

2018

IJPS

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Previous studies have revealed that historical sites have impact on property value. However, none of the previous studies have forecasted the impact of historical site on residential property value using a classification model. Data for the study were gathered from the record of recent letting in the study area. For the purpose of precision, this study adopted artificial neural network, logistic regression and support vector machine as model of classifying the rental value of residential property in Osogbo, Nigeria. The study considered relevant variables which include distance to cultural site, age of building, state of exterior and state of interior as input variables. Findings from the study revealed that the three adopted forecasting models have over 80% percent of the forecasted properties correctly classified which make the property forecasting reliable.

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Section: Introductionmentioning

confidence: 99%

Classification Modelling for the Impact of Historical Site on Residential Property Rental Value in Osogbo, Nigeria

Oyedeji

Oyewale

2018

IJPS

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“…Studies have shown that a strong linkage exists between the real estate sector and the construction industry (Yu et al , 2008). Also, Zheng et al (2012) reported that property price and construction industry’s output are positively related. Empirical evidence has shown that a strong positive relationship exists between the construction industry and the economy (Rameezdeen and Ramachandra, 2008; Dang and Low, 2011).…”

Section: Introductionmentioning

confidence: 99%

Adequacy of core knowledge and soft skills in the performance of professional employees of real estate firms in Nigeria

Oladokun

Gbadegesin

2017

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Purpose Real estate professionals are a vital resource to the property firms and the industry at large. Employees’ skills, knowledge and competence contribute in great measure to organization’s business performance. The purpose of this paper is to examine the adequacy of core knowledge and soft skills possessed by professional employees within the Nigerian real estate practicing firms. It also assesses the performance of the employees and establishes the correlation among the soft skills possessed by employees. Design/methodology/approach Data for this study were elicited through the administration of questionnaires on principal partners/branch managers (the employers) of the practicing estate surveying and valuation firms in Lagos metropolis. Data collected were analyzed using descriptive statistics, one-sample t-test and correlation analysis. Findings The result indicates that employees of estate firms in Nigeria demonstrate adequate knowledge in ten out of 21 core areas of real estate practice, while real estate agency has the highest mean, and inadequate knowledge in six others with least mean score in environmental impact assessment. The study also revealed that employees possess good listening and communication skills but are deficient in courteousness and writing skill, among others. It was also found that real estate employees were performing the best in inspection functions but below average in report writing and handling of transaction. The study also established a significant relationship among all the soft skills except communication skill and courteousness. Research limitations/implications Further study that looks at the performance of real estate graduates working in other sectors/organizations other than estate companies is required to establish their competence level in global employment market. Further study is also needed to cover the views of the employees in Nigerian market as this study focuses on the views of the employers. Originality/value This study provides an important feedback for the policy makers in the design/review of curriculum for real estate education towards enhancing employability of the graduates. This study also serves as the research blueprint in giving attention to assessment of soft skills among real estate employees in Nigerian real estate industry.

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“…These events are the Asian Financial Crises, Global Economic meltdown and the increase in the volume of construction works being experienced in Hong Kong in recent years. Previous research has shown that volume of construction investments and property prices significantly influence construction cost (Soo and Oo, 2014;Zheng, Chau and Hui, 2012). In addition, it is evident that tender price index fluctuates over time.…”

Section: Datamentioning

confidence: 99%

Comparing univariate techniques for tender price index forecasting: Box-Jenkins and neural network model

Oshodi

Ejohwomu

Famakin

et al. 2017

CEB

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The poor performance of projects is a recurring event in the construction sector. Information gleaned from literature shows that uncertainty in project cost is one of the significant causes of this problem. Reliable forecast of construction cost is useful in mitigating the adverse effect of its fluctuation, however the availability of data for the development of multivariate models for construction cost forecasting remains a challenge. The study seeks to investigate the reliability of using univariate models for tender price index forecasting. Box-Jenkins and neural network are the modelling techniques applied in this study. The results show that the neural network model outperforms the Box-Jenkins model, in terms of accuracy. In addition, the neural network model provides a reliable forecast of tender price index over a period of 12 quarters ahead. The limitations of using the univariate models are elaborated. The developed neural network model can be used by stakeholders as a tool for predicting the movements in tender price index. In addition, the univariate models developed in the present study are particularly useful in countries where limited data reduces the possibility of applying multivariate models.

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The impact of property price on construction output

Cited by 12 publications

References 36 publications

Classification Modelling for the Impact of Historical Site on Residential Property Rental Value in Osogbo, Nigeria

Classification Modelling for the Impact of Historical Site on Residential Property Rental Value in Osogbo, Nigeria

Adequacy of core knowledge and soft skills in the performance of professional employees of real estate firms in Nigeria

Comparing univariate techniques for tender price index forecasting: Box-Jenkins and neural network model

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