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22nd Annual European Real Estate Society Conference ERES 2015 Istanbul Book of Proceedings Editor Kerem Yavuz ARSLANLI 24–27 June 2015 Istanbul, Turkey Organised by Istanbul Technical University Faculty of Architecture | Urban and Enviromental Planning and Research Center | Real Estate Development Masters Programme Taşkışla | Istanbul | 2015 ii ERES European Real Estate Society ITU Urban and Environmental Planning and Research Center ISBN 978-975-561-465-6 © For all authors in the proceedings All rights reserved. Any views or opinions expressed in any of the papers in this collection are those of their respective authors. They do not represent the view or opinions of the Istanbul Technical University, the editor and reviewers, nor of the publisher and conference sponsors. Any products or services that are referred to in this book may be either trademarks and/or registered trademarks of their respective owners. The publisher, editor and authors make no claim to those trademarks. Editor Kerem Yavuz ARSLANLI Cover Image Nur ESİN Graphic Design A. Buket ÖNEM Published by 2015 Urban and Environmental Planning and Research Center, ITU CIP ERES Conference (22nd :2015 :Istanbul, Turkey) İstanbul : İ.T.Ü.,2015. ISBN 978-975-561-465-6 ) Printed in Turkey by Cenkler, Istanbul, Turkey iii Preface Dear Delegates at ERES 2015 Istanbul, It is a pleasure for us to present you with this Book of Proceedings, consisting of selected scientific contributions accepted for publication at the 22nd ERES Conference in Istanbul. Full Paper Tracks in ERES 2015; Corporate Real Estate Management, Housing Markets & Economics, Real Estate Finance & Investment was announced for reviewing the submissions. I would like to thank our track chairs and their assigned reviewers for their insightful and timely contributions. Rianne Appel-Meulenbroek; for Corporate Real Estate Management Paloma Taltavull de La Paz; Housing Markets & Economics Martin Hoesli; Real Estate Finance & Investment We have received 22 papers, 17 accepted after peer review and finally 13 published. We also received many submissions out of 3 track topics which may lead in the future for other tracks to start reviewing on Real Estate Education and Spatial Econometrics. I would like to thank to Ayşe Buket Önem for preparing the book for publishing and to Gunther Maier for maintaining the submission interface. We would also like to express our gratitude to the sponsors for their generous contributions. Kerem Yavuz Arslanlı, PhD Conference Chair iv v Reviewers of the ERES2015 peer reviewed papers Paloma Taltavull de La Paz University of Alicante Michael White Nottingham Trent University Laura Gabrielli University of Ferrara Colin Lizieri University of Cambridge Martin Hoesli University of Geneva Rianne Appel-Meulenbroek Eindhoven University of Technology Barry Haynes Sheffield Hallam University Andreas Pfnür TU Darmstadt Christopher Heywood The University of Melbourne Ronald Beckers Han University of Applied Sciences Howard Cooke Corporate Occupier Real Estate Consultancy Ltd Suvi Nenonen Aalto University Hilde Remoy Delft University of Technology vi vii Table of Contents Housing Markets & Economics Staff Housing: Panacea to Academic Productivity (Nigerian Institutions) Jovita N. Nnametu, Iheanyi N. Alaka & Chikezie Okoronkwo ______________________________________________ 1 Measuring Fundamental Housing Prices in the Baltic States: Empirical Approach Darius Kulikauskas ________________________________________________________________________________________ 15 Housing Association Objectives Need to be Under the Same Roof Jan Veuger __________________________________________________________________________________________________ 41 Industry Expectation of Australian Property Higher Education Programs Kathryn Robson, Guillermo Aranda-Mena & James Baxter ______________________________________________ 51 Impact of Indoor Environmental Quality (IEQ) and Innovation (IN) Features on Residential Property Price in Malaysia: A Review Megat Mohd Ghazali Maryanti Mohd Raid, Asmma’ Che Kasim & Khadijah Hussin ____________________ 63 Homebuyers’ Preference for Installed PV Systems – Discrete Choice Experiment Brano Glumac & Thomas P. Wissink ______________________________________________________________________ 75 Structural Models of Urban Regeneration in Emerging Markets–Turkey Case M. Emre Çamlıbel, Gülcemal Alhanlıoğlu & Deniz Uğurlu ________________________________________________ 85 Housing Market and Demography, Evidence from French Panel Data Yasmine Essafi & Arnaud Simon _________________________________________________________________________ 107 House Price Determinants in Sydney Xin Janet Ge & Brendan Williams ________________________________________________________________________ 135 Corporate Real Estate Management Determinants of Satisfaction Amongst Occupiers of Commercial Property Danielle Claire Sanderson ________________________________________________________________________________ 149 How to Align the Organization of the CREM-Department to Strategy During a Recession Thijs Ploumen, Rianne Appel-Meulenbroek & Jos Smeets _______________________________________________ 171 Adding Value by Health Care Real Estate: Parameters and Priorities Theo J.M. van der Voordt _________________________________________________________________________________ 187 Real Estate Finance & Investment The Impact of Tenant Diversification on Spreads and Default Rates for Mortgages on Retail Properties Brent Ambrose, Michael Shafer & Yıldıray Yıldırım _____________________________________________________ 199 viii Staff Housing: Panacea to Academic Productivity (Nigerian Institutions) 1 Jovita N. Nnametu Department of Estate Management and Valuation Imo Polytechnic, Umuagwo, Owerri, Nigeria. Iheanyi N. Alaka Department of Estate Management, Imo State University, Owerri, Nigeria. Chikezie Okoronkwo Department of Estate Management, Federal Polytechnic Nekede, Owerri, Nigeria. Abstract Purpose – Housing issues bother every living human especially workers who cover long distances to their work places. This paper attempts to examine the effect of housing proximity on the workers productivity as it relates to tertiary institutions in Nigeria. This is with the view to proposing effective and workable staff housing that will enhance institutional productivity especially for the academics, as the tertiary institutions are meant to be citadels of higher learning per excellence. Design/Methodology/approach – The cross-sectional survey design was adopted to elicit relevant data that will guide the researchers’ proposal for improving productivity among academics of the selected tertiary institutions in Imo State, via staff housing scheme. A multi-stage sampling procedure consisting of quasi-probability sampling approaches for the survey. Appropriate tables and data analysis techniques were also employed in explaining the field results. Findings – Findings exposed the difficulties faced by these staff as a result of distance from home to workplace; academics’ attitude to work in relation to productivity and its impact on student-staff relationship vis-a-vis learning outcomes and identification of suitable staff housing strategies for the selected institutions. Research limitations/implications – This paper roused some issues that require further investigations relating to staff income and housing preferences. Further study will examine various data on staff consolidated salaries, age and composition of household and payment arrangements. The scope will also address other issues relating to preferred neighborhood layout or setting. Practical implications – The outcome intend to provide a framework for enhancing workers’ productivity and creation of strong synergy among the stakeholders of tertiary academics. It will also serve as a warning guide to the Nigerian government and other private investors while prioritizing institutional needs and supports. Originality/Value – The study tried to relate productivity of academic workers in tertiary institutions and their housing proximity which has been a gap in other related studies. Keywords: Proximity, institution, productivity, academics, staff housing, challenges, implications, approaches, efficiency, influencing factors. Proceedings: ERES2015 pp. 1-14 Housing Markets & Economics 1. Introduction 2 1.1 Background on Academic Staff housing Housing challenges have remained one of the greatest threats to virtually every worker in Nigeria in-spite the continued increment in workers’ salaries. The challenges have taken such forms as accommodation non availability, inaccessibility, non affordability, insecurity and unfavorable/inconvenient housing proximity to workplaces. World Bank and the United Nations have demonstrated that the inability of people to enjoy housing or improve their productivity could be related to the nature of housing problems they face. Within the tertiary institutions of higher learning, the technological transformation in infrastructural and residential provision from bungalows to storey buildings became more evident to accommodate the growing population vertically especially in view of increasing scarcity of land. These transformations in housing technology are products of age-long researches at various levels of higher academic studies of which polytechnics and universities were exclusively involved. Today the nature of housing demand in these institutions have ranged between administrative, residential, financial, specialized, recreational, social and even