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1
Hirsch, Jens, Thomas Braun, and Sven Bienert. "Assessment of climatic risks for real estate." Property Management 33, no. 5 (October 19, 2015): 494–518. http://dx.doi.org/10.1108/pm-01-2015-0005.
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Purpose – The purpose of this paper is to investigate the functionality and main results of the ImmoRisk tool. The aim of the project of the Federal Ministry for Transport, Building and Urban Development (BMVBS), in corporation with the Federal Institute for Research on Building, Urban Affairs and Spatial Development (BBSR), was to develop a user-friendly tool that provides a sound basis with respect to the risk situation caused by extreme weather events. Design/methodology/approach – The tool calculates the annual expected losses (AEL) for different types of extreme weather hazard and the damage rate as the proportion of AEL on building value, based on a trinomial approach: natural hazard, vulnerability and the value of the property. Findings – The paper provides property-specific risk profiles of both the present and future risk situation caused by various extreme weather events. Research limitations/implications – The approach described in the paper can serve as a model for the realization of subsequent tools in further countries bound with other climatic risks. Practical implications – The real estate industry is affected by a significant rise in monetary damages caused by extreme weather events. Accordingly, the approach is suitable for implementation in the companies’ real estate risk management systems. Social implications – The tool offers homeowners a profound basis for investment decisions with regard to adaptation measures. Originality/value – The approach pioneers fourfold: first, by meeting the needs of the housing and real estate industry based on a trinomial approach; second, by using a property-specific bottom-up approach; third, by offering both a comprehensive risk assessment of the hazards storms, flood and hailstorm and finally, by providing results with respect to the future climatic risk situation.
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Wouda, Hugo Pieter, and Raymond Opdenakker. "Blockchain technology in commercial real estate transactions." Journal of Property Investment & Finance 37, no. 6 (September 2, 2019): 570–79. http://dx.doi.org/10.1108/jpif-06-2019-0085.
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Purpose The transaction process of an office building is known to be time consuming and inefficient, in part due to the lack of market transparency. The purpose of this paper is to focus on the development of a blockchain application that can improve the transaction process of office buildings in the Netherlands. Design/methodology/approach Conducting design science research, the current transaction process of an office building and status quo of blockchain technology in real estate is investigated. Subsequently, multiple parties are interviewed to define major pain points within the process. The interview findings are used to design a blockchain solution which overcomes the aforementioned pain points. After designing, the interviewees are asked again to pragmatically validate the proposed model. Findings One of the major pain points identified concerning the transaction process of an office building is that it is difficult to define the characteristics of a property, due to lack of data structure and quality. The proposed application improves the way specific assets are understood by structuring physical and contractual information in one place and guarantees the quality of the data by using the blockchain mechanisms. Practical implications A blockchain application is proposed, which can improve the transaction process of an office building. Originality/value Recent studies indicate that blockchain technology could lead to improvements in efficiency, transparency and therefore trust within the transaction process. Therefore, the proposed application is of value for the future of real estate data management and the transaction process.
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Renigier-Biłozor, Małgorzata, and Maurizio d’Amato. "The Valuation of Hope Value for Real Estate Development." Real Estate Management and Valuation 25, no. 2 (June 27, 2017): 91–101. http://dx.doi.org/10.1515/remav-2017-0016.
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Abstract In the valuation of a property subject to development, the valuer may consider the potential aspect of the value of both land to be improved and a building to be refurbished. These kinds of valuations are complex, especially when a prudent assessment of value is required. In general terms, all properties may have potential development which, in some cases, can be termed “hope”. In particular, uncertainty regarding the change in the legal framework may create expectations as to the uncertain variation of property value in the future. In these cases, it may be necessary to deal with hope value or future value, trying to reach the value of a property subjected to uncertain changes. Hope value is the difference between the existing use value and the price that the market might pay for future transformation. The main aim of the paper is the elaboration of a methodology to determine the hope value. In this work, a real option model for the valuation of hope value in the real estate market will be applied to a small sample of residential properties located in Olsztyn that are subject to possible transformation. The possibility of a transformation may create expectations and may influence the value of the property. Although the applications of these methods to real estate valuation are fairly recent, the International Valuation Standards have included real option theory in the income approach as a valuation method since 2011.
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Allred, G. K., S. M. Loeppky, and N. R. Mattson. "The real property report the early aftermath." CISM journal 43, no. 1 (April 1989): 21–24. http://dx.doi.org/10.1139/geomat-1989-0002.
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On September 1,1987, the Alberta Land Surveyors’ Association implemented a codified standard for the certification of building locations relative to property boundaries, i.e., building location certificates. Despite considerable discussion on the subject between members of the surveying profession and mortgage lenders, development officers and lawyers over the last several years, the implementation of this standard received instant attention from all participants in real estate transactions. The reaction to the implementation of this standard for real estate surveys varied from outright hos¬tility on the part of some purchasers, who view the requirement for a surveyors’ certificate as an unneces¬sary and extra cost imposed by mortgage companies, to total acceptance of the standard as a bare mini¬mum by most solicitors, who fully comprehend the problems where the paper title does not agree with the physical attributes of the property on the ground. Meetings were held with various interested groups to discuss the requirements of the Real Property Report with regard to determination of “marketability of title” and in particular “extent of title.”
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Mičurová, V. "Development of structure and exploitation of agriculture land fund in Latvia." Agricultural Economics (Zemědělská ekonomika) 49, No. 4 (March 1, 2012): 179–83. http://dx.doi.org/10.17221/5376-agricecon.
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Agriculture is a sector in Latvia which plays an important role in the country’s economy and the same time performs a significant social, environmental and ethno-cultural function. Latvia has favourable conditions for the development of organic agriculture. The aim of land reform is to reorganise legal, social and economic relationships of land property and land use to facilitate the development of infrastructure, land protection and rational land use according to the interests of society. In Latvia, the land reform is practically carried out in three directions – restitution of real estate rights, privatisation of real property and compensation for previous real estate. At the moment, the main and urgent goal concerns strengthening of the results of land reform. It means that all the information on real estates (land and buildings), uses and area of lease obtained during the previous course of land reform must be reflected into the real property cadastre.
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Spanner, Maximilian M., and Julia Wein. "Carbon risk real estate monitor: making decarbonisation in the real estate sector measurable." Journal of European Real Estate Research 13, no. 3 (July 24, 2020): 277–99. http://dx.doi.org/10.1108/jerer-05-2020-0031.
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Purpose The purpose of this paper is to investigate the functionality and effectiveness of the Carbon Risk Real Estate Monitor (CRREM tool). The aim of the project, supported by the European Union’s Horizon 2020 research and innovation program, was to develop a broadly accepted tool that provides investors and other stakeholders with a sound basis for the assessment of stranding risks. Design/methodology/approach The tool calculates the annual carbon emissions (baseline emissions) of a given asset or portfolio and assesses the stranding risks, by making use of science-based decarbonisation pathways. To account for ongoing climate change, the tool considers the effects of grid decarbonisation, as well as the development of heating and cooling-degree days. Findings The paper provides property-specific carbon emission pathways, as well as valuable insight into state-of-the-art carbon risk assessment and management measures and thereby paves the way towards a low-carbon building stock. Further selected risk indicators at the asset (e.g. costs of greenhouse gas emissions) and aggregated levels (e.g. Carbon Value at Risk) are considered. Research limitations/implications The approach described in this paper can serve as a model for the realisation of an enhanced tool with respect to other countries, leading to a globally applicable instrument for assessing stranding risks in the commercial real estate sector. Practical implications The real estate industry is endangered by the downside risks of climate change, leading to potential monetary losses and write-downs. Accordingly, this approach enables stakeholders to assess the exposure of their assets to stranding risks, based on energy and emission data. Social implications The CRREM tool reduces investor uncertainty and offers a viable basis for investment decision-making with regard to stranding risks and retrofit planning. Originality/value The approach pioneers a way to provide investors with a profound stranding risk assessment based on science-based decarbonisation pathways.
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Kucharska-Stasiak, Ewa, and Katarzyna Olbińska. "Reflecting Sustainability in Property Valuation - Defining the Problem." Real Estate Management and Valuation 26, no. 2 (June 1, 2018): 60–70. http://dx.doi.org/10.2478/remav-2018-0016.
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Abstract A major topic in discussions about environmental protection is the concept of sustainable development utilizing the economic criteria enhanced by environmental, social and ethical aspects. The concept inspired a new approach to construction and paved the way for the idea of sustainable buildings. Sustainable buildings are expected to offer economic benefits to their owners and tenants that should be reflected in property values. The authors test a hypothesis that the real estate market in Poland still fails to incorporate sustainability in property valuation. The article seeks evidence in support of this hypothesis, as well as attempting to find out why the market does not pay a premium for sustainability. To accomplish the purpose of the research, a systematic literature review, an analysis of the pilot studies available in Poland and a preliminary assessment of the ability of valuation methods to reflect sustainability in property valuations are performed. The focus of the research is on the office property market, one of the fastest growing and most modern segments of the real estate market. The conclusion drawn from the research is that, of all respondents surveyed by international studies, Polish developers, property owners, tenants and valuers know the least about sustainable building and that the evidence of the benefits of sustainable building is still unavailable in the Polish real estate market. Such benefits are rather hypothesized to exist and considered theoretically rather than empirically confirmed. It is possible that the reasons for these findings are the short period of research and problems with distinguishing sustainable buildings from conventional ones, which make it difficult for valuers to reflect the benefits of sustainability in valuations. Nevertheless, a new approach to property valuation encompassing environmental, ethical and moral aspects seems necessary. This would encourage sustainable building and green investment strategies. Sustainable valuation would also be an opportunity for the development of the valuation profession.
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Cui, Jian, Ji Ju Ma, Dong Ling Ma, and Na Na Yang. "Application of Three-Dimensional Visualization Technology in Real Estate Management." Applied Mechanics and Materials 580-583 (July 2014): 2765–68. http://dx.doi.org/10.4028/www.scientific.net/amm.580-583.2765.
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Real estates are the material basis of the survival and development of a city, and are important parts of urban development. We use 3ds Max as a tool to create 3D models of buildings and Supermap Deskpro.NET as a platform to make an effective combination of 3d models, real estate graphic data and real estate attribute data. Three-dimensional display of surveying and mapping information and three-dimensional visualization management of house property information are realized.
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Kaklauskas, Artûras, Ruslanas Ditkevičius, and Leonarda Gargasaite. "INTELLIGENT TUTORING SYSTEM FOR REAL ESTATE MANAGEMENT." International Journal of Strategic Property Management 10, no. 2 (June 30, 2006): 113–30. http://dx.doi.org/10.3846/1648715x.2006.9637548.
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The review on the worldwide intelligent tutoring systems and their application possibilities is presented in the paper. The intelligent tutoring system for real estate management developed by the authors is described. This system is applied in Vilnius Gediminas Technical University, Department of Construction Economics and Property Management. Besides the common components ‐ student model, domain model, pedagogical model and graphical interface, the new developed system has testing model, decision support subsystem and database of computer learning systems. Domain model includes knowledge with the supplemental audio and video material for 63 modules being taught in Vilnius Gediminas Technical University. Student model enables to adapt to a learner needs and knowledge level. Decision support subsystem is used for all components of intelligent tutoring system giving them different level of intelligence. Database of computer learning systems enables using the following web‐based learning systems: construction, real estate, facilities management, international trade, ethics, innovation, sustainable development, building refurbishment, etc. Tutor and testing model provide a model of the teaching process and support transition to a new knowledge state. Graphic interface is used to create an effective system‐user dialogue.
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Bello, Victoria Amietsenwu, and Taiwo Olusola Adeola. "Determinants of residential property time on the real estate market in Nigeria." Indoor and Built Environment 27, no. 2 (October 6, 2016): 148–55. http://dx.doi.org/10.1177/1420326x16669398.
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The real estate market consist of properties of various types (commercial, industrial, agricultural, recreational and residential) that are believed to have inflation hedging characteristics that make them ideal investment in the building industry. In the market, investment in residential property is not a liquid asset; its illiquidity is most often measured by the time the property spends on the market. The time on the market may be determined by variables such as physical attributes of the property and macroeconomic variables. The paper therefore examined the variables that explain the time bare land (for residential development) and residential property spends on the market before being sold in Akure, Nigeria. Using the Multiple Regression Model, the study finds Season Property was Listed for Sale, Distance to the Tarred Road and Asking Price to have influence on the time bare land was sold. For the residential properties, variables such as State of Repairs, State of Water Supply, Zone and Number of Convenience in a house were significant. The study therefore recommended that property developers should pay attention on these housing attributes that influence time on the market in order to enhance the marketability of their properties and thereby reduce the time property spends on the market.
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Ploeger, Hendrik, Matthijs Prins, Ad Straub, and Robert Van den Brink. "Circular economy and real estate: the legal (im)possibilities of operational lease." Facilities 37, no. 9/10 (July 1, 2019): 653–68. http://dx.doi.org/10.1108/f-01-2018-0006.
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Purpose A paradigm in circular economy (CE) is that suppliers retain ownership of their products and materials, and that the users “only” pay for services. In many legal systems, however, elements incorporated in a building are considered to be fixtures, and therefore legally part of the building. This means that ensuring multi-cyclic behaviour of individual building elements (e.g. the facade or a window) is not so evident. This paper explores, from the perspective of Dutch law, how to secure the ownership of the supplier or to find alternatives within the existing system of property law. Design/methodology/approach The authors performed a literature review of both CE and (Dutch) property law. The results of these reviews are discussed and illustrated by legal case studies. Findings The options principally advocated within CE to retain ownership of building parts leave legal uncertainties and do not offer a solid basis for the development of circular business models, especially considering immovables and fixtures. For these categories, buy-back and take-back contracts, and models for reuse and recycling seem more promising. Research limitations/implications The research is limited to a literature review. Although the legal principles discussed in this paper are valid for both civil and common law systems, and similar findings might, therefore, be expected internationally, this study focused on the specific Dutch legal context. Comparative legal research and research of best practices in the building industry is needed to test the applicability of the findings in an international context. Practical implications Following the findings, CE initiatives within real estate and the construction industry should focus on alternative implementations of the operational lease concept, taking into account CE’s ambitions to reduce the extraction of raw materials. Originality/value At the moment the challenges that property law poses CE, real estate and operational lease are hardly discussed within the literature. This paper explores this gap.
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Taylor, Zac J. "The real estate risk fix: Residential insurance-linked securitization in the Florida metropolis." Environment and Planning A: Economy and Space 52, no. 6 (January 5, 2020): 1131–49. http://dx.doi.org/10.1177/0308518x19896579.
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Insurance-linked securitization (ILS) plays an increasingly important role in the protection of valuable real estate markets from devaluation due to climate risk. This paper critically investigates ILS in the Florida context, where billions of dollars of residential hurricane wind exposure are securitized on behalf of re/insurers and institutional investors each year. Building on Harvey’s seminal concept of the spatial fix, it is argued that ILS represents a real estate risk fix. ILS transforms uncertain property catastrophe exposures into a liquid asset class, and in doing so turns institutional investor funds into re/insurance capacity for capital-hungry ‘peak peril’ re/insurers. Securitization helps to sustain the circulation of capital through risky built environments by absorbing the catastrophe exposures of mortgages and other forms of property-linked finance. In this way, ILS provides a fix for the Harveyian spatial fix, one which momentarily offsets growing environmental barriers to property-led accumulation. The paper shows how specific modes of urbanization and property finance, waves of ‘natural’ catastrophe, patterns of public and private institutional intervention, transnational flows of risk capital, and the creation of new market-making devices have constituted ILS as a provisional (if extractive) fix. To this end, the paper furthers our conceptual and empirical understandings of the operation of ILS and re/insurance at specific urban conjunctures, while also highlighting key dilemmas associated with securing the real estate-finance system from climate risk.
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Nor, Mohamed Ibrahim, Tajul Ariffin Masron, and Sharif Yusuf Gedi. "Modeling of residential property rents in Somalia using two-stage modeling." International Journal of Housing Markets and Analysis 13, no. 2 (July 29, 2019): 331–56. http://dx.doi.org/10.1108/ijhma-04-2019-0042.
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Purpose Real estate is one of the fundamental growth engines for developing economies as it contributes urbanization and infrastructure development. In recent years, Somalia has witnessed massive real estate development in both housing and commercial buildings. The purpose of this study is twofold. First, the study examines the determinants of residential property rents. Second, it investigates whether residential property rents are fairly valued. Design/methodology/approach This study uses two-stage modeling. A hedonic regression model is used in the first stage, while an artificial neural network is applied in the second stage. Findings After analysis, this study established that size, location and security of a residential property have a significant influence on its monthly rents. Alternatively, the study identified that residential property rents are not fairly valued in Mogadishu and overvaluation is more frequent than undervaluation. Originality/value This implies that Somalia’s real estate industry is more speculative-driven than real demand-driven. Though Somali real estate is an infant industry with huge potentials in the long run, it may end up disastrously following the well-known bubble-then-burst behavior. To avoid such crisis, this study recommends formulating government policies that regulates, supervises and protects the infant real estate industry without undermining the needs of the poor and low-income citizens.
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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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Tóth, Csaba. "Interrelation of Large-Scale Property Development Project and the Local Real Estate Market. Evidence from Hungary." Applied Studies in Agribusiness and Commerce 13, no. 1-2 (December 20, 2019): 37–46. http://dx.doi.org/10.19041/apstract/2019/1-2/4.
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The Hungarian real estate market has gone through a widely fluctuating phase in the new millennium, which has not missed periods of surge, crisis-driven gloom and recovery. Amidst these conditions, an international developer engaged in a large-scale, long-timeframe residential property building project (Sasad Liget Residential Complex) in District XI of the Hungarian capital. The article examines the exposures and impacts of the development project to the external factors. The deployed quantitative statistical methods reveal that despite the considerable weight of the project, the in-market performance of SLRC has been the function of the general swings of the sector. Further, although the project generated higher demand than the bulk of other properties in the vicinity, its weight has not been enough to impact the property market of District XI at a statistically significant degree.
JEL Classification: E31, R31
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Ort, Petr, and Jan Pašek. "The Specifics of the Real Estate Market of the Low- and Passive Energy Buildings." Advanced Materials Research 649 (January 2013): 19–22. http://dx.doi.org/10.4028/www.scientific.net/amr.649.19.
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Real estate appraisal based on market principles is the science that is directly linked to market economy and should adequately respond to current and the changing needs of both direct real estate market, as well as banking, construction and also legislation and state and local administration. One of the current market requirements is the issue of fair valuation of low- and passive energy buildings in conditions where the market for this type of property is just taking off. This paper describes the most important principles of energy-efficient buildings appraisal, evaluates the motivational incentives for the development of this segment of real estate market and predicts its future development potential.
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Pugacheva, L., K. Osipenko, and D. Adamova. "SOME FEATURES OF CONDUCTING RESEARCH IN THE DIVISION OF RESIDENTIAL HOUSES OLD BUILDING." Theory and Practice of Forensic Science and Criminalistics 20, no. 2 (December 4, 2019): 470–79. http://dx.doi.org/10.32353/khrife.2.2019.37.
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The solution of issues arising during the research on the division of residential buildings of old buildings is relevant for the theory and practice of conducting forensic examinations related to the development of options for the division of such real estate, given the uncertainty and contradictions in the data of certain documents (technical, legal) that are provided for research and changes in composition residential real estate in common ownership as a result of certain redevelopment actions, builder stvu, reconstruction.
Errors (the results of incorrect calculations, inaccuracies, typos, etc.) allowed during the preparation of technical inventory documents, on the basis of which documents of title to real estate are drawn up, affect the calculations when developing options for the division of residential real estate. During long-term operation, all changes in the composition of households that are made by the co-owners of this property at different time periods, such as changes in the space-planning decisions of objects, engineering and technical equipment, landscaping, etc., must be reflected in the documents submitted for the study, including corrected ideal shares in connection with the improvements in residential real estate of the old buildings. These factors affect the completeness of the study and the formation of expert conclusions about the possible division of the old residential buildings.
The analysis of normative and legal documentation was carried out, unified approaches to the research on the division of residential buildings of the old buildings were developed taking into account certain factors that affect the results of the conclusions of this type of expertise.
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Zaradkiewicz, Kamil. "Trends in Supreme Court jurisprudence in real property cases in 2020. (Part I). Review." Nieruchomości@ : kwartalnik Ministerstwa Sprawiedliwości II, no. II (June 30, 2021): 99–121. http://dx.doi.org/10.5604/01.3001.0014.9263.
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The review includes presentation of the theses and motives from the Polish Supreme Court’s jurisprudence of 2021 regarding real estate property law, including in particular the encumbrance and dispositions of real rights (iura in rem). The most important issues concerning the content and performance, the acquisition and loss of ownership of real estates, the current problems concerning the acquisitive prescription of easements (so called transmission servitudes) and the relationship between the ownership rights of buildings or other equipment, as well as the ownership of the premises (flats) being separate real estates and perpetual usufruct (emphyteusis), are presented. The review includes also the new judgments of the Supreme Court concerning the development agreement and relating to the institution of fiduciary ownership.
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Barreca, Alice, Rocco Curto, and Diana Rolando. "Housing Vulnerability and Property Prices: Spatial Analyses in the Turin Real Estate Market." Sustainability 10, no. 9 (August 28, 2018): 3068. http://dx.doi.org/10.3390/su10093068.
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In the literature, several vulnerability/resilience indicators and indexes are based and assessed by taking into account and combining different dimensions. Housing vulnerability is one of these dimensions and is strictly related to the buildings’ physical features and to the socio-economic condition of their occupants. This research aims to study housing vulnerability in relation to the real estate market by identifying possible indicators and spatially analyzing their influence on property prices. Assuming the city of Turin and its territorial segmentation as a case study, spatial analyses were performed to take into account the presence of spatial dependence and to identify the variables that significantly influence the process of property price determination. The results of this study highlighted the fact that two housing vulnerability indicators, representative of fragile buildings’ physical features, were spatially correlated with property prices and had a significant and negative influence on them. In addition, their comparison with two social vulnerability indicators demonstrated that the presence of economical buildings and council houses was spatially correlated with the presence of people with a low education level. The results of the spatial regression model also confirmed that one of the social vulnerability indicators had the highest and most negative explanatory power in the property price determination process.
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Lauck, René. "Structural Equation Modeling: The Impact of Leader Attitudes on the Innovative Work Behaviour in Real Estate Development Companies." Humanities and Social Sciences: Latvia 28, no. 2 (2020): 47–68. http://dx.doi.org/10.22364/hssl.28.2.04.
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Leadership and innovation management are academic disciplines of high interest to scholars for decades. The fast changing and volatile business environment require companies to constantly improve their processes to remain competitive on the market. In particular, real estate development companies significantly benefit from innovativeness as each property development is unique, underlies different construction purposes and laws. Therefore, real estate developers need to bring the developable area in line with the building construction. One major driver to boost the competitiveness of organisations can be found in the individual innovative work behaviour of employees. To benefit from the individual’s innovative work behaviour, leadership embodies a major influence factor. In particular, this article examines how leader attitudes affect the innovative work behaviour of staff members working in real estate development companies. Therefore, the author developed and calculated a structural equation model to examine this relationship. The results from the structural equation modelling show that integrity and loyalty positively and significantly affect the innovative work behaviour of employees in real estate development companies. Consequently, demonstrating loyalty and integrity from leaders towards staff members improves the innovativeness of the entire organisation. Moreover, this research supports the relevance for the trait approach to leadership as leader attitudes contribute to different extents to the innovative work behaviour.
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Horváth, József. "The Developmental Possibilities for Methods of Real Estate and Farm Property Evaluation in Agriculture." Acta Agraria Debreceniensis, no. 13 (May 4, 2004): 241–47. http://dx.doi.org/10.34101/actaagrar/13/3417.
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Different methods for evaluating property have gained greater importance in agriculture since the change of regime. The open market evaluation could be the best method if the agricultural property had significant turnover, which could serve as a reliable comparison. However, there is no notable turnover, and selling is scarce. And, when there is some, the sales contracts are not available. On the other hand, the open market evaluation is almost the only one assessing method in Western Europe and in the United States. The matrix comparing market data in my methodological development helps to estimate the effects of the elements which determinate real estate value of farms.Another method for evaluating farm property is the discounted future earnings. Enterprises are able to produce series of income continuously during their working periods, which can be considered as perpetuity. This is the base of the discounted future earning evaluation. Determination of income generating capacity is not an easy task. It is also difficult to choose the proper rate of capitalization. If this rate is higher than the usual level, the property will be underestimated. If it is lower, the property will be overrated. According to my calculations the profitability of certain farms of animal breeding may be evaluated under different operating conditions. Furthermore, the capitalisation interest rate may be determined in an objective way.The problem of applying the depreciated replacement cost evaluation method is that there are big deviations among investment costs in tenders of contractors; moreover the estimations of special depreciation forms are rather subjective. One of the process’s greatest difficulties for reliability is that it is doubtful whether depreciated replacement cost could reach the real market value. The utilisation of this method may be spread further in the future by standardising average gross replacement cost of building as well as by measuring depreciation more objectively.
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Castro Noblejas, Hugo, Juan Francisco Sortino Barrionuevo, Darío Gumiel Muñoz, and Matías Francisco Mérida Rodríguez. "A Methodological Proposal for the Analysis of Lighting the House Building Façades." ISPRS International Journal of Geo-Information 10, no. 8 (August 9, 2021): 536. http://dx.doi.org/10.3390/ijgi10080536.
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Natural lighting is a fundamental element in the habitability of dwellings. However, it is still difficult to calculate its effect on the façades of the buildings in detail, due to the morphological complexity of the property itself, as well as the environment that surrounds it. This study provides a methodological proposal that uses pre-existing open data to extrude buildings by using a GIS procedure. Based on three selected real estate properties with different characteristics in the city of Marbella (Spain), the hours of sunlight received by each building’s façade are calculated, taking into account the digital land model and the digital surface model of the area. The results confirm the usefulness of the method to measure and analyze differences in luminosity between buildings with similar urban characteristics and their surroundings, as well as to record the differences in luminosity between floors and the orientations of the same building at several heights. The methodological proposal opens a path for many applications related to energy efficiency, housing conditions, and property valuation.
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Raškovič, Vladimír, Zlatica Muchová, and František Petrovič. "A New Approach to the Registration of Buildings towards 3D Land and Property Management in Slovakia." Sustainability 11, no. 17 (August 27, 2019): 4652. http://dx.doi.org/10.3390/su11174652.
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Slovakia faces a critical period in land and property management. The Land Registry still maintains its old 1990s information system and obsolete manual record system, whose structure and links of the real estate records and ownership titles are unable to meet the current requirements of companies in its graphical representation and visualization of data. Basically, it is a partially structured, digitalized and yet still analog system for recording land titles. It is of the utmost importance for a data model to be set up for a new information system that would provide the entire Land Registry with a wide range of information, together with the right structuring, filtering, sorting, and graphics. The system architecture should be based on unique identifiers in Land Registry entries, fixed links and integrity control mechanisms, while creating an index map of all real estate which can be specified with additional information future legislation might require. Slovak law allows multiple ownership of any land, building or interior. In order to initiate the entire process, the Slovak Land Registry needs to clearly define buildings together with their boundaries by their geometry and location, identify them with a unique code and give them a fixed land reference.
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Barreca, Alice, Elena Fregonara, and Diana Rolando. "EPC Labels and Building Features: Spatial Implications over Housing Prices." Sustainability 13, no. 5 (March 5, 2021): 2838. http://dx.doi.org/10.3390/su13052838.
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The influence of building or dwelling energy performance on the real estate market dynamics and pricing processes is deeply explored, due to the fact that energy efficiency improvement is one of the fundamental reasons for retrofitting the existing housing stock. Nevertheless, the joint effect produced by the building energy performance and the architectural, typological, and physical-technical attributes seems poorly studied. Thus, the aim of this work is to investigate the influence of both energy performance and diverse features on property prices, by performing spatial analyses on a sample of housing properties listed on Turin’s real estate market and on different sub-samples. In particular, Exploratory Spatial Data Analyses (ESDA) statistics, standard hedonic price models (Ordinary Least Squares—OLS) and Spatial Error Models (SEM) are firstly applied on the whole data sample, and then on three different sub-samples: two territorial clusters and a sub-sample representative of the most energy inefficient buildings constructed between 1946 and 1990. Results demonstrate that Energy Performance Certificate (EPC) labels are gaining power in influencing price variations, contrary to the empirical evidence that emerged in some previous studies. Furthermore, the presence of the spatial effects reveals that the impact of energy attributes changes in different sub-markets and thus has to be spatially analysed.
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Butryn, Krzysztof, Elżbieta Jasińska, Oleksandra Kovalyshyn, and Edward Preweda. "Sustainable formation of urban development on the example of the primary real estate market in Krakow." E3S Web of Conferences 86 (2019): 00010. http://dx.doi.org/10.1051/e3sconf/20198600010.
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Due to the high demand on the housing market, it may seem that every investment will find buyers’ interest and the key is its economic dimension. Meanwhile, in the Krakow real estate market, one can observe the trend of SMART market creation, in which the added value is the quality of life of residents of a given investment, especially in terms of using renewable energy sources and ensuring a well-organized space around the investment. The implementation of intelligent energy networks and the widespread use of renewable energy sources will result in more efficient energy transfer, waste recycling, faster identification of the threat and repair after a possible failure. Using, for example, the resources of the National Fund for Environmental Protection and Water Management, the implementation of ecological solutions is not related to the excessive price of such investments, and guarantees a higher quality of life for new owners. The article presents good practices in the design of housing estates in the city of Krakow. One of such closed settlements is "Osiedle Fi", whose location guarantees good public transport, additionally underground parking places a lot of green areas outside, positively affecting the microclimate of the area. The buildings are made of natural materials and the common parts of the property are illuminated from solar energy. The use of renewable energy sources favors both the environment and reduces the cost of maintaining the property. Rainwater is also used. The next smart housing estate is "Osiedle Ozon". It is a comfortable housing estate with functional land development. Among its main attributes, it is worth mentioning a lot of greenery and naturally diversified terrain. There were used plant species, which have the ability to catch harmful chemicals or dust from soil and air. In this work, a statistical analysis was conducted to compare the prices of housing properties in these two selected settlements to the prices of real estate in the area, indicating statistically insignificant differences in the economic aspect, with significant differences in the quality of life of the potential buyer.
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Masrom, Suraya, Thuraiya Mohd, and Nur Syafiqah Jamil. "Tree based Machine Learning in Predicting the Price of Green Building." Alinteri Journal of Agriculture Sciences 36, no. 1 (June 22, 2021): 583–89. http://dx.doi.org/10.47059/alinteri/v36i1/ajas21081.
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Researchers and industry players acknowledged that machine learning application is useful in assisting human for solving many kinds of real life problems, including in real estate and property industry. In this paper, we present the empirical steps for implementing machine learning approaches in the prediction of green building price. Green building conserve natural resources and reduce the negative impact of the building development. This paper provides a report from the data collection method, preliminary data analysis with statistical method, and the experimental implementation of the machine learning models from training, validating to testing. The results show that the tree based machine learning produced better performances on the green building properties, which further tested with another five hold-out data. The testing results show that the machine learning with tree based scheme was able to predict the green building price higher than the observed price for the eight out of the ten cases within the acceptable valuation ranges.
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Puķīte, Iveta, and Ineta Geipele. "Residential Building Management System Features and Underlying Factors." Baltic Journal of Real Estate Economics and Construction Management 3, no. 1 (December 1, 2015): 45–55. http://dx.doi.org/10.1515/bjreecm-2015-0006.
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Abstract For the implementation of real estate management, in accordance with the legislative framework of good practice and quality management, a system is required that helps the processes to be arranged according to their fundamental values, criteria and functions. The study sets residential property management elements and factors influencing them. The significance of the topic is set by the developing industry and the requirement for quality and sustainable management model that includes all interested parties - owners, lessees, tenants, users on the one side, housing managers on the other and the state, local government and non-governmental organisations on the third side. The development of this sector as a whole depends on the quality of residential housing management process.
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Čaikauskas, Gintaras. "VILNIAUS DAUGIABUČIŲ GYVENAMŲJŲ NAMŲ STATYBOS RAIDOS TENDENCIJOS NEPRIKLAUSOMYBĖS LAIKOTARPIU/RESIDENTIAL HOUSING DEVELOPMENT IN VILNIUS OVER THE PERIOD OF LITHUANIAN INDEPENDENCE." JOURNAL OF ARCHITECTURE AND URBANISM 32, no. 3 (September 30, 2008): 153–66. http://dx.doi.org/10.3846/13921630.2008.32.153-166.
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The paper is dedicated to the residential housing development in Vilnius during the years of the Lithuanian independence. Interruption of the natural society development by the aggression of the soviet system has ruined the architectural and building traditions in the city. Economic nationalization and change of property ownership from private to state or public has made a big mess in the land and real estate ownership. On the other hand, many interesting public buildings, built in the soviet period, have lost their actuality and are intended to be sold to private investors. The market economy has money-based urban development rules, so survival of the soviet-period architecture is under a big question too with a great wish of new businessmen to change it into residential areas. New approach to the modern conception of residential architecture development is gradually turning into live reality in independed Lithuania. It will take some time while the new approach to of the architectural image will be turned into an additional price of real estate as an essential value. Santrauka Architektūriniu aspektu analizuojamos Vilniaus daugiabučių gyvenamųjų namų statybos raidos tendencijos Nepriklausomybės laikotarpiu, lyginant jas su ikikariniu bei sovietmečio periodais, nagrinėjamos išliekamosios meninės vertės formavimosi prielaidos. Nagrinėjamos naujausių laikų realizacijos, jų specifika ir ypatybės, atskleidžiami esminiai konceptualiai skirtingų sprendimų bruožai.
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Sun, Hui, Yuning Wang, and Qingbo Li. "The Impact of Subway Lines on Residential Property Values in Tianjin: An Empirical Study Based on Hedonic Pricing Model." Discrete Dynamics in Nature and Society 2016 (2016): 1–10. http://dx.doi.org/10.1155/2016/1478413.
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The construction of subways has an external impact on the urban environment. Among them, the most important acceleration function lies in the property values of housing near subway stations. Tianjin, the largest open coastal city in Northern China, is selected as the subject of the research in this paper by virtue of its unique background. The Hedonic Pricing Model is used in analysing the change in the value of the properties located within 1,000 metres of completed subway line 3 stations. Using the theories of land rent and land location, and a model of the impact of urban traffic on the surrounding real estate prices, we analyse the sphere of influence of Tianjin Metro Line 3 on real estate prices. Finally, the paper stresses the importance of urban construction and subway building and finds that different development strategies should be used according to the characteristics of the subway in various regions of the city.
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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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Nepomnyashchyi, Oleksandr Mykhailovych, and Oleg Andriyovych Diegtiar. "SCIENTIFIC SCHOOL OF MANAGEMENT OF RISKS TO THE REAL PROPERTY UNDER CONSTRUCTION AND IN USE: PURSUIT AND ACHIEVEMENTS." UKRAINIAN ASSEMBLY OF DOCTORS OF SCIENCES IN PUBLIC ADMINISTRATION 1, no. 13 (August 27, 2018): 143–56. http://dx.doi.org/10.31618/vadnd.v1i13.142.
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The article is devoted to the actual issues of the introduction of European standards in the construction industry. One of the most important areas is the development of a system of engineer consultants that works efficiently abroad and can contribute to the development of the construction industry in Ukraine. At the current stage of economic development, the construction industry requires the creation of effective integrated management systems that can ensure its competitiveness not only within the framework of Ukraine but also in European markets. In conditions of transformation of the economic system to European standards of business, special attention is needed to create scientifically grounded prerequisites for the development of the construction industry. In this aspect, the development of a scientific risk management school in the construction and operation of real estate is of particular relevance. The article gives a theoretical definition of the concept “scientific school”, conducted a retrospective analysis of the definition of the conceptual foundations of the development of scientific schools in Ukraine and abroad. On the basis of the analysis carried out, the main characteristics of scientific schools and the prospects for further development of research and development in the field of construction and operation of buildings and structures are indicated. The purpose of the article is to determine the further ways of developing the school of science, to provide effective practical solutions to the actual problems of risk management at the macro level and macro levels. The Scientific School of Risk Management in the construction and operation of real estate objects is an analysis of the processes of risk management of construction projects and the operation of real estate objects throughout the life cycle of the construction project (pre-investment stage, design, construction, commissioning, operation, repair, reconstruction, demolition and utilization of materials and waste). That is, approaches to the research work of the School of Risk Management in the construction and operation of real estate objects are complex and systemic, and the issues that it considers may be relevant to solving problems of various stages of the implementation of construction projects, which emphasizes the great importance of the development of scientific areas school. In order to ensure the further development of a scientific risk management school in the construction and operation of real estate objects, priority tasks and future directions of further development have been identified.
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Ustinovičius, Leonas, and Andrius Stasiulionis. "MULTICRITERIA-BASED ESTIMATION OF SELECTION OF COMMERCIAL PROPERTY CONSTRUCTION SITE/KOMERCINIŲ OBJEKTŲ STATYBOS VIETOS PARINKIMO VERTINIMAS ĮVAIRIAIS ASPEKTAIS." JOURNAL OF CIVIL ENGINEERING AND MANAGEMENT 7, no. 6 (December 31, 2001): 474–80. http://dx.doi.org/10.3846/13921525.2001.10531775.
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When investing into real estate, especially into commercial buildings, it is very important to choose a right location. Location should be chosen in order to meet highest and best usage of the future commercial building. Usefulness and efficiency of location are determined by qualities which may be divided into the following groups: 1) common qualities; 2) special qualities characteristic to a particular activity. Great attention should be paid to city land use model. Development of Vilnius City has been based on several models and due to a great variety and instability of location criteria, selection of land site for commercial property becomes complicated. Real estate investments require creation of cardinal criteria system, which could facilitate the selection of location. Exhaustive information about location is of vital importance for investments into real estate. Therefore research of information systems related to geographical location, GIS, must be conducted. Using cardinal criteria system we would be able to match multicriteria decision-making methods suitable for solving discrete alternative problems. After having determined cardinal criteria, most suitable multicriteria decisionmaking methods are as follows: 1) linear reckoning/ascription method; 2) simple add weighting method (SAW); 3) hierarchical add weighting method; 4) ELECTRE method; 5) method of distance from ideal point (TOPSIS). From the practical point of view it is difficult to define ideal location as possibility to compensate by other criteria or attach to one the particular criterion, as every location is unique in its one way. ELECTRE method based on binary comparison of options in order to determine whether the criteria of option meet criteria's predomination or contradict it was chosen as one of the most suitable innovative selective methods for choosing the commercial property's location.
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Montañana, Antoni, Carmen Llinares, and Álvaro f. Page. "Modelling Design Requirements of a Floor Plan." Open House International 40, no. 4 (December 1, 2015): 88–93. http://dx.doi.org/10.1108/ohi-04-2015-b0014.
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Currently many real estate developers offer their products through their websites. The aim of this medium is not only to facilitate understanding of the building, but also to capture the attention of potential customers, provoking feelings and emotions that influence the purchase decision, especially in the case of off-plan property sales. Understanding the cognitive factors behind customers' evaluation processes prior to a purchase is of great interest for defining successful design criteria. The interior space of the property is one of the most important aspect in users' purchase decisions. The paper aims to determine which property design elements in floor plans provoke the emotions users use to describe its interior design. A field study was carried out on a sample of 75 individuals who evaluated a set of images of real estate promotions. The results show that the landings and corridors are fundamental; the area must be spacious so that larger surface areas score best; the living room must be well differentiated from the bedrooms; the valuation of the space depends on the graphic form of presentation, the use of warm colours and the degree of detail in the plans has a positive influence on the assessment. This information may be of great interest for architects and designers in the graphic representation of the space.
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Mintah, Kwabena, David Higgins, and Judith Callanan. "A real option approach for the valuation of switching output flexibility in residential property investment." Journal of Financial Management of Property and Construction 23, no. 2 (August 6, 2018): 133–51. http://dx.doi.org/10.1108/jfmpc-05-2017-0017.
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Purpose Uncertainties in residential property investment performance require that real estate assets are designed in a flexible manner to respond to impacts of market dynamics. Though estimating the cost of flexibility is straightforward, assessing the economic value of flexibility is not. The purpose of this study is to explore the potential practical application of real option analysis to determine the economic value of a switching output flexibility embedded in a residential property investment in Australia. The study involves the exploration of an optimal strategy for investment in a residential development through real option analysis and valuation of a mixed use investment. Design/methodology/approach The real option valuation model developed by McDonald and Siegel (1986) is adopted for the evaluation because the switching output flexibility is likened to a perpetual American call option with dividend payout. Findings Through real option analysis, the economic value of switching output flexibility of the mixed use building was determined to be higher than the initial upfront costs. Moreover, a payoff of about $4million was determined to be the value of the switching output flexibility, therefore justifying upfront investments in flexibility as an uncertainty and risk management tool. Practical implications This application is an important demonstration of the practical use of options pricing techniques (real options analysis) and delivers further evidence needed to support the adoption of real option valuation in practice. Flexibility can also enhance risks and uncertainty management in residential property investment better than the adjustment of discount rates. Originality/value There is limited evidence on the use of real options techniques for the valuation of switching output flexibility in practice, and this comes as an original application; both the case study and data are all initial applications of switching flexibility in the Australian property market.
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Kwartnik-Pruc, Anita. "Possibilities Of Using Innovative Sources Of Information On Real Estate In The Spatial Data Collection Process." Real Estate Management and Valuation 23, no. 1 (March 1, 2015): 103–13. http://dx.doi.org/10.1515/remav-2015-0010.
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Abstract The register of land and buildings is an essential source of information on real estate. The use of cadastral data in land management is manifold, starting from spatial planning, through the calculation of taxes, the designation of real estate in land and mortgage registers, and finally, in real estate management. The accuracy of information from public records, i.e. the register of land and buildings, obtained by entities managing property has a direct impact on the correctness of the conducted processes of land management. Data necessary to determine the position of boundaries of cadastral parcels are taken from surveying documentation accepted into the national geodetic and cartographic resource database. If there is no such documentation, or the data contained therein are not reliable, information on the boundaries of cadastral parcels are obtained by means of field or photogrammetric surveys, preceded by the determination of the course of these boundaries. The present article analyzes the requirements of legislature regarding real estate data contained in the register of land and buildings. The possibility of capturing such information using an innovative method of laser scanning was also identified and tested. The object of the research was a fragment of the Old Town in Cracow, which had previously been covered by classical surveying. Based on the national geodetic control points and in relation to the National Spatial Reference System, with reference to GNSS, surveys of buildings arranged in a compact development were performed with a terrestrial laser scanner in order to compare the accuracy of determining real estate boundaries using these two methods. Possibilities of collecting data on the developed real properties that could be incorporated into the 3D cadastre in the future were identified and the quality of the obtained information was rated.
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Nesticò, Antonio, and Marianna La Marca. "Urban Real Estate Values and Ecosystem Disservices: An Estimate Model Based on Regression Analysis." Sustainability 12, no. 16 (August 5, 2020): 6304. http://dx.doi.org/10.3390/su12166304.
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It is well known that production activities are often the cause of ecosystem disservices. Such disservices can have serious effects on urban real estate values. But how much is the contraction that the market values of housing suffer due to the polluting emissions produced by a medium-sized foundry? And how large is the urban area within which buildings are depreciated? With this research we intend to give an answer. To this aim, with specific regard to urban apartments free from contractual constraints, the use of multiple regression analysis makes it possible to obtain a function that explains the real estate value through multiple variables, one of which is representative of the ecosystem disservice. The study reveals that the urban area that suffers from the negative effects of polluting industrial activities on property prices can be extensive. On the other hand, the contractions of real estate values can even reach 43%. These results, for the first time expressed in quantitative terms, must direct towards urban planning interventions, and more generally of economic policy, aimed at minimizing the environmental impacts of production activities. This is not only for the essential obligations to protect environment and human health, but also in relation to the direct economic implications of the decrease in the value of real estate.
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Pawłowski, Sławomir. "Division of real estate upon request and the return obligation under Article 136(1) of the Act on the Real Property Management: a few remarks in the context of counteracting the so-called “land freezing” versus the principle of loyalty." Nieruchomości@ I, no. I (March 31, 2021): 47–62. http://dx.doi.org/10.5604/01.3001.0014.7462.
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Division of real estate by application is still not properly recognised in the jurisprudence of administrative courts. On the one hand, this is manifested in the fact that, although it results in the takeover of private land for the benefit of a public entity for the purpose of building or extending public roads, this decision is not recognised as being expropriation. One of the most important consequences of denying to recognise this division as one of the forms of expropriation is that it is not subject to the return obligation, even if the public-purpose investment project, i.e. the construction of a public road, was not completed within 10 years of the takeover. It should be added that the lack of actions on the part of the commune to acquire such land leads to an adverse phenomenon which is referred to as “freezing the land”. On the other hand, it is argued that the division decision has no features of authoritative and compulsory acquisition of the title to real property by the commune. The above views are subject to criticism given inter alia that they fail to take into account that the spatial planning acts, in particular the local spatial development plan, play a prognostic role in relation to expropriation acts. The study presents the thesis that, were the premise of the public purpose be rejected, then regardless of the form of takeover of the title to real property by a public entity, the obligation to return this property to the former owner or its legal successors arises.
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Whiteside, Heather. "The state’s estate: Devaluing and revaluing ‘surplus’ public land in Canada." Environment and Planning A: Economy and Space 51, no. 2 (August 2, 2017): 505–26. http://dx.doi.org/10.1177/0308518x17723631.
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Since the mid-1990s, Canadian public real property (land, buildings, and equipment) has been subject to regular scrutiny through bureaucratic procedures aimed at ridding the state’s estate of all ‘surplus’ properties. Surplus is transferred to Canada Lands Company, a state owned enterprise charged with privatizing public land. Bureaucratic devaluation thus allows for subsequent revaluation through multiple forms of state-sponsored remediation: the physical, legal, and financial manipulation of public property by Canada Lands Company. Analyzing Canada Lands Company’s history, role, budgets, and activities, this article uncovers the particular dynamics of how Canadian public land is being privatized through devaluation and revaluation by the state. Two arguments of broader significance for literatures on the political economy of the state and public land frame the discussion: (1) Canada Lands Company’s activities speak to the important managerial role played by the (Canadian) state in the land dispossession process; and (2) Canada Lands Company’s treatment of surplus public land as a financial asset is a distinguishing feature of the Canadian public property management system, setting it apart from elsewhere.
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Rider, Traci Rose, Margaret Van Bakergem, Jinoh Park, Xi Wang, and J. Aaron Hipp. "Design, development, and public health." Enquiry A Journal for Architectural Research 15, no. 1 (December 19, 2018): 62–74. http://dx.doi.org/10.17831/enq:arcc.v15i1.571.
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As awareness of the built environment’s impact on individual and community health spreads through design and construction, different stakeholders are engaging in conversations of strategies and metrics. This paper explores the structure, methodology, and findings of research supported by the Robert Wood Johnson Foundation addressing how multifamily developers conceptualize, discuss and implement health strategies in their projects.
Framed in a Critical Theory perspective, this research first explores the traditional multifamily development decision-making process, specifically targeting how early adopters in multifamily development are discussing health and wellness in their projects. By unpacking the discussions around health and wellbeing in design, real estate development, and public health, aligned concepts are identified to operationalize these concepts for further exploration.
Using a comparative case study strategy addressing how and why (Yin 2017), five developers positioned as early adopters were engaged to better understand how they each conceptualize, implement and measure health strategies in their multifamily projects. Two-day in-depth interviews were held in two initial developers’ home offices, addressing their standard design and decision-making processes and evolving into specific consideration of various health strategies. Four additional developers were engaged either over the phone or in person. Interview protocol ensured that discussion topics were standardized at the outset, with the following topics addressed with each partner: (1) company mission, (2) organizational structure, (3) differentiation in the market, (4) company evaluation metrics, (5) assessment scales, (6) decision-making processes, (7) market trends, (8) use of evidence-based data, (9) internal health discussions, and (10) investor relationships. Cyclical data collection, transcription, and analysis allowed the interview protocol to be modified for emergent topics. Site visits, website analysis, and clicks through national online real estate databases also contributed to a holistic perspective of this complex problem.
Findings indicate that multifamily developers are focusing on upfront, marketable strategies that are likely to foster mental and social health, but with little regard of applying any form of evaluative metrics. Rating systems addressing health are of little help. When asked directly about choices to influence the health of residents, participants heavily cited (1) location, emphasizing access to community amenities; (2) place making, for community building and social and mental wellbeing; and (3) physical fitness opportunities through fitness spaces. Even those developers viewed as early adopters are uncomfortable discussing health strategies using a public health lens. This research intends to highlight interdisciplinary conversations surrounding health in multifamily real estate, contributing to more rigorous adoption of health strategies in this challenging building type. These findings can be valuable to stakeholders in design, development, private investment, property management, public health, community design, and policy.
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Buday, Š. "Development trends in land market prices in Slovakia." Agricultural Economics (Zemědělská ekonomika) 51, No. 5 (February 20, 2012): 207–11. http://dx.doi.org/10.17221/5096-agricecon.
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After the accession to the EU, there is a necessity to develop the land market in Slovakia. The achievement of the following conditions is necessary: settlement of estates in lands and unification of the law of real property in the areas of ownership, utilization, change of the land type, soil conservation, land use planning and building multiple-function agriculture with the legislation of the market economy countries as well as its harmonization with the EU legal regulations. It is also necessary to develop an official network to follow transactions on the land market, a regular update of data and their evaluation.
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Yates, Alexia. "Selling Paris: The Real Estate Market and Commercial Culture in the Fin-de-siècle Capital." Enterprise & Society 13, no. 4 (December 2012): 773–89. http://dx.doi.org/10.1017/s1467222700011460.
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“Selling Paris” explores the cultural, economic, and spatial parameters of private construction in the French capital at the turn of the twentieth century. In contrast to the state-centered accounts that currently characterize our understanding of Paris as a capital of modernity, this project looks to private property owners, real estate brokers, and speculative developers, as well as the moral economy in which their projects took place, in order to understand the elaboration of the built landscape of the modern metropolis. I argue that new classes of market intermediaries—namely estate agents, market-oriented architects, and small-scale joint-stock firms—emerged in this period to build and market residential spaces, establishing apartments and buildings as merchandise and tenants as clients. Focusing on the activities of these commercial actors reveals the existence of a French culture of commerce centered on speculation and risk-taking, a business culture that profoundly affected the production of residential space during of one of the city's greatest periods of expansion. Thus, in contradistinction to scholarly accounts of both French entrepreneurialism and Parisian urban development, this project reconstructs the activities of a dynamic capitalist class whose uncoordinated projects were the main authors of the capital city's urban fabric. Tracing the manner in which housing and property operated as a commercial object during a crucial period of urbanization, moving between and among the economic activities of investment, speculation, production, and consumption, this project seeks to present a research agenda for both the cultural history of markets and the economic history of cities.
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Mangialardo, Alessia, and Ezio Micelli. "Reconstruction or Reuse? How Real Estate Values and Planning Choices Impact Urban Redevelopment." Sustainability 12, no. 10 (May 15, 2020): 4060. http://dx.doi.org/10.3390/su12104060.
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Local administrators and private investors rely on various urban redevelopment strategies, the choice of which depends on the economic expectations of property owners and investors. Some of these options foresee replacing obsolete buildings with new constructions; others prefer the reuse of existing assets. This study examines the conditions that make these different strategies feasible, bringing to light the aspects that favor demolition and reconstruction processes over interventions based on the redevelopment of existing assets. The analysis focuses on the variables that determine the choice between these two options. The model that has been developed highlights, on one hand, the role of urban planning tools and urban densification and, on the other, the relationship between the land market and the value of existing assets. The model has been tested on five cities in northern Italy, which fall into three territorial categories—large metropolitan cities, medium-sized cities, and cities of limited rank—to test how different social and economic contexts affect the feasibility of the strategies we evaluated. The results of the study underscore the extent to which the demolition and reconstruction of existing assets is only viable in certain limited areas and under particular market and settlement conditions. While large metropolitan areas seem to have the option of radically replacing existing real estate assets, medium-sized cities and especially small cities are constrained in redeveloping existing urban assets and must forego demolition and reconstruction projects, which do not prove to be economically feasible.
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Szczepańska, Agnieszka. "RESIDENTIAL PROPERTY MARKET IN THE FUNCTIONAL URBAN AREA OF OLSZTYN IN THE CONTEXT OF DEMOGRAPHIC CHANGES." Real Estate Management and Valuation 25, no. 3 (September 26, 2017): 30–39. http://dx.doi.org/10.1515/remav-2017-0020.
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Abstract The development of cities is accompanied by growth of the real estate markets within the suburban zone of the municipal urban area. This is the zone functionally related to the core city, where the processes occurring in the property market result primarily from decisions taken by city dwellers concerning the choice of their place of residence. This is reflected in completed transactions, which influence demographic changes. Therefore, the property market becomes a reflection of urbanization processes taking place in this area. The conducted research concerns an analysis of the property market in the suburban zone of Olsztyn of building plots, single-family houses and residential premise segments in the context of demographic changes. The results of the research present the dynamics and directions of development of the suburban zone. The period of research covers the years of 2007-2015, and the spatial scope covers the level of communes and the surveying sections they are composed of (villages).
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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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Fauziah, Dien Ajeng, Eko Ganis Sukoharsono, and Erwin Saraswati. "CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE, INVESTMENT EFFICIENCY, INNOVATION, AND FIRM VALUE." Assets: Jurnal Akuntansi dan Pendidikan 10, no. 1 (April 30, 2021): 11. http://dx.doi.org/10.25273/jap.v10i1.6259.
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<p class="JurnalASSETSABSTRAK"><strong>ABSTRACT</strong></p><p>This research purpose is to analyze the effect of Corporate Social Responsibility Disclosure on the value of environmentally risky companies, as those in agricultural, primary industry and chemicals, mining, property, real estate, and building construction sectors, listed on the IDX from 2015 to 2018 through investment efficiency and innovation. The results of the PLS analysis indicate that such disclosure positively and insignificantly affects firm value through investment efficiency. Better exposure and efficiency tend to increase substantial value, although the improvement is insignificant in the underinvestment scenario. Furthermore, the disclosure positively and significantly enhances firm value through innovations with research and development activities.</p><p class="JurnalASSETSABSTRAK"><strong><em>ABSTRAK</em></strong><em></em></p><p>Penelitian bertujuan untuk menguji dan menganalisis pengaruh CSRD terhadap nilai perusahaan melalui efisiensi investasi dan inovasi pada perusahaan berisiko dalam hal dampak lingkungan seperti sektor Agriculture, Basic Industry dan Chemicals, Mining, Property, Real Estate dan Building Construction terdaftar di BEI tahun 2015-2018. Penelitian ini menggunakan metode PLS sebagai analisis data. Hasil penelitian menunjukkan bahwa CSRD berpengaruh positif dan tidak signifikan terhadap nilai perusahaan melalui efisiensi investasi, artinya semakin baik CSRD dan efisiensi investasi maka cenderung dapat meningkatkan nilai perusahaan, meskipun peningkatannya tidak signifikan pada skenario underinvestment dan CSRD berpengaruh positif dan signifikan terhadap nilai perusahaan melalui inovasi dengan aktivitas RnD.</p>
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Ouyang, Linhao, Zijian Zhang, Xiaoling Huang, and Shi Xie. "A GIS analysis of the distribution of remittance enterprises in Republican Shantou." Social Transformations in Chinese Societies 14, no. 2 (September 3, 2018): 60–78. http://dx.doi.org/10.1108/stics-04-2018-0004.
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Purpose The purpose of this study is to restore the spatial distribution of overseas remittance businesses in Shantou during the 1940s. It explores various socioeconomic factors that influenced the concentration of local remittance business investment in real estate. By reconstructing the spatial distribution of remittance business activities in Shantou, this study hopes to lay a foundation for further analysis of the business strategies of Chaoshan merchants. Design/methodology/approach This research draws on information from the published Swatow Guide, archival sources and cadastral maps to identify the location of remittance enterprises and the native place and overseas networks of property owners. Finding This study reveals that the spatial distribution of the remittance enterprises was determined by the native place origins of local property owners, and that the inflow of overseas Chinese capital contributed to real estate development in Shantou. Research limitations/implications Despite the limited access to Chinese official archives, this paper manages to identify several building blocks and neighbors in Shantou for spatial analysis. Practical implications This study is the first attempt to use the geographical information system (GIS) method in Chinese urban history research and hopes to establish a larger historical database of Shantou as a sample for comparison. Originality/value This investigation advances the spatial study of urban history and overseas Chinese remittances in the maritime society of South China.
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Dell'Anna, Federico, Marta Bottero, Cristina Becchio, Stefano Paolo Corgnati, and Giulio Mondini. "Designing a decision support system to evaluate the environmental and extra-economic performances of a nearly zero-energy building." Smart and Sustainable Built Environment 9, no. 4 (April 3, 2020): 413–42. http://dx.doi.org/10.1108/sasbe-09-2019-0121.
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PurposeThe cost-optimal analysis is not able to address the multi-dimensionality of the decision according to the new European objectives and International sustainable development goals in the field of the nearly-zero energy building (NZEB) design. The purpose of this paper is to study the role of multi-criteria decision analysis (MCDA) for guiding energy investment decisions.Design/methodology/approachThe paper explores the Preference ranking organization method for enrichment of evaluations II (PROMETHEE II) application to support the project of transforming a rural building into a NZEB. The evaluation provides an estimate of the effects of alternative energy efficiency measures, involving energy consumption, life cycle costs, carbon emissions, property value and indoor comfort criteria. The study performs a multi-actors analysis in order to understand how different consumers' point of views can influence the final choice of the best investment. Furthermore, a multi-site analysis explores the spatial variation of NZEB building appreciation in the real estate market.FindingsThe PROMETHEE II-based model ranks 16 alternative solutions for the NZEB according to energy, economic and extra-economic criteria. The multi-actors analysis highlights the configuration of the NZEB building that best meets the needs of different end-users, respecting the European directives and national standards. The multi-site analysis concludes that location does not change users' appreciation and not influence the output for the best solution.Originality/valueThe MCDA occurs as a support tool that helps to optimize the preliminary design phase of NZEB through the exploration of the optimal solution considering crucial criteria in the energy and environmental and real estate market rules.
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Holmberg, Ingrid Martins. "Urban Heritage as Ethos in Resource-Based Small-Scale Property Management." Sustainability 11, no. 19 (September 27, 2019): 5354. http://dx.doi.org/10.3390/su11195354.
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This study puts urban heritage in the setting of property owners’ small-scale and resource-based management of ordinary old buildings. This phenomenon indicates a need not only to reconceptualize urban heritage in its actual complex web of negotiations over constraints of the regulation (urban planning, including preservation) and economy (the real estate market) but also to pay attention to the emergence of a new ethos. The case concerns a Swedish second-city context and the specific moment in time: When the 1990s recession had disarmed the real estate market. Based upon ethnographic fieldwork, this study used an assemblage perspective to allow for a following of entanglements of material and matter. The study sheds light upon the emergence of a small-scale and resource-based management in the midst of managerially defined cycles of investment. Important for the output was 1) the set-up of a network of skilled craftsmen, antiquarians, and entrepreneurs ‘of the right mindset that enabled for the authentic material result but that also helped navigate regulation and financial parties, 2) the “alternative market for reverential maintenance and repair” that guaranteed the appropriate supply of materials, products, and skills that differed from the mainstream construction market. For the means of understanding the ethos involved, the study introduced the notion of “factual life-span of buildings”. The overall aim of this article was to contribute to research on heritage urbanism by adding a resource management perspective that focusses on the entanglements of material and matter.
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Santamaria, Carlos. "Next Generation Energy Efficient Technologies: A Case Study Demonstrating Top Operational Performance." Journal of Green Building 4, no. 2 (May 1, 2009): 44–53. http://dx.doi.org/10.3992/jgb.4.2.44.
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As owners contemplate major capital upgrades and investments into their existing chiller plants, several considerations become apparent and require a thorough appraisal. These primary considerations include: Age of existing equipment, existing load profile, utility rates, building occupancy and tenant use, property repositioning plan, lease type and the property's asset strategy, and others. In Aventine's case, the building was considered by most real estate professionals and owners as a relatively young building at 17 years old. The building and chiller plant still had a good five to seven years of serviceable life. The challenge in this particular case was to propose an upgrade justifying replacement of this still functioning chiller plant while asking for approximately $500k in capital expense funds. In addition to describing the technical features of this next-generation chiller plant system, this case study will attempt to integrate financial decision making attributes that assisted in the decision making process. The focus of this paper is to differentiate this technology and approach with major chiller plant upgrades.
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Kovalivska, Svitlana, Andrii Shcherbyna, and Vsevolod Nikolaiev. "INTENSIFICATION OF INVESTMENT IN THE RENOVATION OF RESIDENTIAL REAL ESTATE IN THE CONTEXT OF THE SUSTAINABLE DEVELOPMENT GOALS." Baltic Journal of Economic Studies 6, no. 5 (December 2, 2020): 184–95. http://dx.doi.org/10.30525/2256-0742/2020-6-5-184-195.
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The subject of the paper є is to study the mechanisms for investing in residential renovation in the context of the Sustainable Development Goals. At the same time, sustainable development is considered both from the point of view of safety and environmental friendliness of residential buildings, and from the social point of view of providing housing to citizens from strategic perspective. It is shown that the current sustainable development goals, the definition of indicators of their achievement do not cover the problem of housing deterioration, which is one of the most acute for national and social security, as well as the financial stability of the state. Therefore, the achievement of SDG-11 in Ukraine is in a high risk zone given the catastrophic state of housing, the scale of the problem, and the high cost of its renovation for insolvent households; this does not solve the problem only at the expense of homeowners as follows from the essence and functions of property owners. The situation in Ukraine differs from European countries in that the state is impossible to further subsidize the owners on a large scale. This requires a combination of public investment in renovation of residential real estate with property reform, transforming part of the housing stock into social housing. As the implementation of housing projects concerns the local level, the general shortcomings of strategic management are shown, where there is no vision of communities to solve the problem. Methodology. Based on the methodological developments of the authors on the insolvency of homeowners in Ukraine (A. Shcherbyna), criticism of unjustified approaches to co-financing by residents and local authorities of renovation projects in Kyiv (O. Popeko), and the need to justify and evaluate investment projects to achieve sustainable development goals (S. Kovalivska), the article forms a comprehensive approach to solving the problem in terms of all three aspects. Therefore, the purpose of the paper is to deepen the formulation and analysis of methods to achieve Sustainable Development Goal 11 "Make cities and human settlements inclusive, safe, resilient and sustainable" with the help of provisions on sustainable housing for citizens based on a projectoriented approach and mechanisms for financing projects using public-private partnerships of homeowners with local authorities, as well as taking into account sustainable development goals. Practical implications. The main directions of further progress in reforming property relations in the housing sector and creating tools for intensifying partnership mechanisms at the vertical and horizontal levels in the public administration system are identified. Results. The proposed methodology provides for the selection of projects for budget support and development of recommendations for their implementation, taking into account SDG in several stages: preselection based on cost-benefit analysis; assessment of the impact of the project on SDG (determination of the SDG identity of the project based on a quantitative assessment of the impact of its objectives on SDG and vice versa); determination of the volume and type of budget support (rating of projects based on a comprehensive analysis of their commercial, budgetary and social efficiency, adjusted for the level of manufacturability, export orientation, and SDG identity); development of recommendations for project implementation, which take into account the approaches to assessing the impact of the project on SDG and, conversely, the achievement of SDGs or the risks of their failure to achieve project objectives (4). Value. To link SDG with budget planning, it is proposed to introduce an additional classification of budget expenditures on SDG, which will help to reconcile strategic and budget planning with investment in order to achieve SDG, including in the process of ensuring state participation in programs and projects for renovation and construction of housing based on the concept of sustainable development.