Browsing by Author "Mooya, Manya Mainza"
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- ItemOpen AccessAffordable rental housing delivery in Kenya(2021) Olonde, Victor Otieno; Mooya, Manya Mainza; Rajaratnam, KanshukanRental housing sector remains a significant housing option and an essential component of a vibrant housing market and construction industry as a whole. However, rental housing markets in most developing countries have been characterized by market failure because of the inability to provide adequate rental units commensurate with the urban population's demand. One of the major reasons for the inefficiency is attributed to the little attention by the private developers/landlords towards the rental housing development, yet they are perceived to be the major players on the supply side. The main objective of this research is to critically examine the rental housing market in Kenya and determine why despite the high demand for affordable rental housing, there has not been adequate corresponding supply of good quality housing units, a phenomenon which denotes market failure. This research aims at exploring the institutional environment to find out what has hindered delivery of adequate affordable rental housing despite high demand. This study has been guided by critical realism philosophical perspective and combines the conceptualisation in the Institutional Analysis and Development (IAD) framework and the theoretical richness in the New Institutional Economics (NIE) to develop the conceptual framework for analysing market failure in the rental housing market. The study utilizes mixed methods research design where both qualitative and quantitative research approaches have been employed, comprising a combination of cross-section survey of lower-middle income tenants and interviews of existing landlords, developers, key informants from the relevant public and private sector stakeholders. The main findings of this study underscore the significance of institutional environment in influencing the outcomes of the housing market, and note that as currently constituted, the institutional framework is not practically well-matched to support delivery of affordable rental housing units and as such discourages developers from the rental sector. The frameworks ranging from policy, regulatory and financial systems coupled with inferior performance of rental sector compared to development for sale systematically, but inadvertently lead to market failure in the rental housing market. This study recommends formulation of a distinct Rental Housing Policy and consequently Rental Housing Act complete with implementation framework to deal with issues intrinsic to the rental sector. It has made various and diverse contributions to the existing body of knowledge which comprise theoretical, contextual, empirical and policy perspective.
- ItemOpen AccessCompensation assessment practices in expropriation of customary land rights in Malawi(2021) Kabanga, Lucky; Mooya, Manya MainzaProviding various public infrastructure requires a lot of land that is normally expropriated from private and/or customary owners as government may not have it, in return for compensation to cover the expropriatory losses occasioned. Commonly, such compensation is assessed based on market value. While private land is tradable, customary land is conceptually and statutorily not. Essentially, the study examines how expropriated customary land is valued for compensation purposes. It argues that existing compensation valuation practices for expropriation presupposes private property and functional property markets, thereby realising inadequate compensation for customary land. By doing so, the study analyses applicability of indemnity and taker's gain compensation theories and methodologies that are founded on private land, to customary properties and in different social settings, to achieve desired compensation goals. The study uses three case studies in Malawi to collect empirical data through face-to-face interviews and focus group discussions from sixty respondents that included key informants, expropriatees, government officials, government valuers, private valuers, local leaders, development partner and civil society organisations representatives. Qualitative data were analysed qualitatively through thematic analysis and simple descriptive analysis for quantitative data. The study finds that Malawian compensation law derives from indemnity compensation theory but that its applicability to customary land is challenged by various factors including inadequate and unsupportive laws, underdeveloped or non-existent land markets to support adopted market value-based methodologies, customary land prevalence, absence of assessment methodologies for non-tradable or rarely exchanged properties and noncompensation of various expropriatory losses. The study concludes that indemnity compensation is fundamentally applicable to customary land as it desires to protect land rights from arbitrary takings and prevent expropriatees from impoverishment, but that current compensation practices obtain inadequate compensation that impoverishes expropriatees. This calls for other non-market dependent compensation assessment methodologies such as Contingent Valuation Methodology. The study makes a contribution to knowledge regarding the compensation of customary land acquired compulsorily, in the areas of theory, empirical data and policy development.
- ItemOpen AccessTheory and practice of real estate valuation in developing countries: a case study of Kenya(2022) Cheloti, Irene Naliaka; Mooya, Manya MainzaValuation problems in practice, including valuation inaccuracies/variations, client influence and inappropriate use of heuristics, negatively impact the valuation profession globally. These problems persist despite efforts by professional bodies and researchers worldwide to improve the practice of valuation. The above valuation problems are more pronounced in developing countries compared to their counterparts in developed nations. The persistence of valuation problems in developing countries has mainly been attributed to the current strategies that address these problems in the context of valuer conduct, neglecting market-related issues and problems related to the normative basis of the standard valuation theory. These strategies are borrowed from developed countries, which are characterised by a lot of information, yet the imperfect nature of the property market in developing countries differs from that of developed nations. Like in other developing countries, valuation problems exist in Kenya and persist despite efforts to minimise them. The main objective of this study is to examine theory and practice of real estate valuation in Kenya, with a view to establish why valuation problems persist despite efforts to minimise them. The study utilised mixed methods research design incorporating both qualitative and quantitative research methods. This involved a survey and experiment of registered and practicing valuers in Kenya and interviews of key informants within universities that offer real estate degree courses, commercial banks, the ISK, the RICS, and the VRB. The main finding of this study is that valuation problems in developing countries mostly result from the imperfect nature of the property market in these nations, i.e., market-related problems followed by valuers' conduct which is the focal point of most empirical studies in valuation. The said valuation problems can be categorised as market-related problems, valuer conduct, and problems related to the normative basis of the standard valuation theory. While efforts to address valuation problems in the context of valuer conduct are essential, it is recommended that significant efforts, including valuation research, be directed towards addressing market-related issues; a core problem of the valuation profession in Kenya and probably other developing countries. In similar vein, it is recommended that further research be directed at exploring the application and implication of alternative theoretical frameworks. The study has made diverse contributions to the existing body of knowledge in theoretical, empirical, methodological, and policy development terms. More importantly, the study expands empirical literature on theory and practice of real estate valuation in developing countries.