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1
Munoz Cabanes, Alberto, Alfonso Herrero de Egana, and Arturo Romero. "Real option analysis. The viability of real estate projects." Investment Management and Financial Innovations 17, no. 4 (December 8, 2020): 271–84. http://dx.doi.org/10.21511/imfi.17(4).2020.24.
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Traditional methods used for real estate project valuation, such as the static Net Present Value, have some limitations, as these methods do not consider the possibility of a change in the initial conditions of the project or during its development. On the other hand, the real options approach allows for flexibility in evaluating a real estate project, improving the decision-making process as it helps identify the optimal strategy and timing for the construction phases. The paper deals with evaluating an actual real estate project in La Rioja (Spain) using different options to estimate its final Net Present Value. The results show that the real estate project would be profitable under several scenarios, although the valuations can vary significantly among the different types of options. This is because some options add more value to the project than others, depending on their cost and the uncertainty they eliminate. In contrast, the results obtained using the traditional static method would have led a real estate developer to discard the project completely, as its Net Present Value would have been negative. This confirms that the introduction of flexibility in real estate developments creates additional value by allowing developers and investors to dynamically react to changes in the market, thus making better investment decisions and finding real estate investment opportunities that otherwise would not be considered at all.
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Ke, Qiulin, and Karen Sieracki. "Market maturity: China commercial real estate market." Journal of Property Investment & Finance 33, no. 1 (February 2, 2015): 4–18. http://dx.doi.org/10.1108/jpif-08-2013-0047.
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Purpose – The purpose of this paper is to explore the evolutionary path to market maturity that China property market has taken over the last few decades. The focus is on the commercial real estate markets in Beijing and Shanghai. It will help international investors understand the market environment, risk and market activity process. Design/methodology/approach – In this research, the authors apply the market maturity framework and its key determinants based on previous work undertaken by Keogh and D’Arcy (1994) and Chin et al. (2006) for the analysis of Chinese commercial property market. Particular focus is on Beijing and Shanghai. The questionnaire is designed to obtain fair and objective views from international property consultancy firms active in Beijing and Shanghai markets. There are not many of these international property consultancies. The reason why this type of business was selected was to insure that the business had an understanding of China’s place in the global commercial real estate market as this market matures from its emerging market status. Findings – The findings reveal that the respondents felt the commercial property markets in Shanghai and Beijing were now moderately mature. However, issues such as poorer level of standard market information, development instability, low transparency of the legal system, high taxes and high government invention still existed in China’s commercial property market, therefore hindering its progress towards greater market maturity. Research limitations/implications – The small same size of the survey is the major limitation of the research. Practical implications – International investors and analysts can benefit from the research findings through a better understanding of the behaviour and trends in this unique market which will be reflected in their decision-making process. Originality/value – An explorative approach was used due to the lack of data to examine the perception of China’s commercial property market’s evolution and maturity. The findings can then be placed in the context of other Southeast Asian cities. The evolutionary process of China’s property market is rarely examined in previous studies of China property market due to the lack of data and transparency.
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SHIMIZU, Chihiro. "Data Resources in Real Estate Market Analysis." Japanese Journal of Real Estate Sciences 33, no. 4 (March 27, 2020): 58. http://dx.doi.org/10.5736/jares.33.4_58.
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Lux, Nicole, and Alex Moss. "Liquidity in global real estate securities markets." Journal of Property Investment & Finance 34, no. 4 (July 4, 2016): 321–46. http://dx.doi.org/10.1108/jpif-11-2015-0078.
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Purpose – The purpose of this paper is to test the relationship between liquidity in listed real estate markets, company size and geography during different market cycles, specifically pre-crisis (2002-2006) and post-crisis (2010-2014). Further, the study analyses the impact of stock liquidity on stock performance. In a previous study the authors examined the impact of liquidity on the valuation of European real estate shares. The result showed that there is a strong relationship between liquidity, valuation and market capitalisation post the Global Financial Crisis. Design/methodology/approach – The paper studies the linkages between regional market liquidity and company size for 60 listed real estate companies globally and determines the key drivers of company stock market liquidity pre- and post-crisis as well as the impact on stock performance. Analysis of variance is used to test cross-sectional independence in market liquidity combined with the Tukey’s post hoc test. The selected test indicators of liquidity to capture market depth and market tightness are daily stock turnover as percentage of market capitalisation and daily bid-ask spreads. Findings – Findings confirm previous studies that market liquidity factors are correlated globally over time indicating markets interdependence. However, sample groups by company size and geography form independent samples with different sample means, thus specific liquidity levels in each market may be different. First, stock turnover levels have not recovered post-crisis to pre-crisis levels in the majority of markets while spreads have continued moving downward to nearly insignificant levels in line with the rest of the equity market. Second, with regards to stock performance, the European bias previously detected is not apparent in the USA, and there is no evidence of the small cap vs large cap effect of small companies achieving superior returns, although smaller companies have outperformed in Europe and Asia in each of the last three years (2012-2014). Practical implications – The key implication is that although spread levels for smaller companies are higher, implying a slight risk premium when investing in small companies, this did not manifest into consistent superior stock market returns in the periods studied. In a mature market such as the USA or UK, liquidity levels in terms of stock turnover are higher and spreads are lower thus reducing trading costs, making them more attractive for investors. Originality/value – This research brings together previous analysis on stock market liquidity and stock performance on a global market level. It further tests the dependence of market liquidity on two key indicators, namely, geography and company size and analyses market changes with respect to liquidity pre- and post-crisis.
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Chernyshova, Maria, Arina Malenkaya, and Tatyana Mezhuyeva. "ANALYSIS OF PRICING FACTORS IN REAL ESTATE MARKET." Interexpo GEO-Siberia 6, no. 2 (2019): 79–85. http://dx.doi.org/10.33764/2618-981x-2019-6-2-79-85.
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In the real estate market price depends on supply and demand is formed under the influence of social, economic and physical factors. The article presents the results of the analysis of pricing factors in the real estate market, the forecast of real estate prices in 2019.
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Figurska, Marta, and Radoslaw Wisniewski. "Fundamental Analysis – Possiblity of Application on the Real Estate Market." Real Estate Management and Valuation 24, no. 4 (December 1, 2016): 35–46. http://dx.doi.org/10.1515/remav-2016-0028.
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Abstract The most common method supporting investing on the capital market or making decisions on the real estate market is technical analysis. This article, however, focuses on the less popular fundamental analysis, the importance of which is increasing on internationals markets, especially fully-developed ones. Fundamental analysis is used for long-term predictions of values of future phenomena, based on historical data and any factors likely to affect the level of supply and demand. The final result of its use is an appraisal the true value of the subject of valuation, or so-called fundamental (intrinsic) value. Using this method to analyze, diagnose and forecast economic phenomena, as well as become familiar with the market in terms of its fundamentals, positively influences the process of taking investment measures and leads to a better understanding of the real estate market. The aim of the following study is to describe the possibility of applying fundamental analysis on the real estate market, based on the principles existing on capital markets. This article serves as an introduction to the subject-matter as well as the beginning of series of publications dedicated to different aspects of conducting fundamental analysis in the context of the real estate market.
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Hin/David Ho, Kim, and Kwame Addae-Dapaah. "Real estate market cyclical dynamics." International Journal of Managerial Finance 10, no. 2 (April 1, 2014): 241–62. http://dx.doi.org/10.1108/ijmf-10-2013-0108.
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Purpose – The purpose of this paper is to help us understand the real estate cycle and offers an analysis using a vector auto regression (VAR) model. The authors study the key international cities of Hong Kong, Kuala Lumpur and Singapore. The authors find four key outcomes. One, the real estate cycle is generally different from the underlying business cycle in local markets for the cities studies. Two, the real estate cycle is more exaggerated in the construction and development areas than in rents and vacancies. Three, the vacancy cycle tends to lead the rental cycle. And four, new construction completions tend to peak when vacancy is also peaking. The authors believe that future research should try to help understand the linkages that drive these outcomes. For example, are rigidities in the local permit and construction markets responsible for the link between construction peaks and vacancy peaks? Design/methodology/approach – Real estate market cyclical dynamics and its estimation via VAR model offers an insightful set of practical and empirical models. It affirms a comprehensive theoretical underpinning for analysing the prime office and residential sectors of the capitol cities of Kuala Lumpur, Singapore and Hong Kong in the fast developing Asia region. Its unrestricted form also provides an effective and insightful way of modelling real estate market cyclical dynamics utilising only real estate market indicators, furnished by real estate market data providers. Findings – The office rental VAR model for Singapore (SOR), KL (KOR) and HK (HOR) show good fits. In the HOR model, rents and vacancies are negatively signed and significant for certain lagged relationships with other variables and with rents themselves. The office CV VAR model for Singapore (SOCV), KL (KOCV) and HK (HOCV) show good fits. In the HOCV model, capital values (CVs) and initial yields are negatively signed and significant for certain lagged relationships with other variables and with CVs themselves. Impulse response functions specified for seven years to mirror a medium-term real estate market cycle “die out” to zero for the stationary VAR models that are estimated for the endogenous variables. The accumulated responses asymptote to some non-zero constant. Practical implications – The VAR model offers a complete and meaningful dynamic system of solely real estate variables for international real estate investors and policy makers in decision making. Its unrestricted form offers an effective and insightful way of modelling real estate market cyclical dynamics utilising only real estate market indicators, which can be reliably provided by a dedicated real estate information and consultancy provider of international standing. Originality/value – The theoretical model offers a complete dynamic model system of the real estate space market, comprising a unique system of six linked equations that denote the relationship among supply, demand, construction, vacancy and rent over time, inclusive of price response slopes and lags. The VAR model enables the investigation of the effect of the lagged values of all the variables concerned. It also enables the explicit and rigorous quantitative forecasts of say rents and CVs when the rest of the variable can be forecasted beforehand.
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Zemlyanskiy, O. A. "Analysis of the real estate market for business activities." Vestnik Universiteta, no. 5 (July 6, 2021): 60–68. http://dx.doi.org/10.26425/1816-4277-2021-5-60-68.
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Effective business activities conducting in the real estate market is impossible without an objective analysis of the real estate market, its individual segments, comparing the possibilities and efficiency of doing business in different market segments. Based on the generalization of various methods, the author proposes an analysis of the real estate market to determine the possibility of effective business activity, including setting goals for the analysis of the real estate market and its individual segments, determining the subject, conditions and opportunities for entrepreneurial activity in the real estate market, analysing the market in accordance with the factors of market analysis, its characteristics and identification of the most attractive market segments and areas of activity in order to achieve these goals. The analysis of the real estate market determines the opportunities, conditions and prospects of presence on the market for various companies and types of business related to the creation and sale of real estate objects, as well as credit and financial, legal, insurance, valuation, commercial and other types of business.
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Ruscheinsky, Jessica Roxanne, Marcel Lang, and Wolfgang Schäfers. "Real estate media sentiment through textual analysis." Journal of Property Investment & Finance 36, no. 5 (August 6, 2018): 410–28. http://dx.doi.org/10.1108/jpif-07-2017-0050.
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Purpose The purpose of this paper is to determine systematically the broader relationship between news media sentiment, extracted through textual analysis of articles published by leading US newspapers, and the securitized real estate market. Design/methodology/approach The methodology is divided into two stages. First, roughly 125,000 US newspaper article headlines from Bloomberg, The Financial Times, Forbes and The Wall Street Journal are investigated with a dictionary-based approach, and different measures of sentiment are created. Second, a vector autoregressive framework is used to analyse the relationship between media-expressed sentiment and REIT market movements over the period 2005–2015. Findings The empirical results provide significant evidence for a leading relationship between media sentiment and future REIT market movements. Furthermore, applying the dictionary-based approach for textual analysis, the results exhibit that a domain-specific dictionary is superior to a general dictionary. In addition, better results are achieved by a sentiment measure incorporating both positive and negative sentiment, rather than just one polarity. Practical implications In connection with fundamentals of the REIT market, these findings can be utilised to further improve the understanding of securitized real estate market movements and investment decisions. Furthermore, this paper highlights the importance of paying attention to new media and digitalization. The results are robust for different REIT sectors and when conventional control variables are considered. Originality/value This paper demonstrates for the first time, that textual analysis is able to capture media sentiment from news relevant to the US securitized real estate market. Furthermore, the broad collection of newspaper articles from four different sources is unique.
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Kulczycki, Marek, and Marcin Ligas. "Qualitative similarity coefficients in real estate market analysis." Geomatics and Environmental Engineering 8, no. 1 (2014): 33. http://dx.doi.org/10.7494/geom.2014.8.1.33.
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Jang, Jae-Il, and Eunjoo Oh. "Analysis of Current Situations of Real Estate Market." Asia-pacific Journal of Multimedia services convergent with Art, Humanities, and Sociology 7, no. 5 (May 31, 2017): 685–93. http://dx.doi.org/10.14257/ajmahs.2017.05.62.
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Gallagher, Mark, and Asieh Mansour. "An Analysis of Hotel Real Estate Market Dynamics." Journal of Real Estate Research 19, no. 2 (January 1, 2000): 133–64. http://dx.doi.org/10.1080/10835547.2000.12091016.
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Ling, Mu Ling, Li Yuan, and Cheng Ya Wei. "Risk Analysis of the Real Estate Financial Market Based on Risk Energy Theory." International Journal of Corporate Finance and Accounting 8, no. 1 (January 2021): 15–26. http://dx.doi.org/10.4018/ijcfa.2021010102.
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Beginning with real estate financial risk and risk energy theory, combined with empirical research, this article analyzes real estate financial markets in different stages and calculates the profit and loss (the ratio of the release of risk energy to the risk energy) in order to judge whether the risk energy has exceeded the system tolerance and to play a warning role. First, this article analyzes uncertain factors in the real estate market, builds a real estate supply and demand network, determines system risk characteristics, corresponding profit and loss categories, quantitative and qualitative factors, and the risk of energy release and the collapse of boundary conditions. The real estate market is approached using both univariate and multivariate analyses, dividing the real estate market into three stages and probing mergers and transformation conditions for different levels of risk. Finally, the authors analyze whether the financial risk energy released by real estate market exceeds the capacity of the system by calculating probability, risk, which play a warning role.
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Nguyen, My-Linh Thi, and Toan Ngoc Bui. "The Real Estate Market and Financial Stability." International Journal of Mathematical, Engineering and Management Sciences 5, no. 6 (December 1, 2020): 1270–83. http://dx.doi.org/10.33889/ijmems.2020.5.6.094.
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This paper investigates the relationship between the real estate market (REM) and financial stability in Vietnam. Financial stability is measured using stock market volatility. The research is performed in Vietnam, a developing country whose stock and real estate markets are considered to be nascent, so the data series is very short. To solve this problem, the autoregressive distributed lag (ARDL) approach, which generates more valid results than its counterparts, is adopted. Furthermore, the ARDL approach is appropriate for a model with non-stationary data series and especially allows the analysis of the impact between data series in the short run and the long run. The results reveal the positive relationship between the real estate market and stock market volatility. However, this correlation only exists in the short run, which is a difference between Vietnam and developed countries. The paper also obtains an unprecedented finding confirming that the global financial crisis exerted a negative impact on the REM in Vietnam in the short run and the long run.
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Lazareva, Е. А., and N. A. Tyuleneva. "ANALYSIS OF REAL ESTATE VALUE ON THE EXAMPLE OF THE TOMSK’S COMMERCIAL REAL ESTATE MARKET." Vestnik Tomskogo gosudarstvennogo universiteta. Ekonomika, no. 45 (March 1, 2019): 201–15. http://dx.doi.org/10.17223/19988648/45/14.
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Elmetwaly, Hassan M. M. "Information System Analysis and Building for Integrated Real Estate Business Management in Real Estate Market." American Journal of Economics and Business Administration 3, no. 2 (February 1, 2011): 416–19. http://dx.doi.org/10.3844/ajebasp.2011.416.419.
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Vatin, Nikolay, Olga Gamayunova, and Darya Nemova. "Analysis of the Real Estate Market of St. Petersburg." Applied Mechanics and Materials 638-640 (September 2014): 2460–64. http://dx.doi.org/10.4028/www.scientific.net/amm.638-640.2460.
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Currently, more than half of the residents of St. Petersburg are not satisfied with their housing conditions. Plus a constant influx of migrants, which gives additional burden to domestic demand. The article analyzes the secondary housing market and the market of apartments in buildings under construction, the dynamics of the activity of demand for apartments. There are the comparison of the prices of residential real estate, depending on the type of apartment, house type, the district where the housing is located. Shown prospects for real estate investing. Highlighted the importance of energy saving technologies and good condition of communications when choosing real estate.
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Sternik, Sergey. "METHODOLOGY OF DISCRETE SPATIAL-PARAMETRIC REAL ESTATE MARKET MODELLING." Applied Mathematics and Control Sciences, no. 4 (December 15, 2020): 155–85. http://dx.doi.org/10.15593/2499-9873/2020.4.10.
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This paper gives a formalized description of the procedure for constructing widely used discrete spatial-parametric models of the real estate market in terms of set theory – an apparatus specially created for describing discrete spaces. The presentation is carried out in comparison with the approaches and concepts of a related methodology – regression models of mass appraisal of real estate objects. The methodology of discrete spatial-parametric modeling of the real estate market is used for market monitoring, for building dynamic market indices and for mass appraisal of real estate objects. The methodology is based on statistical cluster analysis and also allows for static interpolation spatial-parametric forecasting of the values of market indicators in small clusters with insufficient sample size and in narrow markets with little or no supply. The application of the methodology of discrete spatial-parametric modeling of the real estate market is demonstrated on the example of the residential real estate market in Moscow.
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Liow, Kim Hiang, Xiaoxia Zhou, Qiang Li, and Yuting Huang. "Time–Scale Relationship between Securitized Real Estate and Local Stock Markets: Some Wavelet Evidence." Journal of Risk and Financial Management 12, no. 1 (January 20, 2019): 16. http://dx.doi.org/10.3390/jrfm12010016.
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: This study revisits the relationship between securitized real estate and local stock markets by focusing on their time-scale co-movement and contagion dynamics across five developed countries. Since securitized real estate market is an important capital component of the domestic stock market in the respective economies, it is linked to the stock market. Earlier research does not have satisfactory results, because traditional methods average different relationships over various time and frequency domains between securitized real estate and local stock markets. According to our novel wavelet analysis, the relationship between the two asset markets is time–frequency varying. The average long run real estate–stock correlation fails to outweigh the average short run correlation, indicating the real estate markets examined may have become increasingly less sensitive to the domestic stock markets in the long-run in recent years. Moreover, securitized real estate markets appear to lead stock markets in the short run, whereas stock markets tend to lead securitized real estate markets in the long run, and to a lesser degree medium-term. Finally, we find incomplete real estate and local stock market integration among the five developed economies, given only weaker long-run integration beyond crisis periods.
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Wilkinson, Sara Jane, and Sarah Sayce. "Decarbonising real estate." Journal of European Real Estate Research 13, no. 3 (April 6, 2020): 387–408. http://dx.doi.org/10.1108/jerer-11-2019-0045.
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Purpose About 27 per cent of the total UK carbon emissions are attributed to residential buildings; therefore, improvements to the energy efficiency of the stock offers great potential. There are three main ways to achieve this. First is a mandatory approach, minimum energy efficiency standards are set and applied to new and existing buildings. Option 2 is voluntary, using energy ratings that classify performance to stimulate awareness and action. Third, financial measures, incentives and taxes, are applied to “nudge” behaviours. Most westernised countries have adopted a combination of Options 2 and 3, with the belief that the market will incentivize efficient properties. The belief is voluntary measures will stimulate demand, leading to value premiums. This paper aims to seek a deeper understanding of the relationship between energy efficiency and the value of residential property in Europe and, by so doing, to determine whether stronger policies are required to realise decarbonisation. Design/methodology/approach This paper reviews the current academic literature and large-scale quantitative studies conducted in Europe, mostly using hedonic pricing analysis to seek a relationship between energy performance certificates (EPCs) and either capital or rental values. It compares these to the reported findings of three case study projects that take a variety of different research approaches, all of which have the ambition to understand market behaviours and stimulate occupier or/and owner demand for energy efficient buildings. Findings The large-scale academic study results generally show a positive relationship between observed market prices and EPCs, which are commonly taken as surrogates for efficiency; however, outcomes are variable. One large study found energy upgrades may increase value, but not to the point where costs outweigh the value gain. Other studies found high returns on investment in energy efficiency technologies. The case study projects, however, revealed a more nuanced set of arguments in terms of the relationship between energy efficiency and market behaviours. Whilst there is some evidence that energy efficiency is beginning to impact on value, it is small compared to other value drivers; other drivers, including health, well-being and private sector finance deals, may prove more powerful market drivers. Further, the empirical findings reported point towards the emergence of a “brown” discount being more likely to be the long-term trend than a green premium. It is concluded that the current levels of action are unlikely to deliver the levels of decarbonisation urgently needed. Research limitations/implications This is a desktop study of other European studies that may have collected data on slightly different variables. Practical implications This study shows that more action is required to realise decarbonisation in new and existing residential property in the European states considered. The sector offers potential for substantial reductions, and other mandatory approaches need to be considered. Originality/value This is a timely review of the current outcomes of European programmes (EPCs) adopted in several countries to increase energy efficiency in the residential sector through a voluntary mechanism. The results show that more action is needed.
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Shao, S. W., X. Huang, L. X. Xiao, and H. Liu. "EXPLORING THE IMPACT OF REAL ESTATE POLICY ON REAL ESTATE TRADING USING THE TIME SERIES ANALYSIS." ISPRS - International Archives of the Photogrammetry, Remote Sensing and Spatial Information Sciences XLII-3/W10 (February 8, 2020): 1281–87. http://dx.doi.org/10.5194/isprs-archives-xlii-3-w10-1281-2020.
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Abstract. Housing price is a major issue affecting people's lives, but also closely related to the interests of the people themselves. Housing prices are affected by various factors, such as economic factors, population size factors, social factors, national policy factors, the internal factors of real estate and environmental factors. With the deepening of urbanization and the agglomeration of urban population in China, housing prices have been further accelerated. The Chinese government has also introduced a series of policies to limit real estate transactions and affect property prices. This paper also aims to explore a time series analysis method to analyse the impact of real estate policies on real estate prices. Firstly, the article searches for policy factors related to real estate through government official channels such as state, Prefecture and city, and analyses key words related to policy by means of natural language processing. Then, the real estate registration volume, transaction volume and transaction house price data which are arranged into time series are modelled using ARIMA time series model, and the data are processed according to scatter plot, autocorrelation function and partial autocorrelation function graph of the model to identify its stationarity. Finally, the LPPL (logarithmic periodic power) model and MPGA (multi-population genetic algorithm) are used to fit and detect turning points of real estate registration data, and the time series detection algorithm is used to obtain the inflection time nodes of the sequence, and then the relationship between real estate policy and real estate transactions is analysed. Taking the real estate registration data in Wuhan as an example, this paper validates the above time series analysis method. The results show that some real estate policies (such as purchase restriction policy, public rental policy, etc.) have a certain impact on real estate transactions in a short time. Part of the real estate policy (such as graduate security, settlement policy, etc.) does not have a significant impact on real estate transactions. To sum up, the government's brutal blockade of macro-control of the housing market cannot fundamentally solve the housing difficulties of the people, but also standardize the real estate market trading mechanism, innovate the market trading mode, so as to promote the long-term development of the housing market.
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RENIGIER-BILOZOR, Malgorzata, Radoslaw WISNIEWSKI, and Andrzej BILOZOR. "RATING ATTRIBUTES TOOLKIT FOR THE RESIDENTIAL PROPERTY MARKET." International Journal of Strategic Property Management 21, no. 3 (July 11, 2017): 307–17. http://dx.doi.org/10.3846/1648715x.2016.1270235.
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The growing significance of the real estate market prompts investors to search for factors and variables which support cohesive analyses of real estate markets, market comparisons based on diverse criteria and determination of market potential. The specificity of the real estate market is determined by the unique attributes of property. The authors assumed that developing real estate market ratings identifies the types of information and factors which affect decision-making on real estate markets. The main objective of real estate market ratings is to create a universal and standardized classification system for evaluating the real estate market. One from the most important problem in this area is collection of appropriate features of real estate market and development dataset. The main problem involves the selection and application of appropriate features, which would be relevant to the specificity of information related to the real estate market and create a kind of coherent system aiding the decision-making process. The main aim of this study is to elaboration set of variables (knowledge platform) that were used to elaborate the real estate market ratings. The results lead to obtain the necessary set of features that constitute essential information which describes the situation on the local real estate market.
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Shpik, N. "Analysis of real estate market in Ukraine and Europe." Vìsnik L’vìvs’kogo nacìonal’nogo agrarnogo unìversitetu. Arhìtektura ì sìl’s’kogospodars’ke budìvnictvo 19 (December 1, 2018): 204–7. http://dx.doi.org/10.31734/architecture2018.19.204.
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Savelieva, Irina, Antonina Ukhova, and Alexey Okolnishnikov. "SEGMENTATION ANALYSIS OF PRIMARY RESIDENTIAL REAL ESTATE MARKET STRUCTURE." Bulletin of South Ural State University series "Economics and management" 9, no. 4 (2015): 149–56. http://dx.doi.org/10.14529/em090420.
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Gargula, Krzysztof. "Real estate market of housing analysis using methods GIS." Studia i Prace WNEiZ 45 (2016): 255–68. http://dx.doi.org/10.18276/sip.2016.45/1-20.
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Chun, Haejung. "Analysis of Real Estate Market Trends After COVID-19." Journal of Humanities and Social sciences 21 12, no. 4 (August 31, 2021): 1821–32. http://dx.doi.org/10.22143/hss21.12.4.129.
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Brzezicka, Justyna, Jacek Łaszek, and Krzysztof Olszewski. "An Analysis of the Relationships Between Domestic Real Estate Markets – A Systemic Approach." Real Estate Management and Valuation 27, no. 1 (March 1, 2019): 79–91. http://dx.doi.org/10.2478/remav-2019-0008.
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Abstract This article analyzes the spread of market phenomena, market tensions and trends between real estate markets on the global scale. At the theoretical level, the main aim of the study was to determine the nature of the relationships between housing markets throughout the world. The main research goal was to identify and describe the strength of the correlations between the real estate markets of the world’s 10 largest economies (countries with the highest GDP). The analyses were conducted with the use of Pearson’s correlation tests, Granger causality tests and graphs. Our results revealed strong correlations between most of the markets; however, we did not find strong evidence for causality. In a globalizing world, national economies will become increasingly interconnected, which will indirectly influence the housing market.
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Wolski, Rafal. "Listing of Developer Companies as a Predictor of the Situation on the Residential Real Estate Market." Real Estate Management and Valuation 26, no. 4 (December 1, 2018): 12–21. http://dx.doi.org/10.2478/remav-2018-0032.
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Abstract The stock exchange is considered one of the most important financial institutions in the market economy. The stock market reacts to the state of the economy almost immediately, and, in the end, the quotations of companies affect the state of other markets. The author decided to look at companies from the WIG Real Estate index as important entities shaping the real estate market. When comparing the situation on the capital market with the situation on the residential real estate market, one could, building an appropriate model, conclude how much these markets interact. Purpose - The purpose of the article is to present the links between two important markets, the capital market, with real estate companies as its representatives, and the secondary housing market. In order to achieve the goal, a research hypothesis was formulated: the economic situation on the real estate companies market will be reflected in the situation on the secondary housing market. Design/methodology/approach - Cross-sectional regression analysis was used in the study. Using the data from the Warsaw Stock Exchange and the National Bank of Poland, regression models where price changes in the secondary housing market are explained by the quotations of real estate companies and selected stock exchange indices were built. The study was carried out from the first quarter of 2011 to the third quarter of 2017. Findings - Two models were built in which the rates of return on investments in real estate companies explain the price changes in the secondary housing market in a statistically significant way. Thus, the research hypothesis was positively verified, showing that the real estate market and the stock market of real estate companies are interrelated. Originality/Value - The alternative method of analyzing the real estate market can be considered as the original value of the presented results. A demonstration of the connections between both markets allows us to validate the methods used on the stock market to analyze the real estate market. An example application is the use of methods for estimating the cost of capital from the stock market in the real estate market.
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Wolski, Rafal. "Co-Integration Test of Selected Indexes on the Share Market and Index of Housing Real Estate Prices." Real Estate Management and Valuation 28, no. 1 (March 1, 2020): 100–111. http://dx.doi.org/10.1515/remav-2020-0009.
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AbstractThe integration of financial markets is an ongoing process throughout the world. Research shows that, from Australia through Europe to the United States, the capital and real estate markets are integrating, influencing each other. Although this process seems obvious, only research can show whether it actually occurs. Identifying these relationships is important for analyzing the entire market. Many methods, such as estimating the cost of equity, have been developed with the stock market in mind. Meanwhile, real estate valuation requires the cost of equity. Market integration is the rationale for using equity market methods on the real estate market.Aim of the work - the research is aimed at verifying whether there is cointegration between the secondary housing market and the stock market. A research hypothesis was put forward: the stock market and secondary housing market are integrated.Research methodology - the study used co-integration analysis using the Engle-Granger test. The study was conducted in the period from the third quarter of 2006 to the fourth quarter of 2018.Result - The tests carried out showed the existence of co-integration in one out of 36 cases for the explanatory variable - the delayed WIG index and the explained variable in the average price of residential real estate on the secondary market for the 7 largest Polish cities.Originality / Value - demonstrating the co-integration of markets justifies the use of analytical methods developed for stock markets on real estate markets. The research has no equivalent study on the Polish market. Similar analyses were carried out, but not for the stock and real estate market.
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Foryś, Iwona, and Małgorzata Tarczyńska-Łuniewska. "POLISH REAL ESTATE FUNDS AND INTERNATIONAL EXPERIENCE." Acta Scientiarum Polonorum. Oeconomia 16, no. 2 (June 30, 2017): 45–53. http://dx.doi.org/10.22630/aspe.2017.16.2.17.
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Funds investing in the Polish real estate market have been functioning since 2004, but they have lived through both the times of the 2006–2008 boom and the times of the 2009–2014 crisis. The first close-end funds were established in 2004 and were originally intended to close down after eight years. However, their results did not guarantee the return expected by investors. The purpose of the study is to evaluate the performance of the Polish investment funds operating on a young, ten-year-old market in the context of the experience of mature markets with a long history of funds investing in real estate. The paper presents the cause and effect analysis of the impact of macroeconomic factors on the funds’ results as well as of behavioral factors contributing to low interest in the real estate investments with the participation of Polish investment funds operating on the Polish real estate market.
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Renigier-Biłozor, Małgorzata, and Andrzej Biłozor. "Optimization of the variables selection in the process of real estate markets rating." Oeconomia Copernicana 6, no. 4 (December 31, 2015): 139. http://dx.doi.org/10.12775/oec.2015.033.
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The growing significance of the real estate market prompts investors to search for factors and variables which support cohesive analyses of real estate markets, market comparisons based on diverse criteria and determination of market potential. The specificity of the real estate market is determined by the unique attributes of property. The Authors assume that developing real estate market ratings identifies the types of information and factors which affect decision-making on real estate markets. The main objective of real estate market ratings is to create a universal and standardized classification system for evaluating the real estate market. One of the most important problems in this area is collecting appropriate features of real estate market and development dataset. The main problem involves the selection and application of appropriate features, which would be relevant to the specificity of information related to the real estate market and create a kind of coherent system aiding the decision-making process. The main aim of this study is the optimization of set of variables that were used to develop the real estate market ratings. For this purpose, Hellwig’s method of integral capacity of information was applied. In this particular case, the method shows what set of variables provides information most sufficiently. The results lead to obtaining the necessary set of features that constitute essential information which describes the situation on the local real estate market.
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Erdoğan, Saffet, and Abdulkadir Memduhoğlu. "A spatiotemporal exploratory analysis of real estate sales in Turkey using GIS." Journal of European Real Estate Research 12, no. 2 (August 8, 2019): 207–26. http://dx.doi.org/10.1108/jerer-06-2018-0024.
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PurposeThe purpose of this paper is to examine the real estate sales in Turkey on a district basis to reveal the current state of real estate sales and any meaningful changes in the last period. The real estate market is important and is an indicator of the country’s general economic health, as real estate is seen as an investment.Design/methodology/approachAs a powerful method of spatial analysis and evaluation, geographic information systems have been used to examine real estate data in both spatial and temporal ways. In this study, 14 years of sales data covering the years 2004 to 2017 obtained from government agencies on a district basis were evaluated using spatiotemporal methods. Several maps were produced using Getis-Ord Gi* and local Moran’s I indices, which showed the spatiotemporal change of sales and sales rates.FindingsWhen looking at the maps, provinces such as Istanbul, Ankara, Izmir, Antalya and their surrounding districts have buoyant real estate markets compared to the other side of the country. Real estate sales are more stagnant in the eastern and northern parts of the country. In addition, the authors found that the growth rate of annual average real estate sales was approximately seven times higher than the annual average population growth.Originality/valueThis spatiotemporal study, which presents 14 years of performance data of the real estate market and, by extension, the economic situation, also highlights the regions that stand out for investment planning throughout the country. The results of spatiotemporal analysis also present a new way of real estate market visualization using maps with well-designed categorizations.
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Katkova, Yana I. "Analysis of demand for commercial real estate of the Moscow Region." Economics of Contemporary Russia, no. 2 (August 3, 2020): 95–101. http://dx.doi.org/10.33293/1609-1442-2020-2(89)-95-101.
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The commercial real estate market is a specific and rapidly changing subject for research. Commercial real estate market is connected with the real sector of the economy through consumer demand, and it is connected with the financial market through alternative investment returns. Therefore, this market is actively studied by the Russian and foreign researchers. The most poorly studied issue in this market is its demand side. But the analysis of demand is difficult due to the fact that the buying cycle in the market is very long, and potential buyers are not registered anywhere until the transaction is completed. But the execution of the transaction is not a reflection of demand, as it is the result of negotiations between the seller and the buyer, which may not succeed, as the potential buyer can choose an alternative way of owning property (rent, sublease, co-working) or generating income (bonds, stocks, shares). In this paper, we analyze the demand for commercial real estate in the Moscow region, compare supply and demand in this market, and present a study of the demand for retail, office and industrial-warehouse real estate. We propose a model for pricing commercial real estate. We found a significant discrepancy between supply and demand in the market according in line with their structure, inequality of demand for retail, office and industrial-warehouse premises, the dependence of the price per square meter of real estate to its area (in square footage) and location. The results obtained are consistent with Russian and foreign studies on the analysis of the commercial real estate market. The results of the study may be useful to such players in the commercial real estate market as developers, investors, buyers.
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Kobylińska and Cellmer. "Modelling and Simulation of Selected Real Estate Market Spatial Phenomena." ISPRS International Journal of Geo-Information 8, no. 10 (October 10, 2019): 446. http://dx.doi.org/10.3390/ijgi8100446.
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This paper presents a novel approach to the modelling and simulation of real estate transactions. The main purpose of the study was to develop the theoretical foundations for building simulation models of transaction locations and real estate prices. Pursuing this objective involved a spatial market analysis based on geostatistics to develop maps of the dynamics and spatial activity of the real estate market. The research was conducted by presenting the issue against the background of the literature of the subject and by conducting an experiment, which involved developing an original procedure of providing simulated market data. The study deals with the market for non-built-up land real estate with a residential function in the city of Olsztyn (Poland). The time range concerned the years 2004–2015. Information on 932 real estate transactions was adopted for the study. A set of additional information on virtual transactions was generated during the study; this information can supplement market data for markets of low activity or if there are information gaps. Geoinformation analyses were performed in order to determine new trends in price levels and spatial activity of a real estate market. Overall, this resulted in generating maps of simulated transaction densities, a map of simulated prices and a map of the probability of a specific price occurring.
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McGough, Tony, and Jim Berry. "Pricing risk and its use in modelling real estate market yields." Journal of Property Investment & Finance 38, no. 5 (August 3, 2020): 419–33. http://dx.doi.org/10.1108/jpif-08-2019-0111.
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Purpose In the light of past financial and economic turmoil, there has been a marked increase in the volatility in real estate markets. This has impacted on the pricing of property assets, partly through market sentiment and particularly concerning risk. It also limits modelling accuracy model accuracy. The purpose of this paper is to create a new variable and model to enhance analysis of what drives real estate yields incorporating market sentiment to risk. Design/methodology/approach This paper specifically considers the modelling of property pricing within a volatile economic environment. The theoretical context begins by analysing the relationship between property yields and government bonds. The analytical context then moves on to specifically include a measurement of risk which stresses its role and importance in investment markets since the Global Financial Crisis. The model thus incorporates macroeconomic and real estate data, together with an international risk multiplier, which is calculated within the paper. Findings The paper finds the use of measurements of market sentiment and risk are more powerful tools for modelling yields than previous techniques alone. Research limitations/implications This is an initial paper outlining the creation of sentiment and risk measurements in the financial market and showing an example of its application to a commercial real estate market. The implication is that this could add a major new explanatory variable to modelling of yields. Practical implications The paper highlights the importance of risk in the pricing of commercial real estate, over and above normal variables. It highlights how this can help explain over and undershooting of yields within commercial real estate which would be of great importance in the investment world. Originality/value This paper attempts to explicitly measure market sentiment, pricing of risk and how this impacts real estate pricing.
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Curto, Rocco, Elena Fregonara, and Patrizia Semeraro. "Listing behaviour in the Italian real estate market." International Journal of Housing Markets and Analysis 8, no. 1 (March 2, 2015): 97–117. http://dx.doi.org/10.1108/ijhma-01-2014-0003.
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Purpose – The main purpose of this paper is to explore the listing behaviours of agents and sellers. In particular, the paper analyzes listing prices and the predicting power of the house features described in advertisements, to improve their use in real estate valuations. In Italy, selling prices are not public information and therefore listing prices play a key role for market analyses and are used by real estate companies and appraisers for estimating house values. Design/methodology/approach – A traditional hedonic model was used to measure the overall contribution to listing price of the characteristics described in advertisements. The analysis was performed both on houses put on the market by agents and on houses put on the market by sellers. Listing price distributions and their deviation from normality were analyzed. Furthermore, a hedonic analysis was performed, which consisted of two steps. First, the coefficient of determination for any characteristic was computed. Second, the overall contribution to the listing price of the characteristics described in advertisements was measured. Findings – The analysis shows the presence of factors which affect listing prices and which are not revealed to buyers in real estate advertisements. On the other hand, the presence of characteristics that do not affect the listing price but are described in advertisements was also found. Furthermore, agents and sellers showed different behaviours. While the marginal contributions of each characteristic estimated on a sample of houses put on the market by agents were significant, the analysis reveals that listing prices of houses put on the market by sellers are not explained by the house features. Originality/value – To the best of the authors’ knowledge, this is the first study to propose a hedonic approach to exploring the major determinants of listing prices of houses on sale on the Italian market. The listing behaviour of agents and sellers and the predicting power of the observable characteristics could address the use of listing prices in real estate valuations. At the same time, the potential presence of unobservable factors that affect the listing price could be a source of bias in estimating the value of houses.
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Renigier-Biłozor, Malgorzata, Radoslaw Wisniewski, Arturas Kaklauskas, and Andrzej Biłozor. "RATING METHODOLOGY FOR REAL ESTATE MARKETS – POLAND CASE STUDY." International Journal of Strategic Property Management 18, no. 2 (June 20, 2014): 198–212. http://dx.doi.org/10.3846/1648715x.2014.927401.
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The development of the real estate market is conditioned by a variety of endogenous and exogenous factors. Selected factors determine the local character of the real estate market, whereas others contribute to its classification as one of the main branches of the national economy. Rapid economic growth and the search for new investment opportunities have turned the real estate market into a highly competitive arena where various players carry out diverse investment strategies. Investors search for similarities that would enable them to develop risk minimizing strategies. Ratings are a modern tool that can be deployed in analyses and predictions of real estate market potential. This paper proposes a methodology for developing real estate market ratings, and it identifies the types of information and factors which affect decision-making on real estate markets. The following research hypotheses are formulated and tested in the article: 1) a real estate market can be rated in view of its significance for the local and national economy, 2) real estate market ratings support market participants in the decision-making process.
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Haran, Martin, Michael McCord, Peadar Davis, John McCord, Colm Lauder, and Graeme Newell. "European emerging real estate markets." Journal of Property Investment & Finance 34, no. 1 (February 1, 2016): 27–50. http://dx.doi.org/10.1108/jpif-04-2015-0024.
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Purpose – The purpose of this paper is to improve the transparency of European emerging real estate market dynamics and performance attributes in the wake of the 2007-2008 global financial crisis (GFC). The paper examines the extent and nature of inter-relationships between three emerging real estate markets namely, the Czech Republic, Hungary and Poland as well as determining the rationale for including emerging real estate markets within a Pan-European investment portfolio. The paper affords a timely update following the reinstatement of lending provision for European emerging real estate investment markets in 2014. Design/methodology/approach – The paper employs lead-lag correlations and Grainger causality to examine inter and intra relationships across three emerging European real estate markets, namely the Czech Republic, Hungary and Poland over the period 2006-2014. Optimal portfolio analysis is undertaken to explore the role of emerging real estate markets within the confines of a multi-asset investment portfolio as well as a Pan-European real estate investment portfolio. Findings – The findings demonstrate the opportunities afforded by the European emerging real estate markets in terms of both performance enhancement and risk diversification. Significantly, the findings highlight the lack of “uniformity” across the European emerging markets in terms of their investment potential, with Grainger causality confirming that the real estate markets in the Czech Republic, Hungary and Poland are not endogenous functions of one-another’s performance. Practical implications – This paper makes a considered contribution to the analytical interpretation of European emerging property market performance across the real estate cycle. The research demonstrates that the real estate markets in the Czech Republic, Hungary and Poland exhibit specific investment characteristics which differentiate them from the more developed real estate markets across Europe. Indeed emerging markets have the propensity to serve as both a risk diversifier as well as performance enhancer within the confines of a pan-European real estate investment portfolio. However, as the research clearly articulates, intricate understanding of the attributes afforded by the different emerging markets as well as the divergence in sectoral dynamics/performance is integral to portfolio allocation strategies. Originality/value – Robust academic research on Europe’s emerging real estate markets has been hampered by deficiencies in data provision. This study makes an innovative and timely contribution to redressing the research vacuum through delineated examination of the performance dynamics of three markets namely, the Czech Republic, Hungary and Poland, across the real estate cycle. The role and function of emerging markets is depicted within the confines of a Pan-European direct real estate investment portfolio at the all property level and in terms of sectoral specific allocations comprising retail, office and industrial. The explicit added value of the paper is the propensity to bench-mark the performance of emerging markets real estate markets on a like-for-like basis with developed real estate markets across Europe facilitating the exploration of the role and function of emerging real estate markets within a Pan-European investment context.
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Jang, Hanwool, Yena Song, Sungbin Sohn, and Kwangwon Ahn. "Real Estate Soars and Financial Crises: Recent Stories." Sustainability 10, no. 12 (December 3, 2018): 4559. http://dx.doi.org/10.3390/su10124559.
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This paper studies the contribution of real estate bubble to a financial crisis. First, we document symptoms of a real estate bubble along with a slowdown of the real economy and find indicators of an imminent crash of the stock market, triggering a sense of déjà vu from the 2008 crisis. However, we show that the relationship between real estate and financial markets has changed since the crisis. The empirical analyses provide evidence that the monetary policy has recovered its control over mortgage rates, which had been lost prior to the global financial crisis, and that the real estate market does not have a Granger causality relationship with the stock market any more. Findings suggest that an imminent financial market crash is not likely to be catalyzed by a real estate bubble.
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Sinyak, Nikolay, Singh Tajinder, Jaglan Madhu Kumari, and Vitaliy Kozlovskiy. "Predicting real estate market trends and value using pre-processing and sentiment text mining analysis." Real estate: economics, management, no. 1 (May 17, 2021): 35–43. http://dx.doi.org/10.22337/2073-8412-2021-1-35-43.
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Ubiquitous growth in the text mining field is unprecedented, where social media mining is playing a significant role. Gigantic growth of text mining is becoming a potential source of crowd wisdom extraction and analysis especially in terms of text pre-processing and sentiment analysis. The analysis of a potential influence of sentiment on real estate markets controversially discussed by scholars of finance, valuation and market efficiency supporters. Therefore, it’s a significant task of current research purview which not only provide an appropriate platform for the contributors but also for active real estate market information seekers. Text mining has gained the widespread attention of real estate market information users which is almost on explosion level. Accessibility of data on such behemoth scale mandates regular and critical analysis of this information for various perspectives’ plausibility. Rich patterns of online social text can be exploited to extract the relevant real estate information effectively. As text mining plays a significant and crucial role in discovery of these insights therefore its challenges and contribution in social media analysis must be explored extensively. In this paper, we provide a brief about the current summary of the modern state of text mining in pre-processing and sentiment for the real estate market analysis. Empha-sis is placed on the resources and learning mechanism available to real estate researchers and practitioners, as well as the major text mining tasks of interest to the community. Thus, the main aim of this chapter is to expound and intellectualize the domains of social media which are accessible on an extraordinary range in the field of text mining real estate for predicting real estate market trends and value.
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Zvezdina, N. V., and S. S. Grachеva. "Major Trends in the Primary Residential Real Estate Market: Economic and Statistical Analysis (Case Study: The City of Moscow)." Voprosy statistiki 27, no. 1 (February 14, 2020): 71–84. http://dx.doi.org/10.34023/2313-6383-2020-27-1-71-84.
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The authors present results of the study of the domestic residential real estate market, using the city of Moscow as an example. Importance of this study comes from the fact that the residential real estate market occupies a significant place in the national economy; that said, it is necessary to take into account its scale and development dynamics. On one hand, the development of the residential real estate market is always considered within our country’s social policy that is targeted at raising standards of living. Оn the other hand, players in various markets participate in the housing construction industry because in it are concentrated significant volumes of financial flows. For a more detailed economic and statistical analysis, the authors chose the most dynamically developing segment of residential real estate in Moscow - the market for new buildings. According to the authors, dynamics, and nature of change in the indicators of the capital market of primary real estate along with general market conditions was affected by legislative changes that have occurred in the construction and banking sectors.Given the heterogeneous development of the capital market in a large metropolis such as Moscow, the authors applied the clustering of districts using the results of comprehensive studies of the primary real estate market of previous years. For this study, four groups of factors were identified: characteristics of apartments, indicators of transport accessibility, the level of infrastructure development and the state of the environment. The information sources included databases of leading real estate companies such as CIAN, Metrium, Domofond (as of the end of May 2019), as well as official statistics from Mosgorstat, Mosecomonitoring, Unified Transport Portal. After the preliminary analysis of the data, sample was made of new buildings of the mass segment (economy and class comfort).Using regression analysis, the authors constructed models of the dependence of the cost per square meter of residential real estate on the market of new buildings in Moscow on several factors and identified the most significant of them. The results of the study presented in the article may be of interest to consulting companies, real estate agencies, employees of the banking sector, as well as local authorities for strategic planning of the development of the real estate market.
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Shumilina, Vera, Ravida Reutova, and Elizaveta Rudenko. "STATISTICAL STUDY OF SUPPLY AND DEMAND FOR REAL ESTATE IN ROSTOV-ON-DON IN THE PERIOD 2010-2020." Science & World 2021, no. 1 (July 22, 2021): 21–25. http://dx.doi.org/10.26526/2307-9401-2021-1-21-25.
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The article reflects the characteristics of the concepts of «real estate market» and «real estate market analysis». The main stages of analysis of the state of the residential real estate market are considered. The analysis of real estate market indicators in Rostov-on-don is carried out and the corresponding conclusions are made.
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Lee, Stephen. "Convergence in the UK direct real estate market." Journal of Property Investment & Finance 35, no. 4 (July 3, 2017): 382–96. http://dx.doi.org/10.1108/jpif-06-2016-0043.
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Purpose The purpose of this paper is to empirically examine the issue of convergence in the monthly returns, rental growth and yields for ten market segments in the UK direct real estate market, using monthly data over the period from January 1987 to December 2014. Design/methodology/approach The methodology used to determine convergence is principal component analysis as it provides an assessment of the extent to which the variance of the market segments can be represented by a single common factor, explaining their long-run behaviour, and the degree of independence between the market segments. Findings The results suggest that there is strong evidence of convergence over the entire sample period in relation to monthly returns and yields but less evidence of convergence in rental growth, which confirms the findings in previous studies in international markets. Practical implications The evidence also suggests that convergence has increased over the sample period and that convergence is period specific and was particularly strong during and after the period of the Global Financial Crisis, which implies that the UK direct real estate market is largely integrated and as a consequence the extent of diversification potential in the market is still severely limited. Social implications The convergence in returns has crucial implications for investors as it leaves investors exposed to the same structural shocks and so magnifies the importance of volatility spillover effects, limits their ability to create well-diversified portfolios and make it more difficult for fund managers to outperform the market. Originality/value This is the first paper to examine the convergence in the UK direct real estate market.
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Brzezicka, Justyna, and Radosław Wiśniewski. "Calendar Effects on the Real Estate Market." Real Estate Management and Valuation 21, no. 2 (June 1, 2013): 13–21. http://dx.doi.org/10.2478/remav-2013-0012.
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Abstract Social and economic phenomena that rely on "soft" factors to explain the market reality supply highly valuable observations. Behavioral elements should not be omitted in analyses of the real estate market because the latest developments in behavioral sciences significantly contribute to our understanding of this market. The popularity of behavioral research in social and economic sciences provokes an examination of the significance of behavioral analyses on the real estate market. As an object of social and economic inquiry, the property market can benefit from recent achievements in behavioral sciences which expand the explanatory potential of studies based on the neoclassical model. This paper analyzes calendar anomalies, generally referred to as calendar effects, on the real estate market. This phenomenon has been observed on the capital market and has been investigated and described by behavioral finance. The research hypothesis tested in this study is that calendar effects are present on the real estate market. This paper aims to: 1) review calendar effects as model phenomena on the real estate market, 2) determine whether calendar effects occur on the real estate market and, if so, identify those anomalies, 3) determine whether and to what extent the real estate market is governed by seasonal diversity, 4) explain the significance of calendar effects to the real estate market. Research goals were pursued based on analyses of real estate transactions conducted in Olsztyn between 2004 and 2011.
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Ambrasas, Gintautas, and Danielius Stankevičius. "AN ANALYSIS OF DWELLING MARKET IN VILNIUS, LITHUANIA." International Journal of Strategic Property Management 11, no. 4 (December 31, 2007): 243–62. http://dx.doi.org/10.3846/1648715x.2007.9637572.
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The current situation in the real estate market in Lithuania is favourable for real estate developers. Dwelling prices in Vilnius are much lower than those in other EU member‐states. However, the rate of their increase is one of the highest in the European Union. At the end of 2003, one of the causes of the purchasing boom was the anticipated rise in real estate prices, when Lithuania was gradually integrating into the European Union. The growing income of the real estate sector and high profit attracted more and more companies to real estate market. But the situation in the real estate market has changed. Therefore, to protect the investments in real estate, customers should carefully select the investment projects, paying special attention to reliability and competence of project developers. The analysis of financial indicators of six specially selected project developers made by the authors allowed them to state that not all real estate developers in the market are reliable and able to satisfy liability claims because they may face solvency problems. In some cases, indicators even warn about a threat of bankruptcy for a company. In addition to objective factors influencing the market, such as the conditions of crediting, the economic development of the state, standard of living of the population, migration, etc., some negative effects play an important role in the process of price rising. Authors analyzed the difference in price between the cheapest and most expensive dwellings in different segments of real estate market in Vilnius, Lithuania. Būsto rinkos analizė Vilniuje Santrauka Dabartine situacija nekilnojamojo turto rinkoje yra palanki nekilnojamojo turto įmonėms ‐ nekilnojamojo turto rinkos dalyviams. Būsto kainos Vilniuje yra gerokai žemesnes nei analogiško būsto kainos senosiose Europos Sąjungosšalyse narėse, o pastaraisiais metais kainų augimas ‐ vienas sparčiausiu lyginant su ES. 2003 m. kainų augimo bumas netgi buvo siejamas su įstojimo i Europos Sąjungalūkesčiais. Augančios nekilnojamojo turto rinkos pajamos ir didelis pelnas I nekilnojamojo turto rinka pritraukia vis daugiau nauju įmonių. Kad apsaugotu savo investicijas Inekilnojamąjį turtą, pirkėjai turi atidžiai rinktis investicinius projektus, ypatinga dėmesį skirdami projekto platintojukompetencijai. Autorių atlikta sesių pasirinktu įmonių, investuojančiu I Vilniaus nekilnojamojo turto rinka, lyginimas leidžia teigti, kad toli gražu ne visos analizuotos įmones pajėgios įvykdyti savo prisiimtus sutartinius įsipareigojimus. Atskiri rodikliai tam tikra prasme gali byloti ir apie įmones bankroto pavojų. Be objektyviu veiksniu, darančiu įtaka nekilnojamojo turto rinkai (tokiu kaip kreditavimo sąlygos, šalies ekonomikos plėtra, visuomenes gyvenimo būdo standartai, migracija ir pan.), įvairus nepalankūs veiksniai taip pat daro nemaža įtakakainų augimui rinkoje, todėl autoriai analizuoja skirtingu būsto segmentu kainų skirtumus Vilniaus nekilnojamojo turto rinkoje, jų kitimui darančius įtaka veiksnius ir tendencijas.
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Tang, Hua, Hui Min Li, and Tao Zhou. "Research on Xi'an Real Estate Market and National Economy Based on Spectral Analysis." Advanced Materials Research 368-373 (October 2011): 3083–87. http://dx.doi.org/10.4028/www.scientific.net/amr.368-373.3083.
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Cycle fluctuations have been identified which includes real estate investment, real estate consumption, real estate industry and national economy. Spectral analysis is applied in such research based on the statistical data from 1997 to 2010 of Xi’an. The mutual relation could be found between investment and price of Xi’an real estate referring that investment increases with the rise in house prices. Furthermore, a great deal of randomness has been shown in Xi'an real estate consumption which does little effect on the cycle of real estate price indicating real estate market in Xi'an is a seller's market. At the same time, due to the fluctuation cycle of national economy in Xi’an is more than 12 years; the periodic fluctuations of national economy cannot be deduced from the periodic fluctuations of real estate in Xi’an.
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Wang, Xue Li, and Shan Hua. "Influence Factors of Chinese Real Estate." Applied Mechanics and Materials 405-408 (September 2013): 3391–95. http://dx.doi.org/10.4028/www.scientific.net/amm.405-408.3391.
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This paper studied that the factors influencing Chinese real estate price. And that the land prices, the macroeconomic situation, the annual income of the households, the process of urbanization, the credit policy, the psychological expectations of consumers, the market investment or speculation, the governments regulation policy etc, Are all the influence factors of real estate prices. And the analysis results to develop appropriate policy recommendations for the healthy and sustainable development of the real estate market.
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Veuger, Jan. "Dutch blockchain, real estate and land registration." Journal of Property, Planning and Environmental Law 12, no. 2 (May 4, 2020): 93–108. http://dx.doi.org/10.1108/jppel-11-2019-0053.
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Purpose A first exploration of the impact of blockchain on real estate in the Netherlands took place in 2017. In the follow-up, several blockchain and real estate studies have appeared with research on real estate and blockchain worldwide. In view of the previous research, the question remained as to what is now happening worldwide in the field of blockchain and real estate. This has resulted in the start-up of the Foundation for International Blockchain and Real Estate Expertise (FIBREE) network. This network has led to the launch of two investigations: Industry Report Blockchain Real Estate 2019 on exploration of international products and a database exploring blockchain and real estate on exploring (inter)national research. This paper aims to provides an overview and analysis of all relevant scientific publications – targeted on the Netherlands – and does so within a context of a first small international exploration of international research, experts and products – in particular land registration. Design/methodology/approach I have asked everybody at the Regionals Chairs of FIBREE to collect data with info about which blockchain and real estate product-suppliers or initiatives do you see, which research-output on blockchain and real estate is there and who are the experts with which specific expertise? This paper provides an overview and analysis of all relevant scientific publications – targeted on the Netherlands – and does so within a context of a first small international exploration of international research, experts and products – in particular land registration. Findings This paper provides an overview and analysis of all relevant scientific publications – targeted on the Netherlands – and does so within a context of a first small international exploration of international research, experts and products – in particular land registration. Research limitations/implications A question that remains is to continue to look at existing markets or too disruptive innovation newcomers in the blockchain market. The question is whether blockchain is only a technological disruption or a real game changer and whether the entire value chain of the market is going to embrace this. Confidence in blockchain is therefore a precondition for guiding that disruption where (new) companies use new technology to offer cheaper and superior alternatives in the market. But the big question is how quickly blockchain will develop as well as all its applications. Practical/social implications A question that remains is to continue to look at existing markets or too disruptive innovation newcomers in the blockchain market. The question is whether blockchain is only a technological disruption or a real game changer and whether the entire value chain of the market is going to embrace this. Confidence in blockchain is therefore a precondition for guiding that disruption where (new) companies use new technologies to offer cheaper and superior alternatives in the market. But the big question is how quickly blockchain will develop as well as all its applications. Originality/value A first exploration of the influence of blockchain on real estate in the Netherlands took place in 2017. In the follow-up, several blockchain and real estate studies appear with research about real estate and blockchain worldwide.
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Ruan, Lian Fa, and Long Jiang Shen. "Coordination Degree Analysis of Real Estate Investment and the National Economy in China - Based on Principal Component Analysis Method." Advanced Materials Research 753-755 (August 2013): 2870–74. http://dx.doi.org/10.4028/www.scientific.net/amr.753-755.2870.
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Starting from six indicators like the ratio of the real estate investment growth and GDP growth etc., this article analyses the coordination degree of real estate investment and national economy with principal component analysis, and obtains the coordination index. Using 3σ method, the authors calculate the mean and standard deviation of the principal component indicator data, and then establish an early warning interval for real estate market . The results show that the real estate investment is a little excessive in recent years but the coordination degree between the real estate industry and the national economy is generally stable in China. Further investigations indicate that the change of the coordination index of the commercial housing sub-market is consistent with the whole commercial building market, but the one of the non-residential building is opposite to the total CB's.
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Wolny, Ada. "Accessibility of Real Estate by Transportation as a Determinant of the Development of Suburban Real Estate Markets – Case Study." Real Estate Management and Valuation 24, no. 1 (March 1, 2016): 5–18. http://dx.doi.org/10.1515/remav-2016-0001.
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Abstract The aim of this article is to show the accessibility of real estate by transportation as a factor that significantly determines the decision to acquire it. Direct access to a public road, or access to an internal road that provides communication with the public road, are a factor affecting the value of real estate. In addition, this factor is taken into account in the process of changing the function of the area, especially in determining zoning and land use. The decision of purchasing real estate often depends on transportation accessibility, because it has an impact on developing the selected plot. Suburban real estate markets, as markets exposed to particularly strong investment pressure, develop depending on the influx of external investors and the local transportation network. Here, the smaller the distance from the city center, the greater the building concentration; nevertheless, it is still important to improve transportation links and create a well-developed local transportation network. The provision of access to main roads on the rapidly growing market is in the interest of local authorities implementing spatial policy. It is also a challenge for real estate investors taking on the initiative in the scope of transforming land use. The analysis of the impact that transportation accessibility has on the development of the real estate market was conducted on the example of two selected suburban communes bordering the city of Olsztyn - Dywity and Stawiguda. Transactions on the local real estate market entered into during a period of five years were subjected to analysis. The results of the research revealed concentrations of transactions of real estate located on the outskirts of the city or in areas well-communicated with Olsztyn. The conducted research also indicates that, due to the activity of investors, a network of internal roads creating a complex structure was formed.