Long-Lasting Legacy of Rent Controls: Perspectives on the Private Rental Market in Malta within the Context of a Dual Market

Up to a few years ago, the private rental market in Malta was a classic example of the dysfunction created by two diametrically opposed regimes – a rigidly-controlled one and a completely liberal one – co-existing side by side. Two recent reforms have sought to address this situation. The objective of this paper is to describe the state-of-play in the private rental market in Malta by providing a historical background to these recent developments. In addition to the distortions in the housing market that rent controls introduce, controls also contributed to the deterioration of the statistical infrastructure to collect data on this sector. From this perspective, the introduction of the 2020 rent reform for the post-1995 sector, in addition to providing a set of minimum standards to professionalize the market, also facilitated data collection efforts through the introduction of a rent register. This information provided an alternative source of information to complement the other data sources, which tend to be outdated, inadequate, or focus solely on specific segments of the market, thus allowing for a more detailed and complete view of the private rental market in Malta.

Assessing Perception and Practice of Corporate Social Responsibility (CSR) by Energy Sector Firms in Ghana

Corporate social responsibility (CSR) activities in Ghana are spearheaded by large-scale multi-national companies and have gained momentum in recent years possibly due to the discovery of oil. The goal of this study is to learn more about how energy companies in Ghana view and practise CSR. A mixture of quantitative and qualitative methods was adopted for this study. Structured questionnaires and interview guides were used to collect data from selected energy companies and inhabitants. Descriptive statistics, t-tests and content analysis were the analytical tools adopted. The findings suggest that CSR was seen as a voluntary activity in the Ghanaian energy supply industry, with enterprises being obliged to work within societal norms rather than regulatory standards in the country. In the lens of the level of CSR practiced by the energy supply company, the findings indicate that the companies do practice CSR but based on their own planned policy objectives with most of the interventions geared towards social interventions like education, provision of potable water for communities, scholarship schemes, and road development. Policymakers will make use of the findings of the research to inform their knowledge in designing policies related to CSR. The outcome will also guide corporate firms in the energy sector to make decisions to either consider stakeholders as vital movers of development in the communities they operate, or they are being a hindrance to their CSR mandate. This study is unique as it extends knowledge on CSR in the energy sector of Ghana.

Barriers to Institutional Investment in Rental Housing: A Systematic Review of Market Risks

Housing practitioners and policy experts are advocating for an expansion in rental housing supply in contemporary cities around the world. The objective is to convince institutional investors to include rental housing investment in their investment portfolio to contribute to boosting housing supply. Unfortunately, the rental sector is characterized by numerous uncertainties and challenges, making it unattractive to institutional investors. With the growing attention to institutional investors in various housing market contexts, an understanding of the market risks (also known as barriers), is useful to inform future research and policymaking. Using a systematic literature review methodology, this paper synthesizes the extant literature on the market risks inhibiting institutional investment in rental housing. Findings reveal the following barriers: low profitability, non-progressive rent control policies, unclear target group for rented projects, poor landlord-tenant relations, inadequate property management and unreliable property market information. Among all the barriers identified, low profitability and inadequate property management had great influence on their investment decision. Firstly, institutional investors perceive rental housing investment as less profitable and unattractive in terms of project performance. Secondly, the lack of supporting structures for the property management sector contributes to derailing rental yields. The review also finds that the target group for rental projects are often vague especially for projects under government assistance. The rental sectors in many countries are confronted with numerous problems, some of which greatly inhibit institutional investors from investing in the rental asset. This paper concludes that, although the idea of expanding rental housing supply seems laudable, ignoring these problems may be detrimental to housing markets in the long run. Rental markets in many countries are volatile, and thus not ready to receive institutional investors fully into the sector. An expanded rental sector could be advanced if policy makers take the appropriate steps to resolve the identified challenges. Adequate structural preparations must also be made for large scale rental housing supply.

Approach to Prioritizing the Commercial Real Estate Development Risk

After 30 years of war in Sri Lanka, the demand for real estate has increased tremendously across the nation. Similarly, numerous real estate sub-sectors have avidly participated in the worldwide boom. However, with failures and poor functioning of many investment projects, the industry's risk management reputation has been put in jeopardy, followed by the coronavirus (COVID-19). Though it is less popular among Sri Lankan property developers, risk management strategies in development projects have become a pressing requirement. This paper's goal is to look at commercial property development risk elements from the perspective of a real estate developer in relation to Social, Economic, Environmental, Technological, Political, and Pandemic Risks. The research first evaluates risk variables using a super decision software model based on the Analytic Hierarchy Process (AHP), then prioritizes the most important risk factors, and lastly examines effective risk management measures for successful real estate developments. The data collection has been carried out using interviews through telephone conversations with the help of a structured questionnaire. Accordingly, 35 risk factors have been assessed altogether. For the three projects, the synthesized values were 1.0000, 0.510763, and 0.604037, respectively. Based on the analysis of superMatrix calculation, project A is regarded as the best alternative project in such circumstances. Pandemic Risk, Economic Risk, and Political Risk have all had a significant impact on the primary risk criteria. Therefore, COVID-19 Pandemic Risk Emergence, Workforce Availability, Duration, Delays in Council Approval/License Approval Process and Natural Disaster Impact were identified as the highest influenced sub-risk factors. Identifying the risk factors on this avenue will also help in making better investment decisions while increasing the unpredictable nature of the real estate field and future satisfaction of loan team investment goals within the country.

Investigation of Facilities Management Implementation Process for Malaysian State Mosque

The mosque has been a focal point of Islam since its inception, serving as a place of worship, a centre of education, economic pursuits, communal services, and spirituality. However, due to a variety of causes, the scope of mosque functions has been constrained as the world has developed rapidly. In summary, congregational capacity and facilities relating to hygiene, safety, and space utilisation are among the problems being closely examined in Malaysia. Based on the problems, the subject of mosque management's competencies that need to be improved in order to become more professional arises. Reviews of literature suggested that facilities management (FM) approach has the potential to be incorporated in the management of mosque. The purpose of this study is to examine the implementation of FM process in mosque in supporting the achievement of mosque’s functions. A quantitative approach was adopted in this study. The implementation of FM process from 12 state mosques in Peninsular Malaysia were investigated using questionnaire survey which distributed among the mosque management that manage mosque facilities. Descriptive statistics were used to analyse the questionnaire survey data with Statistical Package for the Social Sciences (SPSS) software. Results from the questionnaire survey revealed that, 50 per cent of the mosque has implemented most of the FM process model elements whereas other mosque still need further improvement to ensure the standards of FM process model is achieved. The results indicated that there is potential for improvement in mosque that possesses low position in implementing elements of FM process model that includes FM formulation strategy, requirement analysis of services, FM solutions development, FM solutions implementation and monitoring service provision. The finding could assist the top management level of the mosque in strategising the implementation action plan of mosque facilities management.

Relationship between Challenges Militating against Mortgage Finance and Benefits of Mortgage Acquisition in Ghana: Case of SSNIT

Past studies on the mortgage market of Ghana evidenced that absence of long-term sources of housing funds, low-income levels, macroeconomic instability, inability to assess the creditworthiness of prospective mortgagors among others plague the development of Ghana’s mortgage market. Therefore, this study was conducted to evaluate the relationship between challenges militating against mortgage finance and benefits of mortgage acquisition in Ghana. Questionnaires were used to elicit responses from respondents. Convenience sampling technique was used to select one hundred (100) respondents comprising staff at SSNIT Head Office in Accra, SSNIT contributors, beneficiaries of SSNIT funds, mortgage applicants, owners and occupants of SSNIT flats. Mean score ranking, Cronbach’s Alpha coefficient, one sample t-test and Partial Least Square Structural Equation Modeling (PLS-SEM) were the analytical tools adopted. Dollarization of mortgage markets, access to funding for the scheme, macroeconomic instability and inability to assess creditworthiness of mortgage applicant were the most significant challenges. The most significant benefits were: (1) increase in the rate of house construction; (2) ability to provide a relatively low-interest credit; (3) capacity to mitigate housing deficits; and (4) capability to provide a relatively long-term credit for housing. Structural Equation Model was developed to evaluate the relationship between the challenges and benefits. The study is beneficial to stakeholders such as policymakers, financial institutions, Ghana Real Estate Developers Association (GREDA) and SSNIT contributors. This work is a pioneering study in Ghana on the relationship between challenges SSNIT encounters in mortgage financing and benefits of acquiring mortgage facilities with the assistance of SSNIT.

Mathematical Method to Assess the Yin-Yang Balance of Commercial Complexes’ Entrances

Shopping malls are important landmarks of modern and sustainable cities as they are substantial business and investment by themselves, and as they also facilitate the social activities of communities. Entrances to shopping malls provide a first impression to customers, thus affecting the business performance of the malls. This paper presents a method to assess the entrances of modern shopping malls by applying traditionally qualitative Feng shui practices quantitatively with an innovative mathematical model. The assessment is based on the manipulation of the yin-and-yang concept applied to the layout of Ming tang (bright court) as the focus of consideration. By applying this novel approach to three shopping malls in Guangzhou, China as a pilot study to match their commercial performance, our hypothesis appears workable. The ideology of balancing yin and yang may be practically meaningful to urban planning and the successful measurement of such balance could shed light on future studies.

Impact of COVID-19 on Housing Market: A Review of Emerging Literature

The housing market over the years has been impacted by various factors in different ways. This review paper examines the growing literature on the impact of COVID-19 on the housing market to ascertain its positive and negative effects. Thus, a total of 40 published conference papers, thesis, academic journal articles, and others obtained from secondary sources were reviewed and revealed that the novel coronavirus (COVID-19) in some scenarios had positive and negative impacts on the housing market. The paper found that the positive impacts include a rise in housing prices, increase in housing supply and reduction in mass evictions in some locations, while the negative impacts are on housing prices, demand and supply, constraints in mortgage return maintenance and delay in the construction of new housing apartments. The paper, therefore, concludes that both positive and negative impacts of the COVID-19 pandemic are felt on the housing market globally. These thereby form a basis for further studies on the growing impacts of the pandemic concerning the housing market.

Supply Chain Management in Real Estate Practices: The Estate Surveyor and Valuers’ Perspective

Real estate practice is a strategic and multi-faceted vocation that connects the clients/owners of real estate projects or products with end users in the building industry. Different aspects of real estate practices require collaboration of real estate practitioners who are professional estate surveyors and valuers, with the built environment professionals and other stakeholders at different levels in order to achieve the transaction objectives. This study, therefore, examined the practice with a view to uncovering the preparedness of the estate surveyors and valuers with respect to the knowledge and application of supply chain management in real estate practices. Empirical data were collected with the aide of questionnaires administered to respondents from the 373 estate firms in Lagos State, Nigeria of which 291 were duly completed and returned constituting 78% rate of response. The Readiness Assessment Model was adapted to determine the operational preparedness of the estate surveying and valuation firms to implement supply chain management with regards to management readiness, employee readiness, services/processes readiness and logistic/ICT readiness on a 5-point Likert scale and the corresponding mean score and relative importance was determined. The Kolmogorov Smirnov Test of Normality was performed and showed that the data was normally distributed. Hence, the Pearson Product Moment Correlation analysis was used to determine the relationship between knowledge and application of supply chain management in real estate businesses. It was observed, among others, that the knowledge of supply chain management is generally low among estate valuers and does not necessarily translate to application in the property market transactions of real estate firms. The study further observed that management and employees of estate surveying and valuation firms do not have adequate knowledge of the principles and practices of supply chain management for productive engagement in property market transactions. This was further identified alongside others such as confidentiality, stiff rivalry and economic instability as critical factors resisting the adoption of supply chain management in the property market. The study therefore suggested capacity building programmes on supply chain management for the estate surveyors and valuers to improve the knowledge of the strategy and harness the benefits.

Factors Affecting the Effectiveness of Flood Resilience Plan for Urban Sustainability of Ratnapura Municipal Council Area

Natural disasters adversely affect urban built-up areas all over the world. Flood is the most destructive natural disaster that affects Ratnapura, the provincial capital of the Sabaragamuwa Province in Sri Lanka. This monsoonal flooding is a prolonged problem that arises mainly due to the overspill of River Kalu and other water bodies connected to the river during heavy rainy seasons. It causes short-term and long-term damages to human lives, properties, the economy, and the environment. Floods cause severe damages to private residential buildings. Hence, the availability of a flood resilience plan is a significant feature of the good governance of the Local Authorities. There are many factors to consider when preparing a flood resilience plan. This study aims to assess the factors affecting the effectiveness of the existing flood resilience plan in the Ratnapura Municipal Council Area. The main data instrument used is a questionnaire survey from residents in the flood-prone area. It assessed the effectiveness of actions taken by the government pre-disaster, during a disaster, and post-disaster. Various factors affecting the flood resilience plan were identified and categorized: community resilience, economic resilience, ecological resilience, emergency readiness and responsiveness, infrastructure resilience, and social and cultural resilience. Findings revealed that the respondents were more satisfied with emergency readiness and responsiveness out of the five main categories. In addition, respondents address the effectiveness of the existing flood resilience plan and its affected factors like community resilience, economic resilience, emergency readiness and responsiveness, infrastructure resilience and social, and cultural resilience. Findings will be helpful for town planners and the Municipal Council of Ratnapura to identify flood resilience strategies through community perspectives to mitigate the flood hazard and propose innovative strategies to achieve urban sustainability and build resilient communities.