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Durica, Marek, Danuse Guttenova, Ludovit Pinda, and Lucia Svabova. "Sustainable Value of Investment in Real Estate: Real Options Approach." Sustainability 10, no. 12 (December 7, 2018): 4665. http://dx.doi.org/10.3390/su10124665.
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The issue of application of real option valuation approach in the valuation of investment project is presented in the article in a way in which the flexibility of the project could be included in the process of its valuation. The authors apply the valuation approach in case of a specific investment project in the real estate in the capital city of the Czech Republic—Prague, using the option to expand, to contract, and to abandon the project. The main aim of this case study is to present a practical application of the investment valuation and to construct an option pricing model for real estate investment which considers and integrates as many aspects of the investment and market environment as possible to describe the best situation of the real estate market and its development. The valuation of the investment is carried out using a universally applicable numerical method of binomial trees. The results obtained are subjected to the sensitivity analysis with respect to the discount rate, value of the most influential parameter of the volatility and the input option parameters. The results of the valuation of the project obtained using the real option approach are important mainly for the management of the company in the process of quantification of the present value of future investments. Implementation of managerial interventions enables for optimizing the value of the project not only in case of favourable development of the real estate market, but particularly in case of unfavourable development. Therefore, they are important in order to protect an investor from potential high losses. Finally, the valuation of these interventions increases the present value of the project, contributing to the decision of the corporate management regarding its implementation.
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Chikafalimani, Samuel H. P., Nathan Kibwami, and Sibusiso Moyo. "Perceptions of Academics on Real Estate Topics in Africa." Real Estate Management and Valuation 29, no. 1 (March 1, 2021): 30–40. http://dx.doi.org/10.2478/remav-2021-0004.
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Abstract This paper presents the perceptions of academics on real estate topics offered in Bachelors Real Estate (BRE) curricula in Africa. In order to understand the perceptions of academics on real estate topics, a survey of seven selected BRE curricula offered in different regions of Africa was conducted to determine important real estate topics academics included in the curricula. After analyzing the curricula, sorting and re-grouping the topics: Real estate management, Real estate valuation, Real estate economics, Real estate finance and investment, Real estate development, Real estate law, Real estate planning, Real estate research, Real estate industrial training and Real estate electives emerged to be important topics the academics considered to include in the curricula. The topics are in line with those expected in a real estate curriculum. In addition, results revealed that BRE curricula follow the interdisciplinary approach to real estate education. Findings will encourage universities in Africa and elsewhere to develop comprehensive real estate curricula or improve existing ones to accommodate the interdisciplinary approach and the international perspective of real estate education because of their benefits. The study will also support the harmonization of real estate education, practice, investment and business in Africa, hence contributing towards the economic development of the continent.
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Adamczyk, Tomasz, Agnieszka Bieda, and Piotr Parzych. "Appraisal of Real Estate with Various Functions in the Context of Sustainable Development." Journal of Applied Engineering Sciences 9, no. 1 (May 1, 2019): 7–18. http://dx.doi.org/10.2478/jaes-2019-0001.
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Abstract The value of a piece of real estate depends on the purpose it is used for and on its function in planning documents. Unfortunately, current land development trends and the provisions of the law that are applicable in these documents often lead to real estate with heterogeneous functions. The valuation of such properties requires a special approach. One method is to divide the prices of real estate similar to the appraised real estate into components that correspond to areas with certain functions. The aim of this paper is to present statistical methods that can facilitate such a solution. The valuation models (parametric and conditional) presented in this article come from geodetic methods for the reconciliation of results. The presented calculations suggest that it is necessary to verify whether the heterogeneous functions of real estate should be considered in its appraisal.
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Barańska, Anna. "Real Estate Mass Appraisal in Selected Countries – Functioning Systems and Proposed Solutions." Real Estate Management and Valuation 21, no. 3 (September 1, 2013): 35–42. http://dx.doi.org/10.2478/remav-2013-0024.
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Abstract In this paper, the systems of real estate mass appraisal in some selected European countries will be discussed, in comparison with those of individual countries on other continents, in terms of similarities and differences in law, institutional scope and subjects responsible for its execution. With selected countries serving as an example, the practical aspects of operating the real estate owners’ taxation system will be discussed as well the data acquiring process, considered price-making factors, proceeding methodology and circumstances taken into account in real estate cadastral valuation, giving consideration to national specificity.
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Eliasson, Jonas, Fredrik Kopsch, Svante Mandell, and Mats Wilhelmsson. "Transport Mode and the Value of Accessibility–A Potential Input for Sustainable Investment Analysis." Sustainability 12, no. 5 (March 10, 2020): 2143. http://dx.doi.org/10.3390/su12052143.
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Accessibility plays an essential role in determining real estate prices and land use. An understanding of how accessibility and changes in accessibility influence real estate prices is key to making decisions regarding investments in infrastructure projects. From an accessibility point of view, it is not clear that there should be differences in valuation depending on the mode of public transport, road, or rail. There are, however, other differences that may affect real estate prices differently. For example, railway stations more often than bus stations, tend to be associated with a higher level of service. In addition, an investment in a railway station may signal a long-term decision from the policymaker. A third possible explanation concerns differences in perceived safety, comfort, and security. This paper aims to study if and how capitalization of accessibility differs between modes of transportation. The findings indicate that rail has a higher impact, both for single-family and multifamily houses. The implication of these findings may be of importance for future infrastructure investments and their corresponding cost-benefit analyses. Incorrect valuations of the benefits of infrastructure investments may result in sub-optimal investments.
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Butyrin, A. Yu, V. M. Kruglyakova, and I. A. Shipilova. "The Application of Public Data in Forensic Real Estate Valuations: Problems, Limitations, Opportunities." Theory and Practice of Forensic Science 14, no. 1 (April 10, 2019): 24–29. http://dx.doi.org/10.30764/1819-2785-2019-14-1-24-29.
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One of the problems with the practice of legal proceedings is the determination of the legal authority limits of a forensic expert when he forms an array of initial data, the structure and content of which would provide a full and comprehensive research of the issues put before him by the body (person) having appointed the examination. The possibility of the specifed initial data completeness ensuring is suggested and substantiated in the article, arguments arising from the provisions of the law concerning neutralization of the traditional criticism directions of the expert in this part during his interrogation in the course of judicial proceedings on his conclusion are adduced.
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Marona, Bartłomiej, and Annette van den Beemt-Tjeerdsma. "Impact of Public Management Approaches on Municipal Real Estate Management in Poland and The Netherlands." Sustainability 10, no. 11 (November 20, 2018): 4291. http://dx.doi.org/10.3390/su10114291.
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Since the economic crisis (2008) municipalities became more aware of their real estate portfolio. Their first reaction to the sense of urgency to pay more attention to this extensive property was to improve their real estate administration. Now, ten years later, municipalities are ready to focus more on the professionalization of the management of their real estate. The purpose of this study is to present the role of individual concepts of public management in Polish and Dutch municipal (public) real estate management. The paper is based on the results on survey research based on public real estate management theory and two public management approaches: new public management and good governance. First, preliminary research was carried out in a Polish metropolitan area after which all Polish metropolitan areas where questioned about their real estate management issues. This questionnaire was also sent to all Dutch municipalities one year later. The Hellwig’s taxonomic method was performed on both separately to assess the level of implementation of good governance and new public management principles in real estate management practices. The research shows that new public management standards are applied at a similar level in municipal real estate management in Poland and The Netherlands. Good governance standards are used a little more broadly in Poland than in The Netherlands. The research shows that in Poland and The Netherlands the concepts of new public management and good governance are not applied as a whole but are deployed as a collection of instruments. Most municipalities choose some of these instruments to apply to their municipal real estate (MREM). Both in Poland and in The Netherlands there are differences noticed in the application of new public management and good governance principles depending on the type of municipality. Besides this originality and scientific relevance, municipalities of both countries could benefit from this comparison by learning from best practices. Practical recommendations and suggestions for public administration concern: (i) the necessity to develop municipal real estate management plans; (ii) increase regularity of asset valuation and (iii) assessment of real estate management performance; (iv) greater transparency in real estate management; and (v) increasing the participation of citizens in the process of managing real estate.
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Tymoshchyk, L. "Property Valuation in the Property Management System: Analysis of Conceptual Problems." Modern Economics 24, no. 1 (December 16, 2020): 194–99. http://dx.doi.org/10.31521/modecon.v24(2020)-31.
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Introduction. Today, significant property assets in the form of real estate and land are in the possession of Ukraine. To make a profit from property requires an effective management system, an important tool of which is the assessment of property value. Purpose. The main purpose of the article is to consider the obstacles to the development of property valuation as one of the tools of property management. The article also explores the peculiarities of the development of Ukrainian legislation in the field of property valuation and management, presents general recommendations for the development of the property procedure. Results. The author identifies eleven conceptual problems of use and development of property valuation in the property management system. Among the most important is the lack of detailed legislative and procedural support of the property valuation procedure, in particular – the lack of a register of state property (both functionally real estate and unfinished), insufficient regulation of land and property legislation. Insufficient guarantees of observance of the rights to possession and use of property (real estate) are considered as obstacles to the growth of the role of small and medium business, and as a negative trend in the lives of people in the temporarily occupied territory. The influence on the development of property valuation of such market characteristics as competitiveness and lack of free competition, which contribute to the determination of the final value of property such factors as monopoly and government decisions, is analyzed. Conclusions. The process of property valuation occupies a significant place in the process of effective property management, but in our country this procedure is still developing. The author emphasizes that a fair and objective assessment requires, above all, respect for constitutional rights and guarantees in the field of property. The second priority area for improvement is the formation of an integrated and complete legal framework in the areas of property management and land law, the creation of a complete register of all state-owned real estate. It is recommended to pay attention to the need to study the impact of the market on the final valuation. Keywords: property valuation; property management valuation; property valuation mechanism; small business; real estate use right.
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Rosasco, Paolo, and Leopoldo Sdino. "Infrastructures and Sustainability: An Estimation Model for a New Highway Near Genoa." Sustainability 12, no. 12 (June 20, 2020): 5051. http://dx.doi.org/10.3390/su12125051.
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The economic development of a territory is strongly correlated to its level of infrastructure (railway, roads, etc.); the complexity of this type of works requires careful planning and design that cannot be separated from the assessment of the impacts generated on citizenship affected by the new infrastructures. This study deals with the instrument defined by the Liguria Region for the implementation of infrastructures through the instruments called “Programmi Regionali di Intervento Strategico—P.R.I.S.” (Regional Strategic Intervention Programs) established by the Regional Law n. 39/2007. The aim of the P.R.I.S. is to guarantee the social protection of citizens that reside (as owners or tenants) or carry out economic activities in real estate units incompatible with the construction of the infrastructure, according to the main Italian law (Presidential Decree n. 327/2001) about the expropriation of private real estate for the construction of public works. In particular, the construction of a new link of the A7-A10-A12 motorway sections near the city of Genoa (called “Gronda”) is considered. The new infrastructure involves the expropriation of about 100 residential units and the relocation of about 50 production activities; the related P.R.I.S. defines the conditions that allow social cohesion through the recognition of indemnities for the expropriation of the real estate properties and the compensation of other expenses that the residents have to pay for their relocation. The valuation of the indemnities is developed through a multi-parameter model applicable for the estimation of real estate units (residential and productive) at a large-scale (mass appraisal); it is derived from the Market Comparison Approach and considers the most meaningful real estate characteristics. The aim is to develop a mass appraisal estimation model applicable in an easy way on real estate units with different destinations use. The model can be applied for the estimation of ordinary and special indemnities to be recognized for owners and tenants affected by the expropriation of their real estate units for the construction of public projects.
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Arcuri, Natale, Manuela De Ruggiero, Francesca Salvo, and Raffaele Zinno. "Automated Valuation Methods through the Cost Approach in a BIM and GIS Integration Framework for Smart City Appraisals." Sustainability 12, no. 18 (September 13, 2020): 7546. http://dx.doi.org/10.3390/su12187546.
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The principle behind sustainable city movements is represented by the idea of “good living”, which is the possibility of having solutions and services that allow citizens to live in an easy, simple, and enjoyable way. Policies for urban quality play a central role in the slow cities manifesto, often suggesting the use of Information and Communication Technologies (ITC) in the development of interactive services for citizens. Among these, an interesting possibility is to offer citizens digital real estate consultancy services through the implementation of automated evaluation methods. An automated appraisal action—which is already complex in itself owing to the need to collect data in a consistent, standardized, but also differentiated way so as to require the adoption of real estate due diligence—collides on the operational level with the concrete difficulty of acquiring necessary data, much more so since the reference market is dark, atypical, and viscous. These operational difficulties are deepened by the epistemological nature of the appraisal discipline itself, which bases its methodology on the forecast postulate, recalling the need to objectify as much as possible the evaluation from the perspective of an intersubjective sharing argument. These circumstances have led, on the one hand, to the definition of internationally accepted uniform evaluation rules (IVS, 2017) and, on the other, to the testing of automated valuation methods aimed at returning computer-based appraisals (AVM). Starting from the awareness that real estate valuation refers essentially to information and georeferences, this paper aims to demonstrate how real estate appraisal analysis can be further improved through information technology (IT), directing real estate valuation towards objectivity in compliance with international valuation standards. Particularly, the paper intends to show the potential of combining geographic information systems (GISs) and building information models (BIMs) in automated valuation methods through the depreciated reproduction cost. The paper also proposes a BIM-GIS semi-automatic prototype based on the depreciated reconstruction cost through an experimentation in Rende (Italy).
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Yalpir, Sukran, Suleyman Sisman, Ali Utku Akar, and Fatma Bunyan Unel. "Feature selection applications and model validation for mass real estate valuation systems." Land Use Policy 108 (September 2021): 105539. http://dx.doi.org/10.1016/j.landusepol.2021.105539.
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Bergmann, Patrick, Endre Kamarás, Werner Gleißner, and Edeltraud Guenther. "Enhanced Cash Flow Valuation in Real Estate Management by Integrating Innovative Materials and Risk Assessment." Sustainability 12, no. 6 (March 12, 2020): 2201. http://dx.doi.org/10.3390/su12062201.
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Environmental criteria have become a critical issue for the evaluation of projects and products, particularly for businesses with extensive life cycles. Sustainability criteria and project risk management are underexplored in real estate development, and thus endanger business survival. The aim of this article is to improve the understanding of uncertainties in the real estate industry by using a stochastic risk assessment approach and to broaden the risk assessment methodology. Thus, this article investigates the importance of material selection regarding external and project risk for real estate development. Aside from conventional projects, risks are analyzed for projects with high-quality materials (HQMs) that are characterized by environmental benefits. In following a mixed method approach, we began by conducting interviews with developers about the most important risks, and later incorporating these factors into a stochastic cash-flow model. Finally, we illustrated our findings in a case study. Overall, the highest risks were shown from resource prices and changing regulations, while the rankings of the two materials differ slightly; HQMs rank higher on the created risk index than conventional materials. The cash-flow model shows that conventional materials perform slightly better than HQMs, although uncertainties within the calculations are similar. The article contributes to risk management and decision-making for real estate projects by providing insights into the discussion and analysis of the financial performance of sustainable construction material and design that might be crucial for disruptive innovations. We present a model that integrates environmental and long-term effects in the cash-flow evaluation of real estate projects, thereby increasing managerial flexibility.
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Richiedei, Anna. "The Valuation of Idle Real Estate in Rural Areas: Analysis and Territorial Strategies." Sustainability 12, no. 19 (October 7, 2020): 8240. http://dx.doi.org/10.3390/su12198240.
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Knowledge of the environment and its weaknesses is the first step in addressing urban development in a more sustainable direction, seeking, for example, to limit the occupation of new land. This research presents a methodology for identifying unused buildings in rural areas and providing strategies for the recovery and reuse of building heritage. The reuse of idle buildings, which are numerous and widespread in Italian agricultural areas, represents a valid opportunity to contain land occupation, redevelop unused areas (often degraded) and develop employment opportunities and social dynamics (as in the case of nonresidential use). The paper defines an expeditious methodology for the identification and subsequent mapping, on a municipal scale, of the unused building heritage that is external to the consolidated urban fabric. The initial data from a case study for the municipality of Chiari (in Italy) are significant: more than 370 unused real estate structures were identified. A successive analysis identified the individual buildings that were completely unused and proposes an assessment of their potential recovery value. This methodology can be useful for directing municipal urban planning strategies and regulations for the recovery of buildings in rural areas and for environmentally acceptable land utilization.
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Chen, Dengke, and Shiyi Chen. "Particulate air pollution and real estate valuation: Evidence from 286 Chinese prefecture-level cities over 2004–2013." Energy Policy 109 (October 2017): 884–97. http://dx.doi.org/10.1016/j.enpol.2017.05.044.
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Laskin, M. B., and A. A. Mir. "Evaluation of market growth rates based on analysis of cadastral record-keeping in different periods." Вестник гражданских инженеров 17, no. 4 (2020): 239–51. http://dx.doi.org/10.23968/1999-5571-2020-17-4-239-251.
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The article proposes a method for evaluating the growth rate of the real estate market, the method being derived from the joint normal law of distribution of price logarithms applied to cadastral value. Pricing factors are considered both as qualitative and continuous ones. Qualitative factors are used to divide sets of objects into clusters. Analysis of two-dimensional distributions of cadastral values and dependencies that are derived from them (including growth rates) is carried out for each cluster separately. The proposed method involves the use of large amounts of data, which do not allow applying the usual methods of testing statistical hypotheses immediately. A method of testing large two-dimensional samples for joint normality is proposed for the two-dimensional samples of cadastral (and market) values. All examples are based on a comparison of the results of cadastral valuation of built-in commercial real estate in St. Petersburg in 2015 and 2018.
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Endel, Stanislav, Marek Teichmann, and Dagmar Kutá. "Possibilities of House Valuation Automation in the Czech Republic." Sustainability 12, no. 18 (September 20, 2020): 7774. http://dx.doi.org/10.3390/su12187774.
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Valuation of single-family detached houses is necessary when determining the amounts of some taxes. The current systems of the Czech Republic are outdated in this respect, and they are based on procedures used in the 1980s. The values found do not correspond to current market conditions very often. This article attempts to verify the applicability of a methodology where the value of a detached house is decomposed into the value of the land and the value of the object as such when considering wear. For verification, 122 sales of detached houses in Ostrava and its surroundings were analyzed, and the results show that the values determined by the verified methodology do not differ by more than 10% from the actual sales prices in most cases. The methodology is very simple and practically applicable for users without deep knowledge of construction or valuation principles. It can be applied, for example, when calculating the bases of certain taxes or as an indicative guide for the pricing of real estate for sellers, buyers, real estate agents, etc.
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Horvath, Sabine, Matthias Soot, Sebastian Zaddach, Hans Neuner, and Alexandra Weitkamp. "Deriving adequate sample sizes for ANN-based modelling of real estate valuation tasks by complexity analysis." Land Use Policy 107 (August 2021): 105475. http://dx.doi.org/10.1016/j.landusepol.2021.105475.
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Locurcio, Marco, Pierluigi Morano, Francesco Tajani, and Felicia Di Liddo. "An Innovative GIS-Based Territorial Information Tool for the Evaluation of Corporate Properties: An Application to the Italian Context." Sustainability 12, no. 14 (July 20, 2020): 5836. http://dx.doi.org/10.3390/su12145836.
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The financial transmission of the USA’s housing price bubble has highlighted the inadequacy of the valuation methods adopted by the credit institutions, due to their static nature and inability to understand complex socio-economic dynamics and their related effects on the real estate market. The present research deals with the current issue of using Automated Valuation Methods for expeditious assessments in order to monitor and forecast market evolutions in the short and medium term. The paper aims to propose an evaluative model for the corporate market segment, in order to support the investors’, the credit institutions’ and the public entities’ decision processes. The application of the proposed model to the corporate real estate segment market of the cities of Rome and Milan (Italy) outlines the potentialities of this approach in property big data management. The elaboration of input and output data in the GIS (Geographic Information System) environment allowed the development of an intuitive platform for the immediate representation of the results and their easy interpretation, even to non-expert users.
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Cervelló-Royo, Roberto, Marina Segura, Regina García-Pérez, and Baldomero Segura-García del Río. "An Analysis of Preferences in Housing Demand by Means of a Multicriteria Methodology (AHP). A More Sustainable Approach." Sustainability 13, no. 14 (July 6, 2021): 7550. http://dx.doi.org/10.3390/su13147550.
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This paper examines key aspects of the behavior of housing demand from a sustainable standpoint. Most studies have mainly focused on housing supply, looking at quantitative predictions without considering the qualitative relationship found between housing values and housing demand on a sustainable and microeconomic scale. We used a multicriteria decision methodology (analytic hierarchy process—AHP) for the analysis of preferences in demand, based on the theory of multi-attribute utility of housing, to determine the relative importance of each characteristic of housing and its influence on the decision-making process. For this purpose, we carried out the study over three main groups of stakeholders in the housing market: real estate surveyors, real estate agents, and housing buyers (the latter representing the housing demand). Results show that although there might be some slight discrepancies among the three groups in the decision-making process and the weighting of housing attributes, the three groups agree in most of the process, especially when defining the criteria and the importance that each criterion has on the process of valuation. This study provides important managerial and sustainable implications for the real estate market related to urban public policy, as we highlight which criteria are most preferred.
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Chica-Olmo, Jorge, Rafael Cano-Guervos, and Mario Chica-Rivas. "Estimation of Housing Price Variations Using Spatio-Temporal Data." Sustainability 11, no. 6 (March 14, 2019): 1551. http://dx.doi.org/10.3390/su11061551.
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This paper proposes a hedonic regression model to estimate housing prices and the spatial variability of prices over multiple years. Using the model, maps are obtained that represent areas of the city where there have been positive or negative changes in housing prices. The regression-cokriging (RCK) method is used to predict housing prices. The results are compared to the cokriging with external drift (CKED) model, also known as universal cokriging (UCK). To apply the model, heterotopic data of homes for sale at different moments in time are used. The procedure is applied to predict the spatial variability of housing prices in multi-years and to obtain isovalue maps of these variations for the city of Granada, Spain. The research is useful for the fields of urban studies, economics, real estate, real estate valuations, urban planning, and for scholars.
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Narula, Subhash C., John F. Wellington, and Stephen A. Lewis. "Valuating residential real estate using parametric programming." European Journal of Operational Research 217, no. 1 (February 2012): 120–28. http://dx.doi.org/10.1016/j.ejor.2011.08.014.
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Jasińska, Elżbieta, and Edward Preweda. "Statistical Modelling of the Market Value of Dwellings, on the Example of the City of Kraków." Sustainability 13, no. 16 (August 20, 2021): 9339. http://dx.doi.org/10.3390/su13169339.
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The analysis of a city’s spatial development, in terms of a location that meets the needs of its inhabitants, requires many approaches. The preliminary assessment of the collected material showed that there was real estate in the database whose price did not have market characteristics. For the correct formulation of the valuation model, it is necessary to detect and eliminate or reduce the impact of these properties on the valuation results. In this study, multivariate analysis was used and three methods of detecting outliers were verified. The database of 8812 residential premises traded on the primary market in Kraków was analyzed. In order to detect outliers, the following indices were determined: projection matrix, Mahalanobis distances, standardized chi test and Cook distances. Critical values were calculated based on the formulas proposed in the publication. The probability level was P = 0.95. The article shows that the selected methods of eliminating outliers—the methods of standardized residuals and the Cook’s distance method give similar regression models. Further analysis (with the use of classification tree methods) made it possible to distinguish zones that are homogeneous in terms of price dispersion. In these zones, a set of features influencing real estate prices were determined.
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Xu, Zhongguo, Yuefei Zhuo, Guan Li, Rong Liao, and Cifang Wu. "Towards a Valuation and Taxation Information Model for Chinese Rural Collective Construction Land." Sustainability 11, no. 23 (November 22, 2019): 6610. http://dx.doi.org/10.3390/su11236610.
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To promote rural revitalisation, China’s central government revised the land administration law to allow rural collective construction land (RCL) to be traded in the market and attract private and financial capitals into rural investment and development. However, the land value appreciation income of the market access is closely related to geographical location. Hence, the value appreciation of RCL is enormous in villages around cities and towns. By contrast, the land value appreciation of RCL is low in villages away from cities and towns. This marked difference will lead to a significant impact on the rural social structure. To avoid the excessive widening of the income gap in rural areas, China’s central government attempted to conduct land value capture by revising and implementing land tax laws and reasonably distributing the value appreciation income of market access amongst the state, collectives and individuals. In response to the requirements of land reform, this study firstly identifies the legal constraints on the taxation of RCL in China through the structured retrieval and organisation of legal documents on land taxation. Thereafter, the technical constraints are analysed through the structural retrieval and organisation of the technical specifications of China’s land valuation. Lastly, this study proposes a land administration domain model (LADM) valuation and taxation information model on the basis of the aforementioned constraints. The major contents of the proposed model encompass improving the information management of taxpayer identity registration, supplementing land valuation methods and strengthening valuation information of the large-scale influencing factors. The proposed model is the technical basis to prompt the interconnection between the real estate registration and real estate taxation systems, which will be conducive to the efficient collaboration of the two systems.
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Likhomanov, Oleg, Natalya Kukanova, and Mariya Kukanova. "Russian and Foreign Practice of Valuating Municipal Real Estate." Vestnik Volgogradskogo gosudarstvennogo universiteta. Serija 3. Ekonomika. Ekologija 19, no. 2 (September 2017): 128–38. http://dx.doi.org/10.15688/jvolsu3.2017.2.13.
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D’Alpaos, Chiara, and Paolo Bragolusi. "The Market Price Premium for Buildings Seismic Retrofitting." Sustainability 12, no. 21 (October 22, 2020): 8791. http://dx.doi.org/10.3390/su12218791.
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The Italian territory is largely prone to seismic risk and 6 million buildings require seismic retrofitting. In the last three main seismic events (Abruzzo 2009, Emilia Romagna in 2012 and in Lazio in 2016) 633 people died and considerable financial losses such as the structural collapse of buildings and interruption of production activities were incurred. During the period 1944–2017, economic losses caused by seismic events amounted to EUR 212 billion. More than 80% of the entire building stock does not respect seismic design standards provided by Italian regulations (NTC 2018). Seismic retrofitting of buildings may avoid many deaths and financial losses, as well as increase people’s safety. In addition, seismic retrofitting of buildings may also generate an increase in real estate asset value (namely a market price premium), which may accelerate investments. Despite the relevance of this issue, there is a lack of literature, which investigates the key factors in boosting investments and the market price premium for retrofitted buildings in detail. The aim of this paper is to fill this gap with respect to the Italian Real Estate market. To estimate the capitalization effect of benefits produced by seismic retrofitting on property market values, it is fundamental to know how much people are willing to pay for it. As, to our knowledge, there are no available datasets which provide house characteristics, including seismic performances and market prices of Italian real estate assets, we implemented a contingent valuation approach to determine the market price premium for retrofitted assets. In detail, information about the willingness to pay (WTP) an additional price for a seismically retrofitted home (by considering different risk exposure), ceteris paribus was elicited using open-ended questions in a self-administered web interview. In particular, we applied the methodology to a case study, i.e., a contingent scenario related to masonry-detached houses located in a seismic hazard zone. Our results revealed that individuals are willing to pay an additional price for retrofitted assets and the average market price premium ranges from 10% to 52% of the property market price.
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Renigier-Biłozor, Małgorzata, Sabina Źróbek, Marek Walacik, and Artur Janowski. "Hybridization of valuation procedures as a medicine supporting the real estate market and sustainable land use development during the covid-19 pandemic and afterwards." Land Use Policy 99 (December 2020): 105070. http://dx.doi.org/10.1016/j.landusepol.2020.105070.
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Radović, Milan. "Monetary policy observed through the prism of general conditions regarding the valuation of immovable assets based on the database of licensed appraisers." Bastina, no. 53 (2021): 273–82. http://dx.doi.org/10.5937/bastina31-31224.
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When it comes to conducting monetary policy in the Republic of Serbia, it is necessary to emphasize that the basic framework for regulating the mentioned policy was adopted and the Law on the National Bank of Serbia was adopted. The author of this paper emphasizes the need to respect the required primary goal of the National Bank of Serbia, i.e. it is necessary to respect the achievement and maintenance of price stability, which contributes to preserving the stability of the financial system and sustainable economic growth of the Serbian economy as a whole. There are numerous ways of influencing the National Bank of the Republic of Serbia on the realization of monetary policy, but in this paper the author emphasizes only some of the most important ones: achieving price stability, implementation of the inflation targeting regime by the National Bank of Serbia and others. In addition, in order to achieve a sound monetary policy, it is necessary to make an expression in a given interval through the disclosed annual consumer price indices, as well as with the recommended expression of the estimated allowed deviation. In order to complete the monetary policy, it is possible to apply a realistic representation of the reference interest rate. It is the basic instrument of monetary policy in the inflation targeting regime that the National Bank seeks to maintain at a real level in a given observation period. In addition, the National Bank, through other monetary instruments, creates the overall conditions in which monetary policy instruments will operate, such as interventions in the foreign exchange market, conducting open market operations, prescribing required reserves, providing credit and deposit facilities and performing continuous interventions in the foreign exchange market Republic of Serbia. In this paper, the author emphasizes the existence of some other significant conditions of influence on the conduct of general monetary policy in the economy of the Republic of Serbia. The author of the paper emphasized the importance of the implementation of real estate appraisal of legal entities in the Republic of Serbia, as well as the importance of forming a database of appraised real estate by licensed appraisers.
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Zulkarnain, Siti Hafsah, Maki Tsujimura, Muhamad Ali Yuzir, Muhammad Najib Razali, and Zakri Tarmidi. "A review of climate change (floods) and economic attributes response to residential property value in Malaysia." Journal of Water and Climate Change 11, no. 4 (December 23, 2019): 1084–94. http://dx.doi.org/10.2166/wcc.2019.044.
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Abstract The art and science of determining residential property value has evolved due to the changing external factors, such as the economy, environmental (climate change) and social aspects. This research aims to identify the impact of climate change (floods) to determine residential economic attributes that could affect the value for residential property in flood risk areas. The case study covers all residential housing schemes in Langat River Basin area, which has been considered as the highest flood risk area in the State of Selangor, Malaysia. The methodology of this research is based on the conceptual analysis from previous studies from local and international scenarios. The systematic analysis of previous literature of real estate valuation theory consists of economic attributes such as structural, locational and environmental attributes involved in residential property valuation in relation to flooding. The findings reveal that the economic attributes' response to flood hazards for residential properties can be divided into three conditions, and they are: positive, negative or no effect on the climate change factor.
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Santos, José António C., Manuel Á. Fernández-Gámez, Miguel Ángel Solano-Sánchez, Francisco José Rey-Carmona, and Lorena Caridad y. López del Rio. "Valuation Models for Holiday Rentals’ Daily Rates: Price Composition Based on Booking.com." Sustainability 13, no. 1 (December 30, 2020): 292. http://dx.doi.org/10.3390/su13010292.
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In recent years, the number of sharing economy accommodations has grown exponentially due to the Internet and peer-to-peer networks, which has made researchers increasingly interested in analysing this new type of lodging. This study sought to develop models that determine the significant variables for the daily price of staying in holiday rentals based on data extracted from Booking.com and other sources. The hedonic pricing method (HPM) was selected to conduct the research as this methodology has been widely used in real estate valuation and hotel daily rate determination; however, the HPM is still rarely used for holiday rentals. The study focused on the city of Seville, where a notable increase in holiday rentals has been observed in recent years. Variables related to the accommodation typology, including location, size and equipment, as well as seasonality, are the most influential factors in the proposed models. These results are of interest to both owners and users of holiday rentals and can help these individuals to determine if the price of a stay is what would commonly be offered in the market under normal circumstances.
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Leskinen, Niina, Jussi Vimpari, and Seppo Junnila. "A Review of the Impact of Green Building Certification on the Cash Flows and Values of Commercial Properties." Sustainability 12, no. 7 (March 31, 2020): 2729. http://dx.doi.org/10.3390/su12072729.
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This study aims to review empirical research concerning the impact of green certificates on property cash flows and values, particularly from professional property investors’ perspective. The study uses discounted cash flows (DCF), a widely used property valuation method in income-generating properties, as a methodological framework. In this study, over 70 peer-reviewed studies were identified, categorized, and analyzed in the DCF framework. The reviewed studies indicated that certificates might increase the rental income and decrease the operating expenses, vacancy, and risks of a property. Together with the brand value of certificates, these enhancements should lead to an increase in property value. The number of studies has grown rapidly during the 2010s. Lately, studies have developed from asset-level to portfolio-level examinations. Although the reviewed studies found certification to be beneficial, the range of reported benefits was wide, and over half of the studies concentrated on U.S. commercial real estate markets, with a strong focus on LEED and ENERGY STAR certificates. From a property valuation perspective, applying these results to other markets and certificates might be challenging. Property values that fully reflect the environmental performance of properties would be a key to motivate mainstream investors to adopt sustainable property features.
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Forte, Fabiana, Vincenzo Del Giudice, Pierfrancesco De Paola, and Federica Troisi. "Valuation of the Vocationality of Cultural Heritage: The Vesuvian Villas." Sustainability 12, no. 3 (January 28, 2020): 943. http://dx.doi.org/10.3390/su12030943.
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The Vesuvian Villas are a system of architectural assets that, due to important artistic, historical and typological characteristics, have relevance that is not only local. However, due to ineffective management policies and insufficient financial resources, the system of the Vesuvian Villas is subject to abandonment or to invasive transformations for speculative purposes. The management policies for these real estate goods would require a profound theoretical and operational review that, together with the overcoming of the binding instrument as the only guarantee of protection, pursues conservation through synergies founded on appropriate uses of the Vesuvian Villas. This innovative path is difficult to implement due to the substantial rigidity of the architectural structures and the transformations aimed at renewing the forms of use, but mostly for the lack of available financial resources. Starting from the analysis of the relationships between conservation and transformation of the historical architectural asset, the paper proposes a multicriteria analysis model for the evaluation of the "vocational" nature of the "Villa Vesuviana" property, aimed to its conservative reuse. This suitability was assessed starting from a set of indicators explaining the actual state of the building (typological, morphological, structural and artistic characteristics) and its location. The indicators have been evaluated through qualitative judgments made using the hierarchical analysis technique. Particular attention was paid to the evaluation of synergies deriving from complementary uses.
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Doszyń, Mariusz. "Individual Capacities of Hellwig’s Information Carriers and the Impact of Attributes in the Szczecin Algorithm of Real Estate Mass Appraisal." Real Estate Management and Valuation 27, no. 1 (March 1, 2019): 15–24. http://dx.doi.org/10.2478/remav-2019-0002.
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Abstract A statistical method of defining the impact of real estate attributes based on individual capacities of Hellwig’s information carriers was proposed in the paper. The method may be used for defining the impact of attributes in the Szczecin algorithm of real estate mass appraisal. The proposed procedure refers to the so-called Hellwig’s method, used for the selection of explanatory variables in an econometric model. In the case of real estate attributes, we typically deal with variables measured on an ordinal scale. Therefore, Kendall’s tau coefficients (tau a, tau b, tau c) will be applied in order to determine the strength and direction of a relation between variables. These coefficients enable the measuring of the strength and direction of a relation between variables measured on an ordinal scale. After valuating proper matrices of Kendall’s tau coefficients, individual capacities of Hellwig’s information carriers were determined, on the basis of which the impact of attributes in the Szczecin algorithm of real estate mass appraisal was defined. The proposed procedure was supported with an empirical example using a real data base that comprises 99 undeveloped land properties of industrial designation, including depots, storehouses, warehouses, and yards. After determining the impact of each attribute, the Szczecin mass appraisal algorithm was used to evaluate values. The obtained real estate values were very close to the values obtained by real estate experts.
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Rahman, Farhan, Ian Rowlands, and Olaf Weber. "Do green buildings capture higher market valuations and lower vacancy rates? A Canadian case study of LEED and BOMA-BEST properties." Smart and Sustainable Built Environment 6, no. 4 (November 20, 2017): 102–15. http://dx.doi.org/10.1108/sasbe-03-2017-0008.
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Purpose It is becoming increasingly clear that as the pressures of climate change increase around the world, all nations must strive to lower their carbon footprint through conservation. If the growth trend of green building and infrastructure construction is to be continued and improved upon, then evidence must be collected as to the benefits they bring about, and the level of support they enjoy in the market. The purpose of this paper is to shed light on the economic performance of green buildings by evaluating whether LEED for Homes and BOMA-BEST properties capture higher market valuations and lower vacancy rates. These types of research questions have not been investigated to a great deal in the Canadian context. The primary analysis concerning municipal market valuation of green buildings was conducted using robust ordinary least squares and logistic regression models. Commercial vacancy rates were compared through the use of χ2 tests. Our analysis did not lead to conclusive evidence that there exists a “green” premium in the real estate market with respect to municipal market valuations. The authors argue that this may largely be due to municipal appraisal methods that currently do not incorporate sustainability factors. As such, they may not adequately reflect market tastes and trends. Furthermore, while the vacancy rates of green commercial buildings were, on the whole, lower than their non-green counterparts, the differences were not statistically significant. Given these results, the authors propose a set of research activities that the academic community should pursue. Design/methodology/approach Statistical techniques are utilized test whether green certification (LEED/BOMA-BEST) leads to higher municipal valuation for both commercial and residential green properties, using regression analysis. Furthermore, χ2 tests are conducted to evaluate whether certification leads to lower vacancy rates for commercial properties. Findings In terms of valuation, certification does not exert (on average) a positive role in terms of higher valuations for both commercial and residential properties. However, with respect to vacancy rates, there is a tendency towards lower vacancy rates for green properties, but the relationship is not statistically significant. Research limitations/implications The next set of research needs to gather greater amount of data with respect to how municipal evaluations are performed since the results are counter-intuitive. Greater tracking of the financial performance of green buildings should be conducted and made available for both public and private bodies. Particularly, rental and sale prices of green buildings need to be tracked in an organized manner. Practical implications The valuation techniques utilized by the municipal authorities need revision as green properties are being assessed without appropriate guidance from educational institutions. Furthermore, the limited amount of “green” valuation techniques in existence may not be applied. Originality/value This is the first Canadian-based research looking into the valuation of green certification using rigorous quantitative statistical techniques and original and publicly available data. Furthermore, it holds important lessons for municipal authorities with respect to green building valuation beyond Canada as the limitations of current practice go mostly likely beyond the North American context.
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Saenko, Irina, Ekaterina Kushina, and Valeria Pukhova. "Verification of the dependence of factors determining the market value of residential real estate at the stages of the life cycle." MATEC Web of Conferences 212 (2018): 03002. http://dx.doi.org/10.1051/matecconf/201821203002.
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The paper reflects the results of the study of the dependence of factors that form the market value of residential real estate objects at the stages of life cycle on the example of the residential real estate market in the city of Krasnoyarsk. It was determined that the location and lifetime of facilities are the key factors in the formation of the market value of residential property. Based on the conducted economic and statistical analysis, it is proved that the importance of the residential object location can suppress the influence of a high degree of depreciation of the building, thereby increasing the market value of residential property in it. It is justified in the work that the value of a location, being a qualitative characteristic of residential real estate, involves the development of quantitative approaches to its measuring and valuating in order to solve theoretical and methodological problems of management and development of housing construction.
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Babawale, Gabriel Kayode. "Improving the Equity Component of the Lagos State Land Use Charge (2018) for Enhanced Property Tax Yields." Built Environment Journal 16, no. 2 (July 31, 2019): 27. http://dx.doi.org/10.24191/bej.v16i2.9694.
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Property tax has remained a subject of recurrent debate amongst policy makers, scholars, public officials, real estate valuers, and other stakeholders, virtually everywhere over the years. The contention centres on issues such as the tax base, tax incidence, efficiency, and particularly, equity or fairness, among others. Qualities like ease of collection, difficulty of avoidance, accountability, and transparency etc., that ordinarily mark out property tax as a good tax in principle, are often compromised by controversial policies and mal-administration, particularly the latter. The new Lagos State Land Use Charge2018 (LUC, 2018) came into force effective January, 2018. Ina similar version that its immediate predecessor, the Land Use Charge2001 (LUC, 2001), attracted spontaneous and widespread protests on promulgation, the criticisms and protests that greeted the passage LUC (2018)has been vehement and remained unabated until the government was forced, like it did with the erstwhile law, to succumb to substantial but arbitrary reductions in rates and allowances across board (at two different times to date) but without a formal amendment to the law; an exact replica of what transpired under the erstwhile law and which opened it to abuse and arbitrary implementation with its compliance and revenue yields implications. The last of these reductions which took place in August saw a whopping 50%, and 25% cut in assessed rates on commercial properties and industrial properties, respectively. This study employed the doctrinal research methodology whereby the valuation or assessment aspect of the LUC (2018) was diagnosed with a view to finding amicable resolutions to the equity problem that virtually crippled the effectiveness of LUC (2001) over its seventeen years of existence and is already threatening the survival of the new LUC (2018). Keywords: assessment criteria, equity and fairness, Land Use Charge (2018), property tax.
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Chubuk, L. "METHODS OF CALCULATING DISCOUNT AND CAPITALIZATION RATES TO VALUATING REAL ESTATE IN ACCORDANCE WITH MARKETS CONDITIONS." Bulletin of Taras Shevchenko National University of Kyiv Economics, no. 151 (2013): 51–57. http://dx.doi.org/10.17721/1728-2667.2013/151-10/12.
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d’Amato, Maurizio. "Cyclical capitalization and lag vacancy." Journal of European Real Estate Research 10, no. 2 (August 7, 2017): 211–38. http://dx.doi.org/10.1108/jerer-10-2015-0038.
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Purpose This paper aims to propose a new valuation method for income producing properties. The model originally called cyclical dividend discount models (d’Amato, 2003) has been recently proposed as a family of income approach methodologies called cyclical capitalization (d’Amato, 2013; d’Amato, 2015; d’Amato, 2017). Design/methodology/approach The proposed methodology tries to integrate real estate market cycle analysis and forecast inside the valuation process allowing the appraiser to deal with real estate market phases analysis and their consequence in the local real estate market. Findings The findings consist in the creation of a methodology proposed for market value and in particular for mortgage lending determination, as the model may have the capability to reach prudent opinion of value in all the real estate market phase. Research limitations/implications Research limitation consists mainly in a limited number of sample of time series of rent and in the forecast of more than a cap rate or yield rate even if it is quite commonly accepted the cyclical nature of the real estate market. Practical implications The implication of the proposed methodology is a modified approach to direct capitalization finding more flexible approaches to appraise income producing properties sensitive to the upturn and downturn of the real estate market. Social implications The model proposed can be considered useful for the valuation process of those property affected by the property market cycle, both in the mortgage lending and market value determination. Originality/value These methodologies try to integrate in the appraisal process the role of property market cycles. Cyclical capitalization modelling includes in the traditional dividend discount model more than one g-factor to plot property market cycle dealing with the future in a different way. It must be stressed the countercyclical nature of the cyclical capitalization that may be helpful in the determination of mortgage lending value. This is a very important characteristic of such models.
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Jun, Jang Hean. "A Study on the Real Estate Right in the US Real Estate Law." Northeast Asian law journal 12, no. 3 (January 31, 2019): 211–36. http://dx.doi.org/10.19035/nal.2019.12.3.9.
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Zeng, Bei, Andreas Johannesen, and Xin Fang. "How to value a real estate company? Alexander & Baldwin, Inc. (ALEX)." CASE Journal 16, no. 2 (April 11, 2020): 155–83. http://dx.doi.org/10.1108/tcj-04-2019-0043.
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Purpose This study aims to provide students an opportunity to analyze the financial performance of a publicly listed real estate company and estimate its instinct value by applying appropriate financial models and approaches. Theoretical basis Three major valuation models/approaches generated by financial theory and practice to estimate the intrinsic value of a security: discounting cash-flows valuation (DCF and NPV) – valuation through adjusted net asset and liquidation value (NAV) – relative valuation through price and value multiples (valuation multiple analysis and precedent transactions analysis). Wholly owned subsidiaries versus and joint venture ones. Research methodology Analyze financial information of all segments in a multiple-business firm, and apply suitable financial models and approaches among net asset value model (NAV), discounted cash flow (DCF) or net present value (NPV) model, valuation multiple analysis and precedent transactions analysis to estimate the intrinsic value of the whole firm. Case overview/synopsis This decision-based case allows students to explore the business valuation process for a public listed real estate company, Alexander & Baldwin, Inc. (NYSE: ALEX). Based on financial statements analysis and forward-looking financial expectation on ALEX, this case elevates students' understanding and practice of valuating this multiple-business firms by applying appropriate financial models and approaches among NAV, DCF or NPV, valuation multiple analysis and precedent transactions analysis and enable students to make their investment decisions of buying, holding or selling the company’s stocks. Complexity academic level This case is most appropriate for graduate courses such as corporate finance, investments, personal finance, real estate finance and financial markets and institutes.
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Placid, Raymond, and H. Shelton Weeks. "Undergraduate Real Estate Law in the U.S." Journal of Real Estate Practice and Education 12, no. 1 (January 1, 2009): 1–15. http://dx.doi.org/10.1080/10835547.2009.12091652.
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Raymond, Placid, and Weeks Shelton. "Undergraduate Real Estate Law in the U.S." Journal of Real Estate Practice and Education 12, no. 1 (January 1, 2009): 1–15. http://dx.doi.org/10.1080/10835547.2009.12091655.
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Kiedrzynek, Michał. "The Concept of Land Real Estate in the Act on Real Estate Management." Gubernaculum et Administratio 2(22) (2020): 37–46. http://dx.doi.org/10.16926/gea.2020.02.09.
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The management of public real estate has been regulated in many legal acts, among which the Act of August 21, 1997 on real estate management plays the greatest role. The definitions contained in it are intended to explain the most important concepts related to the subject of this act. However, with regard to the definition of land real estate, we are dealing with a repetition of what was defined by the provisions of civil law. Such a situation raises justified interpretation doubts, which may have significant consequences in the application of this act. The existence of two definitions for the same object is undesirable and the Real Estate Management Act should be amended in this respect by including an appropriate reference to the provisions of civil law.
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최길자. "Effect of real estate registration in China's Real Right Law." KOOKMIN LAW REVIEW 24, no. 1 (August 2011): 413–40. http://dx.doi.org/10.17251/legal.2011.24.1.413.
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National Bureau of Quality and Tech. "Real Estate Measurements Code (Partial)." Chinese Law & Government 44, no. 1 (January 2011): 45–53. http://dx.doi.org/10.2753/clg0009-4609440106.
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Leshinsky, Rebecca. "Situating real estate law for the new outer-space economy." Journal of Property, Planning and Environmental Law 13, no. 2 (August 3, 2021): 152–64. http://dx.doi.org/10.1108/jppel-02-2021-0010.
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Purpose With current commercial space activities accelerating, the purpose of this paper is to contexualise enlivening the discipline of real estate law for outer space. Design/methodology/approach Drawing on essential topics in real estate law, contracts and insurance, this paper discusses these themes in their terrestrial and extra-terrestrial contexts. Findings Real estate law for the outer space environment carries many similarities to real estate law but also significant differences. At this early stage in human space exploration and travel, there is a need to deal more with goods/chattels (property assets); however, this will change as land – the Moon, asteroids, planets – are made available for mining and other activities. Given outer space activities carry high risk for spacecraft and humans, there are reciprocal lessons for real estate law and practice. Practical implications Real estate law for outer space is an area already in existence. However, as access to space develops further, particularly with inevitable human presence on the Moon and exploration to Mars, real estate law will also grow in importance and sophistication. Real estate law for outer space relies on contract and property law. These are levers for commercial activities, and a further array of complex law and governance – the Outer Space Treaties, international and national law, international custom, guidelines, codes and standards. Real estate law for space will require an interdisciplinary and global approach in an era where human needs are already reliant on goods and services derived from space, as well as in the quest for exploration beyond the earth and the moon itself. Originality/value The time is ripe for space law to be taken into nuanced areas, with real estate law being an important step. Entrenched into the combined real estate and outer space disciplinary context must be consideration of the environment (earth and beyond), sustainability, heritage protection issues, etc., as well as ensuring outer space has equitable opportunities for all nations and citizens.
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Chien, Li-Ming, and Kung-Jen Tu. "Establishing Merger Feasibility Simulation Model Based on Multiple-Criteria Decision-Making Method: Case Study of Taiwan’s Property Management Industry." Sustainability 13, no. 5 (February 24, 2021): 2448. http://dx.doi.org/10.3390/su13052448.
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The purpose of this study is to propose a feasible operational evaluation model for property mergers. It is expected that through the merger of enterprises, the comprehensive improvement of business management and the promotion of logistics supply resources will be effectively promoted, so that enterprises can effectively reduce operating costs and achieve maximum profits. This study uses the modified Delphi method and analytic hierarchy process method to find out the key factors of the common dilemmas in Taiwan’s property management companies, and the weight of their impact on the operation. Finally, we use the expected utility theory to develop a valuation model for whether the property is suitable for integration, and to evaluate this, the result is used as a reference indicator for merger operations. After 30 years of vigorous development in Taiwan’s property management companies, due to fierce market competition, most of the companies have reduced their profitability in the face of common dilemmas. The study found that the merger model should be accurately evaluated by the evaluation model. The sharing of logistics resources can indeed bring about the benefits of investment and marketing to the merger, and improve the profitability of the company. At the time of writing, there is no research on such a combined analysis of the property management industry in Taiwan. This research method uses multiple decision analysis theory and utility theory to develop a decision-making model that is suitable for consolidation. It can also be applied to the assessment of mergers in other fields, such as the clean service industry, real estate brokerage and other industry merger assessments. This is also the biggest contribution of this research paper.
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Osmanov, O. A. "ABOUT SOME ISSUES OF REFORMING REAL ESTATE LAW." Law Нerald of Dagestan State University 32, no. 4 (2019): 89–93. http://dx.doi.org/10.21779/2224-0241-2019-32-4-89-93.
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Miceli, Thomas J. "Introduction: The law and economics of real estate." Journal of Real Estate Finance and Economics 12, no. 1 (January 1996): 7–8. http://dx.doi.org/10.1007/bf00127762.
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Blake, Andrea, Lucy Cradduck, Kristy Richardson, and Chris Eves. "Real Property Law: Its Place in Australian Undergraduate Real Estate Programs." Journal of Real Estate Practice and Education 13, no. 2 (January 1, 2010): 141–58. http://dx.doi.org/10.1080/10835547.2010.12091677.
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Langbert, Mitchell, and Donald Grunewald. "The Real Estate Investor." Journal of Business Ethics 51, no. 1 (April 2004): 91–99. http://dx.doi.org/10.1023/b:busi.0000032344.42085.9b.
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