Дисертації з теми "Real property South Australia"
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1
Esposito, Antonio Kurt. "The history of the Torrens system of land registration with special reference to its German origins." Adelaide, S.A. : School of Law, University of Adelaide, 2000. http://web4.library.adelaide.edu.au/theses/09LM/09lme77.pdf.
Анотація:
Includes bibliographical references. The origins of the Torrens System of land registration are not clear. Examines the claim of Dr. Ulrich Hübbe who asserted that he collaborated with Torrens to bring about the adoption of the land law of his hometown Hamburg in the form of the Real Property Act 1858 (SA). An historical examination (collecting and analysing all relevant historical sources), shows that it is likely that Hübbe was the actual draftsman, while a comparative legal analysis (contrasting Hamburg's land law at the beginning of the 19th century with the first bill of the Act) demonstrates that there is a strong similarity between Hamburg's land registration system and the original Torrens System; and, that the outstanding differences between the systems can be explained by the natural adaptation processes which are implied by the adoption of laws.
2
Campi, T. A. "Unemployment and property crime : South Australia during the depression /." Title page, contents and summary & conclusion only, 1989. http://web4.library.adelaide.edu.au/theses/09EC/09ecc196.pdf.
3
Hogarth, Jane T. "The politics of World Heritage listing in South Australia /." Title page, table of contents and summary only, 1990. http://web4.library.adelaide.edu.au/theses/09ENV/09envH715.pdf.
4
Tan, Yen Keng, University of Western Sydney, College of Law and Business, and of Construction Property and Planning School. "Strategic investment issues for listed property trusts." THESIS_CLAB_CPP_Tan_Y.xml, 2004. http://handle.uws.edu.au:8081/1959.7/623.
Анотація:
In the context of Listed Property Trusts (LPTs), three strategic investment issues have received considerable prominence in recent years. This thesis focuses on both the quantitative and qualitative aspects of these three strategic investment issues. 1/ the role of international property in LPTs 2/ the effect of stapled-securities management structure 3/ the performance of property securities funds. The three investment issues are assessed in some detail. The findings of the research suggest that the addition of international LPTs in the Australian LPT portfolio has resulted in significant diversification gains. The findings of the mixed-asset portfolio analysis suggest adding international LPTs to the Australian mixed-asset portfolio.Portfolio performance improved considerably. Mixed-asset portfolio performance is further enhanced when direct property is included. It is evident from the study that the property research discussed has led to the development of new LPT methodologies and a fuller understanding of the investment dynamics of the LPT sector in Australia.Doctor of Philosophy (PhD)
5
Kishore, Rohit, University of Western Sydney, College of Law and Business, and of Construction Property and Planning School. "The Impact of size and value effects on listed property trust performance." THESIS_CLAB_CPP_Kishore_R.xml, 2004. http://handle.uws.edu.au:8081/1959.7/468.
Анотація:
The purpose of this dissertation is to determine whether size and book value to market value (BV/MV) effects dominate the property effects in the return generating process for Listed Property Trusts (LPTs) in Australia.The study endeavours to answer a critical question regarding listed property investment vehicles. That is, are they stocks or property? The approach, however, differs from previous studies in that it avoids utilising direct property data because of the inherent valuation-smoothing problems.Instead, it develops unique specialised indices for LPTs by size and BV/MV ratios. The analyses are conducted in four different ways. Amongst other findings, it is suggested that the two well known stock market effects, namely size and BV/MV effects, are significant in LPT returns. As such, by way of inference, it is suggested that property effects in LPT returns are subsumed under the effects of these two factors. The findings support the hybrid-asset hypothesis for LPTs; that is, LPTs are an asset class of its own, sharing to an extent, the characteristics of both shares and property direct.Doctor of Philosophy (PhD)
6
Chan, Hok Kee Nelson. "Contaminated land valuation and the problem of stigma." Phd thesis, Australia : Macquarie University, 2001. http://hdl.handle.net/1959.14/48464.
Анотація:
Thesis (PhD)--Macquarie University, Graduate School of the Environment, 2001.Bibliography: p. 10-1 to 10-23.
An overview of contaminated land issues -- Land contamination law -- The impact of environmental planning on contaminated land value -- Identification and management of contaminated land -- Contaminated land valuation method - an overview -- Current stigma assessment methods -- Suggested method for stigma assessment -- General conclusion.
This dissertation is about the valuation of contaminated land and the problem of stigma. The value of contaminated land is to a large extent affected by statutory regulations. Stigma, if it exists, is another factor that has significant impact on contaminated land value. This thesis looks at the relevant laws governing contaminated land in Australia. It also introduces an alternative method to assess the stigma factor. -- Contaminated land is a major environmental problem. Apart from causing actual or potential threats to human health and the environment, contaminated land also leads to legal liabilities and financial losses to the landowner. Regarding financial losses, they may be costs to meet legal requirements in relation to clean up and long term monitoring expenses. In addition, they may be losses due to a drop in market value and/or rental of the property, longer vacancy periods, high remediation and monitoring costs. In the extreme case, the property may lose marketability completely. -- Regarding valuation methods, most valuers use traditional valuation methods with arbitrary adjustments. The most straightforward method is the impaired value (affected value) approach. It requires the valuer to assess the property on a clean land basis. From the unimpaired (clean) value, other financial losses due to contamination, remediation costs and stigma value loss are deducted to get the impaired value. The most difficult part is to quantify stigma impact. The existing stigma assessment methods are not satisfactory. Alternative and non-traditional methods are available. However they are academic and are not suitable for day-to-day operation of a valuer. This thesis suggests a multi-criteria decision-making model to assess stigma impact. The target stigma factor is obtained by processing the relevant criteria with the Analytic Hierarchy Process (AHP) method. The best alternative from the model is the reasonable stigma factor for the property.
Mode of access: World Wide Web.
various pagings ill. (some col.)
7
Macko, Filip. "Způsoby ocenění v Austrálii." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2019. http://www.nusl.cz/ntk/nusl-402600.
Анотація:
Master’s thesis deals with real estate valuation in Australia. The introductory part deals with the definition of the terms used in the work, for its better understanding. Furthermore, it discusses the development of valuation theory and its relation to economic ideas and various aspects that have influenced its development. The thesis then deals with methods of real estate valuation, their division and specific features. The thesis also discusses the current state of the real estate market on the Australian continent and outlines its possible future development. The experimental section describes the valuation of a particular property in Australia and describes which particular properties affect its cost.
8
Abrey, Mark Henry Shaw. "An entrepreneurial framework for new venture property development projects." Thesis, Nelson Mandela Metropolitan University, 2015. http://hdl.handle.net/10948/d1020162.
Анотація:
The business of real estate is one of the largest suppliers of employment, and contributes significantly to the gross domestic product of numerous countries worldwide. It is, therefore, imperative that new real estate development entrepreneurs entering the market identify key competitiveness indicators in order to survive and ensure their success within an ever-changing market. However, property development is a complex process and considered to be 'too risky' Consequently, property development entrepreneurs lack the skills and expertise to effectively manage their business enterprises and the associated risks from project inception to completion, and commissioning. The study was conducted by means of a review of the related literature and by conducting an empirical study. The empirical study was conducted using a quantitative statistical approach by distributing research questionnaires to members falling within the sample population. The primary objective of the study was to develop an entrepreneurial framework for perceived success of new venture property development projects. A descriptive survey was conducted among professionals registered with the South African Property Owners Association (SAPOA) and property development practitioners within South Africa. The salient findings suggest that the following variables positively influence the perceived success of new venture property development projects: Entrepreneurial vision; Strategic management; Stakeholders‘ interests; Professional feasibility and viability reporting; Procurement; Communication; Consumer confidence; Risk management; Governance structures; Specialist advice; The entrepreneurial framework, and The project management body of knowledge (PMBOK). Furthermore, the following variables were identified in the empirical framework affecting the perceived success of new venture property development projects: Entrepreneurial Vision; Strategic Management; Stakeholders‘ Interest; Professional Feasibility and Viability Reporting; Procurement; Communication; Consumer Confidence; Risk Management; Governance Structures; Specialist Advice, and The Project Management Body of Knowledge (PMBOK). This study contributed to the South African property development body of knowledge by addressing the challenges faced by inexperienced entrepreneurs entering the property development market. Furthermore, this study aimed to improve the framework utilised by emerging property developers.
9
Makatsane, Ntseno P. "A performance comparison of specialised (industrial) and non-specialised real estate investment trusts in South Africa." Master's thesis, Faculty of Engineering and the Built Environment, 2018. http://hdl.handle.net/11427/30049.
Анотація:
There is a belief that anything that is specialised tends to outperform the diversified counterparts and this study investigates if this proposition applies in the property industry, specifically the REIT (Real Estate Investment Trust) market in South Africa (SA). The norm is to apply a quantitative methodology when assessing performance but this study follows a qualitative approach in comparing the overall performance between specialised and diversified REITs in SA using non-quantitative metrics. A mix of specialised and diversified REITs in SA were sampled and a multiple case study analysis was done after interviewing senior management in four REITs. A total of four interviews were done with five respondents across four cases. These cases were then analysed using thematic analysis. The respondents were asked questions relating to the REIT they are working for, industrial specialised and diversified REITs performance and the SA property market as a whole. The overall findings suggest that diversified REITs may outperform the specialised REITs in SA currently however, this conclusion depends on a lot of factors. These factors include the analysis time of reference, the economic status of the country (for example, recession), the size of the REIT, the company gearing level, how that specific sector is performing at that particular time relative to others and the management efficiency level. The growth of e-commerce plays a vital role as a factor as well because it is said to be replacing the brick and mortar retail industry therefore, its influence affects the specialised industrial sector performance. For further research, a similar study with a quantitative approach can be considered in order to add to the SA REIT body of knowledge. Furthermore, research on the performance of property companies before and after attaining REIT status could be investigated to determine the REIT status effect on the company. To add on to the SA REIT literature, performance between REITs in different sectors and provinces could be explored.
10
Bavu, Sonwabile. "Property development in Mthatha: an interactive framework." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/14553.
Анотація:
Property development (PD) is basically driven by the need or demand from the people. Sustainable property development has emerged in response to a global problem – and the need to maintain environmental integrity, according to Gurry (2011) cited by Botha (2013: 7). Keeping and Shiers (2004) state that property development, as a whole, has to balance social, economic and environmental needs. Emanating from the above, any successful development project must offer investors security, infrastructure and efficiency and should also put the needs of citizens at the forefront of all its planning activities. Availability of land, existing infrastructure, availability of finance, economic conditions, political influence and corruption always influence growth of property development in any area. This study aims to identify factors that contribute to lack of property development in Mthatha. Data collected shows that the challenges sometimes lead to failure and delays of the development. The purpose of this study is to identify these challenges, investigate the available literature, consider what has been done so far to address these challenges and make recommendations. It is essential to understand the state of the town and perceptions of the people in the area dealing with Property Development. Mthatha is the main focus of the study because of the perceived number of failed and delayed property development initiatives. The primary and secondary data collected provide the basis for understanding challenges that lead to such failures and delays. This research was conducted by means of a review of the related literature and an empirical study. The empirical study was conducted using a quantitative statistical approach by distributing research questionnaires to members falling within the sample population. The primary objective of the study is to develop a framework for successful implementation of property developments in Mthatha. The study’s findings reveal shortcomings which contribute to the study’s identified problems relating to property development in Mthatha, namely: decaying infrastructure, shortage of land, implementation of the IDP, availability of finance to promote real estate developments, political influence and corruption. Wikipedia defines Property Development as a “multifaceted business encompassing activities that range from the renovations and release of existing buildings to the purchase of land and the sale of improved land or parcels to others”. Harvey and Jowsey (2004), as cited by Botha (2013: 5), define Property Development as a process that involves changing or intensifying the use of land to produce buildings for occupation.
11
Mali-Swelindawo, Bongiwe Lorreta, and Bingwen Yan. "South African public sector property management: a performance model." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/21185.
Анотація:
This research was conducted with the intention of accomplishing effective property management (PM) in order for public sector properties in South Africa (SA) SA to fulfil more remarkably, public sector property stakeholders’ requirements. In particular, this study was concluded within a South African municipal environment with the specific purpose of alleviating South African municipalities from problems associated with overall poor operational performance, dissatisfied public sector property stakeholders, and inadequacies in competitiveness and global alignment. The primary objective of this study was to develop a performance model deemed necessary for the effective management of public sector properties in SA. This was achieved by developing a performance model for effective management of public sector properties, a model to systematically monitor, measure and control current expectations and changes within a public sector property management function. Herewith, performance model for effective management of public sector properties in South Africa. At the time of conducting this study, there was no conceptual model developed for performance management of public sector properties. In order to develop the performance model, the conceptual model identified key elements that included: 1) obsolescence and strategic factors; 2) global alignment; 3) finance and cost control; 4) PESTEL impact; 5) transformation and sustainability; 6) leadership and governance; and 7) monitoring, measurement and control as influences that directly impact a perceived successful management of public sector properties in SA. The study also took the form of a quantitative research project that included a formal survey of the identified population sample. The main statistical procedure employed was Structural Equation Modelling (SEM). Originally, the study offered 24 hypotheses; however, only 11 hypotheses could be confirmed by SEM measurement. Therefore, through SEM, the significance of the relationships between variables could be tested. Appropriate quantitative data were collected from public and private South African Built Environment professionals, students and other academics. The research made use of snowball sampling through questionnaires, with a sample size of 171. It is anticipated that findings of this study will be acknowledged by public sector PM in an effort to resolve PM problems through the incorporation of pertinent recommendations. Likewise, since the performance model for effective management of public sector properties was not extant prior to this study, this research is cutting-edge and therefore pioneering to PM, especially within the public sector.
12
Myburgh, Craig. "Factors influencing the residential property cycle in South Africa." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/15053.
Анотація:
Thesis (MBA)--Stellenbosch University, 2008.ENGLISH ABSTRACT: Internationally, a number of studies on property cycles have been undertaken. In contrast very little academic research has been undertaken in South Africa. The importance of the subject is once again become evident given the recent global turbulence in both property and credit markets. The central hypothesis of this study is that there exists a residential property cycle in South Africa and that it can be identified and that furthermore there are indicators that can identify the various stages that the property market finds itself in and that these indicators can be used to forecast the property cycle. A number of potential drivers of the property cycle were identified and analysed. These drivers collectively propel the property cycle through its various cycle stages. Not one of the drivers in isolation has the ability to move the cycle; it is rather the correct combination of drivers at the right time that have the necessary impact to make the changes in property price levels. The study has identified the historical residential property cycle in South Africa and identified the primary drivers of the property cycle. It was found that Interest Rates, GOP, Population, Household Debt to Disposable Income ratio, Quantity of Building Plans Approved and Building Cost Escalation are all material drivers in defining the property cycle. A statistical analysis in the form of multiple regression was applied to the above variables and a statistical model was developed to forecast the property cycle. It was found that the model has significant explanatory powers when the goodness of fit was tested.
AFRIKAANSE OPSOMMING: Die sentraal onderstelling van hierdie studie is dat daar 'n residensiele eiendom kringloop in Suid-afrika bestaan en dat dit geidentifiseer kan wees en dat bowendien daar aanwysers wat die verskeie stadiums van die eiendom mark kan identifiseer vind en dat hierdie aanwysers gebruik kan word vir voorspelling van die eiendom kringloop. 'n Aantal potensiele drywers van die eiendom kringloop was geidentifiseer en gean ali seer. Hierdie drywers gesamentlik dryf die eiendom kringloop deur sy verskeie kringloop stadiums voort. Nie een van die drywers in isolasie het die vermoe om die kringloop te beweeg nie; dit is liewer die korrekte kombinasie van drywers op tyd wat die nodige impak het om die veranderinge in eiendom prys vlakke te maak. Die studie het die historiese residensiele eiendom kringloop in Suid-afrika geidentifiseer en die primere drywers van die eiendom kringloop. Dit was gevind dat Rentekoerse, GOP, Populasie, Huishouding Skuld tot Weggooibare Inkomste Verhouding, Hoeveelheid van Gebou Pia nne Goedgekeur en Gebou Kos Eskilasie is almal materiaal drywers in definieer van die eiendom kringloop. 'n Statisties analisering was aangewend aan die bo onkonstante en 'n statistiese skema was ontwikkel om voorspelling van die eiendom kringloop te bepaal. Dit was gevind dat die skema beduidende verduidelike kragte het wanneer die goedheid van pas getoets was.
13
Kgari, Emolemo Nkomeng. "The impact of a shopping centre on adjacent property prices: a Nelson Mandela Bay case study." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/17636.
Анотація:
A great deal of research has been carried out on residential property values and numerous factors have been identified as having an effect on residential property values. The physical characteristics of properties of properties are the primary factors that determine the market value of residential property. However, factors concerning location are also thought to influence the value of residential properties. These locational factors include, among others, accessibility to highways, airports, schools, parks and public transportation centres. This study examines the effect of another locational factor, namely proximity to a newly built shopping centre. Shopping centres have been increasing in numbers throughout South Africa over the past few decades. These shopping centres are usually situated in close proximity to residential properties. As such, shopping centres that are in close proximity to residential properties can influence property prices. This study makes use of the hedonic price model to assess the price impact of the newly constructed Baywest Mall on the residential properties in the western suburbs of Nelson Mandela, namely Sherwood, Rowallan Park and Kunune Park. On 21 March 2012, the construction of the Baywest Mall was officially announced. This announcement created an area of interest as to whether its construction and completion would have an impact on the prices of residential properties situated in close proximity to the mall. The study period for this study was from 2004 – 2015. This time period is thought to be sufficient to assess the effect of the Baywest Shopping Mall on the residential property prices before and after the announcement of the construction of the mall. As the study period ranged from 2004 – 2015 it was necessary to adjust the sales prices over the years to constant 2015 prices. As such, the ABSA house price index was used in order to eliminate any inflationary effects on the property values over the study period. The results of the study revealed that the newly built Baywest Mall has a statistically significant positive effect on properties in close proximity to the shopping mall. This result enhances the scientific understanding of the effect of commercial land uses, such as, shopping centres, on the value of adjacent residential properties.
14
Wyman, David. "A million dollar view : a spatial hedonic model of the reserve at Lake Keowee, South Carolina." Thesis, University of Aberdeen, 2011. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=174682.
Анотація:
A spatial hedonic model was constructed for a lakefront golf course community in South Carolina. Geographic information system (GIS) analysis classified 589 vacant lots into eight different view categories including golf course, mountain, and lake views. The OLS results confirm a hierarchy in the pricing of views with premiums ranging from 42% to 54% for golf course views, 94% to 133% for lake views, and 131 %to 305% for lakefront lots. Spatial variables including the slope of a lot, length of shoreline, and proximity to the lakeside village were also found to be statistically significant variables influencing the value of the property. Other spatial variables were found to be statistically insignificant including view aspect and length of golf course frontage. Tests for spatial autocorrelation were conducted for the 589 properties utilizing spatial lag and spatial error models. Both spatial models were statistically superior compared to the original OLS model. The diagnostic tools indicate that the modeling of the spatial errors using a maximum likelihood framework produces a statistically significant model that improves goodness-of-fit indicators compared to an alternative spatial lag model. These results confirm the importance of modeling spatial errors. The period of study, from 2000 to 2010, was a decade of turbulence in the real estate market on Lake Keowee. The empirical evidence indicates the emergence of a speculative bubble that reached its crescendo in 2005/2006 with median real estate prices doubling in a five year period. This study examines the role of launch marketing tactics as a price amplifier by creating an urgency to buy in response to a systematic increase in property prices and simultaneously limiting supply by restricting lot sales to 30% of reservations. Finally, the study illustrates that the construction of golf courses is no panacea to the problems confronting today's residential real estate developers. The results suggest that communities based on waterfront properties may have greater potential price growth in strong markets and resiliency in weak markets. Further research is warranted to understand the changing role of golf courses in the 21st century.
15
Kang, In-Joung. "An analysis of housing price trends in South Korea : bubbles or fundamentals? : an empirical study from 1986 to 2007 /." abstract and full text PDF (UNR users only), 2007. http://0-gateway.proquest.com.innopac.library.unr.edu/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:1451074.
Анотація:
Thesis (M.S.)--University of Nevada, Reno, 2007."December 2007." Includes bibliographical references (leaves 67-69). Library also has microfilm. Ann Arbor, Mich. : ProQuest Information and Learning Company, [2008]. 1 microfilm reel ; 35 mm. Online version available on the World Wide Web.
16
Aldous, Michael Geoffrey. "The perceived economic impact of the city of Johannesburg's storm water attenuation policy on private property developers." Thesis, Nelson Mandela Metropolitan University, 2007. http://hdl.handle.net/10948/765.
Анотація:
Stormwater attenuation policy has, over recent years, become a highly contentious issue for the property development community. Increased urbanisation, locally and internationally, has forced municipal authorities to reconsider the role of stormwater management in this evolving urban landscape. It is within this context that the legislative support and municipal policy for stormwater management in the City of Johannesburg has been explored, particularly in terms of the economic impact on property developers. The research aimed to explore the relationship between stormwater attenuation policy and the economic impact thereof on private property developers. Consideration was given to the cost, risk and time factors of legislative and policy requirements within the development process. Further consideration was given to the physical environment that has brought about current pressures. Based upon research of international issues highlighted in countries with well developed attenuation policy, a questionnaire was constructed to evaluate the response of local private property developers to selected issues as key sub-problems. The responses were tested against the developed set of hypotheses. The research indicated that developers had a generally poor level of knowledge with regard to the stormwater management policy of the City of Johannesburg, as well as the supporting legislative requirements of provincial and national policy documents. The results of the survey also indicated that developers were strongly opposed to the loss of developable area, but indicated a limited financial impact of the current stormwater attenuation policy. The risk inherent in incorporating an attenuation facility within a development was identified as being low with little perceived impact. Developers further indicated that the inclusion of attenuation facilities was seen as a significant contributing factor in the delay, approval and acceptance of new developments in which attenuation facilities were required, while maintenance costs were indicated to be of a low level of importance. Recommendations in response to the research findings included the establishment of detailed policy documentation and support for effective distribution channels in conjunction with industry and public focused information campaigns, improved municipal capacity and a greater level of technical support. A need for additional stormwater research and an increase in the capture of relevant data for GIS purposes was identified.
17
Fourie, Michiel Philippus Willem. "Attracting investment into South African property investment vehicles : evaluating tax." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/24354.
Анотація:
South African property investment vehicles consist of collective investment schemes in property (CISPs), also known as property unit trusts (PUTs) and property loan stock (PLS) companies. The application of sections 25B(1), 11(s), 10(1)(k)(i)(aa) and 64B(5)(b) of the Income Tax Act 58 of 1962 (“the Act”) and paragraph 67A(1) of the Eighth Schedule to the Act result in these property investment vehicles being taxed based on their legal form, that of a trust versus a company, rather than on their common purpose. The South African Revenue Service recognised these inconsistencies in the 2007/8 budget tax proposals and proposed that it be reviewed. In December 2007, National Treasury released a discussion paper on the reform of the listed property investment sector in South Africa. The discussion paper is aimed at adopting a real estate investment trust (REIT) regime in South Africa to make South African property investment vehicles more attractive to foreign investors as well as to address the current tax inconsistencies and fragmented regulation of the South African listed real estate sector. In this study, the current inconsistent tax treatment of these property investment vehicles is reviewed, both as to how they apply to the property investment vehicle and to their respective investors. This study further reviews how REITs in selected other countries are regulated and taxed and National Treasury’s proposals as to how REITs applicable in South Africa should be regulated and taxed. CopyrightDissertation (MCom)--University of Pretoria, 2010.
Taxation
unrestricted
18
Loock, Morne. "The risk of borrowed capital for commercial, industrial and residential property developments." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/18288.
Анотація:
Most property development firms who invest in property will need to raise some extra financial support. Unforeseen or unexpected expenses can arise at any point in time during the development process. Calculated decisions should be taken with regards to the financial circumstances for any property development project. Decisions should be taken not only for the present but for the future as well. It is therefore important to understand the market and the current economic conditions before applying for capital to fund a property development project. There several types of finance available to fund property development, these include long term borrowing, short term borrowing, construction loans property development investment trust, second mortgages. There is risk to all of the aforementioned finance available.
19
Dicks, Peter. "Application of physical asses management performance measures in the property management environment of South Africa." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/6402.
Анотація:
Thesis (MBA (Business Management))--Stellenbosch University, 2008.Physical asset management has been given very little consideration in the commercial property industry in South Africa and abroad. In the production environment, especially where fast moving consumer goods are concerned, slight improvements in production equipment performance can bring about large savings and increased profits. In the commercial property environment however, a physical asset management strategy and all the components which constitute such a system, are not yet very well developed and are usually seen to be an unnecessary financial expenditure. A change of thinking has been confirmed by this study and can be seen in the way in which physical asset management and methodologies have already largely been accepted in the international municipal infrastructure environment, including buildings and structures. A desire to remain competitive and reduce unnecessary losses, together with a new focus on environmental concerns and legislative factors, appears to be the catalyst for such a shift in thinking. Punitive legislation, such as the electrical consumption controls for buildings in South Africa, likely to be introduced soon, will also help to steer commercial property owners and managers towards a more strategic view on how they manage their physical assets. An important component of this research report was to determine whether performance measures are being used to measure the effectiveness of the physical assets and strategy in terms of the commercial property industry. In the context of this study however, very few such measures could be found, besides some financial measures. As a more strategic physical asset management approach is adopted, performance measures for all aspects of facility and asset performance will become necessary and therefore more common place. "When you measure what you are speaking about, and express it in numbers, you know something about it ... otherwise your knowledge is of a meagre and unsatisfactory kind; it may be the beginning of knowledge, but you have scarcely in thought advanced to the stage of science." - Lord Kelvin (1824- 1907).
AFRIKAANSE OPSOMMING: Dit wil voorkom asof fisiese batebestuur in Suid Afrika en oorsee min aandag geniet in die kommersiele eiendoms bestuursmark. In die produksie omgewing, veral waar vinnig bewegende gebruiksgoedere betrokke is, kan klein verheteringe in die werking van produksie toerusting daartoe lei dat groot besparings en gevolglik verbeterde winsopbrengs behaal kan word. In die eiendoms bestuursmark is fisiese batebestuur strategie en die gepaardgaande komponente nag nie volledig ontwikkel nie en word dit gewoonlik beskou as 'n onnodige finansiele koste. Daar is egter alreeds 'n verandering in denke, $005 gesien kan word deur die baie fisiese batebestuur made lie wat alreeds aanvaar is deur die internasionale munisipaliteit en infrastruktuur marke, wat geboue en structure insluit. 'n Strewe om voortdurend kompeterend te bly en om onnodige vermorsing uit te sny, tesame met 'n nuwe fokus op omgewingsake asook om aan wetlike vereistes te voldoen, blyk om die katalisator te wees vir hierdie verandering in denkswyse en dit sal gevolglik oak veroorsaak dat kommersieHe eiendomseienaars 'n meer strategiese benadering gaan toe pas in terme van die bestuur van hulle fisiese bates. 'n Belangrike deel van die verslag was om te bepaal watter aanwysers en maatstawwe om die doeltreffendheid van die fisiese bates en strategie in terme van kommersieHe eiendom te meet, gebruik word. In die konteks van hierdie verslag kon daar min bewyse van maatstawwe gevind word, behalwe vir finansiele maatstawwe. As 'n meer strategiese benadering tot fisiese batebestuur aanvaar word, sal aanwysers en maatstawwe vir al die komponente van fasiliteit en fiesiese batebestuur belangrik wees en daarvolgens oak meer algemeen word in die industrie. "When you measure what you are speaking about, and express it in numbers, you know something about it ... otherwise your knowledge is of a meagre and unsatisfactory kind; it may be the beginning of knowledge, but you have scarcely in thought advanced to the stage of science." - Lord Kelvin (1824-1907).
20
Pannell, J. C. "An investigation into improving the accuracy of real-time flood forecasting techniques for the Onkaparinga River catchment, South Australia /." Title page, contents and abstract only, 1997. http://web4.library.adelaide.edu.au/theses/09ENS/09ensp194.pdf.
21
Kwangware, Debra. "The impact of macroeconomic and financial factors on the performance of the housing property market in South Africa." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1005641.
Анотація:
This study exammes the impact of macroeconomic and financial variables on the performance of the housing property market in South Africa using monthly data for the period January 1996 to June 2008. Orthogonalised and non-orthogonalised house price returns and real estate returns are utilised as proxies for the housing property market in separate models. Three main issues were empirically analysed in relation to the linkage between selected variables and the housing property market. The first aspect examined the relationship between selected macroeconomic and financial factors and property returns. Secondly, the study examined the influence that a unit shock to each variable has on property returns over a period of time. The third aspect focused on determining the proportion of property returns variation that results from changes in the macroeconomic and financial variables. VAR modelling was thus adopted to empirically analyse these three aspects. The results reveal that house price returns are influenced by most of the macroeconomic and financial variables used in this study. Specifically, the real effective exchange rate, interest rate spread and manufacturing production positively impact on house price returns while the domestic interest rate, the dividend yield and expected inflation have a negative effect. Furthermore, manufacturing production has a lagged effect on house price returns while the real effective exchange rate and domestic interest rate have a contemporaneous effect. Real estate returns are not influenced by most of the variables except for the domestic interest rate and dividend yield which have a negative effect.
22
Noholoza, Alex. "An investigation on the role of Development Finance Institutions (DFI) in building small emerging enterprises for property development initiatives in South Africa." Thesis, Nelson Mandela Metropolitan University, 2014. http://hdl.handle.net/10948/d1020646.
Анотація:
Purpose of this treatise: The aim of this treatise is to identify the challenges facing emerging entrepreneurs in accessing funding for property development initiatives which results in high levels of declined loans thereby limiting participation in the property market as well as the interventions necessary to improve access to finance. Design / methodology / approach: The questionnaires were emailed to funding institutions and emerging property developers. The questionnaire investigates the respondents‟ perception of importance and evidence of questions on property development, finance and managerial skills drawn from the literature. Findings: The findings of this study are consistent with and support the findings of previous local and international literature on constraints that SME‟s have in accessing finance for various initiatives. The findings indicate that the emerging property developers in South Africa are characterised by insufficient number in representation in the property sector, high risk averse financial institutions that requires collateral to lend. The findings of the study indicate that broader and bolder initiatives aimed at improving the emerging property developer's representation in the market needs a holistic and collaborative approach from the various institutions to aide these entrepreneurs. Value of paper: The research is of importance to all stakeholders involved in the property sector, financial institutions and economic development of the SME sector. The results of the study will contribute to the understanding of the current financing limitations facing SMEs and will assist funding institutions to better understand the role and importance of effective collaboration in improving access to finance to emerging property developers.
23
Sale, Michael Charles. "The application of property value models to assess government housing policy : a Nelson Mandela Bay Case Study." Thesis, Nelson Mandela Metropolitan University, 2013. http://hdl.handle.net/10948/d1020007.
Анотація:
Two developments that may impact house prices have dominated the residential property landscape in South Africa in recent years, namely government’s planned social housing developments and residential property value assessments carried out by local municipalities across South Africa for property tax purposes. Social housing developments are often plagued by “local opposition”, who argue that subsidised housing units may have a negative effect on adjacent non-subsidised residential housing. Negative preconceptions of social housing form the basis of this argument, which is commonly referred to as the “not-in-my-backyard” (NIMBY) syndrome. International studies conducted have, however, produced mixed results with some concluding that social housing developments lead to a reduction in nearby property prices, whilst others conclude that they lead to an improvement in surrounding property values. Currently, the state of the South African economy and demographics are limiting previously disadvantaged, poor peoples’ access to affordable and safe housing, and for this reason the basis of the NIMBY rationale deserves closer attention. In order to test the validity of the NIMBY rationale, this study examines, by means of the hedonic price method, the effect of an existing housing establishment catering for low-income earners (the Walmer/Gqebera Township) on adjacent property values in the suburb of Walmer, Port Elizabeth, Nelson Mandela Bay in the Eastern Cape. The study concludes that the low-cost housing development exerts a negative impact on the property values of nearby houses - the average owner of a non-subsidised residential property in Walmer would be willing to pay between R38 033 and R46 898 to be situated 200 metres further away from the Walmer Township. This conclusion is subject to three qualifications. The first is that the Walmer Township is not a recognised social housing development but merely a proxy for one. The second qualification is that a relatively small data set was used in this study and only one social housing development was considered. The third qualification is that the study period is from 1995 to 2009, which necessitated the adjustment of market prices to constant 2009 rands. For this purpose, data from the Port Elizabeth and Uitenhage section of the ABSA house price indices were used. It was not possible to disaggregate the indices further to obtain a Walmer-specific index. It is possible that an imperfect correlation exists between the Walmer property trend and the metropolitan (Port Elizabeth and Uitenhage) trend used in this study. Based on the results of this doctoral investigation it is recommended that a monthly rebate on property rates of between R269.40 and R332.19 be implemented for affected Walmer residents. This amount could be sufficient to mitigate the capital loss associated with proximity to the Walmer Township. In terms of the management of social housing projects, it is strongly recommended that the following occur in order to alleviate the NIMBY syndrome: existing dwellings should be renovated, tenants should be monitored, dwellings should be appropriately designed and maintained, the composition of the host neighbourhood should be assessed and the image of social housing should be improved. With regard to the renovation of dwellings, social housing site preference should be given to existing structures in need of renovation, as positive externalities are associated with the renovation of such properties. The monitoring of tenants needs to take place in order to ensure that the financial and behavioural obligations of the tenants are met, and that informal “shack dwellings” do not materialise on site, and finally, that tenant default rates remain low. The appropriate management of these projects will also aid in combating the perception that social housing developments lead to private residential property devaluation. In respect of residential property value assessments, many homeowners have recently argued that there is very little equivalence between the municipality’s valuations and true market values. This study uses, inter alia, the hedonic price model to investigate the accuracy of the Nelson Mandela Bay Municipality’s 2007/2008 valuation roll. The investigation was limited to the valuation roll applicable to the Walmer neighbourhood. The study finds that there is, on average, a 13.89 percent difference between market prices and the 2007/2008 municipal assessed values. In addition, this study finds that an attributebased hedonic price model produces property price predictions that are more in line with true market values. This finding is subject to two qualifications. The first qualification is that only the Walmer neighbourhood’s assessed values were considered, thus limiting the findings. The second qualification is that a relatively small data set was used.
24
Maphutha, Jacob Mampuputlane. "An analysis of land redistribution and the land market in the Boland region of the Western Cape." Thesis, Stellenbosch : Stellenbosch University, 2005. http://hdl.handle.net/10019.1/50256.
Анотація:
Thesis (MAgricAdmin)--Stellenbosch University, 2005.ENGLISH ABSTRACT: South Africa is experiencing major political, economic and social changes and in its policy orientation towards the event of globalisation. These changes are intended for the empowerment of those previously disadvantaged and for the levelling of the playing field for future equality of opportunities. In empowering these individuals it is recognised that agriculture is one of the important sectors that would serve as a vehicle for the development of the country. It is the main source of economic growth and the bedrock of economic development. Agriculture depends strongly on land, which is also an asset that can be used to generate income. For this reason land reform in the form of grants is one of the important tools employed in South Africa to redistribute land to the disadvantaged in order to enable them to improve their income and also to develop rural areas. As this programme is based on a market-assisted approach, its success depends on land markets that function well and are stable enough to carry it. The objective of this study was to determine the state of land redistribution and to analyse the land market in the Boland region of the Western Cape province. The effectiveness of land redistribution was analysed with regard to the number of transactions that took place in the years 1998, 1999 and 2000 in terms of citizenship, race, mode of land acquisition amongst the disadvantaged (government grants, private acquisitions and inheritances), quantity and quality factors. The findings were discussed in terms of their implications for the success of the programme and their influence of the land market. Finally recommendations were made for potential improvements as well as for further research. It was found that land redistribution by means of government grants was rather slow and most of the transactions took place through private purchases, mostly through mortgage loans provided by the Land Bank of South Africa. Although private transactions redistributed more wealth measured in terms of size pf land, the accompanying land was less superior using price per hectare as a proxy for quality compared to land purchased with the assistance of the government. Transactions for the latter were mainly through joint ventures with current owners. The study also revealed that the land market in the Boland is one of the major obstacles to the speedy transfer of land not because of the foreign investment, but due to the nature of the sectors. The two main agricultural sectors are viticulture and deciduous fruit which have experience high growth in income and export. The analysis conducted established that there was no significant difference between properties bought by foreigners, white and Black South Africans. Future trends in land prices could not be predicted but it is expected that agricultural land prices will be well above the capitalisation value of future profits arising from the level of foreign investment as well as economic gain. Based on the finding the areas to be emphasised by the land reform programme in this region are joint venturing and the promotion of subsidies on mortgage loans as well as extending the government's role in the land market. Increased government spending and involvement of the private sector, including financial institutions and established commercial farmers, are some of the things to be encouraged to facilitate the process and ultimately to overcome poverty. The sole reliance on the current regional land market seems incapable of effectively and speedily redistributing land to beneficiaries, whereby equality can be achieved in the long run. However, if all the shortcomings of the land market are recognised and a new policy is adopted, land reform in the Boland and in South Africa will in the future be more likely to promote increased access to land, resulting in higher productivity, growth and a globally competitive agriculture.
AFRIKAANSE OPSOMMING: Suid-Afrika ondervind tans grootskaalse politieke, ekonomiese en sosiale veranderinge en so ook in beleidsoriëntering na aanleiding van globalisasie. Hierdie veranderinge het ten doel om voorheen benadeeldes te bemagtig en om die speelveld gelyk te maak met betrekking tot toekomstige geleenthede. Tydens die bemagtiging van hierdie individue word landbou erken as een van die belangrikste sektore wat kan dien as 'n voertuig vir die ontwikkeling van die land. Landbou is die hoofbron van ekonomiese groei en die hoeksteen van ekonomiese ontwikkeling. Alhoewel landbou grootliks afhanklik is van grond, is grond 'n bate wat gebruik kan word om inkomste te genereer. Om hierdie rede is grondhervorming in die vorm van 'n toekenning of subsidie een van die belangrikste meganismes wat in Suid Afrika gebruik word om grond aan die voorheen benadeeldes te herverdeel. Die doel van grondhervorming is om die voorheen benadeeldes in staat te stelom hul inkomste te verbeter en ook om landelike gebiede te ontwikkel. Hierdie program is gebaseer op 'n markondersteunde benadering en daarom hang die sukses af van die grondmark wat goed funksioneer en stabiel is. Die doelwit van hierdie studie was om die stand van grondhervorming te bepaal en om die grondmark in die Boland-streek van Wes-Kaapse provinsie te ontleed. Die effektiwiteit van grondherverdeling is ontleed met betrekking tot die getal transaksies wat plaasgevind het in die jare 1998, 1999 en 2000 in terme van burgerskap, ras, metode van grond aanskaffing tussen die minder bevoorregte (staatstoekennings, private aanskaffing en erflatings), hoeveelheid en kwaliteit. Die bevindings is bespreek in terme van hul implikasies vir die sukses van die program en hul invloed op die grondmark. Finale aanbevelings is gemaak vir potensiële verbeterings sowel as vir verdere navorsing. Daar is bevind dat grondherverdeling by wyse van staatstoekennings baie stadig was en meeste van die transaksies was deur private aankope, meestal deur verbandlenings verskaf deur die Landbank. Alhoewel privaat grondverkope grootliks rykdom herverdeel, is die waarde in terme van prys per hektaar minder in vergelyking met die waarde van grond aangekoop met die hulp van die staat. Wingerbou- en tuinbouprodukte het die hoogste groei in inkomste en uitvoer ondervind. Dit word egter verwag dat grondpryse ver bo die kapitalisasiewaarde van toekomstige winste sal styg voortspruitend uit onder andere die vlak van buitelandse investerings. Die areas wat beklemtoon moet word deur die grondhervormingsprogram in die streek, is gesamentlike ondernemings en die bevordering van subsidies op verbandlenings. Verhoogde staatsbesteding en betrokkenheid van die private sektor, insluitende finansiële instellings en gevestigde kommersiële boere, moet aangemoedig word om die proses te fasiliteer en om uiteindelik armoede te oorkom. Die huidige streeks-grondmark blyk onbevoeg te wees om herverdeling van grond aan begunstigdes effektief en spoedig op die lange duur te laat geskied. Indien die tekortkominge van die grondmark erken word en 'n nuwe beleid aanvaar word, sal grondhervorming in die Boland en in Suid-Afrika in die toekoms meer geneig wees om toegang tot grond te bevorder. Dit sal aanleiding gee tot hoër produktiwiteit, groei en 'n globaal mededingende landbou.
25
Bezuidenhout, Karen. "Compensation for excessive but otherwise lawful regulatory state action." Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/96819.
Анотація:
Thesis (LLD)--Stellenbosch University, 2015ENGLISH ABSTRACT : Section 25 of the South African Constitution authorises and sets the limits for two forms of legitimate regulatory interference with property, namely deprivation and expropriation. The focus of this dissertation is on the requirement in section 25(1) that no law may authorise arbitrary deprivation of property. According to the Constitutional Court, deprivation is arbitrary when there is insufficient reason for it. The Court listed a number of factors to consider in determining whether there is a sufficient relationship between the purpose to be achieved by deprivation and the regulatory method chosen to achieve it. The outcome of the arbitrariness question depends on the level of scrutiny applied in a particular case. The level of scrutiny ranges from rationality review to proportionality review. Deprivation that results in an excessively harsh regulatory burden for one or a small group of property owners will probably be substantively arbitrary and in conflict with section 25(1). Courts generally declare unconstitutional regulatory interferences with property rights invalid. However, invalidating legitimate regulatory measures that are otherwise lawful purely because they impose a harsh and excessive burden on some property owners may not always be justified if the regulatory measure fulfils an important regulatory purpose. Invalidating excessive regulatory measures may in some instances also be meaningless and may not constitute appropriate relief in vindicating the affected rights. The purpose of this dissertation is to investigate the appropriateness of alternative solutions to invalidating otherwise lawful and legitimate but excessive regulatory deprivations of property. The goal is to identify remedies that allow courts to uphold the regulatory measure and simultaneously balance out the excessive regulatory burden it imposes on property owners. One alternative solution is to transform the excessive regulatory measure into expropriation and require the state to pay compensation to the affected owner. This approach is referred to as constructive expropriation. However, in view of the Constitutional Court’s approach to and the wording of section 25 it seems unlikely that it will adopt constructive expropriation as a solution. Another alternative solution is for the legislature to include a statutory provision for compensation in the authorising statute. Examples from German, French, Dutch and Belgian law show that this approach balances out the excessive regulatory burden and allows courts to uphold the otherwise lawful and legitimate but excessive regulatory statute without judicially transforming the deprivation into expropriation. An overview of South African law indicates that there is legislation that includes non-expropriatory compensation provisions. In cases where the regulatory statute does not contain a compensation provision, the courts might consider reading such a duty to pay compensation into the legislation or awarding constitutional damages. In conclusion, it is possible for the state to deprive owners of property in a manner that may result in an excessive regulatory burden being suffered by one or a small group of property owners if the regulatory purpose is necessary in the public interest, provided that the legislature explicitly or implicitly provides for non-expropriatory compensation in the regulatory statute.
AFRIKAANSE OPSOMMING : Artikel 25 van die Suid Afrikaanse Grondwet magtig en stel grense daar vir twee regmatige vorme van regulerende staatsinmenging met eiendom, naamlik ontneming en onteiening. Die fokus van hierdie proefskrif is op die vereiste in artikel 25(1) dat geen wet arbitrêre ontneming van eiendom mag toelaat nie. Volgens die Grondwetlike Hof is ʼn ontneming arbitrêr as daar nie ʼn voldoende rede daarvoor is nie. Die Hof het faktore gelys wat oorweeg moet word om te bepaal of daar ʼn voldoende verhouding bestaan tussen die doel wat die staat met ontneming van eiendom nastreef en die regulerende maatreël wat vir die doel gebruik word. Die uitkoms van die toets vir arbitrêre ontneming hang af van die hersieningsstandaard wat die howe in ʼn spesifieke geval gebruik. Die standaard wissel van ʼn redelikheidstoets tot ʼn proporsionaliteitstoets. ʼn Ontneming wat ʼn oormatige swaar las op een of ʼn beperkte groep eienaars plaas sal waarskynlik arbitrêr en teenstrydig met artikel 25(1) wees. Die howe se benadering is om ongrondwetlike ontnemings van eiendom ongeldig te verklaar, maar dit is nie altyd geregverdig om toelaatbare en andersins regmatige ontnemings wat ʼn oormatige las op sommige eienaars plaas ongeldig te verklaar nie. Die ongeldigverklaring van wetgewing wat ʼn oormatige ontneming magtig mag soms ook nutteloos wees en nie ʼn gepaste remedie wees om die eienaar se regte te herstel nie. Die doel van hierdie proefskrif is om die geskiktheid van alternatiewe oplossings tot die ongeldigverklaring van andersins regmatige maar oormatige ontnemings van eiendom te ondersoek Die doel is om remedies te identifiseer wat die howe toelaat om regulerende ontnemings in stand te hou en terselfdertyd die oormatige las op enkele eienaars uit te balanseer. Een alternatiewe oplossing is om die oormatige ontneming te omskep in onteiening en die staat sodoende te verplig om aan die eienaar vergoeding te betaal. Hierdie benadering staan bekend as konstruktiewe onteiening. Gegewe die Grondwetlike Hof se benadering tot en die bewoording van artikel 25 is dit onwaarskynlik dat die howe konstruktiewe ontneming as ʼn oplossing sal aanvaar. ʼn Ander alternatiewe oplossing is vir die wetgewer om ʼn statutêre bepaling vir vergoeding in die magtigende wetgewing in te voeg. Voorbeelde uit die Duitse, Franse, Nederlandse en Belgiese reg toon aan dat hierdie benadering ʼn oormatige las kan uitbalanseer en die howe toelaat om die andersins geldige en regmatige ontneming in stand te hou sonder om dit in onteiening te omskep. ʼn Oorsig van Suid Afrikaanse reg dui aan dat daar wetgewing bestaan wat wel voorsiening maak vir sodanige vergoeding. In gevalle waar die magtigende wetgewing nie vergoeding voorsien nie kan die howe oorweeg om ʼn vergoedingsplig in die wet in te lees of om grondwetlike vergoeding toe te ken. Hierdie proefskrif kom tot die gevolgtrekking dat dit grondwetlik moontlik is vir die staat om eienaars van eiendom te ontneem op ʼn wyse wat soms daartoe kan lei dat enkele eienaars ʼn oormatige swaar las moet dra, mits die ontneming ʼn belangrike openbare doel dien en die wetgewer uitdruklik of implisiet voorsiening maak vir vergoeding.
26
Costello, Greg. "Price discovery and information diffusion in the Perth housing market 1988-2000." UWA Business School, 2004. http://theses.library.uwa.edu.au/adt-WU2005.0034.
Анотація:
[Truncated abstract] This thesis examines informational efficiency and price discovery processes within the Perth housing market for the period 1988-2000 by utilising a rich source of Western Australian Valuer General’s Office (VGO) data. Fama’s (1970) classification of market efficiency as potentially weak form, semi-strong, or strong form has been a dominant paradigm in tests of market efficiency in many asset markets. While there are some parallels, the results of tests in this thesis suggest there are also limitations in applying this paradigm to housing markets. The institutional structure of housing markets dictates that a deeper recognition of important housing market characteristics is required. Efficiency in housing markets is desirable in that if prices provide accurate signals for purchase or disposition of real estate assets this will facilitate the correct allocation of scarce financial resources for housing services. The theory of efficient markets suggests that it is desirable for information diffusion processes in a large aggregate housing market to facilitate price corrections. In an efficient housing market, these processes can be observed and will enable housing units to be exchanged with an absence of market failure in all price and location segments. Throughout this thesis there is an emphasis on disaggregation of the Perth housing market both by price and location criteria. Results indicate that the Perth housing market is characterised by varying levels of informational inefficiency in both price and location segments and there are some important pricing-size influences.
27
Venter, Martin. "Asset-backed securitisation in the USA and the role players : a practical application with commercial property in the South African context." Thesis, Stellenbosch : Stellenbosch University, 2002. http://hdl.handle.net/10019.1/52705.
Анотація:
Thesis (MBA)--Stellenbosch University, 2002.ENGLISH ABSTRACT: Owners of directly held, large commercial properties mostly face problems regarding liquidity and sometimes higher-risk exposure due to large properties dominating their property portfolio. • Exit vehicles in the listed property sector on the JSE are gaining momentum but are, however, still facing the negative impact of overall bear market conditions. • An exit vehicle in the bond market can serve as an alternative, where a Limited Purpose Company/Special Purpose Vehicle (SPV) acquires a rental income stream from a portfolio of properties and issues bonds. The funds raised from bond investors, who focus on the credit rating of the income stream and not the properties, are then used to acquire the property assets. • Current market conditions, favour an asset-backed securitisation of property leases. Low interest rates and other factors in the current market, as discussed in this document, ensure lower costs of debt and easier access to capital when funds are raised on the bond market, relative to the equity markets, with highly geared structures not necessarily causing a negative impact on the credit rating (80% - 90% gearing possible with A - AA local credit rating). • Usually a promoter, a Merchant Bank and a few institutions/ pension funds are involved. Example: Institution X will be requested to take up an equity stake in the fund by selling some properties or stakes therein (Institution X buildings) and receiving payment in a combination of cash, junior bonds and equity. The benefits to Institution X are discussed on page 39.
AFRIKAANSE OPSOMMING: Eienaars van groot kommersiële eiendomme wat direk besit word, ondervind normaalweg probleme rakende likiditeit en verhoogde risiko a.g.v. die groot eiendomme wat hulle portefeulje domineer. • JEB (Johannesburgse Aandelebeurs) genoteerde maatskappye, as uitgangstrategie vir die verkoop van eiendom, is 'n oplossing, maar beer mark toestande verlaag die moontlikheid. • 'n Maatskappy genoteer op BESA (Effektemark) kan as uitgang- strategie dien, waar die voormelde maatskappy met beperkte aanspreeklikheid die huurinkomstestroom van 'n portefeulje van eiendom aankoop en effekte uitgee vir die finansiering van die transaksie. Die beleggers wie die effekte koop, fokus op die kredietgradering van die effekte en nie die eiendom as onderliggende bate nie. • Huidige mark omstandighede verbeter die moontlikheid van 'n bategesekureerde sekuritusasie van eiendomshuurkontrakte. Lae rentekoerse en ander faktore wat in hierdie dokument bespreek word, verseker laer koste van kapitaal en makliker toegang tot fondse relatief tot die aandelemarkte. Hoë hefboom-finansiering is moontlik sonder te groot impak op die kredietgradering. (A-AA kredietgradering moontlik met 80%-90% skuld) • Normaalweg is 'n promoter, 'n beleggingsbank en 'n paar institusies/ pensioenfondse betrokke. Bv. Institusie X word versoek om aandeelhouding op te neem in 'n maatskappy deur eiendomme te verkoop aan die voormelde maatskappy en betaling te ontvang in die vorm van 'n kombinasie van kontant, junior effekte en aandele. Die voordele vir Institusie X word bepreek op bl. 39
28
West, Matt. "The feasibility of establishing a diversified hotel property fund on the Johannesburg Stock Exchange." Thesis, Stellenbosch : Stellenbosch University, 2005. http://hdl.handle.net/10019.1/50491.
Анотація:
Thesis (MBA)--Stellenbosch University, 2005.ENGLISH ABSTRACT: This study explores the feasibility of establishing a diversified hotel property fund (DHPF) on the Johannesburg Stock Exchange. To be launched in 2005/2006, the proposed unit trust fund is made up of a diversified portfolio of hotels located throughout South Africa. Research suggests that Hotel Property Funds have traditionally been the most volatile of Real Estate Investment Trusts (REITs) with their share value largely dependent on hotel revenue. However, investing in HPFs and REITs have numerous advantages such as their stipulated 90% dividend-payout ratio, steady stream of cash flow and zero corporate income taxes. The Property Unit Trust sector in South Africa in 2003 realised annualised rates of returns of 39%, and furthermore, the economic outlook and hotel industry sector show promising signs with economic growth rates for 2004 and 2005 reaching 4% and 5% respectively. This study thus considers whether a hotel property fund will succeed in South Africa and what returns investors can expect. By drawing on empirical and primary research and lessons learnt from international best practices this ground-breaking report identifies and analyses key performance variables of HPFs and REITs and applies them to a South African context. These variables include; capital structure, investment strategy, risk and return, Net Asset Value (NA V) and initial public offerings (IPO's). The report establishes that there is no optimal capital structure for REITs and only when the market reacts to the issuance of debt can one tell if the REIT is favourably structured or not. Concerning investment strategy, investors are in general, often lured to a diversified portfolio, however this report suggests that there is no optimal strategy for investing in REITs. In addition, over a medium to long term, REIT performance is strong, while over the short term performance is varied impacting on investor strategy. In assessing risk and return it was concluded that including REIT shares in an already diversified portfolio, the maximum expected return for each given level of risk is increased, and the level of risk for each level of expected return is reduced. Furthennore, the performance of RElTs is not necessarily detennined by size or Net Asset Value and thus small and large REITs can offer investors similar returns. Finally, initial-day returns for industry lnitial Public Offerings (lPO's) easily outperfonn REIT lPO's. Similarly to RElTs, there are numerous advantages to Hotel REITs which include, unlocking and redeployment of capital, investment spread and risk reduction and the provision of synergies between counter cyclical performing properties. However, empirical research indicates that Hotel REITs prove to be the most volatile of REIT sectors. Hotel REITs differ enonnously from their parent group in terms of their revenue & earnings which are more diverse in source and are generated from short-tenn leases. As such. Hotel REITs are also considered to be more management intensive. As with REITs there is no evidence to suggest an optimal capital structure and with the envisaged 50% debt ratio, the DHPF could be considered to be following international best practices. Several drawbacks with Hotel REITs include the lowest dividend yield among all RElT sectors, high volatility in income earnings, sensitivity to upswings and downturns in the tourism market, large capital investments and fixed operating expenses for staff and infrastructure. However despite these obstacles and in answer to the research problem, the prospects of the DHPF succeeding in South Africa are very high indeed. The REIT and Hotel REIT markets have proved successful throughout major capital markets, providing investors with a multitude of benefits. South Africa's economic and tourism climate is very favourable. The Property Unit Trust (PUT) sector has performed immensely well and investors can expect a healthy return which, as shown, is considerably higher than other investments. Finally, the fund is being spearheaded by a high calibre DHPF management team, which is key to the listing and management of the fund.
AFRIKAANSE OPSOMMING: Hierdie studie ondersoek die moontlikheid om 'n Diverse Hotel Eiendomsfonds (DHEF) op die Johannesburgse Aandelebeurs te loods. Die huidige aanvangsfase sal in 2005/2006 wees, en sal bestaan uit 'n portfolio van verskillende hotelle wat reg oor Suid-Afrika versprei is. Die navorsing toon dat hoteleiendomsfondse tradisioneel die mees veranderlikste van die Eiendoms Beleggings Trusts (EBT) was en dat die aandeel waarde hoogs afhanklik is van die hotel se inkomste. Nieteenstaande, het investering in DHEFs en EBTs 'n verskeidenheid van voordele soos die voorgeskrewe 90% dividend uitbetalingspersentasie, 'n bestendige kontantvloei en geen korporatiewe inkomstebelasting nie. Die eiendomsbeleggingsfondse sektor in Suid-Afrika het gedurende 2003 'n jaarlikse groei van 39% getoon, en verder beloof die ekonomiese uitkyk in die hotel bedryf om tussen 4% en 5% gedurende 2004 en 2005 onderskeidelik te groei. Gegewe die inligting, is die vraag dus of 'n hoteleiendomsfonds sukses kan behaal in Suid-Afrika en watter opbrengs beleggers kan verwag. Deur na primere empiriese navorsing, sowel as lesse wat geleer is deur beste internasionale praktyke, te bestudeer, identifiseer hierdie verslag sleutel prestasie veranderlikes van EBTs en DHEFs plaas dit in konteks van Suid-Afrika. Hierdie veranderlikes sluit in: kapitaaistruktuur, beleggingsstrategie, risiko en terugkeer, Bruto Bate Waarde (Net Assest Value) (BBW) sowel as aanvanklike openbare aanbod (Initial Public Offering) (AOA). Daar is bevind dat daar geen optimale kapitaalstruktuur vir DHEFs bereken kan word nie. Verder word aangetoon dat daar slegs bepaal kan word of EBTs se struktuur voordelig is wanneer die mark reageer op nuwe skuld wat aangegaan is. Wat beleggingsstrategie betref, is beleggers oor die algemeen meer aangetrokke tot 'n diverse portefeulje van beleggings. Hierdie verslag bevind egter dat daar geen optimale strategie is om in EBTs te bele nie. Daar word verder bevind dat medium- tot langtermyn opbrengste goed vertoon, terwyl prestasie oor die korttermyn wisselvallig is wat gevolglik 'n invloed op beleggers se strategie het. In waardering van risiko en wins, is dit bepaal dat die insluiting van EBT aandele in 'n diverse portfeulje, die maksimum verwagte opbrengs vir elke vlak van risiko verhoog en dat die vlak van fisiko vir elke vlak van die verwagte opbrengs verlaag word. Verder is daar bevind dat die prestasie van EBTs nie noodwendig bepaal word deur batewaarde of -groote nie en klein EBTs kan beleggers vergelykende opbrengste bied. Eerstedag opbrengs vir industriele AOAs presteer beter as die van EBTs. Soortgelyk aan EBTs is daar verskeie voordele aan hotel EBTs wat die ontsluiting en herontplooiing van kapitaal, beleggingsverspreiding en risikoverlaging insluit. Empiriese navorsing dui aan dat hotel EBT's die mees onstabiele van die EBT sektor is. Hotel EBT's verskil wesenlik van ander EBTs in terme van opbrengs en verdienste wat meer divers is in oorsprong en gegenereer word deur korttermyn huurkontrakte. Hotel EBTs word ook gesien as meer bestuursintensief. Net soos met EBTs is daar geen bewyse dat daar 'n optimale kapitaalstruktuur bestaan nie en met die verwagte 50% skuld verhouding, volg DHEF wereldwye beste praktyk. Daar is verskeie nadele aan hotel EBTs, insluitend die laagste dividenduitkeer onder alle EBT sektore, hoe vlakke van onstabiliteit in verdienste, sensitiwiteit vir opswaai en afloop in die toerismemark, groot kapitaalbelegging en hoe vaste operasionele uitgawes op werknemers en infrastruktuur. Die gevolgtrekking is dat ten spyte van negatiewe faktore, die vooruitsig dat DHEF in Suid-Afrika sal slaag, hoog is. Die EBT en hotel EBT mark het bewys dat dit suksesvol is in talle ander groot kapitaalmarkte wat beleggers met 'n verskeidenheid van voordele kan voorsien. Suid-Afrika se ekonomiese- en toerismevooruitsig is baie positief. Die Eiendoms Eenheids Fonds (EEF) sektor het goed vertoon en beleggers kan 'n gesonde opbrengs verwag wat, soos aangedui word, aansienlik hoer is as ander beleggings. Die fonds word gedryf deur 'n hoe kaliber bestuurspan wat krities is tot die notering en die bestuur van fondse.
29
Shay, Richard Michael. "Users' entitlements under the fair dealing exceptions to copyright." Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/71691.
Анотація:
Thesis (LLM)--Stellenbosch University, 2012.Includes bibliography
ENGLISH ABSTRACT: This thesis analyses current South African copyright law to ascertain the proper interpretation and application of the fair dealing provisions contained in the Copyright Act 98 of 1978. Copyright law ensures that authors’ works are not used without their consent, which they can grant subject to compensation or conditions attached to the use. Fair dealing exceptions allow the general public to use copyright works for certain purposes without the copyright owner’s consent and without paying compensation. These provisions are intended to balance copyright owners’ interests with the interest that members of the public have in using copyright works for socially beneficial purposes. These provisions typically allow the use of a copyright work for the purposes of research or private study, personal or private use, criticism and review, and news reporting. Unfortunately there is no South African case law concerning the fair dealing provisions, and the application of these exceptions remains unclear. This study aims to clarify the extent of application of the fair dealing exceptions to copyright infringement so that courts may be more willing to consider foreign and international law and in doing so develop South African intellectual property law. The social and economic policy considerations underlying the fair dealing exceptions are considered to determine their function. International conventions relating to copyright and neighbouring rights are examined, specifically the provisions allowing exceptions to copyright. The legislation and case law of Australia and the United Kingdom are analysed to determine the proper interpretation and application of these statutory defences. This knowledge is then used to inform South African law. The Copyright Act 98 of 1978 does not contain a fair dealing exception for parody and satire. Australian legislation does contain such an exception, and it is analysed in that context. An exception for parody is proposed for South African law, and the need for and application of this provision is considered. The constitutionality of the proposed exception is evaluated in terms of its impact on the constitutional property rights of copyright owners.
AFRIKAANSE OPSOMMING: Hierdie tesis ondersoek Suid-Afrikaanse outeursreg om die behoorlike uitleg en toepassing van die “billike gebruik”-bepalings in die Wet op Outeursreg 98 van 1978 te bepaal. Outeursreg beskerm die werk van ʼn outeur teen ongemagtigde gebruik van haar intellektuele eiendom. Gebruik kan deur die outeur gemagtig word, òf teen vergoeding òf onderhewig aan bepaalde voorwaardes. Artikels 12-19B (die billike gebruik-bepalings) van die Wet op Outeursreg laat ander toe om sekere werke te gebruik sonder die toestemming van die eienaar van die werk en sonder om vergoeding te betaal. Die bepalings streef om ʼn balans te tref tussen die belange van die outeur en die belange van die publiek. ʼn Werk mag volgens hierdie bepalings tipies gebruik word vir die doeleindes van navorsing of private studie, persoonlike of private gebruik, beoordeling of resensie, of om nuus te rapporteer. Daar is tans geen Suid-Afrikaanse regspraak rakende hierdie uitsonderings nie, en hul toepassing is dus onseker. Hierdie tesis beoog om die werking van die billike gebruik-bepalings duidelik uiteen te sit om hoër gewilligheid in howe te skep om internasionale en buitelandse reg toe te pas, en sodoende Suid-Afrikaanse immateriële goederereg te ontwikkel. Die sosiale en ekonomiese beleidsoorwegings wat die bepalings ondersteun word geanaliseer om die doel daarvan te bepaal. Internasionale outeursreg-verdragte word bespreek om ʼn raamwerk vir die uitsonderings te skep. Wetgewing en regspraak van Australië en die Verenigde Koninkryk word ondersoek, en die kennis wat daar opgedoen word, word toegepas op die Suid-Afrikaanse bepalings. Die Wet op Outeursreg 98 van 1978 bevat geen uitsondering vir die doeleindes van parodie en satire nie. Die Australiese Wet op Outeursreg 63 van 1968 bevat wel so ʼn uitsondering, en dit word in hierdie verband beoordeel. ʼn Uitsondering vir parodie en satire word voorgestel en oorweeg in die konteks van Suid-Afrikaanse outeursreg. Die grondwetlikheid van die voorgestelde uitsondering word bepaal na aanleiding van die impak wat dit sal hê op outeurs se eiendomsreg.
30
Matshili, Humbulani Emmanuel. "Post occupancy evaluation of an office building : the case of country club estate, Johannesburg." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1018554.
Анотація:
Most organisations nowadays want to build offices that are cost effective, but at the same time they forget to consider the impact of IEQ on the occupants’ wellbeing and performance. These offices are equipped with air-conditioners, which may impact negatively on performances if not monitored, controlled and maintained. An occupant’s performance may be accelerated or reduced, based on the effectiveness of IEQ in the office buildings. It is imperative that the employer or management create a work environment that is conducive to the occupants’ needs, so that the occupants may be able to improve their work performance that often yields increased productivity. The main aim of the study was to investigate the efficiency of a building’s Indoor Environmental Quality (IEQ) and how it affects workers with regard to productivity. The objectives of the study were: to determine the level of satisfaction of the occupants in terms of the IEQ, evaluate the effects that the current IEQ of the building has on the productivity of the occupants, and proffer solutions to identified problems so that the building performance can be improved, and similar future buildings can be improved upon in terms of IEQ. Post Occupancy Evaluation (POE) was utilised to conduct the evaluation. This will help stakeholders and managements to ensure that past mistakes committed are not repeated in the future buildings. POE analyses IEQ related to Indoor Air Quality (IEQ), thermal comfort, occupant’s satisfaction and occupant performance and productivity. There is a correlation between different indoor parameters of the occupants’ satisfaction, health and productivity at the workplace. For these correlations to complement each other successfully, IEQ factors must be conducive to human wellbeing. Workplace environments are perceived as unsafe and unhygienic. This situation is caused by poor planning of workstations, low indoor air quality, inappropriate lighting in the office, lack of ventilation and insufficient safety measures. In particular, findings of this study demonstrate the low level of occupants’ satisfaction with regard to office buildings in the Country Club Estate, Johannesburg. The results from this study show that POE is perceived to be completely new to occupants of the Country Club Estate. Management or stakeholders have a huge task ahead to address the benefits of implementing POE and to face the consequences if POE is not implemented.
31
Van, Rooyen Jonathan. "Land reform in South Africa: effects on land prices and productivity." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1002721.
Анотація:
South Africa’s land redistribution policy (1994-2008) has been widely publicised, and has come under scrutiny of late from the public, private and government spheres, highlighting a need for research in this area. The research examines progress in South Africa’s land redistribution programme in two of KwaZulu-Natal’s district municipalities, Uthungulu and iLembe. Specifically the research investigates whether the government has paid above market prices when purchasing sugarcane farmland for redistribution in these districts. Moreover, it is illustrated how productivity on redistributed farms has been affected with the changes in ownership. To investigate the research questions, reviews of theories pertaining to property rights, land reform and market structures were conducted. Moreover, two cases studies were conducted in the districts of Uthungulu and iLembe, with assistance from the Department of Land Affairs, Inkezo Land Company and the South African Cane Growers Association. The case study data indicate that above ordinary market prices have been paid (2004-2006) by the government for sugarcane farmland in the districts concerned, and further that productivity has been negatively impacted ‘during’ and ‘post‘ transfer, in the majority of cases.
32
Botha, Brink. "A critical analysis of the influence of the "Prevention of the illegal eviction from and unlawful occupation of Land Act 19 of 1998" on investment in residential income-producing property." Thesis, University of Port Elizabeth, 2004. http://hdl.handle.net/10948/321.
Анотація:
This research will focus on the influence of legislation (as indicated in this research) on the investment decision in residential income-producing property. Assumptions, as recorded in the hypothesis of this study, indicate that the legislation had a changing influence on the investment decision in residential income-producing property in comparison to the time period prior to the promulgation of the legislation. The research methodology will be based on a comparative analysis of the current legislation and the proposed Draft Amendment Bill. This analysis will be tested by means of a case study analysis incorporating a phenomenological study based on written data. The problems, sub-problems and hypothesis will be addressed and tested in this research in conjunction with the prescribed research methodology. This research is concluded by means of a synopsis and recommendations.
33
Beyers, Amelia Adeline. "Openbare sektor-privaatsektor vennootskappe as 'n eiendomsontwikkeling-metodiek in die Wes-Kaap Provinsie." Thesis, Stellenbosch : Stellenbosch University, 2000. http://hdl.handle.net/10019.1/51863.
Анотація:
Thesis (MBA)--Stellenbosch University, 2000.ENGLISH ABSTRACT: It is estimated that at present South Africa has a backlog in spending on infrastructure, amounting to R170 billion. The state does not have the necessary funds to rectify the situation. This problem is not unique to South Africa and across the world countries are considering whether private sector enterprises should not be rendering the services and constructing the infrastructure which the state had traditionally done. One of the most successful ways of doing this is to make use of public-private partnerships (PPP's). A PPP is a joint effort by the state and the private sector party to execute a major product, whereby the resources and abilities of the two parties are combined. The risks and responsibilities of the project are allocated to the parties in an optimal manner. The efficient and effective application of the PPP mechanism poses a challenge to the Western Cape Province as it is an excellent way to improve the utilisation of state property within the Province and construct new facilities. The Elsenburg vineyard and cellar project, a PPP project in the Western Cape Province, is therefore critically assessed in terms of key success factors in the implementation of PPP's. Furthermore recommendations regarding the future utilisation of PPP's within the Province are made. A dedicated PPP unit, which will be responsible for investigating the value for money, affordability, allocation of risks and recourse requirements of projects, should be formed within the Province. Members of the unit will also handle the management of PPP projects. It is important that officials who will be involved with PPP's are trained in the theory and practise thereof. Other important aspects are that all groups who have an interest in a PPP project be identified, that attempts are not made to transfer all risks to the private sector partner and that the standardisation of steps that are common to all projects be investigated. Property projects that are suitable for the application of PPP's must be identified as it can provide momentum to the economy of the Western Cape and can also contribute towards the erasing of the backlog in the construction and maintenance of infrastructure.
AFRIKAANSE OPSOMMING: Dit word beraam dat Suid-Afrika tans 'n agterstand in besteding op infrastruktuur het wat R170 biljoen beloop. Die staat beskik nie oor genoeg fondse om die probleem aan te spreek nie. Regerings die wêreld oor ondervind soortgelyke probleme en is besig om te besin of die oprigting van infrastruktuur en die lewering van dienste wat tradisioneel deur die staat hanteer is, nie eerder aan die privaatsektor oorgelaat moet word nie. Een van die suksesvolste maniere om dit te bewerkstellig is deur die gebruik van obenbare sektor-private sektor venootskappe (OPV's). 'n OPV is 'n gesamentlike poging deur die staat en 'n privaatsektorvennoot om 'n groot projek uit te voer, waardeur die hulpbronne, sterkpunte en vermoëns van die twee partye gekombineer word. Die risiko's en verantwoordelikhede wat aan die projek verbonde is, word op optimale wyse aan die partye tot die OPV toegedeel. Die doeltreffende en doelmatige aanwending van die OPV meganisme is 'n groot uitdaging vir die Wes-Kaapse Provinsie, aangesien dit 'n uitstekende manier is om benutting van staatseiendom binne die Provinsie te verbeter en nuwe fasiliteite op te rig. Die Elsenburg wingerd- en kelderprojek, 'n OPV-projek binne die Wes-Kaapse Provinsie, word derhalwe krities geëvalueer op grond van sleutelsuksesfaktore vir die implementering van OPV's. Verder word aanbevelings rakende die toekomstige aanwending van OPV's binne die Provinsie gemaak. 'n Spesialis OPV eenheid, wat verantwoordelik sal wees om die waarde vir geld, bekostigbaarheid, toedeling van risiko's en hulpbronbenodighede van projekte te ondersoek, moet binne die Provinsie gestig word. Die bestuur van OPV projekte sal ook deur lede van die eenheid hanteer word. Dit is belangrik dat amptenare wat by OPV's betrokke sal wees, opgelei word in die teorie en praktyk daarvan. Ander belangrike aspekte is dat alle groepe wat 'n belang by 'n OPV projek het, geïdentifiseer moet word, dat daar nie gepoog word om alle risiko's na die privaatsektorvennoot oor te dra nie en dat die standardisering van stappe wat gemeenskaplik is aan alle projekte ondersoek moet word. Eiendomsprojekte wat geskik is vir die aanwending van OPV's moet geïdentifiseer word, aangesien dit as inspuiting vir die Wes-Kaapse ekonomie kan dien en kan bydra tot die uitwissing van die agterstand in die oprigting en instandhouding van infrastruktuur.
34
Botes, Francois Jacobus. "A model to forecast the impact of road accessibility on the economic development potential of industrial land in urban areas." Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/53250.
Анотація:
Dissertation (PhD)--Stellenbosch University, 2003.ENGLISH ABSTRACT: The dissertation firstly outlines the findings of recent studies that have recorded the relationship between transport and economic development. This includes the assessment of a number of economic evaluation techniques that are available to predict the impact of improvements in transport on economic development. An historic overview is provided of the role that transport has played in the development of Cape Town. Due to the fact that the phases of development followed international development trends, it is concluded that development in Cape Town will follow the global trend. A number of economic growth scenarios are developed for Cape Town to assess how the City will be able to cope with the socio-demographic challenges facing it in the next century. The relationship between land price and the economic development potential of land is outlined, as are the factors that determine industrial land price, namely the demand and supply of industrial land. The process of determining the economic value of industrial land is described. This includes the collection and analysis of occupation rent of industrial townships in Cape Town, the calculation of property values and the calculation of the shadow price of land. A procedure of determining accessibility to industrial townships in Cape Town was developed. Firstly, accessibility was defined in broad terms. This was followed by a discussion of each of the elements of accessibility namely proximity, access and mobility in order to understand the factors that may impact on the level of accessibility. Finally, the level of accessibility is quantified in terms of generalised cost. A regression analysis was undertaken to establish a statistical relationship between the economic value of industrial land and accessibility to the industrial townships. The development of a numerical model was based on the regression analyses to forecast changes in industrial land price given a change in accessibility. The model was then tested on a case study. The main conclusions of the study are as follows: (a) The accessibility of industrial land in Cape Town is linked closely to its CSD I Port (it was not possible to separate the CSD and the port), which is typical of a monocentric city structure. (b) There is a positive, significant, quantifiable relationship between accessibility as quantified by means of generalised cost and the economic value of industrial land, which was calculated by means of the shadow price technique. (c) There are a number of conditions that should be met for an increase in local industrial production potential to be translated into an equal amount of economic output.
AFRIKAANSE OPSOMMING: Die proefskrif som eerstens die bevindings van onlangse studies op wat die verwantskap tussen vervoer en ekonomiese ontwikkeling dokumenteer. Dit sluit die taksering van 'n aantal ekonomiese evaluasietegnieke in wat beskikbaar is om die impak van vervoer op ekonomiese ontwikkeling te voorspel. 'n Historiese oorsig word verskaf van die rol wat vervoer gespeel het in die ontwikkeling van Kaapstad. As gevolg van die feit dat die fases van ontwikkeling in die verlede internasionale ontwikkelingstendense gevolg het, word tot die gevolgtrekking gekom dat Kaapstad die globalisasie markera, wat tans internasionaal gestalte kry, sal navolg. 'n Aantal ekonomiese groeiscenarios word vir Kaapstad ontwikkel ten einde te bepaal hoe die stad die sosiodemografiese uitdagings van die volgende eeu sal hanteer. Die verwantskap tussen grondprys en die ekonomiese ontwikkelingspotensiaal van grond word omskryf, asook die faktore wat industriële grondprys bepaal. Die proses van die bepaling van die ekonomiese waarde van industriële grond word beskryf. Dit sluit die insamel en analise van besettingshuurdata van industriële dorpsgebiede, die berekening van eiendomswaarde en die berekening van die skaduprys van grond in. 'n Prosedure is ontwikkel vir die berekening van die toeganklikheid van industriële dorpsgebiede in Kaapstad. Eerstens is toeganklikheid in breë trekke gedefinieër. Dit is gevolg deur 'n bespreking van elk van die elemente van toeganklikheid, naamlik nabyheid, aansluiting en mobiliteit ten einde die faktore wat op die vlak van toeganklikheid mag impakteer te verstaan. Laastens is die vlak van toeganklikheid gekwantifiseer in terme van veralgemeende vervoerkoste. 'n Regressie-analise is onderneem ten einde die statistiese verwantskap tussen die ekonomiese waarde van industriële grond en toeganklikheid na industriële dorpsgebiede te bepaal. Die ontwikkeling van 'n numeriese model is op die regressie-analise gebaseer ten einde veranderinge in industriële grondpryse te voorspel, gegewe 'n verandering in toeganklikheid. Die model is op 'n gevallestudie toegepas. Die vernaamste gevolgtrekkings van die studie is : (a) Die toeganklikheid van industriële grond in Kaapstad is nou gekoppel aan die sentrale sakekern I hawe (dit was nie moontlik om die sentrale sakekern en hawe te skei nie), wat tipies is van n monosentriese staduitleg. (b) Daar is n noemenswaardige positiewe kwantifiseerbare verwantskap tussen toeganklikheid, soos gekwantifiseer in terme van veralgemeende koste, en die ekonomiese waarde van industriële grond wat deur middel van die skaduprystegniek bereken is. (c) Daar is 'n aantal voorwaardes waaraan voldoen moet word alvorens 'n toename in plaaslike industriële produksiepotensiaal tot 'n soortgelyke toename in ekonomiese ontwikelingspotensiaal sal lei.
35
Hrubanová, Michaela. "Hodnocení specifických faktorů při oceňování zemědělských pozemků v podmínkách ČR." Doctoral thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2018. http://www.nusl.cz/ntk/nusl-364607.
Анотація:
This dissertation is focused on the identification and evaluation of specific factors affecting the price of agricultural land. It should be mentioned that the market for agricultural land, especially arable land and permanent grasslands, is not fully developed in the Czech Republic and this area is not fully explored. The thesis describes the factors on the basis of which the investor decides when buying these plots. The data needed for this work have been obtained from professional literature, real estate servers, two polls, actual sales, etc. In the conclusion of this thesis all findings are summarized and evaluated. It includes the development of prices in the years 2014 – 2016 based on sales actually realized in the Olomouc Region, Moravian – Silesian Region, South Moravian Region and Vysočina Region. The outcome of the thesis is a proposal of an expert standard. It is necessary to realize that, above all, agricultural land is a specific commodity, as it is unreproducible, indivisible and its offer is limited.
36
Wight, A. G. (Alan Gary). "The property finance business in South Africa." Diss., 2001. http://hdl.handle.net/10500/819.
Анотація:
Problem Statement:
The business of property finance has not been properly documented in South Africa.
Available resource material focuses on the perspective of the property developer and
investor largely neglecting the business of property finance. Thus comprehensive
information on this business was not available to students and researchers
This study set out to correct this deficiency.
Research Procedure:
Key property finance personnel in the major banks in the Republic of South Africa
were interviewed to establish how the business of property finance is conducted.
Jointly the interviewees represent 77% by volume of business over a period of two
years
A parallel process of literature research was undertaken to compliment the interview
research and provide technical depth to the findings.
Findings:
The empirical and literature research results were combined to comprehensively
document the processes, structures, systems, productsBusiness Management
M. Com. (Business Management)
37
Gulubane, Tlamelo. "Determinants of listed property stock performance in South Africa." Thesis, 2017. https://hdl.handle.net/10539/24095.
Анотація:
A research report submitted in partial fulfilment for the degree of Master of Science (Building) to the Faculty of Engineering and the Built Environment, School of Construction Economics and Management at the University of the Witwatersrand, Johannesburg, 2017Despite the perceived superior performance of the South African listed property market and, even so, the recent introduction of Real Estate Investment Trust legislation to increase its global competitiveness, limited research exists on the market. This report thus examines the drivers of listed property performance from an economic and firm-specific perspective as well as providing an overview of the South African listed property market. The results of the study suggest that investors particularly earn a premium for holding stock with a low ratio of book-to-market value of equity. This study advances the knowledge of the South African listed property market, and further provides investors and fund managers alike with insight on the performance of listed property stock.
XL2018
38
Lockwood, Anthony J. M. "Delineation of the geospatial dimensions of the residential real estate submarket structure." 2008. http://hdl.handle.net/2440/48489.
Анотація:
While it is generally accepted that residential submarkets exist, this is not the case for either their definition or delineation. This study has developed and assessed a methodology for deriving the geospatial dimensions of residential real estate submarkets based on the behaviour of the marketplace with respect to the underlying dimensions of the residential real estate living structure (RLS). Importantly, the methodology makes no prior assumptions about where the spatial boundaries might be. They were empirically derived from the data alone. It is achieved by building on previous work in the field and seeking to identify the fundamental issues in residential real estate market behaviour. The first basic premise of the thesis is that when a dwelling is sold, the commodity traded is a piece of real estate geography comprising a complex bundle of both spatial and structural attributes. The second basic premise is the recognition in the methodology of the importance of ‘location’. The price of the real estate geography varies across geographical space in a continuous fashion and it is this price variability that is defined, in this study, to be the geospatial submarket identifier. The study adopts a two-stage methodology reflecting these two basic premises. Firstly, a complex bundle of attributes is collected for every property in the study area and distilled into its underlying dimensions using principal component analysis. The resulting factors are used in the second stage as independent variables in a hedonic geographically weighted regression model to determine the price variability across geographical space of the underlying residential real estate structure. User-defined breaks in the continuous price surface delineate the geospatial submarket boundaries. The study represents a new approach to the delineation of geospatial submarket boundaries and is yet to be fully assessed by the two major identified users (the planning profession and the valuation profession). However, initial feedback indicates that the ability of the methodology to describe the geospatial submarket boundaries in terms of ‘how’ and ‘where’ location affects the market price of the underlying real estate geography, gives the land professional a better understanding of the submarket structure in which they are working.http://proxy.library.adelaide.edu.au/login?url= http://library.adelaide.edu.au/cgi-bin/Pwebrecon.cgi?BBID=1330874
Thesis (Ph.D.) -- University of Adelaide, School of Social Sciences, 2008
39
Lalloo, Aashen. "Corporate real estate practices in South Africa - a survey of the top 200 companies listed on the Johannesburg Stock Exchange." Thesis, 2014.
Анотація:
Purpose – The purpose of the study was to develop a baseline decription of the current state of corporate real estate management within South Africa.
Design/methodology/approach – A combined online/paper questionnaire was administered on the top 200 firms listed on the Johannesburg Stock Exchange.
Findings – Majority of the firms have no formally organised real estate unit. A few have only recently organised formal real estate units as a department of the company, reporting mostly to the CEO even though the latter seldom gets involved in Corporate Real Estate decision. The CFO appears to be the one in charge of corporate real estate decisions in most of the firms. Majority of the firms own, rather than lease their corporate real estate due to location, transport advantages, minimisation of the risk of rent changes and community links that are advantageous to their business effort. The principal reason for leasing was the flexibility it affords in relocating in future. Other issues covered include the cost treatment of using CRE, the importance of CRE management, in-house management and outsourcing of CRE services and the criteria for selecting an external CRE management service provider.
Business Implications – Service providers need to take into account specific criteria used by respondent firms in the selection of who manages their corporate real estate.
Originality/value – This paper provides the first comprehensive description of corporate real estate management on the Johannesburg Stock Exchange.
40
Kgano, Desmond Neo. "Determining the most resilient real estate market segment in the residential sector throughout the economic cycle waves, for the innercity of Johannesburg." Thesis, 2017. https://hdl.handle.net/10539/24194.
Анотація:
Thesis is submitted in partial fulfilment for the degree of Master of Science in Building (Property Development and Management) to the Faculty of Engineering and the Built Environment, School of Construction Economics and Management at the University of the Witwatersrand, Johannesburg, 2017The research study seeks to determine the most resilient residential real estate market segment throughout the economic cycle waves, for the innercity of Johannesburg, South Africa. The study is prompted by various global reports that subtly suggests a uniform effect to real estate market segments throughout economic cycle waves. Such reports have adopted various indices as proxy to economic cycle waves (e.g. interest rates, current account deficit, gross domestic product, etc.) and house price as proxy to real estate market segments in an attempt to justify the relationship between the proxies. For purposes of this research report, business cycles are employed as proxy to economic cycle waves whilst house prices are also representative of real estate market segments. In a country that ranks third globally on high inequality, with a gini coefficient of 0.63, it is considered improbable – at the very least - that the performance of real estate market segments would react uniformly to the effects of economic cycle waves. The residential sector is opted as a test case, mainly due to growing number of population and the desperate need for housing to accommodate such high population growth levels. The housing challenge needs to be thoroughly understood so that informed and/or adequate planning can be formulated. The research study follows a Pragmatism Philosophy, which allows for mixed method approach in addressing research questions, in order to meet the research aim and objectives. An Explanatory Sequential research design is used as a form of mixed method approach. The process involves collecting both Qualitative and Quantitative data, integrating the two forms of data, and using distinct designs that involves philosophical assumptions and theoretical frameworks. In this case, Quantitative methods are used to explain Qualitative methods. Priority is given to Quantitative data and the two methods are integrated during the interpretation phase of the research study. Empirical analysis using tools such as Quantile Regressions (e.g.OLS regressions) for a period between 2005 (Q1) and 2015 (Q4) are analysed and discussed. Standard errors and covariances were computed using tools such as the Huber-Sandwich methods, to which an Augmented Dickey-Fuller test was conducted to test for the null hypothesis of a unit root in a time series sample. The Breusch-Godfrey Serial Correlation LM test is also used to confirm the absence of serial correlation at four lags. The ARCH LM test is used to show that residuals are homoskedastic, i.e. that there is no evidence of time-varying variance. A negative and significant coefficient appears only the high price sector, suggesting that the business cycle has a negative impact on house prices in the high residential real estate market segment, displaying negative average growth over the period. House prices in the low and medium residential real estate market segments do not respond to movements in the business cycle, on the average. Property size also displayed a negative impact on house prices in the high residential real estate market segment. The autoregressive parameters for house prices in the low and middle residential real estate market segments are statistically significant at 5% and 10%, respectively. Negative and significant coefficient is recorded for the middle residential real estate market segment as well, at the second quantile. In conclusion, the low residential real estate market segment appeared to have been the most resilient residential real estate market segment amongst other residential real estate market segments. The middle residential real estate market segment appears to have been a partially resilient, whilst the high residential real estate market segment appears to have been the least resilient. Given these findings, it is submitted that residential real estate market segments need to be considered or assessed individually, in order to formulate adequate strategies for integrated and sustainable human settlements.
MT2018
41
Twala, December Jacob. "Consumption and house prices in South Africa." Thesis, 2010. http://hdl.handle.net/10413/9941.
Анотація:
Many countries such as Australia, Ireland, Netherlands, United Kingdom (UK), Spain,
United States of America (USA) and South Africa (SA) among others have experienced
an increase in housing prices, since the late 1990s. In SA, the abrupt increase in
residential property prices, particularly during the period 1999 to 2007, resulted in an
improvement in the level of households’ net wealth position. Empirical investigations,
mainly from developed countries, provide evidence indicating that a house price increase
has a significant impact on the households’ wealth, and thus house price gains increase
housing collateral for homeowners which make it possible for them to take out equity in
the form of refinancing or selling of the house to finance consumption.
With the above in mind, this study investigates the relationship between aggregate
expenditure on consumption by households and residential house prices in South Africa.
Following the permanent-income/lifecycle hypothesis (PI-LCH), this study applies the
vector error model (VECM) into the 1980:Q1 to 2007:Q4 quarterly data sample. The
overall finding of the study indicates there is indeed a long-run positive relationship
between housing prices and consumption in South Africa.Thesis (M.Com.)-University of KwaZulu-Natal, Westville, 2010.
42
Tyranes, Spiros. "An assessment of relationships between key economic indicators and the South African residential property market." Diss., 2007. http://hdl.handle.net/2263/23692.
Анотація:
The phenomenal growth of residential property prices when compared to other asset classes has resulted in property prices being the subject of significant debate in South Africa in the recent past. The reasons for the price increases are the subject of as much debate and uncertainty. This research attempts to determine whether there is a statistically significant relationship between the economic indicators selected and residential property prices, which could provide some indication of the factors influencing residential property prices in South Africa. The economic indicators selected were interest rates, real gross domestic product, average income, bond affordability levels, rand to US dollar exchange rates and inflation. Residential property prices in South Africa were measured using two data bases, the ABSA database, which comprised average residential property prices split into affordable, middle and luxury segments, as well as the Standard Bank database comprising median residential property prices in South Africa. The sample period was determined by reference to the period when data in respect of all the variables was available. Autocorrelation was removed from the data and thereafter a stepwise regression was performed to determine which economic indicators had a statistically significant relationship to each category of residential property price. It was found that quarterly lagged disposable income per capita (average income) had a statistically significant relationship to affordable and luxury property segments, as well as the median property prices. No economic indicator was found to have a statistically significant relationship to middle segment property prices.Dissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted
43
Ntuli, Mpilo. "An overview of the initial performance of South African Real Estate Investment Trusts." Thesis, 2016. http://hdl.handle.net/10539/22357.
Анотація:
A research report submitted to the Faculty of Engineering and the Built Environment in partial fulfilment of the requirements for the degree of Master of Science (Building), University of the Witwatersrand, 2016South Africa implemented the REIT structure in 2013 with the intention of encouraging local and international investment. A year after implementation South African listed property was reported to have performed better than the UK, European, and Asian REITs. This report assesses the initial performance of South African REITs and their portfolio diversification benefits when paired with Shares, Bonds, T-Bills, and other Listed Property in a mixed-asset portfolio, over the period May 2013 to December 2015. The findings show that REITs are the second best performing asset, risk-adjusted. REITs are a return-enhancer when included in a mixed-asset portfolio, and tend to contribute at the higher end of the risk spectrum. This reports contributes to the few that exist on emerging markets, it is a study of the only major REIT market in Africa, and is significant as it discusses South African REITs from their implementation.
MT2017
44
Bantseke, Thatahatso. "Property-type diversification strategies and their performance implications on SOUTH AFRICAN real estate investment trusts." Thesis, 2018. https://hdl.handle.net/10539/26783.
Анотація:
A research report submitted to the University of the Witwatersrand, Faculty of Engineering and the Built Environment, School of Construction Economics and Management in partial fulfilment of the requirements for a Master of Science degree in Building,2018Background - Extensive research that examines the performance implications of regional and property-type diversification has been undertaken in Asia, United States of America and the United Kingdom. Research on South African real estate investment trusts’ (SAREITs) diversification strategies is insufficient. The South listed property market is ranked amongst the largest sectors on the JSE with 35 SA REITs listed on the JSE, which represent a market capitalisation of over ZAR435 billion which is 6% of the JSE All Share Index market value. The size of this sector emphasizes the importance it within the South African economy. This study is of significance to the academic fraternity as well as local and international investors and asset managers who are interested in participating in the South African REITs market Purpose -The study investigates the effects of property-type diversification on SAREITs performance through literature review which explores the key variables in the diversification and performance relationship to create an understanding of the REITs sector. Correlation and multiple regression analysis is undertaken utilizing secondary data from Published Annual Financial Statements, MSCI South Africa and INET BFA Databases. The REITS analyzed have the majority of their underlying property assets located within South Africa and have been listed on the JSE for the 2014 to 2017 financial years. Findings - The findings from the literature review highlight that property type diversification strategies although playing a paramount role in portfolio formation of REITs and performance, the returns of companies are also influenced by other moderating factors such as property specific, organizational and industry characteristics. Regressions between return variables with the property types and degree of diversification of REITs, show both positive and negative relationship but these associations were found to be statistically insignificant. The hypothesis is not fully supported by the statistical data analysis and entails that other non-systemic risk factors such as“firm leverage policies”;“management style”;“net asset values”;“size of REITs stock” and “property location” need to be analysed in conjunction with in order to yield more robust results. Limitations - The study focused on SAREITS with the majority of their underlying property assets located within South Africa and listed on the JSE for the 2014 to 2017 financial years. Complete regional data on the listed REITs was lacking which restricted the study to an analysis of property type strategies. Utilisation of secondary data restricted the research to a single set of data and this impacts on the findings as some of the data is incomplete. Further studies in this area could include regional-type diversification strategies analysis over a longer observation period.
XL2019
45
Muchengwa, Dorica Daka. "Investigating the importance of non-financial determinants of owning or leasing industrial real estate in Gauteng." Thesis, 2018. https://hdl.handle.net/10539/26916.
Анотація:
A research Report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Science in Property Development and Management, September 2018Corporate real estate is required by firms to operate business and this can either be owned or leased. Either option requires substantial amounts of money. Despite this fact most studies conducted have focussed on tangible corporate assets in general and not corporate real estate in particular, the reason put forward being that this asset type has diverse intangible aspects which makes the own or lease equation a complex one. South Africa is the second largest economy on the continent and has a real estate market rivalling that of European countries by size; these facts are reason enough to support investigating the real estate market in detail. Gauteng Province accounts for 34.4% of the country’s GDP and 23% of this is from the industrial sector. This study, which is based on a 2011 UK study by Barkham and Park, sought to establish whether non-financial factors play a key role in the decision to own or lease industrial real estate in Gauteng Province. The study used an empirical approach using Thematic Network analysis to explore the non-financial determinants of owning or leasing industrial real estate from data obtained from 4 firms. Findings reveal that both financial and non-financial determinants are considered in the LVB decision for industrial CRE in Gauteng. Ranking of these factors showed that 3 of the four respondents ranked the non-financial ones first followed by some financial ones. It is suggested that further research be conducted to cover a larger population i.e. industrial firms in the major cities with a large industrial presence country wide. Additionally one which includes different firm sizes and a mixed method for data collection and analysis.
XL2019
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Bell, Andrew. "A study of corporate real estate as an instrument for corporate branding." Thesis, 2016. http://hdl.handle.net/10539/20573.
Анотація:
A research report submitted to the Faculty of Engineering and the Built
Environment, of the University of the Witwatersrand, Johannesburg, in partial
fulfillment of the requirements for the Master of Science in Building, Property
Development and Management.
Johannesburg, 2014Purpose: The primary aim of this research is to establish an awareness of CRE as an instrument for branding and determine which aspects of CRE may contribute to and even strengthen the corporate branding of companies. Design/Methodology/Approach: Comprehensive literature review, together with a quantitative analysis of an in-depth questionnaire survey sent to owneroccupier companies and qualitative analysis of semi-structured interviews with industry professionals. Findings: Not all aspects of corporate real estate are equally important when considered in relation to corporate branding, furthermore the importance of these aspects vary between the different owner-occupier groups surveyed. Research limitations: this research was limited to a relatively small group of owner-occupier companies that occupy recently developed buildings in the primary office nodes in Johannesburg, South Africa. Practical implications: The primary objective is to aid corporate real estate managers and developers in better understanding how the strategic positioning and intrinsic aspects of CRE can influence the corporate brand of a company. Originality and value: This research identifies and ranks the different CRE aspects that could be utilised as part of a corporate branding strategy, no concluding evidence has been established as to how the identified aspects can be used as part of a corporate branding or corporate real estate strategy. Recommendations: Further research to establish how the identified corporate real estate aspects could potentially be implemented as part of a branding strategy or CREM strategy. Keywords: Real Estate, Branding, Strategy, CRE, CREM.
47
Avivi, Rami. "The financing of corporate real estate acquisition, a South African study." Thesis, 2017. http://hdl.handle.net/10539/23639.
Анотація:
Thesis is submitted in partial fulfilment for the degree of Master of Science in Building (Property Development and Management), to the Faculty of Engineering and the Built Environment, School of Architecture and Planning at the University of the Witwatersrand, Johannesburg, 2017The purpose of this study is to fill specific gaps in the existing body of knowledge of South African corporate real estate management by investigating the determinants influencing the lease versus buy decision; the methods and financing sources of corporate real estate acquisition; and the criteria used in deciding on the financing technique for corporate real estate acquisition. The research followed a similar methodology to that of Redman and Tanner (1991) in their study “The Financing of Corporate Real Estate: A Survey”. However, it specifically focused on the South African corporate real estate environment. The data collection instrument was an online survey and the survey produced quantitative descriptions of certain aspects of the population. The population for the research was corporate real estate decision makers of leading South African companies. The data captured was presented through the aid of tables, charts and graphs. The data was further analysed through cross tabulations and hypothesis testing using the Chi Squared test of independence to determine significance of results. South African firms use some form of leasing (mainly long term leasing) in acquiring their corporate real estate. However, ownership is also a common form of real estate acquisition through the use of mortgages secured by the acquired property, mortgage backed securities and sale of unsecured bonds. The decision criteria for acquisition includes both financial and non-financial determinants. Financial analysis is also an important factor in analysing the lease versus buy decision. This is mainly done by comparing the undiscounted cash flow of leasing versus buying. Where a discounting approach of evaluation is used, the most favoured discount rates include the weighted average cost of capital and rate of return on new investments. Mostly outscored professional services are used when making the lease versus buy decision. The benefit of this study was to understand the factors influencing the corporate real estate decision making process and to provide a corporate real estate decision makers with a decisional framework when determining the form or real estate tenure. Future studies should attempt to secure better response rate to allow for robustness of results and other methodologies of analysis.
XL2018
48
Naidoo, Hannalisha. "The introduction of REITs to the South African property market: Opportunities for fund managers." Thesis, 2014. http://hdl.handle.net/10539/15061.
Анотація:
On 1 May 2013, real estate investment trusts (REITs), a listed property
product, had legislation about it introduced in the South African property
market. Prior to the introduction of this REIT legislation, property unit trusts
(PUTs) and property loan stocks (PLSs) were the two predominant types of
listed property investment products in South Africa. However, both the PUT
and PLS are subject to uneven regulation and taxation, and they lack
flexibility.
The REIT legislation was introduced to eliminate some of the problems of the
PUTs and PLSs, by creating: a more unified tax treatment of listed property
companies, more stringent regulatory requirements and uplifting the South
African property market to a level that is internationally competitive. It is
therefore considered valuable to empirically investigate whether or not the
introduction of the REIT framework into the listed South African property
market will be advantageous to investors, and whether or not it would lead to
improvement in the efficiency, regulation and taxation of the listed property
market.
A questionnaire was used to collect primary data to analyze the research
problem. The questionnaire used a Likert scale format that consisted of 20
questions. There were a total of 58 useable respondents, each of who fell into
1 of 5 occupational categories. The questions were divided into 4 unifying
themes and the findings were analyzed according to these themes.
From the analysis of the responses it was found that the REIT legislation is
perceived as a welcomed and suitable introduction to the South African listed
property market. We could also infer that REITs allow for a more favorable tax
dispensation, improved regulation, increased international competitiveness
and enhanced liquidity within the listed property market. Overall, there is a
perception that investors, especially fund managers, would find it potentially
advantageous to include South African REITs or a higher proportion of such
REITs in their investment portfolios.
49
Masia, Karabo. "The impact of integrating entrepreneurship education in a real estate degree programme on entrepreneurship intent." Thesis, 2017. https://hdl.handle.net/10539/24202.
Анотація:
Thesis is submitted in partial fulfilment for the degree of M.Sc. (Building) in Property Development to the Faculty of Engineering and the Built Environment, School of Architecture and Planning at the University of the Witwatersrand, Johannesburg, 2017The lack of entrepreneurship is an obstacle to economic development. In South Africa (SA), disciplines are taught in a context that is enterprise-based, with no emphasis on the need to impart business start-up skills within specific disciplines. A culture of entrepreneurship is lacking, resulting in low records of entrepreneurship incidents in SA. The challenges and/or benefits of integrating entrepreneurship education within the South African real estate (RE) course and its effects on graduates’ entrepreneurial intent, is not well understood. The purpose of the research is to investigate whether the introduction of entrepreneurship education within the RE discipline would encourage graduates to become entrepreneurial in the practice of real estates. A mixed methodology approach has been used in this research. Primary and secondary research data has been made available in the form of questionnaire surveys of graduates and course directors/lecturers from the University of the Witwatersrand and other international universities that have entrepreneurship education embedded within their real estate programmes, as will be selected by the researcher. The research has found that both pedagogical strategies of course work and applying experiential learning teaching methods would be required to effectively integrate entrepreneurship education within a real estate programme in a manner that would stimulate graduates to be entrepreneurial in the practice of real estate, although it was not known whether the graduates would actually start businesses and when they intended to do so. It was also found that those students whose studies took place in real estate programmes that had entrepreneurship education embedded in them were more commercially aware. The integration of entrepreneurship education also resulted in an improvement of graduate self-esteem and confidence. Graduates were endowed with adequate professional, interpersonal, technical and business skills. The research, however, found the majority of real estate courses lacked in teaching graduates to be more versatile. The courses largely lacked in the provision of industry exposure and were inadequate in teaching graduates how to market themselves and their real estate businesses. According to the findings on the individual entrepreneurship test, graduates that studied entrepreneurship-based real estate courses had a higher probability of starting a business.
MT2018
50
Rudansky-Kloppers, Sharon. "Relationship marketing by estate agencies in the residential property market of South Africa." Thesis, 2002. http://hdl.handle.net/10500/1054.
Анотація:
This study investigates relationship marketing by estate agencies in the residential property
market of South Africa. In determining the residential estate agency's knowledge of relation ship
marketing, an extensive literature study was undertaken on the marketing environment and
broader market, marketing concept, market segmentation and target marketing, the marketing
mix and expansion thereof, as well as customer service and internal marketing.
An empirical study was conducted to determine the residential estate agency's present
knowledge and practices of the basic components of relationship marketing. In the study a
structured questionnaire was mailed to all residential estate agencies which are members of the
Estate Agency Affairs Board. The most significant findings are that: the majority of
respondents do not have mission statements and do not know what a mission statement is; they set
marketing objectives which are communicated to the agents; when appointing new agents they
consider the agent's service orientation and ability to work with clients, but qualifications and
previous experience are not viewed as important; they train estate agents themselves and emphasise
after-sales contact and building of long-term relationships, but do not stress customer behaviour influences; a large percentage do not conduct competitor analyses and
view marketing research as unimportant, but are of the opinion that they have superior market
knowledge and offer the best service quality; they regard the principles of the marketing
concept as important; they engage in a large number of after-sales services, although few
realise that contact after occupation is important; they regard the buyer's financial means as
important and engage in activities to ensure customer service, but do not have formalised
feedback systems to test customer satisfaction; they engage in internal marketing activities,
strive to create a positive corporate culture and try to retain good agents.
In conclusion it can be said that there is evidence that the principles of relationship marketing
are followed by residential estate agencies in South Africa. There are, however, concerns about the
long-term commitment of estate agencies towards their clients because of the lack of
feedback systems and the lack of in-depth knowledge of the market.Business Management
D. Comm (Business Management)