Discussion Chapter on "Performance of the Middle East Emerging Property Markets"

Discussion Chapter 27 pages (7431 words) Sources: 1

[EXCERPT] . . . .

Performance of the Middle East Emerging Property Markets

The previous chapters have constituted the preamble to the analysis to be conducted at this stage. Specifically, this chapter reveals the distribution of the survey, the collection of answers and the processing of the findings in order to generate conclusions. The fact that the survey is used generates a wide array of benefits at this stage. For instance, the issuance of the survey and its completion was an efficient process as all respondents were familiar with the research method. Additionally, the questionnaire creates opportunities to collect vast amounts of information. Finally, the use of the survey allows the efficient processing of the data and their integration in easy to understand results.

Before however accessing the information collected through the survey and processing it, it is necessary to present the sample onto which the study was conducted. The sample is formed from 70 property companies in the Middle East, from three different countries, namely Jordan, Egypt and Syria.

After the sample is described, the chapter moves on to the presentation of the results and their analysis, structured onto three specific sections, namely:

Results and analysis of the Jordanian property companies

Results and analysis of the Egyptian property companies

Results and analysis of the Syrian property companies

As the results of the survey are presented and analyzed, a discussion section is introduced. The scope of this section is to integrate all information collected and to correlate it with the data retrieved from the secondary sources of information. The aim of this section is that of providing answers to the initially posed research questions, and ensuring as such that the objective of assessing the importance of the Middle East property market is achieved. Ultimately, the chapter comes to an end with a section which summarizes the most important findings.

2. Sample

As it has been previously mentioned, the sample is composed from 70 property companies in three different countries of the Middle East, as follows:

30 property companies from Jordan

30 property companies from Egypt, and 10 property companies from Syrian.

In a percentage format:

43 per cent property companies from Jordan

43 per cent property companies from Egypt and 14 per cent companies from Syria.

The composition of the sample by the criterion of origin country is presented in the chart below:

Where 1 is Jordan, 2 is Egypt and 3 is Syria.

The name of property company is relatively generic in the meaning that various organizations in the field of real estate have been contacted. They were presented with the survey and they provided their answers. The respondents register increased variety, some of them being simple property companies, others being real estate investment trusts, or other being specialized banks and property investors. From this angle, the composition of the respondents is revealed below:

30 per cent of the respondents were property companies

30 per cent of the respondents were real estate investment trusts

20 per cent of the respondents were real estate transaction specialized banks, and 20 per cent of the sample members were property investors.

This structure is revealed in the chart below, in which

1 stands for property companies

2 stands for real estate investment trusts

3 stands for specialized banks and

4 stands for property investors.

The diversity of the members in the research sample was especially created in order to ensure high levels of objectivity. This purpose was also followed in the choice of the three countries to be integrated in the sample. Unlike the initial selection of ten countries to represent the Middle East and the assessment of its property market, the endeavor would have implied tedious work. The selection of Jordan, Egypt and Syria is nevertheless useful as the three states are utmost representative of the property market in the Middle East. Additionally, the selection of the diverse sample ensures higher levels of objectivity and reduces the chance of bias as it collects and integrates the beliefs and attitudes of numerous individuals.

The respondents, similar to the companies, were of various positions and this decision was also made with the intent of creating objectivity and integrating the standpoints and opinions of as many real estate related personnel as possible. In order to convince the individuals to complete the survey, anonymity was ensured. Additionally, in order to convince the economic agents to participate in the study, they were promised copies of the findings. In such a manner, the study supports both the theoretical as well as practical development of the real estate field.

At the level of the actual occupation of the respondents, these include a wide array of positions in the financial department, such as bank managers, bank employees, central bank employees, insurance employees and brokers. According to this criterion, the sample is structured as follows:

10 per cent of the respondents are employees in central banks

30 per cent of the respondents are employees in commercial banks

10 per cent of the respondents are managers of banks

25 per cent of the respondents are brokers, and 25 per cent of the respondents are insurance agents.

The chart below reveals this composition and the numbers from 1 to 5 represent the categories of respondent positions, as they have been introduced above, namely:

1 stands for the employees in central banks

2 stands for the employees in commercial banks

3 stands for the managers of banks

4 stands for the brokers, and 5 stands for the insurance agents

Two final criteria which were used in the selection of the sample were represented by the size of the company and by its experience within the real estate industry. In this order of ideas, the size was measured in the number of the individuals employed and it was required that the economic agent employed at least ten staff members. Companies which hired less than ten staff members were excluded from the sample construction process.

At the level of the experience of the company within the real estate sector, a condition was imposed that the organization had to have been operating within the industry for at least two years. A higher threshold of five years was initially imposed, but it was eventually eliminated as the real estate market in all Jordan, Egypt and Syria are emergent and new, and developing firms are an integrant component of this type of market. The two years experience within the industry is as such considered as sufficient time in which the organization has become familiar with the industry features and is as such able to provide the researcher with valid input.

In terms of the firm size, the companies were divided into three categories, each represented below:

50 per cent of the firms employed up to 40 staff members

30 per cent of the firms employed between 40 and 70 staff members and 20 per cent of the firms employed over 70 staff members

The chart below reveals this composition of the research sample, with the specification that:

1 stands for the property companies which employ up to 40 staff members

2 stands for the property companies which employ between 40 and 70 staff members, and 3 stands for the property companies which employ over 70 staff members.

Finally, at the level of the organizational expertise within the real estate field, the sample was characterized by the following composition:

45 per cent of the companies had been present within the industry for up to 5 years

35 per cent of the companies had been present within the industry for a period between 5 and 10 years, and 20 per cent of the companies had been operating within the real estate industry for more than 10 years.

The chart below reveals this composition, with the following specifications:

Number 1 stands for the firms which have been operating within the industry for up to 5 years

Number 2 stands for the firms which have been operating within the real estate industry for a period between 5 and ten years and Number 3 represents the firms which have been operating within the real estate industry for more than ten years.

The above presented features of the research sample were identified before the questionnaire was distributed. Nevertheless, after the survey was completed and the data was gathered, more characteristics of the research sample were identified. Specifically, the features of the sample were collected through questions 1 and 2 and they revealed the criteria about the capital of the organizations and the value of their property portfolios.

At the level of the company capital, the sample is constructed as follows:

30 per cent of the respondents possessed capitals up to $20 million

40 per cent of the respondents possessed capitals between $20 and $50 million

20 per cent of the respondents possessed capitals between $50 and $100 million, and 10 per cent of the respondents possessed capitals over $100 million.

The chart below reveals this structure based on capital size, with the numbers 1 to 4 indicating the category values… READ MORE

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