Showing papers on "Leasehold estate published in 2019"

Does Land Tenure Systems Affect Sustainable Agricultural Development

Abstract: The current study aims to investigate the agricultural investment differences among three kinds of land lease agreements and their effect on farmers’ decisions regarding sustainable growth in terms of soil conservation and wheat productivity, using cross-sectional data from rural households in Punjab, Pakistan. The “multivariate Tobit model” was used for the empirical analysis because it considers the possible substitution of investment choices and the tenancy status’ endogeneity. Compared to agricultural lands on lease contracts, landowners involved in agribusiness are more likely to invest in measures to improve soil and increase productivity. Moreover, the present study has also identified that the yield per hectare is much higher for landowners than sharecroppers, and thus, the Marshall’s assumption of low efficiency of tenants under sharecroppers is supported.

Moral Hazard: Experimental Evidence from Tenancy Contracts

Abstract: Agricultural productivity is particularly low in developing countries. Output-sharing rules that make farmers less-than-full residual claimants are seen as a potentially important driver of low agr ...

Transferring land-use rights with transportation infrastructure extensions: Evidence on spatiotemporal price formation in Shanghai

Abstract: To address the efficiency and sustainability of residential suburbanization under state leasehold systems, this study examines the price formation of long-term land-use rights for general and compensational housing empirically, considering the successive expansions of new metro lines and highway networks during 2004–2016 in Shanghai—one of the world’s fastest growing megacities. The results of our spatial autoregressive models infer that the accessibility benefits of metro extensions are considerably capitalized into both the ask and transaction prices of land-use rights for general housing in the suburbs, whereas those for highway construction are insignificant. A series of spatiotemporal regressions demonstrate that the premiums for proximity to new metro stations bid by private developers are much higher than those asked by local governments during pre-metro years, probably due to local governments’ strategic site arrangements for transit-oriented suburbanization and/or developers’ speculative land acquisitions in Shanghai’s upward suburban housing market. This study further reveals that the prices of land-use rights for compensational housing do not reflect any economic externalities attributable to metro stations and highway interchanges, which might trigger the unfair redistribution of property rights, accessibility, and economic opportunities among relocated farmers around city-fringe areas.

Welfare effects of land market liberalization scenarios in Ukraine: Evidence-based economic perspective

Abstract: [Introduction] When Ukraine adopted the 2002 Land Code, it chose to follow a liberal path of agricultural land relations, but failed to create the necessary conditions for the land market to function fully. The moratorium on land sales, implemented directly after the adoption of the Land Code, prohibited 6.92 million owners of land shares (16 % of the population) from fully exercising their property rights. Initially intended as a temporary measure, the moratorium has, to date, been extended eight times. As such, many landowners have passed away without ever being able to fully exercise their property rights. Economic losses caused by the prohibition of land sales are considerable. First, inability to transfer land from less to more efficient producers contributes to a situation where tenancy insecurity substantially reduces incentives to invest in technologies improving land use productivity. As a result, growth of the agricultural sector is substantially lower than it could have been with a free land market. Second, current management of land lease contracts incurs high transaction costs, which could be lowered if land users were able to buy plots. Third, one quarter of Ukrainian agricultural land is still owned by the government. Privatization of 10.5 million ha could generate substantial financial resources for newly reformed local governments. In addition, land sales market has a potential to expand respective tax base and improve the collection of land tax. Resources from privatization and improved tax revenues could substantially help restore the dilapidated rural infrastructure. In sum, due to gains in agricultural production and land privatization, Ukrainian experts estimate that liberalization could lead to a 3-9 % increase in the annual growth rate of the GDP.

Farmland values and bidder behaviour in first-price land auctions

Abstract: Within this paper, we aim to investigate asymmetries among bidders in land auctions that may entail non-competitive prices. Using representative data for Eastern Germany including winning bids, bidder characteristics, and land amenities, we pursue a structural approach to derive distributions of latent land values for different bidder groups. By applying nonparametric techniques, we cannot find evidence for asymmetric bidder structures while differentiating between legal entities, tenancy status, and nationality of bidders. Our findings challenge the hypothesis that land privatization via auctions discriminates against certain buyer groups—an argument that is often used to justify stricter regulation of agricultural land markets. (This abstract was borrowed from another version of this item.)

Liberalisation in India: Does it Resolve or Aggravate Employment Problems?

Abstract: This article discusses whether liberalisation has moderated or aggravated India’s employment problems. Since the Modi government’s election in 2014 and the introduction of the flagship “Make in Ind...

Land rental markets and rural poverty dynamics in Northern Ethiopia: Panel data evidence using survival models

Abstract: There is growing interest in understanding the links between land reforms, land markets, and poverty reduction in Africa. The study uses four‐wave panel data from the northern highlands of Ethiopia to assess the dynamics of rural poverty taking into account the status of participation of rural households in the land rental market. Applying both nonparametric (Kaplan–Meier estimator) and semi‐parametric survival models that control for duration dependence of poverty transition, results show participation and degree of participation on the supply side of the tenancy market (landlords) have highly significant and positive effect on the chances of escaping poverty while the same cannot be said about the demand side of the tenancy market (tenants). The empirical evidence also confirms that households headed by older and literate people have relatively larger exit rates from poverty as compared with households headed by younger and illiterate ones. Though transacting farmers may engage themselves in win–win rental arrangements by the time they join the tenancy market, results indicate that gains are unequal as those tenants who enter the markets from low economic leverage (were poor) are liable to face a lower margin of net gains, which may limit their ability to move out of poverty.

Property Rights and Gender Bias: Evidence from Land Reform in West Bengal

Abstract: While land reforms are typically pursued in order to raise productivity and reduce inequality across households, an unintended consequence may be increased within-household gender inequality. We analyse a tenancy registration programme in West Bengal, and find that it increased child survival and reduced fertility. However, we also find that it intensified son preference in families without a first-born son to inherit the land title. These families exhibit no reduction in fertility, an increase in the probability that a subsequent birth is male, and a substantial increase in the survival advantage of subsequent sons over daughters.

Recent increase of tenancy in young Spanish couples: sociodemographic factors and regional market dynamics

Abstract: The increase of the proportion of rental-occupied dwellings between 2001 and 2011 is one of the most outstanding results of the 2011 Spanish census. This study aims to explain this increase in tenancy, unveiling the sociodemographic factors behind this pattern at the individual level, and at the regional level clarifying the role of market dynamics in this change. Accordingly, using the microdata from the 2001 and 2011 Spanish censuses, multilevel logistic models are estimated. Two main findings can be drawn from this study: the recent increase in tenancy occurs concurrently with a process of convergence towards a greater acceptance of tenancy among sociodemographic groups, and changes in housing purchase prices have an impact on the likelihood of a young Spanish couple being tenants. The policy implications of these findings are twofold. On the one hand, a more active role in the regulation of housing purchase prices to deter speculative demand is needed. On the other, a greater demand for tenancy requires changes in the tenure composition of Spanish housing stock. Finally, having effective alternatives to homeownership, young adults could rely less upon family networks during the transition to adulthood which could ultimately contribute to a reduction in late parental home-leaving and encourage family formation.

Personal Bankruptcy, Asset Risk, and Entrepreneurship: Evidence from Tenancy-by-the-Entirety Laws

Abstract: Personal bankruptcy law affects entrepreneurs’ decision-making and small-business credit markets I show that personal asset protections affect small-business operations and funding sources

Women and leasehold in rural Flanders, c. 1290 to c. 1570

Abstract: Research has emphasised the stability in female landholding between the thirteenth and seventeenth centuries, despite demographic shocks and fundamental economic changes. However, in this period, a new type of land exploitation emerges: leasehold. This article wants to introduce a gender perspective into the history of leasehold. It investigates women’s activities on the lease market in late medieval and sixteenth-century Flanders, a region where short-term and competitive leasehold spread early and widely. An analysis of the actual practice, making use of landlords’ manuals and accounts, demonstrates women’s decreasing participation at the lease market. Moreover, their marital status increasingly mattered: from the beginning of the fifteenth century only widows could hold land. This article also demonstrates that, next to marital status, the size of the holding had a marked influence on women’s opportunities. Finally, these results invite us to rethink the grounds of women’s growing participation at the labour market in post-Black Death Europe, since especially single women lost access to land, particularly to land offered on the lease market.

Land pricing upon the extension of leases in public leasehold systems

Abstract: Purpose: This paper aims to compare and review alternative ways to adjust public ground leases. Design/methodology/approach: Based on principles derived from a review of scientific literature, alternatives for the extension of leases are discussed based on the case of Amsterdam. Findings: Many alternatives lead public ground-lease systems to produce results that are the opposite of what they are intended to be (as inspired by Henry George): new improvements result in higher rent, but additional location values do not result in higher rent. One exception is the lease-adjustment-at-property-transaction alternative, which may nevertheless result in fewer transactions. Social implications: Public leasehold systems are highly contested with regard to the extension of leases. Such systems are often aimed at capturing land-value gains. In practice, however, this tends to be more difficult than expected. Value capture by authorities, as intended by the system, results in counter-movements of lessees, who often gain public support to set lower leases. These political processes may even result in the termination of such public ground-lease systems. This paper reports on a search for possible solutions. Originality/value: The comparison of various alternatives to ground-lease extension based on principles derived from literature is new, and it contributes insight into public ground-lease systems.

Capital investments in the presence of tenancy relations

Abstract: The agricultural sector is one of the most important industries in Sweden. About 40% of Sweden's agricultural land is leased out, which means that leased farming is a significant part of Swedish agriculture. Since Sweden joined the EU in 1995, the prices of leasing land have almost doubled. This means that leasing farmers must organize and streamline their businesses to achieve similar results. Therefore, farmers must invest in their businesses. Problems may arise between the landowner and the tenant farmer when the tenant wants to invest in the property that does not match the landowner's vision of the future or vice versa. In the long term, this can lead to lower profitability in the industry if a large part of Swedish agriculture is not optimally farmed. This study aims to give the reader a greater understanding of tenant farmers, willingness, and opportunities to invest in their business. In the form of farm buildings or land improvement measures. The study examines farmers that lease land institutional landowners. Moreover, the study examines how the relationship between the actors affects the decision-making process and what factors are crucial for a decision to be made. In order to study this issue, a qualitative research method has been applied consisting of several case studies with tenant farmers and institutional landowners in the areas of Gotalands Norra slattbygder (GNS) and Svealands slattbygder (SS). The interviews are semi-structured and based on thematic issues where origin comes from the literature review and are related to the theoretical synthesis. To create a contextual understanding of farming through tenancy and factors that affect the opportunities for investing in the business are identified. Good relationships, trust, and communication are three factors that the study has found to have a major impact on the investment processes. The study also notes that the willingness of both farmers and institutions to invest is high, which facilitates the decision-making process. Furthermore, influencing factors on an investment are profitability, tenancy prices, family, friends, colleagues, and age of the tenant farmer

The efficiency of land-use in a developing city: traditional vs modern tenure systems in Kampala, Uganda

Abstract: Land rights and tenure systems are an important factor behind poor housing and inefficient land-use in developing country cities. In Kampala, Uganda, four systems of land tenure coexist, allowing a detailed study of the effects of these on household and firm location decisions. Spatially disaggregated data across the city suggest that the presence of a traditional land tenure system (called mailo) skews land-use towards informal housing and away from productive activities. Using a structural model of the city we show that this due to mailo having a positive value for occupants of informal housing, attributable to mailo-specific amenity benefits and/ or rent caps. We use the model to investigate the effect of converting all mailo land in the city to leasehold. Despite direct loss of amenity experienced by mailo residents, aggregate city income may rise substantially because of more efficient land-use. Manufacturing firms move into formerly mailo areas and form new clusters of activity. This increases urban wages, particularly among the low skilled, and raises aggregate urban real incomes by 2% in the absence of localisation economies and as much as 6.7% in the presence of such economies of scale.

The effect of ground rent and unexpired lease term on property values in Ghana

Abstract: Purpose: Although several factors influence property value determination depending on the market, relevant studies in Sub-Saharan Africa (SSA) often fail to analyse the impact of factors, such as unexpired term of leasehold interest and ground rent, which are also germane to market transactions and value determination. This study examines the effect of unexpired term of leasehold interests and ground rent on the valuation of residential properties in Ghana. Design/Methodology/Approach: A questionnaire instrument was used to collect the views of a sample of professional real estate valuers on the relevance of these and other factors that affect value. In addition, the valuers were tasked to value a residential property located in Accra, Ghana. OLS and Quantile regression models were thereafter used to analyse the data to determine the effect of the subject variables on value. Findings: The study finds a significant relationship between valuers’ views on the relevance of unexpired term of leasehold interest and the value placed on residential properties. Further, the respondents who viewed ground rent as an important factor in estimating values placed significantly lower values than those who viewed it as less important. Research Implications: The findings suggest that the respondents may have split opinion on the existing anecdotal evidence that market participants ignore the unexpired term of leasehold interest, an issue that should be settled in theory. The findings also highlight the diversity of opinion on some of the fundamental factors that affect value and the need to build consensus to prevent excessive variation in value estimates among valuers. Originality: The study makes a significant contribution in terms of extending the existing literature by analysing the impact of unexpired term of leasehold interests and ground rent on residential property values based on empirical data, issue(s) which have often been ignored by existing studies. Findings from the study also provide insights into additional possible causes of valuation errors in Ghana and SSA, which are useful for policy formulation and practice. Keywords: Effect, ground rent, leasehold, residential, unexpired lease term, valuation

EXAMINATION OF CAUSES OF TENANCY DISRUPTION AND ITS EFFECTS ON PROPERTY INVESTMENT IN ANAMBRA STATE, NIGERIA - IRE Journals

Abstract: Tenancy disruption begets significant costs for landlords/investors, as each additional property falling vacant incurs costs with respect to the repairs, cleaning and re-servicing of the property, the costs in lost rent while it remains empty and the costs of re-letting the property to another tenant. To this effect, this paper examines the causes of tenancy disruption and its effects on property investment in Anambra State with a view to providing information to enhance decision making in property investment. The study adopted a survey method. The sample size was determined using simple random sampling technique. 396 questionnaires were administered by simple random sampling technique to respondents in three major cities in Anambra State namely: Awka, Nnewi and Onitsha. Results obtained revealed that non-payment of rent, habitual late payment of rent and breach of contract are the most important circumstances that results in tenancy disruption in Anambra State while loss of income to the landlord/investor, void on properties and delayed mortgage loan repayment are the most important effects of tenancy disruption in the study area. The study concludes with proposed preventive measures which when adequately utilized in property management procedures and services could forestall tenancy disruption in the study area. Indexed Terms: Property Management, Property Investment, Tenancy Agreement, Tenancy Disruption

Who stays, who leaves and why? Occupancy patterns at Unison Housing between 2014 and 2016

Abstract: Executive summary Social housing provides safe, secure, long-term accommodation for some of the most disadvantaged households in the community. Social housing organisations in Australia must deal with expectations to house people with complex needs, build more cohesive communities and, at the same time remain financially viable. Their work occurs in a policy environment that entails ambiguities around whom to house, and the amount of time for which it is desirable to accommodate people living in social housing. For social housing providers tenancy turnover can be a serious issue simply because high turnover can have significant social and economic costs. For Unison to achieve its social and economic objectives, as well as effectively engage with the complex policy environment in which they operate, a robust understanding of occupancy patterns and their determinants is necessary This report examines tenancy turnover at Unison how long people stay and why they leave. Although there are several ways of examining tenancy turnover this report examines tenancy decay rates, or the proportion of tenancies that remain intact or exit, within a specified period. The report examines decay rates among 967 tenancies that commenced in 2014, 2015 and 2016 in order to answer questions: What are the decay rates at Unison Housing? Have the decay rates changed over time? Why do people leave Unison housing

No Place Like Home: Addressing Exploitation of International Students in Sydney's Housing Market

Abstract: In 2018, there were a record 548,000 international students at universities, vocational colleges, English colleges and schools in Australia -- nearly double the number in 2013. Sydney (and other major Australian cities) has very limited dedicated student accommodation on campus or within commercial properties. Cost and other barriers render the formal rental market inaccessible to most international students. As a result, most live in share houses, boarding houses and other insecure arrangements in the marginal rental sector, which they find online. They are highly vulnerable to deceptive and exploitative conduct both when finding a place to live, and as tenants. Many experience conditions that seriously undermine their physical, emotional and financial wellbeing, and in many cases, their basic human right to adequate housing. Authored by the UNSW Human Rights Clinic, this report provides an overview of the housing problems that international students encounter in Sydney, including issues with rental bonds, deceptive conduct, lack of tenancy rights, unfair evictions, poor living conditions, harassment, and discrimination. It considers the factors that prevent international students from securing adequate housing or leaving inadequate housing, and the impact of insecure housing on international students’ academic performance and wellbeing. The report makes a series of recommendations to local, state and federal governments as well as to universities and other international education providers. These include increasing access to adequate affordable housing, improving international students’ access to information and tenancy services, holding landlords to account, and strengthening international students’ legal rights as tenants and their access to justice.

A Leasehold Approach to Corporate Social Responsibility

Abstract: Corporate social responsibility (CSR) connects organizations with various environments and constituencies. CSR is enacted through governance and strategic processes, yet this can cause distortions as the process conforms to an agency theory narrative. This paper analyzes the role agency plays in CSR and offers an alternative (the leasehold approach) that uniquely describes the relationships among owners, organizational leadership, and contemporary management practices. An alternative to the existing paradigm is explored by 1) acknowledging the robust role of leaders in determining vision, strategy and CSR, 2) recognizing that governance balances obligations to multiple parties to whom leaders have committed, 3) allowing that those commitments determine the organization’s accountabilities necessary to demonstrate promised performance, 4) focusing on value creation more than distribution of surplus, and 5) highlighting that financial and social outcomes are equally legitimate. Implications for theory/practice are offered; leasehold indeed offers an open, autonomous, and accountable way to view corporate governance and CSR.

Using the New Continuum of Land Rights Model to Measure Tenure Security: A case study of Itaji-Ekiti, Ekiti State, Nigeria.

Abstract: Tenure security in developed countries is generally explicit while in developing countries it is generally implicit. To reduce poverty, empower the poor, and ensure economic growth, security of tenure is essential. The rural poor and vulnerable groups in Nigeria have tenure insecurity, yet the extent of this insecurity is unknown in many rural communities. This study used the New Continuum of Land Rights Model (NCLRM) developed by Whittal (2014) to measure the tenure security of the rural poor in Itaji-Ekiti. A single case study approach using qualitative method was adopted for the research design. Four land right types emerged from the study: informal occupation, formal occupation, customary, and registered leasehold. These land rights are interpreted using the triple vertical axes of legitimacy, legality and certainty. Despite strong legitimacy and legality, the results show that tenure insecurity exists in Itaji-Ekiti due to weak certainty. Bad land governance is the cause of this. The use of NCLRM in Itaji-Ekiti provides an understanding of the tenure situation. This model has the potential for use in the development of pro-poor land policy that could be used as an example in other developing countries.

Tenure security, investment and the productivity of agricultural farms in the communal area of Kavango West region of Namibia: Any evidence of causality?

Abstract: The study determines whether there are causal influences amongst the decision to apply for leasehold land right, investment, and livestock farm productivity in the Kavango West Region of Namibia. Various econometrics models have been used to model these relationships in the literature. However, there is a growing concern that methods which do not explicitly account for the endogeneity of regressors and which are used to investigate the relationship between property rights and the economic activities on agricultural farms often produce bias estimates that are inefficient and inconsistent. This study applied an instrumental variable (IV) regression to a survey data of 510 farmers to correct for endogeneity. A test of endogeneity of tenure security, investment, and farm productivity in the various models show that tenure security is exogenous to farm investment decision and farm productivity. On the other hand, farm investment decision was found to be exogenous to farm productivity, which implies that farmers make investment decisions given a secure tenure right that enhances their productivity on the farm. Overall, there was no evidence to support reverse causality in any of the tests. These findings highlight the importance of secure property rights as being a stimulus for increased agricultural investment and productivity. Key words: Property right, tenure security, endogenous, exogenous, investment.

Types of Agriculture Land Tenancy System in Demak District, Demak Regency

Abstract: Agricultural tenancy system is a farmland management system commonly used by farmers. This system poses as a provider for rural community’s job opportunities and occupations. The purpose of this research is to identify types of tenancy system and the on-farm profiles in Demak District, Demak Regency. The connection between farmlands and these profiles may become a ground for mutual arrangement with the government in order to protect the existence of farmlands. The result of survey to 238 respondents in the district identified there are at least four types of tenancy system that exist in Demak District society, namely: (1) basic tenancy system, (2) partial tenancy system, (3) farm bussiness tenancy system, and (4) managerial tenancy system. Furthermore, based on age characteristics and farming experience data, it is identified that there are possibilities of scarcity in farming profiles of the next generation, which may threat the existence of farmlands. Author argued that the scarcity may be due to job diversification in rural areas. This research suggests a new approach to implement the agricultural land protection policy by modifying one of the existing agricultural land tenancy systems into a contract based system with the government. The contract is aimed to formalize and bind on-farm profiles with their farmland, as well as to limit the number of them. Thus, other productive labor force may be shifted to another field for regional economic development.