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PurposeThis research aims to ascertain the extent to which the coronavirus disease 2019 (COVID-19) epidemic affected the relationship between inflation and real estate investment trusts (REITs) returns in South Africa.Design/methodology/approachThis research used the Johansen cointegration test and effective test in establishing if there is a long-run cointegrating equation between the variables. To ascertain if COVID-19 resulted in a different relationship regime between inflation and REITs returns, the sequential Bai–Perron method was used.FindingsBetween December 2013 and July 2022, there was no evidence of a long-run relationship between inflation and REITs returns, and a restricted vector autoregressive (VAR) model with a period lag for each variable best describing the relationship. Using the sequential Bai–Perron method, for one break, the results show February 2020 as a structural break in the relationship. A cointegrating equation is also found for the period before the structural break and another after the break. Interestingly, the relationship is negative before the break and a new positive relationship (regime) is confirmed after the noted break.Practical implicationsThis research helps REITs stakeholders to position themselves in light of any changes to macroeconomic activity within South Africa.Originality/valueThis is one of the first studies to test inflation relationship with REITs returns in South Africa and the effects of COVID-19 thereof. This research helps REITs stakeholders to position themselves in light of any changes to macroeconomic activity within South Africa.

Assessment of urban sustainability can be considered as a means to an end as it is often intended to guide decision-making in a way that contributes to sustainable urban development. The contribution of assessment mechanisms towards the achievement of this goal depends to a large extent on the level of use and adoption of sustainability assessment tools amongst the diversity of users. Since the development of a Sustainable Development Strategy in 1998, the UK Government has given sustainable development prominence on the policy agenda, with similar emphasis being reflected at EU legislation level. Investigation of the barriers and incentives to sustainability assessment can supplement this increasing prominence of sustainability in decision-making processes and the equally increasing need for sustainability assessment. A review of the literature on the subject suggests that although much has been written on barriers and incentives to sustainability, very little work has been done on factors that hinder or encourage uptake of sustainability assessment tools. Against this background, the aim of this paper is to investigate and identify the barriers and incentives to sustainability assessment and the adoption of assessment tools. This should provide a starting point for assessing the potential impact of various approaches and incentives to overcome the barriers to sustainability assessment. Four broad sets of barriers and incentives are identified as perceptual, institutional; economic; and technological factors. The paper further discusses some of the enablers associated with the various policies and legislative instruments at the political hierarchies of: the EU; the UK (including the devolved governments); and local government levels. The paper concludes by suggesting that the identified barriers and incentives should be given due consideration during the development of any sustainability assessment tool.