Empirical Framework is the review of empirical evidence. It is one which is verifiable by personal observations and opinions rather than mere theory. Empirical studies involve the use of various available data and evidences from journals to carry out a study. The study looks at previous research outcomes published by other research authorities and compare results.
Empirical researchers observe, measure, record and analyze data with the aim of enhancing knowledge.
Published journals are most preferred for construction of empirical reviews, this is because journals are scholarly materials with evidences of actual research done through observation or field survey and presentation of data collected which thereafter forms the results arrived at. This can come in either quantitative or qualitative method or a combination of both methods.
While looking for empirical evidence, go for recent published journals with the following contents:
You are most likely to land on a very good research material for your empirical review if the above contents are found in the journal you intend to use.
Topic of the journal
Author(s) of the journal
Population of study
Then compare the similarities and differences between the studies carried out.
Gani (2018) carried out a study on provision of recreational facilities in Asokoro District, Abuja, Nigeria. The aim of the study was to review the provisions of recreational facilities in Asokoro District with a view to make appropriate planning recommendations. The objectives were to identify areas where recreational facilities can be sited, the steps already taken by the ministry of culture and tourism and to proffer strategies for development of recreational facilities in Asokoro, Abuja. The method of data collection were primary and secondary sources. The analysis was based on response from 302 respondents. The population of study were; staff of ministry of culture and tourism, residents of Asokoro and staff of Federal Capital Territory Development Authority. The findings revealed that more than 75% of the respondents are high income adults who are interested in recreational activities, the major problem facing recreation in the area include, encroachment by other land users, inadequate and poor maintenance of recreational facilities. The study recommended that more facilities be provided in accordance with planning standards and also space allocated for the districts should be protected by planning laws and regulations.
Some of the earlier studies carried out in the area of examination of the challenges of residential real estate investment acknowledged the challenges of real estate investment in residential properties. Their views are summarized as follows:
Ozigbo and Ozigbo (2014) stated that one of the challenges is management and the state of Nigeria real estate sector can be summarily or described as what he termed the 3Bs-Bumps, Bonds & Bombs. Abidoye, Chan, and Albert P.C (2016). They aim to analyze the critical challenges of real estate property value, which in turn affects real estate investment in Lagos metropolis, Nigeria. This study aims at identifying and examining the significant factors that influence property investment adopting Lagos, Nigeria, as a representative case.
Udobi, Kalu and Elekwachi, (2016) assessed the challenges of real estate investment in an emerging economy and revealed that despite the strong economic growth and potential opportunities within the real estate market in Nigeria, international real estate investors still face numerous challenges. The challenges are political risk, banking risk, structural risk, property market transparency risk, currency risk, ownership structure risk, legal risk and the country risk generally. The challenges would be surmounted only with the government’s ability to show a political will and be transparent in the conduct of business activities. They should ensure the stability of the political climate and the economy through the stabilization of exchange rate, interest rate and check on inflation, Oyewole (2013) examines a comparative analysis of residential property investments performance in Ilorin, Nigeria. However, the danger of the trend if not checked is that the supply of retail commercial property may soon overtake the demand, leading to the problem of void, while the resultant scarcity of the residential properties may lead to acute housing shortage and associated problem. The federal government should encourage the investors in residential property through changes in monetary and fiscal policies to enhance residential property development in Ilorin, Nigeria.
Paluku (2016) assessed challenges facing real estate investment and economic growth. In this work, he compared trend in challenges of real estate investment in both residential real estate in Arusha Tanzania. The work discovered that the policy on real estate policies
has been highly controlled on political goodwill. Although the government is in control, the findings revealed that unfavorable policies, regulations and land issues are still prevalent accounting and are serious obstructions to the growth and development of real estate investment in Arusha. Shradhanjali (2016) appraised real estate in India context, its opportunities and challenges. He tried to present a panoramic view of the operations of Indian real estate sectors in various property segments, the challenges faced by the sector and its prospects.
Dallas, Rogers and Sin Yee Koh (2016) also carried out similar studies on this research on challenges in residential real estate especially by new middle class and super rich investors is re-emerging as a key political issue in academic, policy and public debates and the methodological challenges involved.
Ntai (2016) tried to assess challenges of private real estate investments in Uganda because individual properties are not bought and sold on a regular basis. Financing real estate in Uganda is predominantly through mortgage financing but the process before obtaining mortgage is tiring. Therefore, social capital is used to
access mortgage finance. This can be done through emphasizing bonding capital. Bonding social capital should be the political stability in one’s country.
Hui (2003) researched on opportunity and challenges of real estate investment. He identified the challenges of real estate investment to be new technology, finance and market development. International real estate investment has the same risks in common with domestic investment, but faced by different regulation, sociology-economic and culture. Risks are particularly important for real estate investors because property market is characterized by high investment, liquidity and fixed asset. As consequences of European integration, investment gains from diversification might be low within European markets due to the high correlation of each market.