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Dissertations / Theses on the topic 'Land real estate'
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Hubbard, Paul Fuller. "A land link for western Montana keeping land in agriculture from one generation to the next /." CONNECT TO THIS TITLE ONLINE, 2006. http://etd.lib.umt.edu/theses/available/etd-12212006-162006/.
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Juan, He. "China's real estate policies and real estate market responses." View electronic thesis, 2008. http://dl.uncw.edu/etd/2008-3/r3/juanh/hejuan.pdf.
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Pfingston, Gina. "Risk perception of unentitled land." Thesis, Massachusetts Institute of Technology, 2019. https://hdl.handle.net/1721.1/123604.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019Cataloged from PDF version of thesis.
Includes bibliographical references (pages 35-36).
Even the most seemingly straightforward developments are not without risk. Given development's speculative nature, developers are taking a risk today that there will be future demand for their project at the time of delivery. Additionally, given the high fixed costs of development, such as land value and construction costs, developers face the risk that their projected rental revenue or asset valuation might shift unfavorably by the time of delivery. While nearly all developments face these risks, developers acquiring a parcel of land that must still go through the entitlement and permitting process are faced with a host of additional risks given the uncertainty surrounding third party approvals. As zoning is a localized set of regulations, the process and associated risks vary from market to market.
The purpose of this thesis is to understand what uncertainties are considered the riskiest by developers and how the clarity of the local zoning code can create or mitigate these risks and impact a developer's risk tolerance. Through a set of interviews with groups experienced in development in three major U.S. markets, this paper explores how developers are pricing the additional risk of acquiring unentitled land into their return requirements and if their methods suggest that they are being adequately compensated for taking on greater uncertainty. It appears that while developers do underwrite a premium for unentitled land, among different unentitled opportunities, this premium is fairly homogenous within a given market. Differences exist however between markets depending on how transparent and easily understood the approval process is.
In a city where the approval process for obtaining entitlements is clear and codified, developers feel confident in the path to construction commencement and therefore underwrite only a moderate return premium. However, in cities with ambiguous or byzantine zoning codes, uncertainty and perhaps even skepticism of the process causes developers to require a greater return premium, resulting in decreased land values, to compensate themselves for the increased risk in obtaining entitlement approvals.
by Gina Pfingston.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate
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Callahan, Mark F. (Mark Francis). "Using transactional and spatial data to determine drivers of industrial land value." Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/113483.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2017Cataloged from PDF version of thesis.
Includes bibliographical references (pages 74-76).
The value of a given parcel of land is determined by a multitude of factors based on its location and physical characteristics. No two parcels are alike, making direct comparison between parcels and the study of underlying land values difficult. Further, in locations where land is most valuable, there are often existing improvements on the land. In order to determine a land-only value, the value of the existing buildings or infrastructure must be estimated. This leads to the potential for errors and other issues. There has been a great deal of research conducted on land value for specific real estate uses, such as residential or office. However, little research has been conducted on industrial land. This study will focus specifically on industrial land value and the individual factors that drive it. This study analyzes a database of 1,000 transactions in 10 of the largest industrial real estate markets in the United States.
The data set is unique because most of the data points are land only, lessening the impact of appraisal and estimation techniques. Additional variables were added to each data point to account for local land use regulation, as well as spatial location. A regression analysis determined how these variables influenced the underlying land values. From this analysis, the following conclusions emerged: First, land use regulation is a strong driver of industrial land values. Using index values from the Wharton Residential Land Use Regulatory Index (WRLURI), the analysis showed that land values increased when the stringency of land regulation increased. Second, proximity to interstate highways, airports, and the central business district are also significant drivers of industrial land value. Decreased distances to these points of interest resulted in increased land value. Third, industrial land values are also positively influenced by the cumulative income of the surrounding population.
A 1 percent increase in cumulative population income resulted in an approximately 0.47 percent increase in land value. Lastly, physical land features impacted land values intuitively. Flattened, developed sites were much more valuable than raw, undeveloped sites.
by Mark F. Callahan.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate
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So, Chun Kit (Chun Kit Timothy). "Game theory and real options : analysis of land value and strategic decisions in real estate development." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/84171.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 82-84).
This thesis investigates the use of the game theory and the real options theory in real estate development at the strategic level, trying empirically to explain different economic observations among different metropolitan cities and different property types. The real options theory provides a rich theoretical framework to analyze investment values in real estate development. It takes the market uncertainty into consideration, while the widely used neoclassical NPV valuation method takes a deterministic approach. A simplified real options valuation model is set up in this thesis to calculate the option premium value of waiting for developers. However, since it is done in a monopolistic setting, the strategic interaction aspect of real estate development will be analyzed using the game theory model. The interaction of the game theory model and the real options model will provide a comprehensive and powerful framework to study the timing strategy of developers. Using data spanning quarterly from 1995 to 2013 among 5 property types (single-family house, apartment, industrial, office, and retail) and 44 MSAs, this thesis analyzes the relationships empirically between the volatility of underlying assets, the land cost ratio, the option premium value, and the timing of development. The aims of the study are twofold. First, the study compares different market characteristics among different MSAs and different property types from the option game theoretic perspective. Second, it analyzes the effect and the use of the game theory and the real options theory in the context of real estate development.
by Chun Kit So ( Timothy So )
S.M.in Real Estate Development
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Featherston, Witt McCall. "Land value taxation as a mechanism to relieve housing supply constraints in Austin, Texas." Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/108896.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2017.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 51-54).
Through most of history cities have grown slowly, organically following the contours formed by the intersection of geography and commerce - with occasional guidance from master planners - to create resilient and equitable forms. But the industrial age begat zoning, new forms of taxation, and hastened infrastructure investments, all of which upended centuries of measured and incremental growth. Codified separation of distinct land uses required new methods of real estate taxation and enabled new forms of value creation. Time and cost savings in infrastructure construction facilitated exponential growth in the speed at which a city's form could change. Amidst the quickening morphosis, the city's ability to diligently and thoughtfully create urban forms that maximize equity for all stakeholders has been diminished; bureaucratic barriers to housing production increased costs, and necessitated subsidization in order to create affordable housing. In order to reenergize the city's ability to create an equitable city, we must reexamine our use of land-use regulations, tax policies, and formulate clear ways forward. This thesis first seeks a broad and versatile definition of an equitable city in order to understand the desired end-state of potential interventions. Second, the author explores the formal characteristics of the equitable city, the way current land-use regulations are either facilitating or impeding the creation of that form, and the potential for a better way forward. Third, the author taxonomizes the fiscal tools available to the city which influence the urban form. Lastly, the author looks at the Highland neighborhood of Austin, TX - a marginal neighborhood with recently completed light-rail stops, a regional mall being redeveloped into a mixed-use project anchored by a community college, and building typologies which do not comply with current zoning - and proposes palatable changes to the way real estate is taxed, which will facilitate the creation of a more just, equitable, and sustainable neighborhood.
by Witt McCall Featherston.
S.M. in Real Estate Development
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Wang, Shu. "Effects of land policies and development strategies on housing : a case of Hong Kong." Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/97957.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2015.Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 72-74).
The objective of this thesis is to investigate the effects of land supply on housing prices in Hong Kong. Studies will be carried out to define whether there are any correlation between land supply, housing supply and residential property prices. In order to better understand Hong Kong's housing market, this study will first present a background of establishment of Hong Kong's land tenure system, land administration system and the government's land sale process, while trying to answer the question of whether the perceived shortage in housing supply is a direct consequence of the shortage in government's land supply. The study then examines the concentration of market shares among a handful of developers and the high barrier to entry that have resulted in such anti-competitive environment. The study analyzes the leading developers' competitive advantages in terms of land bank and financial strength, and their housing supply strategies in relation to the government's land supply decisions. This paper will then insert the theoretical findings into realistic settings of Hong Kong's housing development industry, and apply the methodology of event study to detect the impact of real estate companies' development strategies and how it alters the perceived relationship between the supply of land and the supply of housing. By simultaneously considering the effects of development strategies with government land policies, the paper aims to better evaluate governments measure to regulate housing market and hope to recommend more effective policies on residential land supply in Hong Kong.
by Shu Wang.
S.M. in Real Estate Development
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Ruusuvirta, Mehmet, and Thomas Lundgren. "Department of Real estate and Construction management." Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-147644.
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In Sweden there is a situation where buildings are constructed at a relatively low rate, while the need for more households is growing relatively quickly. In this thesis the following surveys are conducted; we want to investigate the time required for each process, how the number of building permits for each plan evolve during the process and the number of investigations carried out in connection with the process. The hypothesis is that the developers want to get as many development rights as possible. However, it is the municipality's responsibility to test the suitability of the project in accordance with the law and guidelines which can result in fewer development rights than the builder's preference in the final detailed plan. We have examined 32 plans and concluded that the number of development rights does not drop during the process. Some of the investigations necessary are determined by law, while in some cases by the municipality require various additional studies for a project to be carried through. The survey shows that the number of investigations is approximately 3 per studied plan. The average time spent has been more than 2.5 years for all studied plans. The results of this study indicate that there may be a correlation between the numbers of building permits; the number of investigations and the time required for each process, further studies on this topic are invited.I Sverige råder en situation där det byggs relativt lite, samtidigt som behovet efter mer bostäder växer relativt snabbt. I detta examensarbete kommer följande undersökningar genomföras; beräkna snittet på tidsåtgången för detaljplaneprocessen, studera utvecklingen av antalet byggrätter i processen från start till laga kraft vunnen plan samt undersöka antalet utredningar som görs i samband med detaljplaneprocessen. Hypotesen är att byggherrarna vill få fram så många byggrätter som möjligt. Det är emellertid kommunens ansvar att pröva projektets lämplighet i enlighet med lagen och de riktlinjer som finns vilket kan resultera i att färre byggrätter än de byggherren önskade vinner laga kraft i den slutgiltiga planen. Vi har enligt ett visst urval granskat 32 detaljplaner och kommit fram till att antalet byggrätter inte sjunker under processens gång. Vissa av utredningar som krävs är lagstadgade, medan det i vissa fall från kommunens sida krävs olika extra utredningar för att ett projekt skall drivas igenom. Snittet för tidsåtgången har blivit dryga 2,5 år för alla studerade planer. Undersökningen visar att antalet utredningar är cirka 3,37 per studerad detaljplan. Resultatet av denna undersökning pekar på att det kan finnas ett samband mellan antalet byggätter, antalet utredningar och tidsåtgången, varför vidare studier i ämnet uppmanas.
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Lau, Kit-ying. "Speculation and land supply in Hong Kong /." [Hong Kong] : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B14803197.
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Chan, Wing-wai Jeannette. "A study of factors influencing residential land price in Hong Kong (1978-1988)." [Hong Kong : University of Hong Kong], 1990. http://sunzi.lib.hku.hk/hkuto/record.jsp?B13064940.
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Wong, Shing-yue Samuel. "Development strategies of property firms in Hong Kong : case study of Sino Group /." Hong Kong : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B14724030.
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Liusman, Ervi. "The effect of land supply restriction on the risk of Hong Kong indirect real estate." Thesis, View the Table of Contents & Abstract, 2007. http://sunzi.lib.hku.hk/hkuto/record/B38725174.
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Sibani, Riccardo. "Applied design of distributed ledgers for real estate and land registration." Thesis, KTH, Skolan för elektroteknik och datavetenskap (EECS), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-239005.
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The recent emergence of a distributed technology named blockchain, clearly created a new point of view in the data storing and data distribution fields. If on one hand blockchain is mainly known for Bitcoin (an auto-regulated decentralized digital currency), on the other hand it has the potential to set up an auto regulated economy.In this thesis, the blockchain technology will be analyzed and described starting from P2P architecture and its origin in 2009 Satoshi Nakamoto’s whitepaper, and leading to the most up to date blockchains. The advantages and disadvantages of such architecture will be pointed out keeping in mind the security, speed and cost of such infrastructure.While Real Estate companies have often anticipated the technological innovations, land registries, instead, derive and keep a working manner which is extremely old and out of date: made of unclear procedures and wet signatures. The market needs and legislation will be researched mainly referring to other works and integrated with a technical point of view with particular focus on the decentralization of such systems.After analyzing the flow, problems and flaws of the current system, a new proposal will be researched, in particular trying to minimize the dead time in between the different steps of the mortgage, increase transparency, as well as reducing dependence on the central authorities, leading to more convenient interactions among the properties’ stakeholders. An attractive low capitalization decentralized financial product will also be proposed and implemented able to lower the interest rate and create a profitable investment with low risk, low interest and durable in time.Secure and ad-hoc algorithms will be presented and, in a later section, analyzed in combination with different blockchain technologies. Scalability and performance will also be evaluated, taking into account all the current technology limitations and the near future opportunities.
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Ohman, Debra Ruth. "Understanding change on the Oregon coast : restructuring and the meaning of property, nature, and development /." Thesis, Connect to this title online; UW restricted, 1999. http://hdl.handle.net/1773/5666.
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Fung, Kin-pong Derric. "A study of land resumption for real estate development in Hong Kong /." Hong Kong : University of Hong Kong, 1999. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25939956.
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Zighan, Saad. "Servitization strategies in real estate development : evidence from Jordan." Thesis, University of Huddersfield, 2016. http://eprints.hud.ac.uk/id/eprint/28524/.
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Servitization strategy has become more popular recently within academic literature. Achieving sustainable competitive advantage, based upon services provision, is claimed to be a viable proposition for modern businesses. A strategic view emerging from the literature is that offering services enables closer and longer-term customer relationships. This relationship directs organizations‘ marketing offerings toward customers‘ needs, and promotes a prompt response to dynamic changes in the business environment. There has, however, been little evidence captured on the application of aspects of servitization within real estate development. Prompted by the expected outcome of a servitization strategy, this research is conducted to investigate servitization in the context of the Jordanian real estate development to identify the prospects and challenges of servitization for the real estate development industry, and to examine the role of servitization as a source of competitive advantage through the lens of the Resource-Based View Theory. A qualitative case study research is adopted, and the principles of the Delphi study have been applied. The research examines eight real estate development companies managing multiple building projects in Jordan. Data was collected from the case studies in incremental multiple stages. The primary data was collected using a series of open-ended questions based on three rounds of Delphi: 42 interviews were carried out in the first round, followed by 23 interviews in the second round and 11 interviews in the third round. The findings indicate that service provision has become an essential element of the real estate development project. The output of the real estate development industry becomes systems of both project components and added services. These systems are the result of servitization strategies in the real estate development industry that shifts its focus from only designing and selling a physical output to delivering systems of services integrated to the project, which together are capable of adding more customer value. The research identifies several types of services, which are used to develop the four categories of servitization in the real estate development industry. These categories are referred to as project-oriented, product-oriented, customer-oriented and service-oriented. The research develops the value chain of servitization strategy and it was found that offering services in real estate development is an incremental process (e.g. based upon circular, iterative and on-going development). Offering basic services such as project-orientated services and product-orientated services adds more value for customers and makes the project more valuable. Providing these basic services has become one of the project performance dimensions to fulfil the market ―order qualifier‖ criteria. However, offering basic services will not ensure competitive success. More advanced services such as customer-orientated-services need to be provided to enhance the project‘s competitive advantage. Offering advanced services tailors the project toward customer needs and enhances customer satisfaction. These advanced services are considered the base of order-winner criteria to win the contract. Still, real estate development projects need to consider the longterm life of a project‘s outcomes. This long-term nature of projects requires service provision that supports project functionality and assures product stability. Offering after-sale services builds customer trust, inspires customer confidence and assures customers of reliable long-term support. It is these system solutions that shape the order-winning criteria. Realizing the important role of services, this research develops a model to put servitization strategy into action in the context of the real estate development industry. The research supports the application of the Resource-based View Theory. Offering services develops distinct capabilities necessary to achieve competitive advantage. This competitive advantage is achieved by adopting three main aspects; i. offering a comprehensive approach of project-service systems; ii. linking the strategic decisions of service provision to project operations management, and iii. collecting data and information that provide the organization with unique market insights. This research extends existing literature on servitization and its implication for building projects and providing insights to support future decision-makers in providing services in real estate development. Also, the research provides a comprehensive review of servitization strategy in the building sector and a platform base on which more indepth research into more focused topics of the servitization phenomenon could be carried out. Furthermore, the research has potential to contribute to other project-based businesses and develops cross-industry knowledge.
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馮建邦 and Kin-pong Derric Fung. "A study of land resumption for real estate development in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1999. http://hub.hku.hk/bib/B31256727.
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Ting, Wai-ding Percy. "Property price is independent of the amount of land supply : a case study of Hong Kong /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19873700.
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Cheng, Chak-ho Tony. "Structural changes in Hong Kong industrial property market : consequences of Pearl River Delta development /." Hong Kong : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25803992.
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Ip, Iok-meng Antonio. "Property cycles under the changing Land development process : an theoretical and empirical understanding for planners in Hong Kong /." Hong Kong : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B14799820.
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Chang, Sze-ming Lawson. "Examination of land use policies, household income and price of small residential units in Hong Kong (1985-1995)." Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25803621.
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Mühlhofer, Tobias. "Trading constraints and the investment value of real estate investment trusts : an empirical examination." Thesis, London School of Economics and Political Science (University of London), 2005. http://etheses.lse.ac.uk/328/.
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This study focuses on the property-derived cash flows that a REIT investor earns. We observe that, in the short run, REIT investors are only exposed to the income cash flows of a REIT's underlying portfolio and not to its property price fluctuations. Specifically, investors miss out on the component of appreciation returns not contained in income. Chapter 3 observes this phenomenon and argues, without proof, that this is due to the trading restrictions that REITs face in order to operate tax free, which impose minimum holding periods on properties in REITs' portfolios. Chapters 4 and 5 show that the trading-restrictions explanation is indeed the reason for this phenomenon. Specifically, chapter 4 tests how REITs with different firm characteristics are differently affected by the trading constraints. Firstly, we test for size effects and find that medium-sized and large firms offer investors better exposure to short-term fluctuations in property appreciation than small firms. This supports the trading restrictions hypothesis, as large firms are less affected by these. Secondly, we test for the effects of the degree of diversification in a REIT's portfolio and find that, while investing in a REIT which is diversified by property type gives an investor better exposure to appreciation cash flows, investing in one whose portfolio is merely geographically diversified does not. Finally, we test whether UPREITs give an investor better exposure to property appreciation cash flows and find strongly that this is so. Since the partnership that holds the property in an UPREIT is not subject to selling constraints, we find our hypothesis strongly supported. Chapter 5 analyzes holding periods and selling decisions. We firstly simulate a possible filter-based market timing strategy which significantly outperforms a simple buy-and-hold strategy, and demonstrate to what extent holding periods shorter than what is allowed are required. We then analyze actual holding periods of properties in REITs' portfolios and model the decision to hold a property beyond four years, finding strong evidence that there is an incentive to do so in a rising market. This gives strong support to the trading-restrictions explanation.
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Khumpaisal, Sukulpat. "Analytic approach to risk assessment in Thailand's real estate development industry." Thesis, Liverpool John Moores University, 2011. http://researchonline.ljmu.ac.uk/6089/.
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This research aims to introduce an innovative risk assessment model to Thailand real estate's industry as well as to investigate the risk perception of Thai practitioners. A theoretical framework that was developed from a review of the extant literature was used in the subsequent stages of research design, data collection and analysis. The extensive literature review revealed that the systematic risk assessment methods were too remote from the existing industry practices and these shall be considered as valid approaches by industry. The theoretical frameworks were established based on the requirements of Social, Technological, Environmental, Economic, and Political (STEEP) factors. These were well rooted in practice and that individual perception toward risk was a key experiential aspect of risk assessment. The research strategy was designed as a two-phase approach. The first phase was a quantitative approach using the questionnaires survey techniques to gather 210 Thai developers' opinions towards risk assessment practices and the perception towards STEEP factors. The resultant data set was analysed with the statistic tests such as Component Analysis (CA), Explorative Factor Analysis (EF A), etc. The EFA test was applied to 66 risk assessment criteria in order to form the risk assessment model. The phase 1 resulted in a tentative model which was explored in the qualitative phase (phase 2) of the study. TIlls phase adopted the interviews with 13 Thai real estate practitioners, the interview transcripts were analysed using the content analysis and manual coding. The details of risk in this industry, and the requirements/features for the ideal risk assessment model were revealed in this phase. These were expanded and synchronised with the model developed from the EFA theorem in the first phase. In order to validate the tentative risk assessment model, a case study approach was implemented with 4 real estate experts, the results insisted that this model was acceptably developed and this could be used in the real business case because of it covered on the major existing risks in this real estate industry. The final outcome of this research is a validated risk assessment model which forms the basis for assessing risks in the real estate projects which is closely aligned to an industry practice and can lead to an incremental improvement of risk assessment in the property industry.
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Harkless, Lawrence Bernard Jr. "Monkey see, monkey do : establishing new real estate development frameworks for the land optioning and assembly process in Singapore." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/87617.
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Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2014.Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014.
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 118-122).
Development projects ultimately create places in the built environment. As such, the developer should be concerned with the quality of spaces they create for those in the community to interact within. For this reason, a structural framework should be established to allow developers to understand the needs of the various communities in which they develop. The focus of this thesis is not upon traditional notions of community engagement, which is primarily focused on short-term decisions and development implications. Rather the structural framework proposed in this thesis takes a long-term approach to development and views community involvement as a win-win situation in which all parties involved are better off. In order for this framework to be implemented, a large-scale embrace of strategic planning that facilitates and guides development is needed. This requires that community engagement be addressed at the onset of the development process, more specifically, the land optioning and assembly process. This thesis combines parametric design theory and community engagement in the ideal state of Singapore, with the goal of establishing a stakeholder framework that could be applied to the land optioning and assembly process for the Eco-Town development of Punggol. The intent of this thesis is to establish a stakeholder framework that provides an opportunity for the land optioning and assembly process to be more systematically understood. Using parametric design thinking theoretically allows each stakeholder to have control over various aspects of the land optioning process. Realistically, the developer could observe the impacts that occur when different stakeholders engage in this process. Ultimately, this framework provides the developer with a better methodology to understand stakeholder engagement as a component of their development projects. The hope is to generate ideal development and planning process ideals that can allow individuals to have a greater impact in the communities in which they reside.
by Lawrence Bernard Harkless, Jr.
M.C.P.
S.M. in Real Estate Development
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Schrock, Melissa (Melissa Alaine). "The potential use of land readjustment as an urban redevelopment strategy in the United States : assessing net economic value." Thesis, Massachusetts Institute of Technology, 2012. http://hdl.handle.net/1721.1/77127.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning; and, (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2012.Cataloged from department-submitted PDF version of thesis. This electronic version was submitted and approved by the author's academic department as part of an electronic thesis pilot project. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (p. 101-104).
The land readjustment method of land assembly has an extensive international history, but is virtually unknown to professional planners and real estate developers in the United States. Its potential benefits are many. It promises to produce efficient development patterns, maximize value creation, minimize population displacement, fund the construction of project-related infrastructure and public facilities and protect the rights of property owners. Decades of experience in Japan and Germany, among other countries, have shown land readjustment to be a flexible tool adaptable to many development scenarios and cultural contexts. As part of a joint effort with planners from the Metropolitan Area Planning Council (MAPC), the regional planning body serving the 101 cities and towns of Metropolitan Boston, this investigation seeks to provide insight into the financial economics of land readjustment and to provide guidance on how the tool could be employed in Massachusetts. A case is made for the use of land readjustment in urban redevelopment scenarios in Massachusetts. As socio-demographic changes put pressure on our urban cores, the need for strategic redevelopment of urbanized areas will be reinforced. The land readjustment mechanism can simultaneously address the needs of affected communities and the development goals of the municipality in a consensus-based environment. This investigation uses the Four Corners area of Dorchester in Boston as a hypothetical case study for land readjustment in an urban redevelopment context. A comparative financial analysis is produced to contrast the net economic benefits created by a conventional piecemeal land assembly with as-of-right development to those created by a comprehensive land readjustment process through which community development goals are achieved. The investigation concludes with a discussion of the distribution of these economic benefits. The financial analysis tool created by the researcher is provided in the accompanying spreadsheet.
by Melissa Schrock.
S.M.in Real Estate Development
S.M.
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Ayers, William Grove. "Determining the Value of Pedestrian Surfaces in Suburban DC." Thesis, Virginia Tech, 2014. http://hdl.handle.net/10919/64350.
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Recent demographic studies suggest a shift in consumer preference away from auto-centric suburban housing to more walkable suburban communities. In response to these changes, efforts have been made to model the walkability of a location and determine its effect on the market value of both residential and commercial real estate. Existing walkability models have considered the importance of amenities and potential pedestrian routes, but have neglected to identify the importance of pedestrian surfaces such as sidewalks and trails as a proportion of the route traveled, and have typically modeled pedestrian movement using exclusively street or trail centerline data. The following paper uses a new walkability model to provide insight on the effect pedestrian surfaces along these amenity routes have on the market value of single family detached and semi-detached homes in Fairfax County, VA. It was found that increases in pedestrian surfaces along amenity routes had little to no effect on home value, but that 3.3%, 1.2 %, and 0.7 % price premiums existed for single family homes that had amenity paths of less than 1 mile to public transportation, public spaces, and recreational facilities, respectively. Price reductions of 3.0 % were discovered for homes that had amenity paths within 1 mile of retail locations.Master of Science
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Chen, Chen. "Residential Passive House Development In China : Technica lAnd Economic Feasibility Analysis." Thesis, KTH, Bygg- och fastighetsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-48238.
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As the energy price goes up, more and more concern has been focused on the sustainable development of residential houses. One of the best solution will be the low energy housing-passive house. The concept of passive house has been popular in Germany and whole Europe in the last 10 years, however, there is no official residential passive house standard project in China now. In this thesis, the feasibility of developing passive house in China will be analysed. Combined with the mature experience from the passive house project in Europe, a Chinese way of building the passive house will be provided. According to the previous studies, a lot of knowledge of passive house projects in Sweden have been referred to help doing the analysis about the passive house development in China. Due to the fact that there is no passive house had done before in China, the some assumptions have been made to help with the economy analysis. It is assumed that one passive house residential project will be built in Shenyang city, Liaoning Province. After the analysing and calculating, it can be concluded that it is possible and profitable to develop the passive house standard residential projects in China. It has a bright future.
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Davidson, Hugh Roe. "Bent to nature Bend, Oregon as a case study in twentieth-century property development /." view abstract or download file of text, 2005. http://wwwlib.umi.com/cr/uoregon/fullcit?p3201678.
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Leung, Wai-ho, and 梁偉浩. "The difference of land resumption and displacement method between HongKong and Shanghai." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hub.hku.hk/bib/B48342336.
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In 2009, the central Chinese government invested 4000 billion into the Chinese economy, real estate industry expanded and the housing price increased very fast afterwards. In the construction of housing, demand of land is huge. One source of land is resumption of old area and land. Land users or owners had much conflict with government and real estate developers in land resumption and displacement issue in the past few years.
This study investigates the difference of land resumption and displacement method between Hong Kong and Shanghai. This can provide information for Shanghai government to evaluate its policy and take Hong Kong as a good reference. It is because there were many problems and conflicts like imbalance of interest sharing between land users and government and real estate developers that were caused by unfair land resumption and displacement regulations and procedures.
In the beginning, concepts of property rights, rent seeking, eminent domain in United States are investigated. Also Hong Kong land tenure system, letter A/B, and situation in Shanghai are included. This shows the property rights are mature in United States and Hong Kong. Shanghai is comparatively weak in this concept. In the eminent domain concept, United States and Hong Kong are fully developed, but it is still weak in Shanghai.
In the methodology, I compare the land resumption and displacement rules and regulations of Hong Kong and Shanghai. In Hong Kong, those are Urban Renewal Authority Ordinance, Lands Resumption Ordinance. While in Shanghai, they are Shanghai city land displacement housing management method, Urban Buildings Demolition Relocation Administration Regulations. By the results, we can see the system in Hong Kong is much more mature and complicate than that of Shanghai. Shanghai should consider the fairness and justice concept of Hong Kong land resumption and displacement regulations to modify its regulations. Example is like involving more parties in the land resumption procedure to monitor each other and minimize the chance of interest of conflict.
At last, some suggestions are made to Shanghai government. One is law court should be only responsible for judgment, while execution is done by other party. Although there are some limitations of this study like the rapid changing of land resumption and displacement regulations in Shanghai, this study still provide some valuable information for the development of real estate industry in China.published_or_final_version
Housing Management
Master
Master of Housing Management
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Malmeby, Emma. "Conversion or new construction – the choice from real estate developer’s perspective." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-190131.
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This thesis aims to explore property developer’s view of the choice between rebuilding (converting) commercial properties into housing or to demolish existing buildings in order to make way for new construction. This means, among other things, to examine which types of economical, legal and technical problems that may occur when converting a building. Also to find possible reasons why conversion is not used as a method by more property developers to create housing. To analyze conversions from an additional perspective, an examination of how people that lives in converted buildings experiences their homes was made. A comparison of operation and maintenance costs between converted buildings and housing in general was carried through. The thesis is based on a qualitative study which has involved interviews targeting real estate developers and residents in converted buildings. This method was the chosen as the primary technique to gather information. A conclusion that converted office buildings can be suitable for housing has been done, another conclusion is that it is not possible to suppose that a converted building would be less efficient from a cost perspective. This based on the result from the comparison of operating and maintenance costs. Since conversions, in general, take shorter time than new construction is it interesting to discuss if conversions could be a tool for solving the shortage of housing in Stockholm. However, the fact that argues against this is that it is difficult to build the large amount of volume that is needed with conversion as method. The thesis presents as a final point, obstacles to conversions and the decision process when real estate developers make the decision of which method to use.Detta examensarbete syftar till att undersöka fastighetsutvecklares syn på valet mellan att bygga om (konvertera) kommersiella fastigheter till bostäder eller att riva befintliga fastigheter för att göra plats åt nyproduktion. Detta innefattar bland annat att undersöka vilken typ av problematik som kan uppstå vid konvertering ur tre perspektiv, ekonomiskt, juridiskt och tekniskt, samt vad det är som gör att inte fler företag arbetar med konvertering. För att analysera konverteringar ytterligare genomfördes en undersökning kring hur boende i konverteringar upplever sina bostäder samt hur konverterade byggnader fungerar i relation till bostäder generellt ur ett drift- och underhållskostnadsperspektiv. Examensarbetet är baserat på en kvalitativstudie där intervjuer riktade mot fastighetsutvecklare och boende i konverterade byggnader valdes som den främsta metoden för att samla underlag. Slutsatser om att konverterade kontorsbyggnader eller kontorsliknande byggnader lämpar sig som bostäder har kunnat dras. Utifrån resultatet från kostandsstudien går det inte att säga att konverterade fastigheter skulle ha högre drift- och underhållskostnader än bostäder generellt. Det är även intressant att föra diskussionen kring huruvida konvertering av byggnader kan påverka bostadsbristen i Stockholm då genomförandet av konverteringar i genomsnitt tar kortare tid än nyproduktion. Det som dock talar mot detta är att det är svårt att skapa volym med konvertering som metod vilket är det som behövs när många nya bostäder ska skapas. Examensarbetet lyfter slutligen fram hinder för konverteringar samt påvisar hur olika fastighetsutvecklares beslutsprocesser ser ut vid val av tillgånggångssätt
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Tse, Yin-ching Raymond. "Theory and policy of the housing market : with special reference to Hong Kong /." Hong Kong : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19669082.
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Pan, Wenjun, and 潘文君. "Land/real estate development and financial crisis : a case study of financial crises during 1980-2013." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2014. http://hdl.handle.net/10722/211028.
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Since the Great Depression in 1929-1939, four major far-reaching financial crises took place: the collapse of Japanese asset price bubble in the 1990s, 1997 Asia Financial Crisis, 2007 US sub-prime mortgage crisis and the subsequent global economic recession, and the on-going European sovereign debt crisis, together with other minor crises in specific regions (for example, Icelandic Financial Crisis from 2008), played havoc with not only economy but towards every aspect of the society, and became a focus in academia as well. Many efforts have been paid to find out the primary reasons so that specific measures can be taken to avoid the recurrence of similar crises.
This dissertation attempts to reveal the relationship between financial crises and land / real estate sector, which discusses the process that a real estate crisis turns into a financial crisis, and analyses a common phenomenon that almost all recent financial crises usually began from the crises in real estate sector. It concludes the common features in these crises with a flow from a real estate bubble towards a financial crisis, that the misconduct of government in real estate sector as well as the over-blown market confidence would usually be the original sin of an economic failure.
This study takes both qualitative and quantitative approaches to research this topic by studying common features in recent financial crises. Review of historical crisis shall focus on real estate aspect, and among the several most influential and recent crises it will place emphasis on the bubble in 1990s’ Japan.
In addition, this dissertation also takes a look at China’s current situation and suggest possible problems by comparing with historical experiences, particularly with the period of Japanese asset bubble.published_or_final_version
China Development Studies
Master
Master of Arts in China Development Studies
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Lee, Sui-chun Macella, and 李萃珍. "The impact of Mass Transit Railway on land development in Hong Kong: an analysis of the island line usingexpansion method." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1989. http://hub.hku.hk/bib/B42574146.
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DANTAS, Raissa Numeriano Dubourcq. "The effects of land-use regulation on local real estate market: empirical evidence from Brazil." Universidade Federal de Pernambuco, 2016. https://repositorio.ufpe.br/handle/123456789/22088.
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FACEPE
This paper aims to understand how restrictions to urban land-use could affect Real Estate Market prices in Brazilian urban environment. We explored a heterogeneity arisen from the enactment of a city-level Height-Restriction-Law which limited how tall buildings could get in some, but not all, neighborhoods in Recife, one of the largest cities of Brazil. We used a Differences in Geographic Discontinuity (Diff-in-Geo-Disc) design on a unique data set provided by the Municipal Government to show that the imposed restriction led to an interesting Market Behavior: apartment’s unit prices experienced a significant increase in prices meanwhile house’s unit prices depreciated value. Our findings rely on empirical models grounded by several robustness checks.
Este trabalho tem como objetivo compreender como restrições do uso da terra, no ambiente urbano brasileiro, podem afetar os preços do mercado imobiliário local. Nós exploramos a heterogeneidade gerada através da promulgação da Lei Municipal no 16.719; esta, pois, cria limitações na altura dos edificios para alguns, mas não todos, bairros do Recife. Sobre uma base de dados fornecida pela Prefeitura do Recife, usamos uma estratégia de Diferenças em Discontinuidade Geográfica (Diffin-Geo-Disc) para mostrar que a restrição imposta pela da lei acarretou distorções nos preços dos imóveis. Nossos resultados indicam um aumento significativo dos preços unitários dos apartamentos paralelamente a uma desvalorização das casas pré-existentes. A estratégia utilizada e resultados encontrados são fundamentados por inúmeros testes de robustez.
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Lee, Sui-chun Macella. "The impact of Mass Transit Railway on land development in Hong Kong an analysis of the island line using expansion method /." Click to view the E-thesis via HKUTO, 1989. http://sunzi.lib.hku.hk/hkuto/record/B42574146.
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Ting, Wai-ding Percy, and 丁惠定. "Property price is independent of the amount of land supply: a case study of Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B31269278.
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Miller, Logan. "California, the Land of Opportunity Zones: Using the Real Estate Market to Evaluate a New Tax Program." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2013.
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This study uses real estate data and a distress index to test the success of the “Opportunity Zone” program in California. Part of the Tax Cuts and Jobs Act that was passed on December 22, 2017, this program offers sizable tax incentives to investors who reinvest their capital gains into distressed neighborhoods across the country. I analyze changes in home values and monthly rents to determine if designated opportunity zones have seen increased investment as a result of the program. Additionally, I use a distress index to examine whether this tax program has merely encouraged investment into already- gentrifying areas or if its benefits have extended to the most distressed and low-income communities. My study concludes that within California, opportunity zone real estate has successfully seen a boost in investment and that this increased investment has extended to even the most distressed areas in the state.
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Kwan, Mei-po. "The role of private participation in real estate industry in Hong Kong /." Hong Kong : University of Hong Kong, 1997. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19131525.
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Coffin, Sarah L. "The Brownfields reality check : a study of land value and the effects of Brownfields on the locations of Section 8 Housing." Diss., Georgia Institute of Technology, 2002. http://hdl.handle.net/1853/23917.
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Schmidt, Mimmi. "Land Disjunctions; A historical survey." Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-147648.
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Parcelling was a land divison institution that was used intensively in Sweden during the years 1827-1928. The parcelling consisted of one person selling a certain, decided piece of land to another. The deal was sealed with a simple contract. Whilst the seller was a member of the villages commonities and his land was assigned a quantity in the village, and he was bound to pay tax responding to that quantity, the sold parcel was not. In order not to reduce the land owners taxability, the buyer was therefore required to pay an annual fee to the seller. This fee was to be approved by the county administration, and the buyer also had to apply for Title Deed to have the transfer approved. These approvals were for a long time the only points of control toward parcelling. Involvement of a land surveyor was not a required part of the parcelling process until year 1918. Parcelling was terminated in 1928, but the parcels created before then are independent real estate units just like any other. This means that they sometimes are affected by land regulations and surveys just like any other real estate. When investigating the contents of these parcels the contract, past claims and other factors shall be used, to search out the initial purpose of the transfer. The contract that seller and buyer signed is the main source of evidence. Unfortunately, the contracts do not always answer the questions that may arise over time. Maps were not always made, and even when they were, they might have disappeared over time or simply be unspecific. What then remains are past claims and other circumstances to provide clues about what the purpose may once have been. The questions that arise when a parcel is to be investigated often concern its borders, wether water was included, fishing rights as well as other rights and commonities. The issue of water for these parcels has been particularly contentious. Legal practice has concluded that there are no presumptions, although such have been suggested and sometimes applied. There are however a number of scenarios where water and fishing in principle can be considered to have been part of the transfer.Denna rapport redovisar ett examensarbete som syftat till att genom en litteraturstudie kart-lägga ett äldre jorddelningsinstitut, jordavsöndring. Jordavsöndring var ett jorddelningsinstitut, som fanns i svensk lagstiftning åren 1827-1928. Innan dess förekom också jorddelning som liknade jordavsöndring, men det var i allmänhet förbjudet att dela jord eftersom staten var beroende av skatteintäkter från jordägarna. Jordavsöndring gick, något generaliserat, till så att en person genom ett avtal sålde ett bestämt markområde till en annan. Med detta markområde – avsöndringslägenheten, jordavsöndring-en, avsöndringslotten – följde inte något mantal i byn och heller ingen skattskyldighet. För att inte minska skattekraften i stamfastigheten var köparen skyldig att betala en årlig avgift till säljaren. Den här avgiften skulle godkännas av länsstyrelsen, och köparen skulle söka lagfart för att få överlåtelsen godkänd. Dessa godkännanden var länge den enda kontrollen som gjordes vid avsöndring. Lantmätares inblandning blev inte en nödvändig del i avsöndringsprocessen för-rän år 1918. Jordavsöndringsinstitutet togs bort 1928, men fastigheter som avsöndrats innan dess är själv-ständiga fastigheter som alla andra. Det innebär att de blir berörda av lantmäteriförrättningar precis som alla andra fastigheter ibland blir. Vid bestämning av gränser till en avsöndrad fastighet ska överlåtelsehandlingar, innehav, och andra omständigheter användas för att söka syftet med avsöndringen. Det avtal som säljare och köpare tecknade är den viktigaste beviskällan när man ska utreda vad som ingår i en av-söndrad fastighet. Tyvärr erbjuder avtalen inte alltid svar på de frågor som kan uppstå med tiden. Kartor har inte alltid upprättats, och även när de har upprättats så är de inte alltid till hjälp. Kvar står sedan innehav och andra omständigheter att ge ledtrådar om vad syftet en gång kan ha varit. De frågetecken som uppstår när en avsöndring ska utredas rör ofta gränser, vattenområden och rätt till fiske samt rättigheter och samfälligheter. Frågan om vattenområdens tillhörighet för avsöndringar har varit särskilt omtvistad. Praxis har utvecklats till att det inte finns någon presumtionsregel, även om det har varit på förslag och i perioder har tillämpats. Det finns ett antal typfall där vatten och fiske principiellt kan anses ha ingått vid avsöndring.
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Gingembre, Mathilde. "Being heard : local people in negotiations over large-scale land deals : a case study from Madagascar." Thesis, University of Sussex, 2018. http://sro.sussex.ac.uk/id/eprint/76093/.
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This thesis examines local people's voices and influence in negotiations over large-scale land deals. Drawing on ethnographic work on a case study from southern Madagascar, it highlights the variety of agropastoralists' responses to, and experienced outcomes of, the implementation of an agribusiness project on their land. The purpose of this research was to understand the conditions under which certain local people get heard, and others silenced, in the context of corporate land access and the processes by which some of these local voices manage to influence the terms and conditions of the deal. It looked at how horizontal and vertical power dynamics interface with situated moral economies and contentious politics to inform variations in local people's perspectives over, engagement with and experienced outcomes of the land deal. I argue that local voices and opportunities for influence in the context of land transactions in Madagascar are constructed at the intersection of national and village politics. I draw attention to the practices and discourses through which local state officials produce ‘powers of exclusion' and ‘powers of compliance' in their mediation of land deals. I show that, in socially-differentiated local populations, formal compliance with dispossession reflects processes of different natures: “compliance as acquiescence” for some, but also “constrained hope”, and potential challenging of local structures of domination or “compliance as resistance” for others. I explore the moral economies that underpin perspectives on corporate land access as well as choices to express, or suppress, subversive voices and observe a resistance, across social divides, to the “demoralising of land deals”. I show how the vulnerability of state authorities to social movements combined with competition for the resources of patronage and of authority associated with the control of corporate land access open interstices for influence. In a context of institutional bias however, only those who manage to activate key alliances with state officials and to unify village voices beyond inter and intra-class differences stand a chance of being heard.
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Davis, Lisa (Lisa Nicole) 1971. "Linking real estate development and employment : land use and labor market choices in the South Boston Seaport District." Thesis, Massachusetts Institute of Technology, 1999. http://hdl.handle.net/1721.1/65465.
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Thesis (S.M. and M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1999.Includes bibliographical references (p. 64-69).
Boston's waterfront has been called the most attractive development opportunity in the United States. The South Boston Seaport District, a 1,000-acre, largely industrial section adjacent to Boston's financial district, is slated for massive redevelopment over the next twenty years. An MIT study done this year for the Boston Harbor Conference estimated that the redevelopment of the district will bring the construction of five thousand new hotel rooms and fourteen million square feet of commercial and residential space. The study predicts that this development will create sixty thousand new jobs in the hotel, retail, office, and entertainment industries over the next twenty years. This development is coming to an area of Boston that has historically been a center of manufacturing and port industries. The employment impacts of this new real estate development will be dramatic and may well represent the final chapter in a story of deindustrialization and a shift to services. While the vast majority of the new jobs in the Seaport will be in offices, the hospitality industry is expected to experience the highest growth rate in the next twenty years. Many of the higher-paying jobs in both sectors may be beyond the education and training of many disadvantaged workers. At the same time, most of the jobs accessible to these workers will be low-paying, insecure service jobs. During the redevelopment, community groups and policy makers will make choices affecting the prospects of less-educated inner-city job seekers in the Seaport District. Linkage, the payment of an exaction or the provision of other community benefits in exchange for zoning approval, could be a powerful way to improve access, work conditions, wages, and career ladders in the District. To date, linkage implementation has been disorganized and without significant community input. This thesis seeks to answer the question of how linkage and other tools available during the real estate development process can be used to maximize the number of good living-wage jobs in the Seaport District. To answer this question, this thesis will consider the types of jobs to be created in the district, followed by a discussion of linkage programs in other cities, a presentation some technical and legal aspects of linkage in Boston, and an evaluation the application of linkage in Boston in the past. In this evaluation of linkage in Boston, the linkage agreement made in conjunction with the new Boston Convention and Exhibition Center will be discussed, and the Seaport Hotel Community Outreach and Job Readiness Program, the first jobs program funded by linkage in the District, will be presented. The thesis will conclude with some recommendations for improving linkage.
by Lisa Davis.
S.M.and M.C.P.
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Salem, Mohamed Mahmoud. "Determinants of foreign direct investment in commercial real estate and hotel sectors for selected MENA countries." Thesis, Liverpool John Moores University, 2011. http://researchonline.ljmu.ac.uk/6015/.
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Developed, maturing, and emerging market countries are making considerable progress in the legal and institutional reforms necessary to allow and facilitate real estate and tourism (specifically hotel) foreign direct investment (FDI). From a political perspective, countries used to view real estate as one of the "crown jewels" of an economy (Lynn, 2007). No longer does this view hold consistently across countries as countries have recently recognised that real estate and hotel FDI is a way to encourage fixed capital investment, create jobs, and to introduce best practices from multinational corporations. The purpose of this research is to identify the main determinants of foreign direct investment (FDI) in the commercial real estate (CRE) as well as hotel sectors, in selected Middle Eastern countries. Utilising existing theories of FDI, a set of determinants (drivers and barriers) were selected to be empirically tested, utilising Dunning's (Ownership-Location- Internalisation-OLI) eclectic paradigm. As Dunning consider FDI for all industries with a special focus on the manufacturing industry, this research enlarges the scope by commercial real estate and hotels specific considerations. This research utilises the Location dimension of Dunning framework as a basis to explain the determinants of FDI in the CRE and hotel sectors. The literature on both real estate and hotel FDI relies heavily on collecting primary data through surveys; recently however, very few studies (including He & Zhu (2010); He, Wang, & Cheng (2009); Anop (2010) and Rodriguez & Bustillo (2008)) have utilised the availability of data in real estate and started constructing econometric models with the aim of testing set hypotheses. This research fills a gap in the literature by utilising secondary data to develop and test different econometric models, using data from various sources. The empirical work of this research therefore consists of two parts: the first is an econometric analysis of FDI in commercial real estate for eight Middle Eastern and North African (MENA) markets namely, Algeria, Egypt, Morocco, Qatar, Saudi Arabia, Turkey, Tunisia and the UAE during 2003-2009; the second part is an econometric analysis of FDI in hotels for the same countries for the same time period. The econometric analysis is carried out using the pooled Tobin model technique, for panel data, which uses both time-series and cross-sectional data. The findings for the econometric analysis of FDI in commercial real estate shows that country specific factors (i. e. economic health, standards of living and levels human development as well as political stability and absence of violence) as well I as real estate sector-specific variables (size of institutional real estate market), are significant variables and consistently support their hypotheses as explanations for commercial real estate related FDI for the selected MENA countries. The second part of the econometric analysis related to determinants of FDI in hotel greenfield projects, reveals that country specific factors (i. e. taxation environment, human development level and real growth of economy and political stability and absence of violence and terrorism) as well as hotel sector-specific variables (i. e. real visitor expenditure and level of investment freedom); are significant and consistently support their hypotheses as explanations for hotel FDI. These indicators are found to provide -a good explanation of location decision-making in both commercial real estate and hotel sectors.
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Wong, So-ling Sophia. "Analysis of the relationship among speculation, shortage of land and housing supply /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19907187.
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Schäfer, Carsten. "Asset Dividing Appraisal Model (ADAM) - Direct Real Estate Investment Evaluation." Doctoral thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-191784.
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The Asset Dividing Appraisal Model (ADAM) enables the appraisal of cash flows resulting from direct real estate investments. The model is an evaluation tool, which takes capital markets and the specific characteristics of real estate as an asset (heterogeneity, site-dependency, eternal land-yield, etc.) into consideration, while also considering different ownership approaches of real estate in the European Union. Thus, it contributes to the harmonization of capital markets and of direct real estate investment evaluation as intended by the "European Directive on Markets in Financial Instruments 2004/39/EC". ADAM is based on financial mathematical instruments and on the property valuation methods of different cultural areas. It combines continental European (Germ an Gross Rental-Method) and international (Discounted Cash Flow-Method) property valuation approaches. Although it is scientifically reasonable to take property valuation approaches into account, the aim of the model is not to valuate a property or to quantify an objective market value but to evaluate cash-flows resulting from direct real estate investments. A mathematical analysis based on empirical market data confirmed the validity of the methodology of the model. In the course of the analysis the major input variables that determine the results of the model and how the model reacts to marginal deviations of input data, were quantified. This was done using partial derivations and a simulation study. In Czech Republic a building isn't actually considered as a part of the underlying plot. Consequently, differing persons or institutions can be owner of the building, as of the appropriate plot. From 2014 on, a suitable reformation of the Czech Civil Code is supposed to cause a consolidation of real estate property. Czech law is going to be adjusted to German law, which considers plot and building as an economic entity. This consolidation of real estate could be an approach of the introduced model.
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Chan, Wing-wai Jeannette, and 陳永慧. "A study of factors influencing residential land price in Hong Kong (1978-1988)." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1990. http://hub.hku.hk/bib/B31979695.
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Mallchok, Parker. "Should I Stay or Should I Go? How Land Use Regulation Impacts Housing Choice." Scholarship @ Claremont, 2017. http://scholarship.claremont.edu/cmc_theses/1474.
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Ideally, land use policies correct for negative externalities. However, the barriers they impose on individuals and communities have serious implications. Existing studies on this topic focus on singular, specific areas because land regulation is determined at the local level and varies extensively across the nation. Furthermore, current housing literature focuses on the “norm” of single family housing. This ignores the changing attitudes toward different types of dwellings. My study examines local regulatory environments across the nation by using Gyourko et al. 2008’s Wharton Residential Land Use Regulation Index, which develops a comparative scale for the otherwise impossibly varied regulatory environments. I also use micro data from the American Community Survey to see individual housing choices. Then, with a custom-made dataset from these two sources, I use empirical regression analysis to study the effects of land use regulation on people’s housing decisions, specifically the choice between a single-family house and a multi-family apartment complex. My results show that more restrictive regulation makes a person more likely to rent their home as well as occupy a multi-family apartment complex as opposed to a single-family home.
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"A study of land and property market in China." Chinese University of Hong Kong, 1994. http://library.cuhk.edu.hk/record=b5888067.
Full textAbstract:
by Ding Yong Biao, Kong Lai Ha.Thesis (M.B.A.)--Chinese University of Hong Kong, 1994.
Includes bibliographical references (leaves 106-108).
abstract --- p.iii
TABLE OF CONTENTS --- p.iv
LIST OF ILLUSTRATIONS --- p.vii
LIST OF TABLES --- p.viii
ACKNOWLEDGMENT --- p.x
Chapter
Chapter I. --- introduction --- p.1
Background --- p.1
Statement of the Problems --- p.6
Purpose of the Study --- p.7
Scope of the Research --- p.7
Research Methodology --- p.7
Research Procedure --- p.7
Secondary Data Source --- p.8
Primary Data Source --- p.8
Limitations --- p.9
Chapter II. --- CHINA'S LAND AND PROPERTY MARKET IN PERSPECTIVE --- p.10
China in Different Dimensions --- p.10
National Background --- p.10
Land Resources --- p.11
Population --- p.12
Urbanization --- p.12
Numbers of Household --- p.13
National Income and Gross National Product --- p.14
Foreign Investments --- p.16
Internatinal Trade --- p.18
Retail Sales --- p.20
Savings --- p.20
Historical Development of Land and Property Market in China --- p.22
From 1949 to 1978 --- p.22
From 1979 to 1987 --- p.24
From 1987 --- p.27
Foreign Investment in Property --- p.31
Chapter III. --- LAND USE REFORM AND URBAN PUBLIC HOUSING REFORM --- p.39
Concept of Land Value Before Reform --- p.39
Old Concept of Land Value Began to Change --- p.41
"Revision to Clause 4, Article 10 of Constitution and Amendment to the ""Land Administration Law of the People's Republic of China""" --- p.41
Provisional Regulations on the Granting and Transferring of the Land Use Rights over the State-owned Land in Cities and Towns --- p.43
Regulations of Guangdong Province Special Economic Zone for the Administration of Secured Loans --- p.45
"New Forthcoming Legislation ""The Law of Land and Property""" --- p.46
characteristics of the New Land Use System --- p.46
Land Use Reform in Practice --- p.49
"Private Contracts, Tender and Auction" --- p.49
Granting Authorities and Procedures --- p.50
Fees and Rights --- p.51
Mortgages and Leases --- p.53
Ownership- of .Buildings --- p.53
Unlawful Transfers --- p.54
Difficulties in Implementation --- p.57
Urban Public Housing Reform --- p.58
Chapter IV. --- CURRENT SITUATIONS AND PROBLEMS ---AN EVALUATION --- p.62
Land Market --- p.62
Market Structure --- p.62
Oversupply --- p.64
"""Invisible Land Market""" --- p.66
Land Developers --- p.66
Overseas Land Market --- p.67
Property Market --- p.68
Market Structure --- p.68
Rural housing --- p.68
Urban housing --- p.68
"Non-marketable,semi-marketable and marketable segments" --- p.68
Three levels in housing market --- p.69
Domestic and overseas marekt --- p.69
Market Demand --- p.70
Poor living conditions and huge needs --- p.70
Needs may not become real demand in the near future --- p.71
Customers --- p.72
Long-term projection --- p.73
Overseas demand is vital --- p.74
Market Supply --- p.76
Low project development rate --- p.76
Unreasonable structure of supply --- p.77
Oversupply in some sectors --- p.78
Project Financing --- p.79
Problems --- p.82
High Construction Costs --- p.82
Lack of Secondary Market --- p.83
Other Problems --- p.84
Chapter V. --- VIEWS FROM DIFFERENT PARTICIPANTS IN THE MARKET --- p.87
Views of Government Officials and Experts --- p.87
Appeal of Oversupply and Over-investment --- p.87
Austerity Program --- p.88
Property Gain Tax --- p.90
Conflicts between Central and Local Governments --- p.92
Lack of Market Information --- p.92
Regulations Exist but are not Strictly Enforced --- p.93
Legal framework not well-developed --- p.94
Lack of professional expertise --- p.95
Views of Developers --- p.95
Rough Feasibility Study and Decision --- p.96
Low Investment Risk --- p.96
Chapter VI. --- CONCLUSIONS AND RECOMMENDATIONS --- p.98
Summary and Conclusions --- p.98
Factors Contributing to the Growth of China Land and Property Market --- p.98
Land Use Reform --- p.99
Market Evaluation --- p.99
Analysis of Strategies for Governments and Developers --- p.101
Recommendations --- p.102
To Government --- p.102
To Developers --- p.104
BIBLIOGRAPHY --- p.106
49
"Hong Kong property market: short term impact of land sales on housing prices." 2008. http://library.cuhk.edu.hk/record=b5893647.
Full textAbstract:
Lau, Wai Chun.Thesis (M.Phil.)--Chinese University of Hong Kong, 2008.
Includes bibliographical references (leaves 78-79).
Abstracts in English and Chinese.
Abstract --- p.ii
摘要 --- p.iii
Acknowledgments --- p.iv
Table of Contents --- p.v
Chapter 1. --- Introduction --- p.1
Chapter 2. --- Background --- p.4
Chapter 2.1 --- Overview of Land Policies in Hong Kong --- p.4
Land Policies and Private Housing Market --- p.4
Current Application List System --- p.6
Chapter 2.2. --- Hypotheses on the Interaction of Housing Prices and Land Sales --- p.6
Demand-Supply Analysis --- p.6
Revaluation Hypothesis --- p.8
Chapter 3. --- Literature Review --- p.11
Chapter 3.1. --- Relevant Literature about Interaction of Land and Housing Prices --- p.11
Peng and Wheaton (1994) --- p.11
Tse(1998) --- p.13
Ho and Ganesam (1998) --- p.14
Chapter 3.2. --- Hedonic Approach in the Studies of Hong Kong Real Estate Market --- p.16
Chapter 4. --- Data Sources and Descriptions --- p.18
Chapter 4.1 --- Land Sale Data --- p.18
Chapter 4.2. --- Housing Transaction Data --- p.21
Chapter 5. --- Methodology --- p.26
Chapter 5.1 --- Model Specification --- p.26
Chapter 5.2. --- Hypothesis Testing --- p.27
Chapter 5.3. --- Functional Form and Estimation Method --- p.30
Chapter 6. --- Empirical Results --- p.31
Chapter 6.1. --- Hedonic Mode! Results --- p.31
Chapter 6.2. --- Discussion on Pre-sale and Post-sale Housing Prices --- p.33
Chapter 6.3. --- Robustness Checking --- p.36
Variations in Specification --- p.36
Time Variable Control --- p.38
Estimation with Restricted samples --- p.40
Chapter 7. --- Conclusions --- p.42
Table 1 Selected Land Auction Records (1994 - 2005) --- p.45
Table 2 List of Estates Covered in the Study --- p.49
Table 3a Sampling Period and Number of Observations in Each Case Study --- p.54
Table 3b Descriptive Statistics of Independent Variables in the Estimation of Model 1 --- p.56
Table 4 Definition of Independent Variables in Model 1 --- p.60
Table 5 OLS Estimates of Model 1 with Full Samples --- p.61
Table 6 Goodness-of-Fit of Model 1 --- p.65
Table 7 Coefficients of Dummy Variables in Model 1 --- p.66
Table 8 Estimated Price Change from Model 1 --- p.70
Table 9a Price Differences and Auction Results (All Cases) --- p.72
Table 9b Price Differences and Auction Results (Cases with price differences at 10% significance level) --- p.72
Table 10 Estimated Price Differences by Varying Model Specification and Sample Selection --- p.73
Figure 1 Private Housing Prices and New Construction Units (1992 ~ 2005) --- p.76
Figure 2 Mass CCI (1994 ~2006) --- p.77
References --- p.78
50
Lin，Mei-Ling and 林美玲. "The analysis of raising land differences of Real Estate industry in Taiwan." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/w374cf.
Full textAbstract:
碩士國立彰化師範大學
財務金融技術學系
105
This research picks out the stock return rate of the total 34 listed company at stock exchange and at over-the counter market in Taiwan from 2007 to 2016 to be the subject of this research , It analysis the financial ratios, market boom factors, and the inventory items to be the influence factors on the stock return rate of the construction. Empirical results show that the total floor area has significant influence on the rate of return on stock. But the debt asset ratio and the allowance for reduction of the inventory have the negative influence on it. There are positive effects at the rate of return on stocks in part of the land inventories, raising land of listed real estate industry. It appears if the inventory can be closed out quickly, the capital can be payback quickly, the construction company has better business performance.