Daniel Dabara

Oxford Brookes University, Faculty of Technology, Design and the Environment - School of the Built Environment, Faculty Member

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Dr Daniel Ibrahim Dabara is a Senior Lecturer in Real Estate at the Oxford Brookes University, Faculty of Technology, Design and Environment. He is also a Chartered Estate Surveyor and Valuer. Daniel graduated from the Obafemi Awolowo University Ile-Ife, Nigeria, where he had his MSc and PhD degrees in Estate Management. His first degree was in Estate Management, obtained from the Abubakar Tafawa Balewa University Bauchi, Nigeria. He has about 17 years of teaching experience and has demonstrated leadership quality as Chairman of several academic committees and a Head of Department in his former institution. He is an erudite scholar with over 70 publications in reputable peer-reviewed/refereed journals and conference proceedings. With the aid of some research grants, he presented his research work in academic conferences in about 20 different countries in Europe, Asia and Africa. His research work focuses on real estate economics/finance and real estate portfolio management as well. He is an Editorial Board member of the Journal of African Real Estate Research (JARER), American Association of Science and Technology Journal (AASCIT) the USA; and the Research JournaliTM Journal of Finance, India. He loves playing scrabble and badminton, and he is happily married with two lovely kids.
Supervisors: Prof. Olusegun Adebayo Ogunba

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Papers by Daniel Dabara

Government Policies and Household Mobility Behaviour in Nigeria: The Case of Osun State Property Development Corporation (Ospdc)

Purpose-This paper examines government housing policies and how it affects household mobility beh... more Purpose-This paper examines government housing policies and how it affects household mobility behaviour in Osun State Nigeria. Design/methodology/approach-Primary data used in the study was obtained through oral interview of randomly selected officials of the OSPDC and purposively selected households' situated in OSPDC estates in the six geo-political zones of the state. Similarly, secondary data was collected from the official records of the corporation. Simple descriptive statistical tools such as frequency distribution, mean and percentages were employed to analyze the data collected. Findings-The study revealed that the major determinants of household mobility behaviour in the state are accessibility and affordability of housing units, other factors include: household type, size class of households, type of dwelling/housing units, number of exclusive sleeping rooms and tenure status. Also, the study revealed that in Nigeria, particularly Osun state, the government through the agency of the OSPDC encourages household mobility through the provision of accessible and affordable housing to particularly the low and middle-income classes. However, much is still left to be desired as only few of the citizenry have access to these "affordable" housing units. Practical implications-Housing is a basic necessity for all households. The recommendations proposed in this study will help the government in formulating better housing policies, which will encourage household mobility for especially the low-income class in the state. To enhance this, adequate funding of the state housing corporations and encouragement of Public Private Sector Participation can greatly improve accessibility and affordability for household mobility. Originality/value-This research work is unique as it looks into the mobility behavior of households in Osun State Nigeria. In Nigerian context, this is rather an unexplored aspect in the housing literature, hence this study. With the right policies in place, households (especially the low income class) could be motivated to move to better housing units.

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Towards closing the housing gap in the UK: exploration of the influencing factors and the way forward

Construction Innovation

PurposeHousing provides constructed space for human activities. Literature indicates that housing... more PurposeHousing provides constructed space for human activities. Literature indicates that housing impacts wealth, education attainment and health outcomes, among others. Because of its contributions to society, it is essential to develop and implement strategies that address the housing shortage experienced in most cities across the globe. This study aims to unpack the factors affecting housing production in the UK and chart the way forward.Design/methodology/approachIn addressing this study's aim, an interprivitst approach was adopted and semi-structured interviews were conducted with 18 experienced professionals. Data were collected across the four nations of the UK (England, Wales, Scotland and Northern Ireland).FindingsThe results indicated that the opportunistic behaviour of stakeholders is one of the main factors affecting housing production in the study area. Also, modern construction methods, collaborative practices, government intervention and affordable housing schemes...

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REITS in Emerging Property Markets: Evidence from Nigeria

Social Science Research Network, Aug 24, 2020

Customary Land Tenure Rules in Transition: Implication to Women Rights in Matrilineal Societies in Tanzania

Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 2019

Analysis of Cost Input of Roof Construction in Development of Residential Properties in Ede, Nigeria

Social Science Research Network, Dec 3, 2018

The aim of this study is to determine the cost input of construction in the development of reside... more The aim of this study is to determine the cost input of construction in the development of residential properties in Ede Nigeria with a view to providing information for investment decisions. The study was carried out by means of questionnaire survey and personal interview. The study population was made up of all the building material sellers in Ede, building contractors, as well as all the building artisans in Ede. These include the following: Sellers of roofing sheet, nails and asbestos etc; members of Plank sellers Association, members of Association of Carpenters; members of Bricklaying Association; Landlords; members of Plumbers Association; members of Cement Sellers Association; members of Sand Seller Association and Building contractors in Ede Nigeria. A total of nine hundred and thirty (930) questionnaires were administered on the respective respondents by means of random sampling technique. However, only seven hundred and ninety three (793) questionnaires were retrieved representing 85.3% response rate. Both descriptive and inferential statistical tools were used in analysis of the data obtained. The study found that in the construction of an average 3 bedroom bungalow with dimension 34ft by 44ft in the study area, the cost input of roof component is about 22.9% of the entire construction cost of the building. The findings of this study will guide stakeholders in the building industry in making informed investment decisions. Keywords: Building, construction, cost, roof, residential.

Evolution of REITs in the Nigerian real estate market

Journal of Property Investment & Finance, 2021

PurposeThis study aims to examine the performance of real estate investment trusts (REITs) in eme... more PurposeThis study aims to examine the performance of real estate investment trusts (REITs) in emerging property markets. The paper used the Nigerian REIT (N-REIT) as a case study of an African REIT market, to provide information for investment decisions.Design/methodology/approachSeven years quarterly returns data (from 2013 to 2019) were obtained and used to analyse the holding period returns, return–risk ratio, coefficient of variation and Sharpe ratios of N-REIT, All Share Index of stocks (ASI) and the Federal Government Bonds (FGB) in Nigeria.FindingsThe study reveals that N-REIT outperformed stocks but underperformed bonds. Concerning risk, stocks provided the highest level of risk (7.69), followed by bonds (2.78), while N-REIT provided the lowest risk (2.7). The Sharpe ratios showed that N-REIT is the second-best performing asset, while bond is the first and stocks the last on the risk-adjusted basis.Practical implicationsN-REIT is the second-largest REIT market in Africa with...

REITs as an investment for German insurance companies

The subject of discussion is a largely practical one. Based on the asset allocation requirements ... more The subject of discussion is a largely practical one. Based on the asset allocation requirements of German insurers the question is raised why the share of REITs in their portfolios is limited to less than one percent of their real estate investment volume. Five key areas are being analysed and conclusions derived for potential steps ahead. Background: Real estate investments have a long tradition in the German insurance industry. Their attractiveness lies in the reliably stable payment flows they generate and in the security that they offer against inflation and extreme risks such as currency reforms. Over recent years, insurance companies have been increasing their real estate activities. REITs offer an efficient and diversified investment way to enter the market, and they have advantages especially for long-term investors. But despite this, they play almost no role whatsoever in the real estate investment activities of German insurers, accounting for less than one percent of their investments in the segment. Analyses: We have analysed REIT investments in the context of five requirements that are critical in German insurance companies’ real estate allocation decisions. These requirements comprise 1/ Transparency of value drivers, 2/ Quality of the portfolio, 3/ Long-term value and cash-flow stability, 4/ Management alignment and corporate governance, and 5/ Tax and regulatory efficiency. The requirements are described in some detail and the suitability of REITs to match them is evaluated on the basis of existing academic research as well as industry information. Results: We find that REITs may indeed provide an attractive investment option for German insurance companies. However, to grow their share in insurers’ portfolios, some further steps will be necessary. First, REITs interested in expanding their investor base both need to adhere to above mentioned requirements and also to make it highly transparent to their investors that they do. Second, insurers need to find ways to consistently apply an NAV-based approach to the valuation and accounting of REITs, or to identify ways to consummate the higher level of volatility compared to direct real estate. Third, the existing regulatory framework hinders German insurance companies from investing more heavily in REITs, though some more than others. Major issues result from solvency and insurance regulation. It will take the combined effort of all industry participants to overcome these.

Housing construction materials and house rent trends in Ede, Nigeria

Pacific Rim Property Research Journal, 2022

The study examines the relationship between housing construction material prices and house rents ... more The study examines the relationship between housing construction material prices and house rents in Ede town, Nigeria, from 2002 to 2020 to guide investment decisions. The research was conducted using a questionnaire survey. The study’s population consists of landlords, estate surveyors and valuers, real estate agents, and building material suppliers/sellers in the study area. Data obtained was analysed employing descriptive and inferential statistical tools. The results showed that house rents and building material prices maintained an upward trend within the study period. Changes in house rents correlated with some percentage changes in the prices of selected building materials (cement, roofing sheet, reinforcement bar, sand and tiles). However, all the correlations are not statistically significant at 0.05 level. The regression model’s coefficient of determination R-squared revealed that building material costs explained about 43.6% of the variation in house rents. This result implies that factors other than building material costs may influence the changes in the house rents. The study’s finding will be valuable to stakeholders making real estate investment decisions in the study area and similar developing economies in general.

Sustainable Land and Food Security in Female-Led Agrarian Households of Tula, Nigeria

The Future of the African Real Estate Sector: What Next? The 20th Annual AfRES Conference, 2021

Purpose-This study examined the nexus between land tenure security (LTS) and food security (FS) i... more Purpose-This study examined the nexus between land tenure security (LTS) and food security (FS) in female-led households of Tula agrarian settlements. Design/Methodology-The study used a qualitative research design, which was based on the constructivist paradigm. The researchers conducted in-depth interviews with female household heads cutting across the three 'yaati' (villages) of Tula Baule. Analysis of data collected from the interviews was done employing transcriptions, creation of semantic networks and employing thematic content analysis. Findings-The study revealed that all but few respondents believed that they had LTS based on "Feloh's" (ancestral gods) supremacy without recourse to documentary evidence of ownership. Similarly, all but few participants do not have access to three square meal per day throughout the study period. The study also found a strong relationship between LTS and FS in the study area. Practical Implication-It provides an empirical base to equip policymakers with valuable information for making policies relating to female's access to land and food in agrarian settlements. Originality/Value-This study is one of the first to empirically analyse in an eclectic context land and food security in female-led agrarian households of Tula, Nigeria.

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Residential Housing Rental Values and Infrastructural Development in Osogbo, Nigeria

PSN: Housing (Topic), 2016

Housing goes beyond mere shelter to include the facilities and other things in the environment th... more Housing goes beyond mere shelter to include the facilities and other things in the environment that makes living comfortable for man, hence Olujimi opine that for housing to produce these impacts, it must be adequately provided with functional infrastructure. The concern of most Nigerian cities today, is the fluctuating housing rental and the complete neglect of basic infrastructure by government and its agencies that are expected to provide these infrastructures and maintain the few available ones. This study therefore examined the available infrastructural facilities in residential properties in Osogbo with the aim of evaluating their impact on the rental values of residential properties in the study area. Questionnaire survey was adopted for the study in order to obtain information from the respondents. Osogbo Metropolis was divided into four residential zones. A total of 450 questionnaires were administered on the respondents using systematic random sampling techniques, however ...

Low Income Residential Housing Delivery in Osogbo, Osun State, Nigeria

Development Economics: Microeconomic Issues in Developing Economies eJournal, 2016

As important as housing is to man, ranking second after food, its adequacy and availability for t... more As important as housing is to man, ranking second after food, its adequacy and availability for the low income group in developing nations of the world is fast becoming a mirage than reality. Housing which is considered a social good in some nation has an implication on man’s psychological and social wellbeing as well as an asset of pride and power. The Nigeria Housing problem goes beyond quantitative to qualitative hence; both the public and private sectors have adopted strategies for combating the challenges of housing inadequacies among the low income groups in our urban cities. It is in view of this, that this paper examines the challenges of low income residential housing delivery in Osogbo Metropolis, Osun State, Nigeria with a view to developing a structure that will help in alleviating low income housing problem in the state. Osogbo Metropolis was divided into four residential zones. The paper adopts survey research design to determine the challenges confronting low income g...

Trends in the Rental Values of Residential Properties Proximate to Tertiary Institutions: The Case of Federal Polytechnic Ede, Nigeria

European Journal of Business and Management, 2018

The aim of this study is to assess the trend of residential properties proximate to Federal Polyt... more The aim of this study is to assess the trend of residential properties proximate to Federal Polytechnic Ede, Nigeria with a view to providing information for real estate investment decisions. The study was carried out by means of questionnaire survey. The population for the study consisted of Estate Surveyors and Valuers, Landlords, and the staff of the Management Information System (MIS) Unit of the Federal Polytechnic Ede. The areas covered for this study includes Agbale, Rombay, Ogberin and main gate areas which are neighborhoods proximate to the institution. Both descriptive statistical tools such as percentages, weighted mean scores and averages as well as inferential statistical tools such as correlation and regressions models were used in analysis of the data obtained. The study found that there was a steady and consistent increase in students’ enrolment from 2007 to 2016. Similarly there was a significant increase in the rental values of residential properties in the neighbo...

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Housing Condition and Residential Property Rental Values in Ede Nigeria

Urban Economics & Regional Studies eJournal, 2016

Housing as one of the most important basic needs of human beings has become a universal problem; ... more Housing as one of the most important basic needs of human beings has become a universal problem; this situation is more pronounced in developing nations like Nigeria. As cities and towns continue to grow in population and expand in physical terms, the conditions of housing in urban areas have continued to evoke considerable concern. Hence the aim of this study is to examine housing condition and residential property rental values in selected areas of Ede Metropolis with a view to developing a framework that will showcase trend of residential property rental values in Ede. Questionnaire survey was carried out for the study in order to elicit for information from the respondents (Estate Surveyors and Valuers, Landlords and Household heads of rented apartments). Ede Metropolis was divided into four residential zones. A total of 300 questionnaires were administered on the respondents using systematic random sampling techniques, however only 204 questionnaire were correctly filled and re...

Urbanization Dynamics and Land Use Pattern in Birnin Kebbi, Nigeria

AARN: Politics & Land Use (Sub-Topic), 2015

The purpose of this research work is to critically examine the effects of urbanization dynamics o... more The purpose of this research work is to critically examine the effects of urbanization dynamics on land use pattern in Birnin Kebbi, Nigeria. In the study, a survey was carried out using questionnaire and oral interview. One set of structured questionnaire was designed and administered for the collection of primary data used for the study. 340 questionnaires were administered on the household heads in the urban fringes in Birnin Kebbi and subsequently used for analysis. Likert scale, urban growth rate formula and lands at imagery were used to analyze the primary data collected for the determination of the causes of urbanization and its effects on urban fringe land use pattern in the study area. Investigation indicated that the study area experienced urban expansion and this has affected the urban fringes. The effects are among others, the reduction in urban farm activities, increase in the cost of infrastructural development and transportation cost. The study provided vital informat...

The Market Structure of Real Estate Investment Trusts in Nigeria

ERN: Market Structure (Topic), 2018

This study aimed at determining the market structure of Real Estate Investment Trusts in Nigeria ... more This study aimed at determining the market structure of Real Estate Investment Trusts in Nigeria (N-REITs) with a view to providing information for investment decisions. The population relevant for this study consisted of all the N-REITs companies in Nigeria namely Skye Shelter Fund, Union Homes REITs and UPDC REITs. A total enumeration survey of all the three companies was carried out. Relevant data from 2008 to 2016 on the market share and concentration ratio in the N-REITs industry which were subsequently translated to the Herfindahl Hischman Index (HHI) were obtained from the respective companies. The data were analyzed by means of descriptive statistical tools. Findings from the study revealed an HHI that ranged between 4181 and 10000. This showed a high concentration in the N-REITs industry indicating an oligopolistic market structure. This study implies that there is need for the Nigerian Security Exchange Commission (SEC) to take measures that can encourage more establishmen...

Building Collapse in Nigeria: Issues and Challenges

Urban Economics & Regional Studies eJournal, 2016

The spates of building collapse in Nigeria in the past twenty years have assumed a very worrisome... more The spates of building collapse in Nigeria in the past twenty years have assumed a very worrisome dimension as many lives are lost and huge investments wasted. This paper is set to examine the causes and effects of building collapse on the nation’s economy with a view to providing information that will forestall future occurrences in the study area particularly and other developing nations in general. Several causes of building failure had been attributed to either natural or man-made phenomena, in Nigeria surveys carried out have shown that the use of substandard building materials; poor workmanship, the use of quacks instead of professionals, non-enforcement of building codes or construction regulations, corruption in the building industry etc. have contributed immensely in most of the recorded cases of building failures. Consequently, these often results to building collapse which has adverse effect on both people and investments in the building industry. In the year 2014 over on...

Commercial Real Estate Return Distributions: Empirical Evidence from Ibadan, Nigeria

Real Estate eJournal, 2019

The study aims at examining commercial real estate return distributions in Ibadan Nigeria with a ... more The study aims at examining commercial real estate return distributions in Ibadan Nigeria with a view to providing information for informed investment decisions in emerging real estate markets. The timeframe for the study covers between 2009 and 2018. Population for the study comprised all office and shop properties in the management portfolios of all the 56 registered estate surveying and valuation firms in Ibadan, Nigeria. A total enumeration survey of all the firms was carried out. Data for the study were collected from the records of the aforementioned firms. The data comprised rental income and capital values of office and shop properties over the study period. The data were analyzed by means of descriptive statistical tools, the income, capital and holding period formulae as well as trend analysis. Findings from the study revealed that the return profile of commercial properties in the study area have experienced some level of volatility, with the shop property type outperform...

Work Environment and Lecturers’ Productivity in Selected Higher Institutions in Osun Nigeria

Real Estate eJournal, 2019

The aim of this study is to examine the relationship between work environment and the level of pr... more The aim of this study is to examine the relationship between work environment and the level of productivity of lecturers in selected higher Institutions in Osun State Nigeria with a view to providing information that will enhance learning and teaching in Higher Institutions of particularly developing economies. The questionnaire survey research design was used to obtain primary data from the respondents in the study area. The population for the study comprised of the entire Estate Management lecturer’s in all the higher institutions offering Estate Management Courses in Osun state Nigeria. These included: Federal Polytechnic Ede, Oduduwa University Ile-Ife, Obafemi Awolowo University Ile-Ife and College of Technology Esa Oke. These institutions have a total of 54 lecturers in the department of Estate Management of the respective schools. A total enumeration survey of the entire population was adopted. Questionnaire were administered on all the aforementioned lecturers. However, only...

Causal Linkages between Conduct and Performance of Real Estate Investment Trusts in Nigeria

Emerging Markets: Finance eJournal, 2019

The aim of this study is to examine the linkages between conduct and performance of Real Estate I... more The aim of this study is to examine the linkages between conduct and performance of Real Estate Investment Trusts in Nigeria (N-REITs) from 2008 to 2016 with a view to providing information for investment decisions. The study population comprised all the N-REITs companies namely: Skye Shelter Fund REITs, Union Home REITs and UPDC REITs. A total enumeration survey of all the companies was carried out. Data on conduct indicators such as advertisement, maintenance of property among others as well as data on dividend and share prices of N-REITs were obtained from the annual reports/statement of accounts of the respective companies. These data were analyzed by means of descriptive statistical tools, holding period analysis and Granger Causality Test. Findings from the study revealed that most of the conventional basic conduct indicators as presented in literature such as innovation, marketing strategies and research and development among others were not adopted by N-REITs companies. The ...

Infrastructural Facilities and the Rental Values of Residential Properties in Osun, Nigeria

Econometric Modeling: Microeconometric Studies of Health, 2016

Real estate markets in developing economies like Nigeria is observed to be generally characterize... more Real estate markets in developing economies like Nigeria is observed to be generally characterized by market immaturity and lack of relevant data for investment analysis. This study attempted to fill one of these gaps by analyzing the impact of infrastructural facilities on the rental values of residential properties in Osogbo and Ede, Osun State Nigeria with a view to providing information that can guide real estate investors in making informed investment decisions. In this study, questionnaire survey was used to obtain data from the field. The structured questionnaires were administered on household heads (lease occupiers/tenants) and practicing Estate surveyors and Valuers in the study area. The random sampling technique was adopted for the household heads while a total enumeration survey was carried out on the estate surveyors and valuers. Descriptive statistics (frequency, mean, percentages) and inferential statistics (Spearman’s rank correlation and multiple linear regression ...

Government Policies and Household Mobility Behaviour in Nigeria: The Case of Osun State Property Development Corporation (Ospdc)

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Towards closing the housing gap in the UK: exploration of the influencing factors and the way forward

Construction Innovation

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REITS in Emerging Property Markets: Evidence from Nigeria

Social Science Research Network, Aug 24, 2020

Customary Land Tenure Rules in Transition: Implication to Women Rights in Matrilineal Societies in Tanzania

Developing New Frontiers for the African Real Estate Sector: the 19th Annual AfRES Conference, 2019

Analysis of Cost Input of Roof Construction in Development of Residential Properties in Ede, Nigeria

Social Science Research Network, Dec 3, 2018

Evolution of REITs in the Nigerian real estate market

Journal of Property Investment & Finance, 2021

REITs as an investment for German insurance companies

Housing construction materials and house rent trends in Ede, Nigeria

Pacific Rim Property Research Journal, 2022

Sustainable Land and Food Security in Female-Led Agrarian Households of Tula, Nigeria

The Future of the African Real Estate Sector: What Next? The 20th Annual AfRES Conference, 2021

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Residential Housing Rental Values and Infrastructural Development in Osogbo, Nigeria

PSN: Housing (Topic), 2016

Low Income Residential Housing Delivery in Osogbo, Osun State, Nigeria

Development Economics: Microeconomic Issues in Developing Economies eJournal, 2016

Trends in the Rental Values of Residential Properties Proximate to Tertiary Institutions: The Case of Federal Polytechnic Ede, Nigeria

European Journal of Business and Management, 2018

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Housing Condition and Residential Property Rental Values in Ede Nigeria

Urban Economics & Regional Studies eJournal, 2016

Urbanization Dynamics and Land Use Pattern in Birnin Kebbi, Nigeria

AARN: Politics & Land Use (Sub-Topic), 2015

The Market Structure of Real Estate Investment Trusts in Nigeria

ERN: Market Structure (Topic), 2018

Building Collapse in Nigeria: Issues and Challenges

Urban Economics & Regional Studies eJournal, 2016

Commercial Real Estate Return Distributions: Empirical Evidence from Ibadan, Nigeria

Real Estate eJournal, 2019

Work Environment and Lecturers’ Productivity in Selected Higher Institutions in Osun Nigeria

Real Estate eJournal, 2019

Causal Linkages between Conduct and Performance of Real Estate Investment Trusts in Nigeria

Emerging Markets: Finance eJournal, 2019

Infrastructural Facilities and the Rental Values of Residential Properties in Osun, Nigeria

Econometric Modeling: Microeconometric Studies of Health, 2016

Do REITs Hedge against Inflation? Evidence from an African Emerging Market

by Augustina Chiwuzie and Daniel Dabara

African Real Estate Society Conference, 2021

Purpose-This study examines how returns on Nigerian REIT (N-REIT) behave in relation to inflation... more Purpose-This study examines how returns on Nigerian REIT (N-REIT) behave in relation to inflation changes from 2008 to 2019 to provide information for investment decisions. Design/Methodology/Approach-Eleven years monthly return data from 2008 to 2019 were collected from databases and annual reports of the three active REITs in Nigeria. Inflation rates covering the study period were collected from the Central Bank of Nigeria's database. The authors adopt the Fama and Schwert model, an extension of the Fisher hypothesis, to test N-REIT's inflation-hedging capability. Findings-The empirical results suggest that N-REIT has perverse hedging-characteristics (poor inflation hedges) across all inflation exposures (actual, expected, and unexpected). The Engle-Granger causality tests conducted corroborates these results. Practical Implication-This study reveals the peculiar nature of Nigerian REITs in relation to inflation, which could have profound investment implication for domestic and foreign investors. Originality/Value-This study is one of the first to empirically analyse the inflation-hedging characteristics of REITs in the second-largest African REIT market (N-REIT).

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