Submitted in accordance with the requirements for the Degree of PhD (Marketing) at the University of the Witwatersrand September 2016 / Purpose: The impact of the mandate type used and real estate agents’ ideological outlook on conflict of interests and compromising of principals’ interests together with their effect on the ultimate outcomes has largely been ignored in the South African real estate industry. The purpose of this study was to investigate the effects of dual mandate system and ideology on the outcomes to buyers and sellers of properties. This was achieved by investigating their influence on the conflict of interests and compromising the interests of the principals and how these in turn lead to suboptimal outcomes for the industry. Method: Stratified random sampling was used for information gathering. Data were collected using face-to-face filling in of the survey instrument and 204 participants agreed to take part in the study. Confirmatory factor analysis (CFA) was employed to assess the reliability and validity of the results. Findings: The results reveal that the dual mandate system and ideological persuasion of actors in the real estate industry does positively impact on conflict of interests and also compromises the interests of the principals. Conflict of interests and compromising principals interests have also been found to negatively affect the resultant outcomes for the principals. Practical implications: The dual mandate system should be reconsidered with the view of revising or changing it altogether. Also, practices of real estate agents should be closely monitored by relevant authorities to ensure that they do not disadvantage other consumers. Insights gained from this study provide the basis for future policy-making by government and for academic activity on training of new real estate agents. The findings of this study are expected to assist the Estate Agency Affairs Board (EAAB) as the custodians of licensing of real estate agents. Research limitations: The participants were all from Gauteng Province which might limit generalizability prospects to other provinces. Also, some respondents might have given biased responses by attempting to prove that they were not ignorant of how the industry operates. Key concepts: Dual mandate system, Ideological outlook, Conflict of interests, compromising of principals and Outcomes. / MT2017

Real estate is said to be the largest or second largest asset in a firm’s financial books – comparable to human resources, but is often been treated as a reactive and secondary utility. Real estate can be a significant factor of production and a strategic resource and due to its effect on an organisation’s profitability there is a growing need for a more critical site selection decision-making. Purpose – This is an exploratory study of the Sandton office market in order to ascertain which factors are most highly considered when making an office (site) selection decision. The purpose of this study is to assist in determining the direction further research into the South African corporate real estate market should take by gathering preliminary information about the preferences of Sandton corporate real estate occupiers. Design/methodology/approach – A questionnaire was developed and distributed electronically through the Survey Monkey website. Findings – The results show that the location factor, in terms of a specific site, is not as highly rated amongst the respondents, as one would expect. The respondents to the questionnaire indicate that the landlord and/or property manager is the most important consideration – whether it is their reputation or their relationship with tenants’ is yet to be determined. Security, a reliable power supply and competitive building levies are amongst some of the most important office attributes for the respondent companies. Originality/value – Sandton’s corporate real estate stock amounts to approximately 168 million square feet, which is comparable in size to Madrid’s total office stock, and greater than cities such as Brussels, Moscow and Milan. Moreover, more than 500 companies in South Africa own corporate real estate, including international companies (Jones Lang LaSalle, 2012) – a large proportion of which is situated in Sandton. These numbers make Sandton a significant player in the international corporate real estate arena.

Thesis (MTech. degree in Marketing)--Tshwane University of Technology, 2011. / Determines buyer's satisfaction with regards to the delivery of service by real estate agents in the Tshwane metropolitan area of the Gauteng province, South Africa.

Thesis (MBA)--Stellenbosch University, 2014. / This research assignment investigated the determinants of liquidity in the South African securitised real estate sector over the period 1992 to 2012. The main findings suggested that market capitalisation is the most important driver of liquidity and that in contrast to other studies, the levels of insider ownership and shareholder equity do not influence liquidity. Dividend yield and, to a lesser extent, share price level was also found to be positively related to liquidity, which was surprising given the findings in literature. Good managers can therefore enhance share performance and value by focusing on building market capitalisation and maintaining high dividend pay-outs.

Thesis submitted in the fulfilment of the requirements for the Degree of the Master of Management in Finance and Investment, 2015/2016 / South African inner-city , through a series of political cycles, social transformations and shifts in local government structures, have undergone significant physical change in a deteriorating direction. This change has largely manifested in the dilapidation of inner-city real estate stock, in that brownfield buildings, or buildings with former residential, commercial and industrial functions, have been re-appropriated for alternative (often illegal) uses that have potential consequences for that redevelopment and, through the sourcing of necessary capital, maybe restored and rehabilitees to better serve inner-city inhabitants and stake holds. / GR2018

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, 2016 / South 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

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management specialising in Entrepreneurship and New Venture Creation Johannesburg, 2016 / This study was aimed at investigating what the antecedents are for achieving financial success in post mergers and acquisitions, particularly in the field of commercial property in an emerging economy. This study sought to understand the reasoning and the value addition behind mergers and acquisitions activities in the real estate sector. This paper used empirical research to conduct the investigation of the hypothesised relationship between financial performance and three key independent variables, namely; corporate entrepreneurial culture, resource sharing and infrastructure support. An analysis by testing the hypotheses that predict the relationships of the variables was undertaken through various statistical models. Mergers and acquisitions often take place in entrepreneurially oriented organisations as a means of increasing competitiveness, productivity and growth, therefore this paper tests the financial performance post mergers and acquisitions transactions. It also tests the role of corporate entrepreneurship and corporate culture (corporate entrepreneurial culture) specifically on the impact that it has on financial performance. Understanding the financial performance relationship with other variables is significantly important because it is argued by some researchers that the benefits of mergers and acquisitions sturdily enhance revenue growth through market share, create economies of scale through cost efficient methodologies and often produce tax gains. This paper tests the validity of these theories. / MT2016

Thesis is submitted in partial fulfilment for the degree of M.Sc. Building (Property Development and Marketing) to the Faculty of Engineering and the Built Environment, School of Construction Economics and Management at the University of the Witwatersrand, Johannesburg, 2017 / Background The perception of inconsistent and uncertain valuations has been the subject of debate worldwide. However, it is a phenomenon that has gone largely ignored in South Africa. The effect of unreliable valuations cannot be overstated, as all lending and investment decisions are based on valuation estimates. Objectives This study seeks to investigate the level of valuation accuracy in South Africa by comparing mortgage valuation estimates done prior to finance of the properties against their actual realised transaction prices. Methods and Results Valuers from four financial institutions as well as from external valuation firms were randomly chosen to participate in a questionnaire and in addition 32,826 properties which were valued and sold between January to December 2016 were also analysed. The valuation estimates and actual transaction prices were collected in an Excel file. While data from the banks and valuers was collected and analysed using Qualtrics. Data was analysed using R software version 3.3.3 to come up with descriptive and inference statistics. The result of the analysis showed that the level of valuation accuracy for the properties in South Africa used in the study is high (2.03%), which shows a very high level of accuracy compared to the adopted benchmark of 10%. The accuracy level across the three provinces in our study namely Gauteng, KwaZulu-Natal and Western Cape is 2.23%, 1.93% and 1.58% respectively, indicating that valuation accuracy is higher in Western Cape than Gauteng and KwaZulu-Natal Conclusion The study revealed that valuation estimates were good proxies of the market value (actual realised sale prices). Based on the 10% acceptable margin of error benchmark adopted by this study it shows that valuers in South Africa are indeed accurate in as far as estimating residential cost values. Based on the 2.03% level of accuracy obtained in this study, we recommend that valuation stakeholders adopt 5% maximum margin of error between valuation estimates and actual realised prices. / XL2018

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.

No abstract available. / Thesis (MBA)-University of Natal, Durban, 2003.