3. Electronic Theses and Dissertations (ETDs) - All submissions
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Item The location and the nature of Airbnb listings in Johannesburg and their impact on property prices and the availability of long term rental stock(2019) Niselow, TehillahThe popularity of the digital or the ‘shared economy’ has become almost ubiquitous amongst the middle and upper classes in developing and developed countries. Many people wonder how they managed before ride hailing applications such as Uber and short-term accommodation rental applications such as Airbnb. These technologies have changed the face of commuting and travelling within cities as well as travel for business people and holiday makers. Despite the relative novelty of these technologies, there have been concerns raised about their impact on labour rights and housing prices in some countries. Regulators in several of the world’s tourism hotspots such as London, New York and Amsterdam have stepped in to create controls around Airbnb to mitigate concerns about rising property prices affecting locals. In South Africa, there has been anecdotal reportage in the media about the link between the popularity of Airbnb and rising property prices in Cape Town. While Cape Town has received more attention, the number of Airbnb listings in Johannesburg is growing, though still relatively small compared to other metropolitan cities in the world. No large-scale study has been undertaken into the phenomenon in both cities by government authorities or academic scholars. This research report looks at the nature and location of Airbnb listings in Johannesburg as well as data on rental and property prices in Johannesburg and nationwide over the last five years. In the report, I also make use of interviews with real-estate agents and city planning authorities to consider whether Airbnb has impacted housing prices or spatial patterns. This report concludes that most Airbnb listings are located within areas in Johannesburg that are already well connected to economic opportunities and infrastructure. In addition, the research shows that Johannesburg, a city in a state of flux and ever evolving, is not like cities within developed countries with relatively stable economies. Due to difficult economic conditions in recent years and weaker property prices as well as rental incomes, it is not possible to find a correlation between the rise of Airbnb and property prices.Item Determining the most resilient real estate market segment in the residential sector throughout the economic cycle waves, for the innercity of Johannesburg(2017) Kgano, Desmond NeoThe 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.Item A study of corporate real estate as an instrument for corporate branding(2016-07-13) Bell, AndrewPurpose: 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.