A study on commercial property pricing in Uganda

Simple item page
dc.contributor.advisorViruly, Francois
dc.contributor.advisorMichell, Kathleen
dc.contributor.authorMirembe, Rachael Daisy
dc.date.accessioned2023-03-30T13:17:00Z
dc.date.available2023-03-30T13:17:00Z
dc.date.issued2022
dc.date.updated2023-03-30T09:47:49Z
dc.description.abstractProperty developers and investors seek to understand the drivers of prices for office and retail space. Through literature, we learn that size and age, locational attributes, physical features of the properties, and economic variables are significant determinants of commercial property prices. However, previous work has narrowly focused on aspects akin to formal structures and ignored the role of institutions, especially conventions and social norms incredibly, and what influences the behaviour of the property developers and investors while making the pricing decision. Therefore, the goal of this study was to understand how prices for commercial properties are determined in Uganda. The objectives of the study were to understand the role of conventions and social norms found in the property market environment on price determination and to explore the behaviour tendencies/heuristics exhibited by the players during the pricing decision-making process. The study was qualitative in nature. The researcher interviewed property owners, developers, institutional investors, and key informants to understand the conventions and social norms that exist in the property market and how they ultimately influence the pricing decision of commercial buildings. This study reveals that conventions exist in the Ugandan property markets. The conventions signal a price to the players in the property environment. However, due to information asymmetry and irrationality, each player interprets the price signals differently, using heuristics to develop the final price. This study helps researchers understand the role of individual behaviour/heuristics in advancing our understanding of institutions and the effects of the two on commercial property pricing, the economy at large and its consequences on economic policy.
dc.identifier.apacitationMirembe, R. D. (2022). <i>A study on commercial property pricing in Uganda</i>. (). ,Faculty of Engineering and the Built Environment ,Department of Construction Economics and Management. Retrieved from http://hdl.handle.net/11427/37577en_ZA
dc.identifier.chicagocitationMirembe, Rachael Daisy. <i>"A study on commercial property pricing in Uganda."</i> ., ,Faculty of Engineering and the Built Environment ,Department of Construction Economics and Management, 2022. http://hdl.handle.net/11427/37577en_ZA
dc.identifier.citationMirembe, R.D. 2022. A study on commercial property pricing in Uganda. . ,Faculty of Engineering and the Built Environment ,Department of Construction Economics and Management. http://hdl.handle.net/11427/37577en_ZA
dc.identifier.ris TY - Doctoral Thesis AU - Mirembe, Rachael Daisy AB - Property developers and investors seek to understand the drivers of prices for office and retail space. Through literature, we learn that size and age, locational attributes, physical features of the properties, and economic variables are significant determinants of commercial property prices. However, previous work has narrowly focused on aspects akin to formal structures and ignored the role of institutions, especially conventions and social norms incredibly, and what influences the behaviour of the property developers and investors while making the pricing decision. Therefore, the goal of this study was to understand how prices for commercial properties are determined in Uganda. The objectives of the study were to understand the role of conventions and social norms found in the property market environment on price determination and to explore the behaviour tendencies/heuristics exhibited by the players during the pricing decision-making process. The study was qualitative in nature. The researcher interviewed property owners, developers, institutional investors, and key informants to understand the conventions and social norms that exist in the property market and how they ultimately influence the pricing decision of commercial buildings. This study reveals that conventions exist in the Ugandan property markets. The conventions signal a price to the players in the property environment. However, due to information asymmetry and irrationality, each player interprets the price signals differently, using heuristics to develop the final price. This study helps researchers understand the role of individual behaviour/heuristics in advancing our understanding of institutions and the effects of the two on commercial property pricing, the economy at large and its consequences on economic policy. DA - 2022_ DB - OpenUCT DP - University of Cape Town KW - Commercial property KW - price determination KW - office space KW - retail space KW - conventions KW - social norms KW - New Institutional Economics KW - and Heuristics LK - https://open.uct.ac.za PY - 2022 T1 - A study on commercial property pricing in Uganda TI - A study on commercial property pricing in Uganda UR - http://hdl.handle.net/11427/37577 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/37577
dc.identifier.vancouvercitationMirembe RD. A study on commercial property pricing in Uganda. []. ,Faculty of Engineering and the Built Environment ,Department of Construction Economics and Management, 2022 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/37577en_ZA
dc.language.rfc3066eng
dc.publisher.departmentDepartment of Construction Economics and Management
dc.publisher.facultyFaculty of Engineering and the Built Environment
dc.subjectCommercial property
dc.subjectprice determination
dc.subjectoffice space
dc.subjectretail space
dc.subjectconventions
dc.subjectsocial norms
dc.subjectNew Institutional Economics
dc.subjectand Heuristics
dc.titleA study on commercial property pricing in Uganda
dc.typeDoctoral Thesis
dc.type.qualificationlevelDoctoral
dc.type.qualificationlevelPhD
Files
Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
thesis_ebe_2022_mirembe rachael daisy.pdf
Size:
2.71 MB
Format:
Adobe Portable Document Format
Description:
Download
License bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
license.txt
Size:
0 B
Format:
Item-specific license agreed upon to submission
Description:
Download
Collections
PhD / Doctoral