Abstract
Mixed-income housing developments are gaining popularity in South Africa as they are perceived as the appropriate developments to remedy housing problems under the Reconstruction and Development Programme. This popularity coincides with the need to understand value in mixed-income housing, which is a key component of housing sustainability in South Africa.
Literature indicates that mixed-income housing developments were conceptualised to deconcentrate poverty and foster social integration among income-diverse neighbours. While some recent studies have focused on the effect of mixed-income housing on the values of property in the surrounding neighbourhoods, there is gap in the knowledge of value concepts and factors affecting value in mixed-income housing. Understanding the value component is line with the objective of attaining housing sustainability. The objective of this study is to establish value concepts, factors of value in mixed-income housing and to evaluate the relationship between the two variables.
A quantitative research design was adopted to achieve the research objectives. A deductive approach was adopted to establish the value concepts and factors of value. Positivism informs the theory of this study. A questionnaire was designed based on the value concepts and factors of value established from literature. Using judgment sampling to identify participant valuers with prior experience in the valuation of property within mixed-income housing developments, 383 participation requests were made online, physically and through acquaintances in the valuation profession. A total of 82 questionnaires were received and used for analysis. To achieve the first and second study objectives, descriptive analysis of data on value concepts and factors of value was done using mean and standard deviation. Multiple regression analysis was used to evaluate the relationship between value concepts and factors of value.
Overall findings confirmed that property value is not purely monetary but extends include to non-monetary value and other social benefits accruing to other stakeholders. The results further indicated that monetary value is the leading value concept in mixed-income housing developments. Locational, neighbourhood, socio-economic, structural and technical, and environmental factors were identified as factors influencing value in mixed-income housing.
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Using multiple-R, neighbourhood factors were found to significantly influence monetary value and non-monetary value while environmental factors had a significant influence on social benefits accruing to other stakeholders in mixed-income housing developments. The null hypothesis was rejected based on these findings.
As mixed-income housing gains traction in South Africa, the results of this study will serve as a guide to developers on factors to prioritise as the key determinants of property value and the value concepts they influence more.
Keywords: Factors of value, mixed-income housing, monetary value, non-monetary value, social benefits, South Africa, value concepts.