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Journal articles on the topic 'Real estate activity'
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1
Packer, Frank, Timothy Riddiough, and Jimmy Shek. "International Real Estate Review." International Real Estate Review 17, no. 2 (August 31, 2014): 241–74. http://dx.doi.org/10.53383/100186.
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Securitized equity interests in commercial property (the so-called listed REIT market) across a number of countries are analyzed. In so doing, we have pulled together financial as well as real economic data from a large number of different sources. On the real side, we focus particularly on office property construction, as data are fairly available in that sector. The comparison of REIT markets across countries reveals significant variation in terms of institutional characteristics, but many similarities in terms of financial performance. Office construction activity also displays some synchronicity across countries, with a general pattern of reduced levels and volatility in construction activity over the past two decades. Linkages between REIT market development and the dynamics of new construction activity are explored.
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Jackman, Mahalia. "International Real Estate Review." International Real Estate Review 13, no. 1 (April 30, 2010): 109–16. http://dx.doi.org/10.53383/100121.
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With the ongoing global financial crisis -which began with the collapse of the US sub-prime market in 2007 - the Barbadian economy is expected to contract in 2009. As a means of stimulating economic activity and providing job opportunities, the government has committed itself to completing 572 houses during the 2009/10 financial year. However, the arguments in favour of allocating more resources to residential construction have not been based on the existence of empirical analyses. This paper empirically investigates the relationship between residential construction and economic growth for Barbados. The historical data suggests that there is bi-directional causality between economic growth and residential construction. Hence, a policy that stimulates the housing market may boost economic activity.
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Schoenmaker, Dennis A. J., and Arno J. Van der Vlist. "On real estate development activity: the relationship between commercial and residential real estate markets." Letters in Spatial and Resource Sciences 8, no. 3 (April 18, 2015): 219–32. http://dx.doi.org/10.1007/s12076-015-0144-4.
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Lai, Rose, and Robert Van Order. "International Real Estate Review." International Real Estate Review 22, no. 3 (September 30, 2019): 359–97. http://dx.doi.org/10.53383/100285.
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This paper studies the evolution of property values and the connections between shadow banking and property markets in China. We use Pooled Mean Group estimation to analyze Chinese house prices in 65 cities from 2007-2016, define the "fundamentals¨ of housing prices with the Gordon dividend discount model, and use lagged rents, prices, real and nominal interest rates, and shadow banking activity as short term explanatory factors. We find that the cities tend to share long run fundamentals and adjust relatively quickly to deviations from the fundamentals. We do not find bubbles; rather houses are like growth stocks with house prices rapidly chasing growing rents. More importantly, we find that house prices increase more quickly with the availability of shadow banking funds, which have grown rapidly.
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Tyvimaa, Tanja, and Karen M. Gibler. "International Real Estate Review." International Real Estate Review 15, no. 2 (August 31, 2012): 165–88. http://dx.doi.org/10.53383/100153.
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Most elderly Finnish residents prefer to age in place, but some relocate because of push factors that create stress in their current homes and pull factors that attract them to a new dwelling. This survey examines the important pull factors that attract seniors to senior houses. Grocery nearby is the strongest pull factor followed by hospital or medical center and public transportation. A factor analysis reveals that attributes can be grouped into three factors: onsite services that allow the residents to maintain an active lifestyle with some luxury, everyday services and facilities that would enable aging in place, and physical activity facilities. Residents have chosen the type of senior housing that supports their lifestyle. Meanwhile, socioeconomic characteristics do not explain the differences in the types of features that attract residents.
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Wang, Ko, Yuqing Zhou, Su Han Chan, and K. W. Chau. "International Real Estate Review." International Real Estate Review 3, no. 1 (June 30, 2000): 93–108. http://dx.doi.org/10.53383/100023.
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Studies on the calibration of subjective probabilities find that people tend to over-estimate the precision of their knowledge. In this paper we develop a semi-rational model and apply it to the real estate markets in Hong Kong and other Asian countries. The key point is that a person is rational about her/his private information until her/his private information is confirmed by a clearly defined market signal. Using a pre-sale as a mechanism of updating a developer's beliefs, this paper analyzes the impact of over-confidence on overbuilding and cycles in real estate markets. Our finding indicates that a pre-sale activity will increase the magnitude of over-building and over-confidence will increase the volatility in real estate markets. Our model also has implications to the well-established literature dealing with the issue of over-capacity in many industrial sectors.
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Borowiecki, Karol Jan. "International Real Estate Review." International Real Estate Review 12, no. 3 (December 31, 2009): 193–220. http://dx.doi.org/10.53383/100112.
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This paper studies the Swiss housing price determinants. The Swiss housing economy is reproduced by employing a macro- series from the last seventeen years and constructing a vector-autoregressive model. Conditional on a comparatively broad set of fundamental determinants considered, i.e. wealth, banking, demographic and real estate specific variables, the following findings are made: 1) real house price growth and construction activity dynamics are most sensitive to changes in population and construction prices, whereas real GDP, in contrary to common empirical findings in other countries, turns out to have only a minor impact in the short-term, 2) exogenous house price shocks have no long-term impacts on housing supply and vice versa, and 3) despite the recent substantial price increases, worries of overvaluation are unfounded. Furthermore, based on a self-constructed quality index, evidence is provided for a positive impact of quality improvements in supplied dwellings on house prices.
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Harris, Kevin R. "Vietnamese activity in the Adelaide real estate market." Australian Geographer 26, no. 2 (November 1995): 189–99. http://dx.doi.org/10.1080/00049189508703150.
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Downs, David H., and Z. Nuray Güner. "Commercial Real Estate, Information Production and Market Activity." Journal of Real Estate Finance and Economics 46, no. 2 (September 23, 2011): 282–98. http://dx.doi.org/10.1007/s11146-011-9348-6.
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Bielik, Nataliia. "FACTORS OF PSYCHOLOGICAL READYNESS FOR REAL ESTATE ACTIVITY." Bulletin of Taras Shevchenko National University of Kyiv. Series “Psychology”, no. 1 (11) (2020): 6–9. http://dx.doi.org/10.17721/bsp.2020.1(11).1.
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The topic's relevance is related to the situation in the labor market, which needs competent realtors. The aim is to study and investigate the main factors of the psychological readiness towards realtor professional activity. The article considers the main approaches to studying the phenomenon of psychological readiness and factors of its functioning. Psychological readiness for real estate activity is an integrated quality of personality, which aims to an adequate reaction to the possibilities of a situational solution of universal professional problems of a realtor utilizing acquired professional competencies. The study involved 130 people. The methods employed in the present study include various types of questionnaires, namely Guilford's Test (J. Guilford); Big Five / 5PFQ (P. Costa & R. McCrae), Gertsberg Test (F. Hertsberh); Test Diagnostics of personality's socio-psychological attitudes in the motivational-needs sphere (O. F. Potomkin); Schwartz value survey (S. Schwartz); Professional activity motivation (K. Zamfir in A. Rean's modification); Diagnostics of motivational orientations in interpersonal communications (I. Ladanov, V. Urazaieva); Study of volitional self-regulation (A. Zvierkov, E. Eidman).The factors of psychological psychological readiness for professional activity as realtors were revealed: "standardness", "humanism", "pragmatism", "altruism", "endurance", "power", and "practicality". The main characteristics (competencies) of a specialist realtor include: a) the ability to solve complex problems and problems in the process of work (integral competence); b) the ability to apply knowledge in practical situations; ability to generate new ideas; ability to identify, formulate and solve problems; appreciate and respect diversity and multiculturalism; ability to act on the basis of ethical considerations (motives); ability to act socially responsibly and consciously; ability to develop and manage projects; ability to motivate people and move towards a common goal (general competencies); c) the ability to identify, analyze and interpret the information series of the realtor profession, identify problems and suggest ways to solve them; the ability to demonstrate an understanding of the patterns and features of human functioning in the context of the transaction in the context of professional tasks; ability to offer creative ways to solve professional problems, to make professionally correct decisions and to implement them (special competencies).
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Pivo, Gary, and Paul McNamara. "International Real Estate Review." International Real Estate Review 8, no. 1 (June 30, 2005): 128–43. http://dx.doi.org/10.53383/100064.
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This paper was written for the principles for responsible investment project of the United Nations Environment Programme Finance Initiative (UNEP FI). The UNEP FI is a global partnership between UNEP and the financial sector to understand the impacts of environmental and social considerations on financial performance. As recommended in this paper, the UNEP FI is organizing a Property Working Group (PWG) to further examine the issues discussed here. Information about the PWG can be obtained from the authors. Responsible property investing (RPI) means maximizing the positive and minimizing the negative social and environmental effects of property investing, consistent with fiduciary responsibilities. Our understanding of these issues has progressed a good deal over the decades due to work by the United Nations and others. Property markets are inextricably linked to urban problems and better management of both new and existing properties is needed to resolve them. The perception that RPI necessarily dilutes investment returns should be challenged. There is mounting evidence that RPI can be financially sound and socially beneficial. Leaders have emerged that are demonstrating its feasibility. Their activity should be considered as a basis for best practice guidelines. There is a need to develop metrics for comparing progress on RPI. We recommend: 1) establishing an RPI working group, 2) summarizing prior reports on urban issues, 3) identifying investment strategies that are profitable and responsive to the issues, 4) clarifying the financial effects of different responses and improving our means of measuring them, 5) identifying best practices, 6) adopting a rating system, 7) supporting RPI investment funds, and 8) recognizing leaders in the field.
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Ozus, Evren, and Vedia Dokmeci. "International Real Estate Review." International Real Estate Review 8, no. 1 (June 30, 2005): 144–59. http://dx.doi.org/10.53383/100065.
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This study investigates the effects of revitalization process in Beyoglu, Istanbul. Since the 1980s, spatial impacts of transformation have become apparent on Istanbul and these impacts have taken their most intense forms in the historic city centres, as Beyoglu. While Istanbul has grown through the restructuring of the urban economy, social and spatial reconstruction, and innovative transportation and communication technologies, Beyoglu has begun to regain its characteristics. Projects and investments to reconstruct Beyoglu have been successful in changing this process and have achieved their targets particularly in Beyoglu’s residential areas and the region has started to develop. In order to analyse the development process, this paper focused on the three revitalized neighbourhoods in Beyoglu, which have been popular residential areas in Istanbul. We use social, economic, and spatial indicators, such as population, property prices, and functional transformation. The revitalization process has significant effects on social, economic, and spatial structure of Beyoglu. For further studies, it will be useful to repeat this study in other historical residential areas of Istanbul in order to make comparative studies.lutes investment returns should be challenged. There is mounting evidence that RPI can be financially sound and socially beneficial. Leaders have emerged that are demonstrating its feasibility. Their activity should be considered as a basis for best practice guidelines. There is a need to develop metrics for comparing progress on RPI. We recommend: 1) establishing an RPI working group, 2) summarizing prior reports on urban issues, 3) identifying investment strategies that are profitable and responsive to the issues, 4) clarifying the financial effects of different responses and improving our means of measuring them, 5) identifying best practices, 6) adopting a rating system, 7) supporting RPI investment funds, and 8) recognizing leaders in the field.
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Sitek, Marcin. "RISK OF INNOVATIVE ACTIVITY ON THE REAL ESTATE MARKET." Zeszyty Naukowe Wyższej Szkoły Humanitas Zarządzanie 20, no. 1 (March 31, 2019): 9–20. http://dx.doi.org/10.5604/01.3001.0013.2416.
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The paper presents the risk of innovative activities in the real estate market. The aim of the paper is analysis of the investment risks within services in this market. It postulated that the risk connected with implementation of innovations in the real estate market is especially critical to this market. Secondary sources of information regarding the innovative activity on the real estate market and related risks were used to achieve the work objective, and obtained as part of the project “Support for monitoring cohesion policy ...”, furthermore results connected in the European Innovation Scoreboard 2016 and the results presented by McKinsey &Company derived from the survey of 100 biggest companies in Poland. Analysis of the results obtained in the study supported the thesis concerning the important role of the risk of innovative activities in the real estate market, which is little transparent in Poland and characterized by substantial variability of conditions.
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Quigley, John M. "International Real Estate Review." International Real Estate Review 2, no. 1 (June 30, 1999): 1–20. http://dx.doi.org/10.53383/100009.
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Studies of the linkages between real estate prices and general economic conditions have an extensive history, beginning with tabulations suggesting the ways in which long swings in construction and price development were synchronized with long swings in aggregate economic activity (Gottlieb, 1976). Recent studies have explored the implications of alternative representations of investor expectations upon real estate construction and the cyclical behavior of housing prices and the rents for non-residential properties. These models trace through the effects upon supplier and demander behavior of differing price expectations in the real estate market. The earliest models tease out the dynamic paths of housing prices and commercial rents which arise from exogenous expectations about the future course of prices. More sophisticated models assume that households and firms have adaptive expectations about the future, assuming, for example, myopic behavior on the part of economic actors (in which they forecast that current conditions or current rates of change will continue into the future). In the most modern formulation of market dynamics, actors are assumed to have rational expectations. That is, in response to unanticipated shocks in the housing or property market, economic actors, on average, are able to predict the market response correctly and are able to act upon that knowledge. Models such as these are able to generate patterns of price change over time in response to varying conditions in economic fundamentals and in economic shocks. (See, for example, DiPasquale and Wheaton, 1992, and Case and Shiller, 1988). There has, however, been little or no research on the opposite line of causation -- the effect of changes in property markets upon subsequent economic conditions. The first part of this paper is focused on the former question –- the linkages between economic “fundamentals” and property prices. It reports on new research evaluating empirically the effect of economic conditions upon property prices. In particular, this research includes a detailed comparison of the importance of “fundamentals” upon housing prices relative to the importance of “history” in affecting outcomes. The second part of the paper focuses on the latter question -– the potential for a causal role between outcomes in the property market and the subsequent health of the overall economy. This discussion is largely speculative and suggestive –- and not based upon any tight theoretical or empirical model. The first part of the discussion is based upon a detailed body of data from the U.S. The second part of the discussion may be relevant to the economic conditions which have faced many Asian economies during the last three years. Specialists in Asian property markets will have far better access to data and hypotheses about these specific markets than I. However, I will raise a few questions that deserve more research in the analysis of the current fiscal crises in many Asian countries.
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Herea, Violeta, and Eduard Antohie. "Real Estate Administration - Notion, Forms and Legal Regime." Advanced Engineering Forum 21 (March 2017): 619–23. http://dx.doi.org/10.4028/www.scientific.net/aef.21.619.
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The extent of this field, namely of real estate administration, due to the fact that private property holds the majority compared to public property after 1989, imposed the emergence of profile firms / companies in the field, but also the need to train specialists for this type of activity. Why the real estate administration? Perhaps this question should be the starting point for the reason why we advocate for this type of activity and thus for the training at university level, thus giving it the importance it deserves. The answer to this question is argued by: the capital invested is very small, solvent customers, regular revenues, chances of gains from good to very good, a multilateral activity due to the complexity of administration. On the other hand, this type of activity may be carried out in parallel with the main activity, namely the basic one of each of us. Therefore, many prospective real estate administrators begin to provide services in this area without sacrificing the core business, while performing these along with another activity for another institution. In analysing this issue we invoke the regulations in force which legislate the field which represents the purpose of our analysis. Also, we will present you the advantages of this kind of activity.
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Raslanas, Saulius. "PECULIARITIES OF PUBLIC REGULATION OF REAL ESTATE AGENT'S ACTIVITIES." Technological and Economic Development of Economy 11, no. 3 (September 30, 2005): 206–11. http://dx.doi.org/10.3846/13928619.2005.9637700.
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Recently a demand for professional real estate agents has increased in the market. The present paper includes a research into the real estate related activity of the USA and Lithuania carried out in accordance with the chosen criteria. According to real estate agency service quality research in the USA the most important factor is agents professionalism. This thesis places a major emphasis on the activity and structure of real estate agents, law on licence issue as well as advantages and disadvantages; it also presents proposals on improvement and development of real estate agents activity. Real estate licencing is necessary in order to raise the level of professionalism and qualification of real estate agents in Lithuania, to adjust relationship between property owners and middlemen, as well as to increase the level of confidence among real estate agents.
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Lekkos, Ilias, Irini Staggel, Konstantinos Kefalas, and Paraskevi Vlachou. "Non-residential real estate and economic activity: the case of Greece." Journal of Property Investment & Finance 32, no. 1 (January 28, 2014): 35–55. http://dx.doi.org/10.1108/jpif-08-2013-0051.
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Purpose – The aim of the paper is to discuss developments in non-residential real estate in Greece. Design/methodology/approach – Given the lack of existing literature, the authors start by discussing at length the data sources available, and analyzing the stylized facts of non-residential real estate activity in Greece. Finally, the authors examine the degree of covariation (using the index of concordance methodology) between non-residential real estate and the business cycle. Findings – The results indicate that the structure of non-residential sector is highly fragmented into various sub-categories and at the initial stages of its developments, it was strongly affected by the preparations for the 2004 Athens Olympic Games. Finally, despite its small share of total GDP, non-residential real estate exhibits a significant degree of covariation with the business cycle. Practical implications – The extracted information may be a useful resource for those interested in the developments in non-residential real estate in Greece and the covariation of key variables with the business cycle. Originality/value – The paper constitutes a systematic research approach for the role of non-residential real estate in the Greek economic activity.
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Zemlyanskiy, O. A. "Analysis of the real estate market for business activities." Vestnik Universiteta, no. 5 (July 6, 2021): 60–68. http://dx.doi.org/10.26425/1816-4277-2021-5-60-68.
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Effective business activities conducting in the real estate market is impossible without an objective analysis of the real estate market, its individual segments, comparing the possibilities and efficiency of doing business in different market segments. Based on the generalization of various methods, the author proposes an analysis of the real estate market to determine the possibility of effective business activity, including setting goals for the analysis of the real estate market and its individual segments, determining the subject, conditions and opportunities for entrepreneurial activity in the real estate market, analysing the market in accordance with the factors of market analysis, its characteristics and identification of the most attractive market segments and areas of activity in order to achieve these goals. The analysis of the real estate market determines the opportunities, conditions and prospects of presence on the market for various companies and types of business related to the creation and sale of real estate objects, as well as credit and financial, legal, insurance, valuation, commercial and other types of business.
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Navarro-García, Juan Carlos, and Antonia Madrid-Guijarro. "Real economic activity and accounting information in Spanish construction and real estate firms." Revista de Contabilidad 19, no. 1 (January 2016): 21–30. http://dx.doi.org/10.1016/j.rcsar.2014.10.002.
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Lee, Stephen, and Giacomo Morri. "Real estate fund active management." Journal of Property Investment & Finance 33, no. 6 (September 7, 2015): 494–516. http://dx.doi.org/10.1108/jpif-06-2014-0043.
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Purpose – The purpose of this paper is to analyse the performance of UK property funds using the dual sources of active management, Active Share and tracking error, to distinguish between the types of active management styles used by funds. Design/methodology/approach – The authors use data on 38 UK real estate funds and classify them into five active management categories using the dual sources of active management, Active Share and tracking error. Then, the authors compare their return performance against Active Share, tracking error, fund size and leverage. Therefore the paper is able to answer two of the fundamental questions of investment: does active management add value and what form of active management, stock selection or factor risk, is better at adding value to the fund? Findings – There are three main conclusions. First, the approach of Cremers and Petajisto (2009) and Petajisto (2010) is able to classify real estate funds in the UK on their management activity into categories that makes intuitive sense and seem stable over time. Second, balanced funds show relatively low Active Shares and particularly low tracking errors, due to the benefits of property-type diversification. In contrast, specialists funds display higher Active Shares and both low and high tracking errors depending on their stock-picking approach; diversified or concentrated. Third, an analysis over different time periods confirmed that funds in the sample essentially remained in the same categories within the sample period, even during markedly different market return periods. This implies that investors need to constantly monitor changes in the market and switch between fund management styles, if at all possible. Research limitations/implications – The analysis was only based on 38 funds with complete data over the sample period and the relationship between fees and active management was not examined, even though ultimately investors are concerned with returns after management fee. It would be instructive therefore if the number of funds and time period was expanded to see if the results are robust and to see whether management fees outweigh the benefits of active manager. Practical implications – The findings should enable investors to make a more informed investment decisions in the future. Originality/value – To the best of the author’s knowledge this is the first paper to apply the dual sources of active management, Active Share and tracking error, in the UK real estate market.
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Ablasanov, Rashad Rafig. "MODERN APPROACHES TO EVALUATION ACTIVITY IN THE REAL ESTATE MARKET." Theoretical & Applied Science 61, no. 05 (May 30, 2018): 405–11. http://dx.doi.org/10.15863/tas.2018.05.61.69.
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Li, Shi, and Thomas Vendryes. "Real estate activity, democracy and land rights in rural China." China Economic Review 52 (December 2018): 54–79. http://dx.doi.org/10.1016/j.chieco.2018.05.004.
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Beracha, Eli, and M. Babajide Wintoki. "Forecasting Residential Real Estate Price Changes from Online Search Activity." Journal of Real Estate Research 35, no. 3 (January 1, 2013): 283–312. http://dx.doi.org/10.1080/10835547.2013.12091364.
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Pavlova, Anna I., and Alexander A. Korzh. "APPLICATION OF MACHINE ALGORITHMS FOR FORECASTING REAL ESTATE COSTS." Krasnoyarsk Science 10, no. 4 (December 30, 2021): 171–80. http://dx.doi.org/10.12731/2070-7568-2021-10-4-171-180.
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Purpose – development of web-application using the system of automated interaction with enterprise clients (Customer Relationship Management, CRM-system), aimed at conducting anti-collector activity.
Method or methodology of the work: programming methods were used in the article.
Results: the web application for the management of the anti-collectors’ activity integrated with the CRM system Bitrix 24 was developed.
The sphere of application of the results: the received results are to be applied to the management of the activity of anti-collector enterprises which is connected with structuring and liquidation of debts of physical and legal persons.
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Kucharska-Stasiak, Ewa. "Grey Zone in the Real Estate Market." Real Estate Management and Valuation 24, no. 3 (September 1, 2016): 83–92. http://dx.doi.org/10.1515/remav-2016-0023.
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Abstract The grey area exists in all countries of the world. It is visible in various areas of activity, which means that it is widespread. It is a sign of the weak state institutional structures and overregulation of the economy. Traces of it are also visible on the real estate market. This paper argues that the size of the shadow economy in the real estate market is significantly undervalued. For this purpose, areas of its occurrence which had not been included in previous estimates were indicated, prepared by the Central Statistical Office and the Gdansk Institute for Market Economics. Two ways of tracking the grey zone were used: press reports and case studies.
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Maennig, Wolfgang, and Matthias Ottmann. "Perspektiven des deutschen Immobilienmarktes und wirtschaftspolitische Herausforderungen." Perspektiven der Wirtschaftspolitik 12, no. 2 (May 2011): 192–214. http://dx.doi.org/10.1111/j.1468-2516.2011.00363.x.
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AbstractThe current population forecasts bode ill for “the” real estate market in Germany: The regionally differing decreases in population will affect both the office and residential real estate market, however, not to the same extent. A reduction of property values with impacts on the economic activity and growth may follow. Due to potentially more restrictive technical requirements in order to slow down climate change investment losses in the real estate business could even be increased if no stronger international demand for property on the German real estate market can be generated through a higher level of transparency. An improved family policy, more incentives for internationals to migrate to Germany (which is where universities could play a significant role) as well as programs for the maintenance of existing facilities and their energy-efficient upgrading could be essential elements within a strategy for real estates.
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Kobylińska and Cellmer. "Modelling and Simulation of Selected Real Estate Market Spatial Phenomena." ISPRS International Journal of Geo-Information 8, no. 10 (October 10, 2019): 446. http://dx.doi.org/10.3390/ijgi8100446.
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This paper presents a novel approach to the modelling and simulation of real estate transactions. The main purpose of the study was to develop the theoretical foundations for building simulation models of transaction locations and real estate prices. Pursuing this objective involved a spatial market analysis based on geostatistics to develop maps of the dynamics and spatial activity of the real estate market. The research was conducted by presenting the issue against the background of the literature of the subject and by conducting an experiment, which involved developing an original procedure of providing simulated market data. The study deals with the market for non-built-up land real estate with a residential function in the city of Olsztyn (Poland). The time range concerned the years 2004–2015. Information on 932 real estate transactions was adopted for the study. A set of additional information on virtual transactions was generated during the study; this information can supplement market data for markets of low activity or if there are information gaps. Geoinformation analyses were performed in order to determine new trends in price levels and spatial activity of a real estate market. Overall, this resulted in generating maps of simulated transaction densities, a map of simulated prices and a map of the probability of a specific price occurring.
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Albu, Svetlana. "Technical Assessment of Constructions in Real Estate Appraisal." Advanced Engineering Forum 21 (March 2017): 639–46. http://dx.doi.org/10.4028/www.scientific.net/aef.21.639.
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One of the modern society priorities is the tendency towards sustainable social and economic development. Sustainable development is possible through the preservation and efficient use of the values created by our ancestors and the ability to meet current needs so as not to endanger the ability of future generations to meet their own needs. Real estate appraisal activity evaluates the changes in property value over time. Physical or legal actions on the property are justified only if the future value is not affected.Theory and practice of appraisal activity quantifies three approaches to value:The Sales Comparison Approach – value is examined in terms of current market preferences;The Income Approach – determine the income the property is expected to generate over time as a result of the most probable use;The Cost Approach – value is perceived in terms of replacement cost of real estate with one with comparable utility.Technical assessment of constructions is applied as a rule mainly in the cost approach, and has a major impact on the estimate of market value. The role of technical assessment is reduced, even ignored and not taken into account in other approaches.The present research examined the role of technical assessment of constructions in the process of real estate appraisal and the impact of inspection on the real estate value.
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Idrovo-Aguirre, Byron J., Francisco J. Lozano, and Javier E. Contreras-Reyes. "Prosperity or Real Estate Bubble? Exuberance Probability Index of Real Housing Prices in Chile." International Journal of Financial Studies 9, no. 3 (September 18, 2021): 51. http://dx.doi.org/10.3390/ijfs9030051.
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In this paper, we approached the concept of real estate bubble, analyzing the risk its bursting could generate for the Chilean financial market. Specifically, we analyzed the relationship between real housing prices, the economic activity index, and mortgage interest rates denominated in inflation-linked units from 1994 to 2020. The analysis was based on a second order Markov switching model with the predetermined variables mentioned later, whose parameters were obtained through the expectation–maximization algorithm. Then, we built a probability index as early warning indicator for potential imbalances in the real estate price that could put financial market stability at risk. The indicator is important to evaluate economic policy calibrations in time. A main finding was that the real housing price had a non-linear relationship with economic activity and the mortgage interest rate. Therefore, the evolution of the real estate price has been consistent with fundamental macroeconomic variables, even under a high growth regime, with increases above 12% per year. About 92% of housing price variability derived from changing macrofinancial conditions, suggesting a low margin of speculative behavior.
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Nurmardianti, Siti, and Rahman Amrullah Suwaidi. "PROFITABILITY ANALYSIS OF PROPERTY AND REAL ESTATE COMPANIES." Jurnal Ekonomi Balance 17, no. 1 (June 26, 2021): 68–77. http://dx.doi.org/10.26618/jeb.v17i2.6106.
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Profitability is a very important factor to determine whether a company is very good or bad, as well as its ability to generate profits. Relatively high and stable profits can encourage investors to invest in the company. This study aims to analyze the effect of leverage proxied by debt to equity ratio, activity ratio proxied to total assets turnover, and sales growth to profitability in property and real estate companies. listed on the Indonesia Stock Exchange for the period 2017-2019. The technique of determining the sample in this study used purposive sampling. The sample used is 45 property and real estate companies registered with Bersa Efek Indonesia for the 2017-2019 period. The type of data used in this study is secondary data in the form of annual financial reports of property and real estate companies for the period 2017-2019 which have been published and obtained via the internet through the website address www.idx.co.id. The method of analysis using multiple linear regression analysis with SPSS program. Hypothesis testing used is the coefficient of determination, simultaneous test (F test) and partial test (t test). , classic assumption test, namely normality and multicollinearity test, heteroscedasticity test, autocorrelation test. Based on the results of the analysis that has been done, it can be concluded that (1) Leverage does not contribute to Profitability, (2) Activity Ratio contributes to Profitability, (3) Sales growth does not contribute to Profitability.
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Banerjee, Ryan, and Kristian Blickle. "Financial frictions, real estate collateral and small firm activity in Europe." European Economic Review 138 (September 2021): 103823. http://dx.doi.org/10.1016/j.euroecorev.2021.103823.
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Sobol, Dorota. "The property market in Poland as an area of investment activity of foreigners." Oeconomia Copernicana 2, no. 3 (September 30, 2011): 87–102. http://dx.doi.org/10.12775/oec.2011.014.
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The aim of this paper is to identify and evaluate the activities of foreign entities in the Polish real estate market. The first part discusses the procedure and the legal requirements placed on foreigners, In turn, the second part presented the scale and structure of civil law real estate transactions involving foreigners. The author used the data from the annual reports on the realization of the act of 24 March 1920 on real estate acquisition by foreigners prepared by the Ministry of Interior and Administration. The subject of the analysis were the such indices as: the number of permits and total area of the acquired property (including: property type, investor's country of origin and their legal status) in the years 2004-2009. There is also shown the share of foreigners in the sale of real estate transactions in Poland in the years 2006-2008.
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Vatin, Nikolay, Olga Gamayunova, and Darya Nemova. "Analysis of the Real Estate Market of St. Petersburg." Applied Mechanics and Materials 638-640 (September 2014): 2460–64. http://dx.doi.org/10.4028/www.scientific.net/amm.638-640.2460.
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Currently, more than half of the residents of St. Petersburg are not satisfied with their housing conditions. Plus a constant influx of migrants, which gives additional burden to domestic demand. The article analyzes the secondary housing market and the market of apartments in buildings under construction, the dynamics of the activity of demand for apartments. There are the comparison of the prices of residential real estate, depending on the type of apartment, house type, the district where the housing is located. Shown prospects for real estate investing. Highlighted the importance of energy saving technologies and good condition of communications when choosing real estate.
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Wolny, Ada. "Accessibility of Real Estate by Transportation as a Determinant of the Development of Suburban Real Estate Markets – Case Study." Real Estate Management and Valuation 24, no. 1 (March 1, 2016): 5–18. http://dx.doi.org/10.1515/remav-2016-0001.
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Abstract The aim of this article is to show the accessibility of real estate by transportation as a factor that significantly determines the decision to acquire it. Direct access to a public road, or access to an internal road that provides communication with the public road, are a factor affecting the value of real estate. In addition, this factor is taken into account in the process of changing the function of the area, especially in determining zoning and land use. The decision of purchasing real estate often depends on transportation accessibility, because it has an impact on developing the selected plot. Suburban real estate markets, as markets exposed to particularly strong investment pressure, develop depending on the influx of external investors and the local transportation network. Here, the smaller the distance from the city center, the greater the building concentration; nevertheless, it is still important to improve transportation links and create a well-developed local transportation network. The provision of access to main roads on the rapidly growing market is in the interest of local authorities implementing spatial policy. It is also a challenge for real estate investors taking on the initiative in the scope of transforming land use. The analysis of the impact that transportation accessibility has on the development of the real estate market was conducted on the example of two selected suburban communes bordering the city of Olsztyn - Dywity and Stawiguda. Transactions on the local real estate market entered into during a period of five years were subjected to analysis. The results of the research revealed concentrations of transactions of real estate located on the outskirts of the city or in areas well-communicated with Olsztyn. The conducted research also indicates that, due to the activity of investors, a network of internal roads creating a complex structure was formed.
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Ke, Qiulin, and Karen Sieracki. "Market maturity: China commercial real estate market." Journal of Property Investment & Finance 33, no. 1 (February 2, 2015): 4–18. http://dx.doi.org/10.1108/jpif-08-2013-0047.
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Purpose – The purpose of this paper is to explore the evolutionary path to market maturity that China property market has taken over the last few decades. The focus is on the commercial real estate markets in Beijing and Shanghai. It will help international investors understand the market environment, risk and market activity process. Design/methodology/approach – In this research, the authors apply the market maturity framework and its key determinants based on previous work undertaken by Keogh and D’Arcy (1994) and Chin et al. (2006) for the analysis of Chinese commercial property market. Particular focus is on Beijing and Shanghai. The questionnaire is designed to obtain fair and objective views from international property consultancy firms active in Beijing and Shanghai markets. There are not many of these international property consultancies. The reason why this type of business was selected was to insure that the business had an understanding of China’s place in the global commercial real estate market as this market matures from its emerging market status. Findings – The findings reveal that the respondents felt the commercial property markets in Shanghai and Beijing were now moderately mature. However, issues such as poorer level of standard market information, development instability, low transparency of the legal system, high taxes and high government invention still existed in China’s commercial property market, therefore hindering its progress towards greater market maturity. Research limitations/implications – The small same size of the survey is the major limitation of the research. Practical implications – International investors and analysts can benefit from the research findings through a better understanding of the behaviour and trends in this unique market which will be reflected in their decision-making process. Originality/value – An explorative approach was used due to the lack of data to examine the perception of China’s commercial property market’s evolution and maturity. The findings can then be placed in the context of other Southeast Asian cities. The evolutionary process of China’s property market is rarely examined in previous studies of China property market due to the lack of data and transparency.
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Svistun, Lyudmyla, Аlina Glushko, and Kateryna Shtepenko. "Organizational Aspects of Development Projects Implementation at the Real Estate Market in Ukraine." International Journal of Engineering & Technology 7, no. 3.2 (June 20, 2018): 447. http://dx.doi.org/10.14419/ijet.v7i3.2.14569.
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The article is dedicated to the issues of improving a system of organizational providing of investment constructional activity at the real estate market of Ukraine. The authors suggest modern approaches to organizing different stages of investment and construction process. In particular, legal bases for organizing real estate development project concept design stage are analyzed and the ways of permissible procedures simplifying in construction are defined. Suggestions concerning choice of approaches to evaluating real estate projects development effectiveness of realization are made, where an important place belongs to development land improvement estimation. Real estate development project estimation methodology for various real estate types considering special aspects of conducting marketing research is offered. The article conclusion contains means recommended for implementing by real estate development organizations while designing their strategy of development.
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Mustać, Josipa. "Cjenovni balon na tržištu nekretnina u Republici Hrvatskoj." Oeconomica Jadertina 9, no. 1 (June 5, 2019): 78–88. http://dx.doi.org/10.15291/oec.2839.
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The market balloons are fast-growing price phenomena, followed by their dramatic drop. In some parts of Croatia - the coastline and in the city of Zagreb, real estate prices have been growing drastically, considering the period from the year 2000. The global economic crisis occurred in the United States came 2008 due to the inflation of real estate prices, which also transferred to the Croatian economy due to the flooding effect from one market to another. This paper examines whether the same case is happening in Croatia today, namely whether the real estate price increase in Croatia was justified or they are balloons that will suddenly break. Real estate prices in Croatia are growing due to several factors, such as increased real estate demand for tourist rental, housing loans subsidies for young people and increased real estate demand by foreigners. If there is a significant drop in tourist activity in Croatia, real estate prices could fall dramatically.
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JONES, Colin, Nicola LIVINGSTONE, and Neil DUNSE. "THE CHANGING NATURE OF TRANSACTIONS ACTIVITY AND LIQUIDITY IN UK COMMERCIAL PROPERTY." International Journal of Strategic Property Management 20, no. 4 (December 14, 2016): 384–96. http://dx.doi.org/10.3846/1648715x.2015.1123779.
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This paper examines changing transactions activity and liquidity over thirty years in the UK. It reviews the multi-dimensional concept of liquidity analysis and demonstrates that it is not just a function of the time necessary to sell an asset, a typical real estate perspective. Instead liquidity is defined in terms of transactions activity. The paper then hypothesises that urban change and an increased information base has contributed to a more active management of real estate portfolios and increased liquidity. Superimposed on this long term trend it is also hypothesised that property cycles create rise and falls in liquidity. The empirical core quantifies the changing nature of liquidity and transactions activity over thirty years from 1981 based on the IPD database. It confirms the hypothesised substantial rise in liquidity but increasing variability in the level of transactions activity from one year to the next queries the cyclical liquidity hypothesis. This is supported by causality tests. Over the last two decades a short term opportunity driven real estate investment culture appears to have emerged stimulated by the increased churn of properties, partly the consequence of the pace of urban change. It has brought greater volatility to the commercial real estate market.
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Peek, Joe, and Eric S. Rosengren. "Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States." American Economic Review 90, no. 1 (March 1, 2000): 30–45. http://dx.doi.org/10.1257/aer.90.1.30.
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The Japanese banking crisis provides a natural experiment to test whether a loan supply shock can affect real economic activity. Because the shock was external to U.S. credit markets, yet connected through the Japanese bank penetration of U.S. markets, this event allows us to identify an exogenous loan supply shock and ultimately link that shock to construction activity in U.S. commercial real estate markets. We exploit the variation across geographically distinct commercial real estate markets to establish conclusively that loan supply shocks emanating from Japan had real effects on economic activity in the United States. (JEL E44, F36)
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Sporczyk-Popielarczyk, Anna. "Real estate as an element of the so-called pharmaceutical enterprise." Nieruchomości@ I, no. I (March 31, 2022): 111–32. http://dx.doi.org/10.5604/01.3001.0015.8072.
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De lege lata running pharmacies is a special type of economic activity. On the one hand, a pharmacy is a public healthcare institution (Art. 86 (1) of the Act of 6 September 2001 - Pharmaceutical Law), and the activities undertaken in it have a fundamental impact on the basic values, i.e. human life and health. On the other hand, an entrepreneur running a pharmacy (the so-called pharmaceutical entrepreneur) is an economic entity, which operates on a competitive market and desires to make a profit. Due to the protection of public health, the activity of running pharmacies (the so-called pharmaceutical activity) is a subject to numerous restrictions resulting from the regulations of the broadly understood pharmaceutical law. The pharmaceutical entrepreneur does not fully use the freedom of economic activity. An interesting example of such restriction is the detailed regulation of the conditions to be met by real estate included in the so-called pharmaceutical enterprise, constituting a generally accessible pharmacy. In current legal status, a pharmacy may be operated only in a premises specially prepared for this purpose, meeting the requirements set out in Art. 97 of the Pharmaceutical Law, as well as in the implementing acts to this provision, i.e. in the regulation of the Minister of Health of 26 September 2002 on the list of rooms included in the primary and auxiliary areas of a pharmacy and the regulation of the Minister of Health of 30 September 2002 on detailed requirements with which the pharmacy premises should correspond. This real estate includes a primary area and an auxiliary area. From the point of view of health protection, the most important room included in the primary area is the expeditionary chamber, within which access should be provided for disabled people. The auxiliary area of the pharmacy premises includes technical and social facilities for the pharmacy. If a pharmacy entrepreneur conducts the sale by mail order of medicinal products, it is also necessary to separate out a place in the pharmacy’s premises for the preparation of goods for shipment. Due to the wide catalog of the so-called pharmacy activities involving various types of activity, e.g. trade (sale of medicinal products and other goods), manufacturing (preparation of medication) and service (pharmaceutical services, pharmaceutical care), de lege ferenda it seems necessary to distinguish in the premises of the pharmacy, the room ensuring respect for the intimacy and dignity of the patient during providing health care services.
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Radonjić, Milena, Vladimir Đurišić, Sunčica Rogić, and Andrija Đurović. "The impact of macroeconomic factors on real estate prices." Ekonomski pregled 70, no. 4 (2019): 603–26. http://dx.doi.org/10.32910/ep.70.4.2.
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The real estate market, as one of the most volatile economic sectors, is a key research topic for many authors. Regardless the significance of this topic, no previous research has been conducted to evaluate the factors which influence the price of real estate in Montenegro. Therefore, the objective of this study is to clarify whether the trend in real estate prices in Montenegro can be explained by macroeconomic fundamentals such as GDP, the inflation rate, interest rates on mortgages, take-up of mortgages, the unemployment rate, the average net salary, the current account deficit and constructing activity and to determine which of them is the most important in explaining the price trend for this market. The applied methodology is based on the model averaging technique, which has not been used in previous research on this topic; it enables the research to focus on the relevant results despite the short time series and the large number of independent variables. The results obtained point to the fact that price trends in real estate are best described by and most closely align to GDP. Apart from GDP, net salary, the unemployment rate as well as the take-up of mortgages and their interest rates are shown to be significant as variables, which determine price trends within the real estate market.
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Tetłak, Karolina. "Technical and legal considerations as the premises for taxation of business real property with real property tax." Nieruchomości@ I, no. I (March 31, 2021): 63–107. http://dx.doi.org/10.5604/01.3001.0014.7823.
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The subject of the article is an analysis of the issues of considering technical aspects for the purpose of real estate taxation. Until the end of 2015, the lack of a legal definition of the concept of “technical considerations” for not using real estate in business activities caused doubts as to its correct interpretation. Despite the appearance of objectivity, in the jurisprudence on real estate tax, technical considerations were interpreted with reference to the underlying causes of poor technical condition within the meaning of construction law. As of 1 January 2016, the concept of technical considerations was replaced with the requirement to issue a decision ordering the demolition of a building structure. The issuance of the decision is an objective premise for the classification of real property as not related to conducting business activity and results in a lower tax rate. Technical considerations are, in turn, an objective condition for issuing a demolotion decision by the construction supervision authority. Replacing the premise of technical considerations with the requirement to obtain a demolition order leads to the actual consideration of technical aspects and the objectification of the criteria for taxing real estate related to business activities.
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Lyons, Greg A., and Jackson Takach. "A profile of nontraditional agricultural real estate lender activity in the secondary market." Agricultural Finance Review 82, no. 2 (December 27, 2021): 397–416. http://dx.doi.org/10.1108/afr-06-2021-0081.
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PurposeThis paper uses novel data from a secondary market to assess how loans from nontraditional agricultural real estate lenders (NARELs) differ from traditional sources. Over $2 billion in loans from these entities were purchased by the secondary market between 2011 and 2020, but a lack of data has prevented a robust understanding of how these institutions operate.Design/methodology/approachThe authors review loans from nontraditional lenders through their lifecycle in the secondary market from application to purchase and performance.FindingsThis paper finds no observable differences between nontraditional and traditional volumes with regards to borrower credit characteristics, loan approval rates, interest margins and loan performance. It finds significant differences between loan volumes and variable rate product use.Originality/valueThis is the first paper to use internal lender data to review nontraditional agricultural real estate loans and is the first analysis of nontraditional agricultural volumes in the secondary market.
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Siejka, Monika. "THE ROLE OF SPATIAL INFORMATION SYSTEMS IN DECISION-MAKING PROCESSES REGARDING INVESTMENT SITE SELECTION." Real Estate Management and Valuation 25, no. 3 (September 26, 2017): 62–72. http://dx.doi.org/10.1515/remav-2017-0023.
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Abstract One of the main tasks of real estate management is making decisions concerning the location of investments. Taking into consideration the fact that any investment affects, directly or indirectly, the economic development of a commune, it has a significant impact on the local real estate market. Investments that have a negative impact on the environment can contribute to a reduction in the activity of the local real estate market. Upon performing tasks related to the economic development of a region and to an increase in the inhabitants’ quality of life, the activity of the local real estate market increases. The paper presents the role of spatial information systems as a source of data used in decision-making processes related to local investment site selection. Currently, there are spatial information systems functioning as a platform for multi-level information systems on real estate and GIS, on local, regional, national and international markets. In this way, the resources of spatial information are available to all institutions, natural and legal persons. As a result, the acquisition of a series of data can take place at any time and at no cost.
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Herlin Tunjung, Christina,. "Faktor Yang Mempengaruhi Harga Saham Perusahaan Property, Real Estate, Dan Konstruksi Bangunan." Jurnal Paradigma Akuntansi 1, no. 2 (July 30, 2019): 273. http://dx.doi.org/10.24912/jpa.v1i2.4696.
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The purpose of this research is to analyse the effect of liquidity, solvability, activity, and profitability on stock prices on property, real estate, and building construction companies listed on Indonesian Stock Exchange in the period of 2015-2017.This observation is using purposive sampling technique. This research used 39 companies that used multiple linear regression analysis with the help of SPSS version 21.0 for the testing method.. The results of this research showed that solvability and profitability have a positive and significant effect on stock prices, activity has a negatif and significant effect on stock prices. In contrast, liquidity do not have an effect on stock price of property, real estate, and building construction companies.
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Bełej, Mirosław, and Marta Figurska. "3D Modeling of Discontinuity in the Spatial Distribution of Apartment Prices Using Voronoi Diagrams." Remote Sensing 12, no. 2 (January 9, 2020): 229. http://dx.doi.org/10.3390/rs12020229.
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An immanent feature of the housing market is a large spatial dispersion of real estate prices along with their simultaneous high stratification. Application of classic methods of data interpolation results in an excessive simplification of the outcome because of a conversion of the dispersed data sets into areas of spatial continuity by reducing the above-average real estate prices. The main aim of the article was to search for spatial discontinuities of real estate prices’ distribution with 3D modeling using Voronoi diagrams as a method of irregular division of this space. Used methods of geospatial analyses with GIS tools enabled to identify clusters of high housing market activity and to avoid an excessive generalization of data resulting from the reduction of the above-average real estate prices. The research was conducted for over 7000 real estate transactions in years 2010–2017 in Olsztyn, the capital city of Warmia and Mazury in Poland, resulting in a 3D visualization of real estate prices for the chosen market, including the discontinuity in their spatial distribution.
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Reichert, Alan K. "A COMPARISON OF COMMERCIAL BANK, THRIFT, AND MORTGAGE BANK REAL ESTATE LENDING ACTIVITY." Journal of Business Finance & Accounting 18, no. 4 (June 1991): 593–607. http://dx.doi.org/10.1111/j.1468-5957.1991.tb01125.x.
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Hanweck, Gerald A., Anthony B. Sanders, and Gary S. Fissel. "Residential House Prices, Commercial Real Estate Lending and Bank Failures." International Journal of Business and Management Research 9, no. 3 (September 30, 2021): 362–84. http://dx.doi.org/10.37391/ijbmr.090314.
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We investigate factors leading to bank failures during and after the Great Recession and banking crisis (2008–2015). The FHFA residential real estate house price index (HPI) for each of the 9 Census regions is used to interact with bank mortgage loans and bank financial statement variables. We find that these variables isolate different regional effects on the likelihood of a bank failing. Since we use changes from region to region, we find that regional location and HPI changes have an effect on banks’ commercial lending activity. Other more traditional and associated factors, like construction and land development lending or multifamily real estate lending, similarly explain bank failures during the main period of the banking crisis. By using this approach we better isolate the relationship between residential house prices and builders’ and land developers’ desire to borrow and the willingness of banks to concentrate portfolio lending in commercial real estate.
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Abul, Sadeq J. "The Dynamic Relationship Between Stock and Real Estate Prices in Kuwait." International Journal of Economics and Finance 11, no. 5 (April 7, 2019): 30. http://dx.doi.org/10.5539/ijef.v11n5p30.
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This paper examines empirically the dynamic relationship existing between the stock and real estate markets in the State of Kuwait for the period from January 2007 to December 2017. The main features of the real estate market in Kuwait are reviewed, and two indices are constructed to measure the activity of the residential real estate (land and houses) and multi-apartment buildings in the Kuwaiti real-estate market. The empirical analysis employs the main proper tests, such as the Johansen (1998) cointegration test and Vector Error Correction Model (VECM). These two tests confirm the long- and short-term association between Kuwaiti stock prices and multi-apartment building prices only, while no evidence of such a relationship is found for the residential real estate (land and houses) prices. This paper extends the literature available on the emerging stock markets, as the Kuwaiti Stock Market is one of the oldest stock markets in the member countries of the Gulf Cooperation Council (GCC). In addition, the results obtained in this paper have useful implications for academics and policy-makers in Kuwait.
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Asaul, A. N., G. F. Shcherbina, and M. A. Asaul. "Automation of business processes of entrepreneurial activity in the field of real estate based on artificial intelligence technologies." Вестник гражданских инженеров 18, no. 5 (2021): 150–59. http://dx.doi.org/10.23968/1999-5571-2021-18-5-150-159.
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The article refines the concept of «business process», the essence of business processes` automation in entrepreneurial activities is considered through the use of artificial intelligence and machine learning technologies for IT integration in the real estate sector. Based on the market analysis, the state of development of artificial intelligence and machine learning in Russia, its significance and prospects for implementation in business activities in the real estate sector are studied.