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Olaleye, Abel, and Benjamin Ekemode. "Integration between real estate equity and non-real estate equity." Journal of Property Investment & Finance 32, no. 3 (April 1, 2014): 244–55. http://dx.doi.org/10.1108/jpif-10-2013-0063.
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Purpose – The paper examined the long-run relationship between real estate equity (property listed stock) and non-real estate equity (common stock) in the Nigerian capital market and established the integration between the investments. The paper aims to discuss these issues. Design/methodology/approach – The data collected comprised quarterly returns on property listed stock and All Share Index for the period of January 1999-December 2011. The calculated quarterly returns of the investments were subjected to the Philip-Person unit root test after which the integration between the investments was analysed using the Johansson integration test. Findings – The results showed that real estate equity performed better the non-real estate equity but with corresponding higher risk level. Also, real estate equity had a slightly lower performance when compared with non-real estate equity on return/risk ratio basis. The findings showed that property listed stock (real estate equity) was integrated with common stock or non-real estate equity and suggest that the Nigerian listed property stock, by nature, was similar to REITs. This result negates the belief that property listed stock's returns are integrated with direct real estate market and are often influenced by the returns of the underlying direct real estate assets. Practical implications – The paper implied that while investors could consider investing in real estate equity and earn better return than investing in common equity in the Nigerian capital market, the inclusion of both in a domestic portfolio could be expected to bring little or no diversification benefit. Originality/value – The paper is one of the few attempts at assessing the long-run relationship between property listed stock as a form of real estate equity and non-real estate equity and especially from African emerging market perspective.
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Newell, Graeme. "The changing real estate market transparency in the European real estate markets." Journal of Property Investment & Finance 34, no. 4 (July 4, 2016): 407–20. http://dx.doi.org/10.1108/jpif-07-2015-0053.
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Purpose – Real estate market transparency is an important factor in real estate investment and occupier decision making. The purpose of this paper is to assess real estate transparency over 2004-2014 to determine whether the European real estate markets have become more transparent in a regional and global context. Design/methodology/approach – Using the JLL real estate transparency index over 2004-2014, changes in real estate market transparency are assessed for 102 real estate markets. This JLL real estate market transparency index is also assessed against corruption levels and business competitiveness in these markets. Findings – Improvements in real estate transparency are clearly evident in many European real estate markets, with several of these European real estate markets seen to be the major improvers in transparency from a global real estate markets perspective. Practical implications – Institutional investors and occupiers see real estate market transparency as a key factor in their strategic real estate investment and occupancy decision making. By assessing changes in real estate transparency across 102 real estate markets, investors and occupiers are able to make more informed real estate investment decisions across the global real estate markets. In particular, this relates to both investors and occupiers being able to more fully understand the risk dimensions of their international real estate decisions. Originality/value – This paper is the first paper to assess the dynamics of real estate market transparency over 2004-2014, with a particular focus on the 33 European real estate markets in a global context to facilitate more informed real estate investment and occupancy decision making.
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Hin/David Ho, Kim, and Kwame Addae-Dapaah. "Real estate market cyclical dynamics." International Journal of Managerial Finance 10, no. 2 (April 1, 2014): 241–62. http://dx.doi.org/10.1108/ijmf-10-2013-0108.
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Purpose – The purpose of this paper is to help us understand the real estate cycle and offers an analysis using a vector auto regression (VAR) model. The authors study the key international cities of Hong Kong, Kuala Lumpur and Singapore. The authors find four key outcomes. One, the real estate cycle is generally different from the underlying business cycle in local markets for the cities studies. Two, the real estate cycle is more exaggerated in the construction and development areas than in rents and vacancies. Three, the vacancy cycle tends to lead the rental cycle. And four, new construction completions tend to peak when vacancy is also peaking. The authors believe that future research should try to help understand the linkages that drive these outcomes. For example, are rigidities in the local permit and construction markets responsible for the link between construction peaks and vacancy peaks? Design/methodology/approach – Real estate market cyclical dynamics and its estimation via VAR model offers an insightful set of practical and empirical models. It affirms a comprehensive theoretical underpinning for analysing the prime office and residential sectors of the capitol cities of Kuala Lumpur, Singapore and Hong Kong in the fast developing Asia region. Its unrestricted form also provides an effective and insightful way of modelling real estate market cyclical dynamics utilising only real estate market indicators, furnished by real estate market data providers. Findings – The office rental VAR model for Singapore (SOR), KL (KOR) and HK (HOR) show good fits. In the HOR model, rents and vacancies are negatively signed and significant for certain lagged relationships with other variables and with rents themselves. The office CV VAR model for Singapore (SOCV), KL (KOCV) and HK (HOCV) show good fits. In the HOCV model, capital values (CVs) and initial yields are negatively signed and significant for certain lagged relationships with other variables and with CVs themselves. Impulse response functions specified for seven years to mirror a medium-term real estate market cycle “die out” to zero for the stationary VAR models that are estimated for the endogenous variables. The accumulated responses asymptote to some non-zero constant. Practical implications – The VAR model offers a complete and meaningful dynamic system of solely real estate variables for international real estate investors and policy makers in decision making. Its unrestricted form offers an effective and insightful way of modelling real estate market cyclical dynamics utilising only real estate market indicators, which can be reliably provided by a dedicated real estate information and consultancy provider of international standing. Originality/value – The theoretical model offers a complete dynamic model system of the real estate space market, comprising a unique system of six linked equations that denote the relationship among supply, demand, construction, vacancy and rent over time, inclusive of price response slopes and lags. The VAR model enables the investigation of the effect of the lagged values of all the variables concerned. It also enables the explicit and rigorous quantitative forecasts of say rents and CVs when the rest of the variable can be forecasted beforehand.
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Prudnikov, I. A., and A. M. Rotar. "Improvment the competitiveness of the real estate agency services: 5 basic principles." Entrepreneur’s Guide 13, no. 1 (February 21, 2020): 175–83. http://dx.doi.org/10.24182/2073-9885-2020-13-1-175-183.
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In the context of transformation of the service sector, many statements have already been made that the market of real estate services is waiting for an imminent demise and oblivion. However, the European and American market with its «saturation» of the market shows the opposite, the market of real estate services is also transformed and varies depending on the needs of customers. If initially real estate services operated on the principle of «buy-sell», now real estate agencies can help in renting an apartment, organize cleaning of real estate, provide services for maintenance of premises, etc. The market forces many service industries to change and the market poses new challenges to its participants. The article analyzes the current state of Affairs of real estate business, as well as practical examples of its development.
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Agboola, Alirat Olayinka, Oluwasola Rebecca Jasper, and Amamata Larai Zakari. "Is the real estate profession under threat? Assessing the effect of the involvement of non-professionals in Nigeria real estate agency service provision." Property Management 39, no. 4 (March 16, 2021): 509–26. http://dx.doi.org/10.1108/pm-02-2020-0013.
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PurposeThis paper examines the effects of non-professionals' involvements in real estate service provision on real estate agency practice in Ibadan Nigeria, in order to provide information that could enhance real estate agency practice in the country.Design/methodology/approachData were gathered through questionnaire administration on a total sample of 232 respondents comprising 82 estate surveyors and valuers, 100 non-professional estate agents and 25 real estate agency service consumers each from the respective clients of the two groups. A respondent-driven sampling (RDS) technique was adopted for data collection and was particularly useful in accessing non-professionals with characteristically less identifiable organizational structure. Data were analysed using mean scores on a Likert type scale while Spearman rank correlation was used to compare and establish if significant differences exist between the perceptions of clients of professionals and non-professionals on the services provided.FindingsThis study revealed that while the involvement of non-professionals in real estate agency practice deprives professionals of opportunities for legitimate earnings and is attributed to incidences of fraudulent transactions in the market, non-professionals often also serve as facilitators of transactions for the professionals. Hence, there seems to be a symbiotic relationship between the two groups and also a tacit validation of the involvement of the former by the latter.Originality/valueThis work contributes to and extends the body of knowledge on non-professionals' involvement in real estate professional practice by providing insights into the effects of activities of individuals who are not members of the real estate profession on real estate agency professional practice, particularly in the context of an emergent and less transparent market.
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Čirjevskis, Andrejs. "Value Maximizing Decisions in the Real Estate Market: Real Options Valuation Approach." Journal of Risk and Financial Management 14, no. 6 (June 19, 2021): 278. http://dx.doi.org/10.3390/jrfm14060278.
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The real estate market of EU countries has undergone a severe global financial crisis 2008–2009, recovered successfully later, and now experiencing significant uncertainty due to the COVID-19 pandemic event. Significant volatility of the real estate business is once again evident, just as it was following the global financial crisis. The paper aims to provide a case study of a real estate project by giving insight into the Latvian real estate project that had been experiencing similar economic uncertainty, to demonstrate hybrid real options valuation (ROV) method to adapt real estate investments to changing circumstances and to develop the decision-making solution to similar EU real estate problems during the pandemic. The paper provides the “step-by-step” ROV application’s methodology in real estate development projects. The presented methodology is a powerful managerial risk management tool for the executives of similar real estate development projects in the EU countries struggling to make investment decisions in the pandemic and post-pandemic period. Since any estimation includes assumptions, ROV results should be interpreted and perceived as approximations only. The future works can provide robust ROV analyses and interpretations regarding the demand for real estate, showing quantitatively how competition can impact strategic investment decisions.
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Elmetwaly, Hassan M. M. "Information System Analysis and Building for Integrated Real Estate Business Management in Real Estate Market." American Journal of Economics and Business Administration 3, no. 2 (February 1, 2011): 416–19. http://dx.doi.org/10.3844/ajebasp.2011.416.419.
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Hương, Pham Thanh. "Management Accounting in Pricing Decisions for Real Estate of Real Estate Enterprises in Vietnam." Accounting and Finance Research 7, no. 4 (September 7, 2018): 35. http://dx.doi.org/10.5430/afr.v7n4p35.
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In Real Estate Enterprises (REEs), managers always have to make decisions while running their business in various forms. Among the manager’s decisions on real estate business, the pricing decision for real estate is one of the difficult decisions for managers in the REEs. Pricing decisions for real estate are often strategic decisions, which play an important role for the existence and development of REEs. Thus, enterprise managers often consider this to be the most important task for its historical mission and decisive factor of other tasks. This paper focuses on analyzing and evaluating the actual situation of Vietnam’s REEs in making pricing decisions for real estate, then proposing some recommendations for improving the information system and pricing decisions for real estate making process for creating the highest economic efficiency for the REEs in the current market conditions.
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Jeon, Changu, and Hyangmi Choi. "A Study of the Relationship between Corporate Governance and Non-business Real Estate." Korean Journal of Financial Studies 50, no. 3 (June 30, 2021): 279–313. http://dx.doi.org/10.26845/kjfs.2021.06.50.3.279.
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Corporate non-business real estate can be used for the private benefits of controlling shareholders, but is also likely to enhance shareholder wealth. This study explores the impact of corporate governance to address this contradiction, particularly the ownership-control disparity on non-business real estate. We further examine the moderating effect of foreign blockholders on the relationship, then conduct additional analyses on the relationship between non-business real estate and firm value. The results are as follows. First, the disparity has a consistently positive relationship with non-business real estate, which implies that corporate non-business real estate can be utilized for expropriation for the benefit of controlling shareholders. Second, the relationship between the disparity and non-business real estate is mitigated by foreign blockholders. Third, we find that non-business real estate has a negative relationship with firm value. This result implicates the inefficiency of non-business real estate and the possibility of agency problem. Forth, investment in non-business real estate is likely to decrease firm value, compared with investment in core business. This study revisits and extends corporate governance research in terms of non-business real estate by identifying the presence of agency problems and monitoring effects of outside blockholders.
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Munoz Cabanes, Alberto, Alfonso Herrero de Egana, and Arturo Romero. "Real option analysis. The viability of real estate projects." Investment Management and Financial Innovations 17, no. 4 (December 8, 2020): 271–84. http://dx.doi.org/10.21511/imfi.17(4).2020.24.
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Traditional methods used for real estate project valuation, such as the static Net Present Value, have some limitations, as these methods do not consider the possibility of a change in the initial conditions of the project or during its development. On the other hand, the real options approach allows for flexibility in evaluating a real estate project, improving the decision-making process as it helps identify the optimal strategy and timing for the construction phases. The paper deals with evaluating an actual real estate project in La Rioja (Spain) using different options to estimate its final Net Present Value. The results show that the real estate project would be profitable under several scenarios, although the valuations can vary significantly among the different types of options. This is because some options add more value to the project than others, depending on their cost and the uncertainty they eliminate. In contrast, the results obtained using the traditional static method would have led a real estate developer to discard the project completely, as its Net Present Value would have been negative. This confirms that the introduction of flexibility in real estate developments creates additional value by allowing developers and investors to dynamically react to changes in the market, thus making better investment decisions and finding real estate investment opportunities that otherwise would not be considered at all.
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Edward Graham, John, Craig Galbraith, and Curt Stiles. "Real estate ownership and closely-held firm value." Journal of Property Investment & Finance 32, no. 3 (April 1, 2014): 229–43. http://dx.doi.org/10.1108/jpif-07-2013-0045.
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Purpose – The authors aim to measure the value of leasing, versus owning, business locations for the closely-held firm. Design/methodology/approach – The authors examine the sales transactions of small businesses in the USA – those with revenues of less than $20 million per year – between 1995 and 2010. The authors contrast the values of firms that own, and do not own, their real estate. Findings – In general, the authors find negative relationships between closely-held firm values and real estate ownership. Nowhere did the authors observe firm value being enhanced by property ownership. Research limitations/implications – The data set may be limited by the accuracy of the data provided by business brokers. Compared to the capital markets, the small business “exchange” is less efficient, but it is the only source of unlisted business sales data. Practical implications – The findings are important to the small-business broker and the investor. The broker might better advise the buyer and seller with the findings. Business owners, private equity investors, and their advisors, are all reminded to focus on the core business strategy and avoid getting “locked into” real estate ownership in a business investment. Originality/value – The impact of real estate on the valuations of closely-held firms is a largely unexamined area. And there is a lack of consistency on publicly-held company valuations as a function of real estate ownership; these public company findings and the dearth of work on the privately-held company's real estate attract the attention in this study.
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Zemlyanskiy, O. A. "Analysis of the real estate market for business activities." Vestnik Universiteta, no. 5 (July 6, 2021): 60–68. http://dx.doi.org/10.26425/1816-4277-2021-5-60-68.
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Effective business activities conducting in the real estate market is impossible without an objective analysis of the real estate market, its individual segments, comparing the possibilities and efficiency of doing business in different market segments. Based on the generalization of various methods, the author proposes an analysis of the real estate market to determine the possibility of effective business activity, including setting goals for the analysis of the real estate market and its individual segments, determining the subject, conditions and opportunities for entrepreneurial activity in the real estate market, analysing the market in accordance with the factors of market analysis, its characteristics and identification of the most attractive market segments and areas of activity in order to achieve these goals. The analysis of the real estate market determines the opportunities, conditions and prospects of presence on the market for various companies and types of business related to the creation and sale of real estate objects, as well as credit and financial, legal, insurance, valuation, commercial and other types of business.
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Lee, Stephen, and Giacomo Morri. "Real estate fund active management." Journal of Property Investment & Finance 33, no. 6 (September 7, 2015): 494–516. http://dx.doi.org/10.1108/jpif-06-2014-0043.
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Purpose – The purpose of this paper is to analyse the performance of UK property funds using the dual sources of active management, Active Share and tracking error, to distinguish between the types of active management styles used by funds. Design/methodology/approach – The authors use data on 38 UK real estate funds and classify them into five active management categories using the dual sources of active management, Active Share and tracking error. Then, the authors compare their return performance against Active Share, tracking error, fund size and leverage. Therefore the paper is able to answer two of the fundamental questions of investment: does active management add value and what form of active management, stock selection or factor risk, is better at adding value to the fund? Findings – There are three main conclusions. First, the approach of Cremers and Petajisto (2009) and Petajisto (2010) is able to classify real estate funds in the UK on their management activity into categories that makes intuitive sense and seem stable over time. Second, balanced funds show relatively low Active Shares and particularly low tracking errors, due to the benefits of property-type diversification. In contrast, specialists funds display higher Active Shares and both low and high tracking errors depending on their stock-picking approach; diversified or concentrated. Third, an analysis over different time periods confirmed that funds in the sample essentially remained in the same categories within the sample period, even during markedly different market return periods. This implies that investors need to constantly monitor changes in the market and switch between fund management styles, if at all possible. Research limitations/implications – The analysis was only based on 38 funds with complete data over the sample period and the relationship between fees and active management was not examined, even though ultimately investors are concerned with returns after management fee. It would be instructive therefore if the number of funds and time period was expanded to see if the results are robust and to see whether management fees outweigh the benefits of active manager. Practical implications – The findings should enable investors to make a more informed investment decisions in the future. Originality/value – To the best of the author’s knowledge this is the first paper to apply the dual sources of active management, Active Share and tracking error, in the UK real estate market.
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Froland, Charles, Robert Gorlow, and Richard Sampson. "The market risk of real estate." Journal of Portfolio Management 12, no. 3 (April 30, 1986): 12–19. http://dx.doi.org/10.3905/jpm.1986.409064.
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Corcoran, Patrick J. "Explaining the commercial real estate market." Journal of Portfolio Management 13, no. 3 (April 30, 1987): 15–21. http://dx.doi.org/10.3905/jpm.1987.409105.
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Belniak, Stanislaw, and Arthur Schwartz. "The Nascent Polish Real Estate Market." Journal of Real Estate Literature 8, no. 1 (January 1, 2000): 19–33. http://dx.doi.org/10.1080/10835547.2000.12090088.
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Ke, Qiulin, and Karen Sieracki. "Market maturity: China commercial real estate market." Journal of Property Investment & Finance 33, no. 1 (February 2, 2015): 4–18. http://dx.doi.org/10.1108/jpif-08-2013-0047.
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Purpose – The purpose of this paper is to explore the evolutionary path to market maturity that China property market has taken over the last few decades. The focus is on the commercial real estate markets in Beijing and Shanghai. It will help international investors understand the market environment, risk and market activity process. Design/methodology/approach – In this research, the authors apply the market maturity framework and its key determinants based on previous work undertaken by Keogh and D’Arcy (1994) and Chin et al. (2006) for the analysis of Chinese commercial property market. Particular focus is on Beijing and Shanghai. The questionnaire is designed to obtain fair and objective views from international property consultancy firms active in Beijing and Shanghai markets. There are not many of these international property consultancies. The reason why this type of business was selected was to insure that the business had an understanding of China’s place in the global commercial real estate market as this market matures from its emerging market status. Findings – The findings reveal that the respondents felt the commercial property markets in Shanghai and Beijing were now moderately mature. However, issues such as poorer level of standard market information, development instability, low transparency of the legal system, high taxes and high government invention still existed in China’s commercial property market, therefore hindering its progress towards greater market maturity. Research limitations/implications – The small same size of the survey is the major limitation of the research. Practical implications – International investors and analysts can benefit from the research findings through a better understanding of the behaviour and trends in this unique market which will be reflected in their decision-making process. Originality/value – An explorative approach was used due to the lack of data to examine the perception of China’s commercial property market’s evolution and maturity. The findings can then be placed in the context of other Southeast Asian cities. The evolutionary process of China’s property market is rarely examined in previous studies of China property market due to the lack of data and transparency.
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Haran, Martin, Michael McCord, Peadar Davis, John McCord, Colm Lauder, and Graeme Newell. "European emerging real estate markets." Journal of Property Investment & Finance 34, no. 1 (February 1, 2016): 27–50. http://dx.doi.org/10.1108/jpif-04-2015-0024.
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Purpose – The purpose of this paper is to improve the transparency of European emerging real estate market dynamics and performance attributes in the wake of the 2007-2008 global financial crisis (GFC). The paper examines the extent and nature of inter-relationships between three emerging real estate markets namely, the Czech Republic, Hungary and Poland as well as determining the rationale for including emerging real estate markets within a Pan-European investment portfolio. The paper affords a timely update following the reinstatement of lending provision for European emerging real estate investment markets in 2014. Design/methodology/approach – The paper employs lead-lag correlations and Grainger causality to examine inter and intra relationships across three emerging European real estate markets, namely the Czech Republic, Hungary and Poland over the period 2006-2014. Optimal portfolio analysis is undertaken to explore the role of emerging real estate markets within the confines of a multi-asset investment portfolio as well as a Pan-European real estate investment portfolio. Findings – The findings demonstrate the opportunities afforded by the European emerging real estate markets in terms of both performance enhancement and risk diversification. Significantly, the findings highlight the lack of “uniformity” across the European emerging markets in terms of their investment potential, with Grainger causality confirming that the real estate markets in the Czech Republic, Hungary and Poland are not endogenous functions of one-another’s performance. Practical implications – This paper makes a considered contribution to the analytical interpretation of European emerging property market performance across the real estate cycle. The research demonstrates that the real estate markets in the Czech Republic, Hungary and Poland exhibit specific investment characteristics which differentiate them from the more developed real estate markets across Europe. Indeed emerging markets have the propensity to serve as both a risk diversifier as well as performance enhancer within the confines of a pan-European real estate investment portfolio. However, as the research clearly articulates, intricate understanding of the attributes afforded by the different emerging markets as well as the divergence in sectoral dynamics/performance is integral to portfolio allocation strategies. Originality/value – Robust academic research on Europe’s emerging real estate markets has been hampered by deficiencies in data provision. This study makes an innovative and timely contribution to redressing the research vacuum through delineated examination of the performance dynamics of three markets namely, the Czech Republic, Hungary and Poland, across the real estate cycle. The role and function of emerging markets is depicted within the confines of a Pan-European direct real estate investment portfolio at the all property level and in terms of sectoral specific allocations comprising retail, office and industrial. The explicit added value of the paper is the propensity to bench-mark the performance of emerging markets real estate markets on a like-for-like basis with developed real estate markets across Europe facilitating the exploration of the role and function of emerging real estate markets within a Pan-European investment context.
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Schulte, Karl‐Werner, Nico Rottke, and Christoph Pitschke. "Transparency in the German real estate market." Journal of Property Investment & Finance 23, no. 1 (February 1, 2005): 90–108. http://dx.doi.org/10.1108/14635780510575111.
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PurposeGerman real estate markets used to show little transparency in the past. This has changed over the last 15 years. The purpose of this study therefore is to examine the current state of transparency.Design/methodology/approachThe study investigates and discusses the concept of transparency in general, availability of private and public market data, major real estate investment products, performance measurement, changes in the regulatory environment and the emergence of organizations and publications. The findings of this study are obtained in a comparative manner: The transparency status of the 1990s in the different areas researched is compared to the current German and other international standards. The authors describe the relatively opaque German real estate market as it was at the beginning of the 1990s and show how it has improved to date.FindingsThe results show that transparency in the German real estate market has noticeably improved in all researched areas. But still, compared with the USA or the UK, the German real estate industry and real estate market still lack transparency and are characterized by information asymmetries and opaqueness.Originality/valueThe results indicate that the German real estate market and industry become more mature and bit by bit converge with their US and UK archetype.
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Zhai, Ge. "The Impact of the Agency Role-Based Model on Decision Making in Real Estate Development Projects." Frontiers Research of Architecture and Engineering 3, no. 3 (December 14, 2020): 1. http://dx.doi.org/10.30564/frae.v3i3.2305.
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The professionalism of real estate development makes the decision-making environment of development relatively complicated. Building the decision model can help investors make reasonable decisions in real estate development. This paper analyses the construction project of Berlin Brandenburg Airport by using the agency role-based model of real estate development proposed by Adams & Tiesdell. The research found that the existing research is looking for different objective factors from real estate development cases, without analysing the influence of actors involved in the development process on the entire real estate development decision. In the process of real estate development, not only the changes in the market environment should be considered, but also the influence of different roles on decision-making in the development process. The conclusion of this paper provides a useful supplement to the real estate development model and proposes specific improvement measures.
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Raslanas, Saulius. "PECULIARITIES OF PUBLIC REGULATION OF REAL ESTATE AGENT'S ACTIVITIES." Technological and Economic Development of Economy 11, no. 3 (September 30, 2005): 206–11. http://dx.doi.org/10.3846/13928619.2005.9637700.
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Recently a demand for professional real estate agents has increased in the market. The present paper includes a research into the real estate related activity of the USA and Lithuania carried out in accordance with the chosen criteria. According to real estate agency service quality research in the USA the most important factor is agents professionalism. This thesis places a major emphasis on the activity and structure of real estate agents, law on licence issue as well as advantages and disadvantages; it also presents proposals on improvement and development of real estate agents activity. Real estate licencing is necessary in order to raise the level of professionalism and qualification of real estate agents in Lithuania, to adjust relationship between property owners and middlemen, as well as to increase the level of confidence among real estate agents.
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Krulický, Tomáš, and Jakub Horák. "Real estate as an investment asset." SHS Web of Conferences 61 (2019): 01011. http://dx.doi.org/10.1051/shsconf/20196101011.
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The present text focuses on perceiving real estate property as an investment asset that generates a certain amount of revenue to its owner, assuming expected risk and the expected level of liquidity. The first step is to determine the open market value of the selected property, which represent the expected expenses of the investment costs incurred (taking into account other acquisition costs), then we determine the open market rent value, which is the expected return on the selected property, then identify possible business risk associated with the commercial use of real estate and finally, the liquidity of the entire investment is estimated. In conclusion, methods for evaluating investments are applied to assess the realization of the investment – acquisition of the selected real estate for commercial purposes, the estimated return time and the percentage of the return on investment is calculated of the paper.
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Śmietana, Katarzyna. "Diversification Principles Of Real Estate Portfolios." Real Estate Management and Valuation 22, no. 1 (March 1, 2014): 51–57. http://dx.doi.org/10.2478/remav-2014-0007.
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Abstract Diversifying an investment portfolio through the diversification of assets, which is accompanied by the dispersion of risk, is aimed at achieving an appropriate balance between the expected return and an acceptable level of investment risk. While considering the specificity of various forms of investing in property, the level of the liquidity risk of property assets and the risk of financial instruments in the real estate market, as well as the volume of the capital involved and the regional differentiation of its allocation, this paper intends to present the possible ways of diversifying the portfolio, including sectoral and geographical diversification on the assumption that investments are concentrated in metropolitan areas. The identification of investment portfolio diversification principles, including liquid assets and the real estate market, embraces this perspective on the conditions of the functioning of EU REITs, whose business goal is to manage professionally diversified real estate portfolios
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Muczyński, Andrzej. "An Integrated Approach to Real Estate (Porfolio) Management." Real Estate Management and Valuation 23, no. 2 (June 1, 2015): 5–16. http://dx.doi.org/10.1515/remav-2015-0011.
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Abstract Real estate management activities evolved with the development of the real estate industry, the needs of property investors and general changes in the market environment. Today, these activities require a comprehensive approach on the one hand, but on the other, are more and more specialized. The paper presents an integrated view of real estate management on the example of a multidimensional basic concept of real estate management developed under German market conditions. Detailed analysis of this concept was preceded by a review of approaches to real estate management made on the basis of literature and own research. It was on this basis that opportunities and application fields of the integrated model of real estate management in Polish market conditions were characterized. The presented concept can be used both as a raster to harmonize real estate management activities and tasks in business practice, as well as a classification scheme for the evaluation of scientific research. This concept is an important step on the way to structuring and organizing real estate management as a professional service according to the indications of management science.
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Gleißner, Werner, and Cay Oertel. "Conceptual framework for real estate transactions." Journal of Property Investment & Finance 38, no. 3 (March 21, 2020): 245–62. http://dx.doi.org/10.1108/jpif-01-2020-0014.
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PurposeThe purpose of this paper is the development for a conceptual framework with regard to the risk management of real estate positions as foundation for transaction decisions. In this context, the current market environment and legal obligations are the main drivers for market participants to improve their risk management practices. Based on this environment, a practical but science backed model is outlined.Design/methodology/approachThe paper uses a conceptual approach based on the existing literature to develop a practical decision support system. In addition, the current risk management best practices are outlined to illustrate the corporate and methodological foundation for the decision support system.FindingsThe conceptual model development reveals a clear necessity for the supplementation of price to value measures. Additional measures are derived from theoretic considerations based on Monte Carlo Simulation approaches to the risk management of property investments. These additional risk metrics support investors in order make risk-appropriate decisions.Practical implicationsThe resulting decision support system can be applied to the risk management of transaction decisions. Here, the model can be applied in any investment decision to support portfolio management considerations from a comprehensive risk management perspective. Investors can implement the system as part of their transaction procedure.Originality/valueThe existing body of literature mainly focuses on macroeconomic ratios in the context of decision support. In contrast, the present paper reveals a corporate decision support system, which is supposed to foster decisions of market agents especially with regard to potential price and value divergences and tightening legal obligations.
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Chiacchierini, Claudio, Angelo Di Gregorio, and Martina Gurioli. "Are social network useful for the real estate market? A case study of an italian real estate agency." ESPERIENZE D'IMPRESA, no. 2 (June 2019): 5–15. http://dx.doi.org/10.3280/ei2017-002001.
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Zhu, Xiao Yan. "Design and Implementation of Real Estate Sales System Based on B/S." Advanced Materials Research 989-994 (July 2014): 5361–63. http://dx.doi.org/10.4028/www.scientific.net/amr.989-994.5361.
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As the housing system reform and the rapid development of real estate sales business, people put forward higher requirements on housing sales management. In the modern information society, people who buy houses just want to get the real estate sales and selling information as soon as possible. Real estate sales agent needs to communicate with buyers quickly. Real estate sales information management system is different from general management Information System in theory and real practice, which attach more information to the timeliness of issued information.With the development of our society and the increasing competition, real estate businessman pay more and more attention to information technology, and more real estate developers realize the importance of improving efficiency, decreasing cost and expanding business through information technology. Therefore, to develop a real estate sales system suiting the current market, and to solve problems that they meet in the housing market have practical significance.
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Ekemode, Benjamin Gbolahan, and Abel Olaleye. "Convergence between direct and indirect real estate investments." Journal of Financial Management of Property and Construction 21, no. 3 (November 7, 2016): 212–30. http://dx.doi.org/10.1108/jfmpc-12-2015-0040.
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Purpose This paper aimed to examine the return/risk performance of direct and indirect real estate (listed property stock) in the Nigerian real estate market and analyzed the short-term integration between the two classes of real estate assets. It also established whether investors could achieve diversification benefits by combining both assets in a portfolio. Design/methodology/approach The data utilized comprised annual returns on direct real estate calculated from the rental and capital values of 226 direct commercial properties obtained from property valuers in Lagos, Nigeria, for a period of January 1999-December 2014. The appraisal-based direct real estate returns were de-smoothed using the Geltner (1993) procedure. The annual returns of indirect real estate were also computed from the transactions of listed property stock on the Nigerian Stock Exchange for the study period. The return-risk profiles were also broken down into short- and medium-term sub-periods, comprising 3, 5, 8 and 12 years to reflect the level of volatility in the market, whereas the nature of the short-term relationship between the two real estate assets classes was tested using Granger causality technique. Findings The results revealed that listed property stock performed better than unsmoothed direct real estate on a risk-adjusted performance basis. The performance profile, however, varies over the different sub-periods considered. Short-term integration analysis showed that there was no bidirectional relationship between direct and listed property stock, implying diversification and risk reduction possibilities in combining both assets with other asset classes in a domestic asset portfolio. Overall, the results confirm the findings of previous study that listed property stocks return is segmented from the direct real estate market upon which its pricing and trading in the stock market are based. Practical implications The conclusion of the study suggests that investors could achieve improved performance by investing in listed property stocks than direct real estate in the Nigerian real estate market. The inclusion of both assets in a domestic mixed-asset portfolio could also be expected to offer diversification and risk reduction benefits. Originality/value This is one of the few studies that examine the short-run integration between direct real estate and listed property stocks with a focus on an emerging African market.
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Lin, Yi Yong, and You Song Wang. "Study on Business Integration Strategy for Real Estate Development." Advanced Materials Research 838-841 (November 2013): 3135–41. http://dx.doi.org/10.4028/www.scientific.net/amr.838-841.3135.
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Based on the features of the real estate industry, a cost model was established for analyze integration strategies. The analysis results show that a real estate enterprise should give a priority to integration of the business activities, of which the costs themselves are not large but which will greatly influence the whole project and other development business activities; and that the integration in a real estate enterprise is influenced by the product optimization degree, the business management capacity, and the degree of market competition. The integration in the real estate industry is influenced by the product optimization degree and the business management capacity, but it has nothing to do with the degree of market competition.
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Sivitanides, Petros S., Raymond G. Torto, and William C. Wheaton. "Real Estate Market Fundamentals and Asset Pricing." Journal of Portfolio Management 29, no. 5 (January 31, 2003): 45–53. http://dx.doi.org/10.3905/jpm.2003.319905.
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GATZLAFF, DEAN, and DOĞAN TIRTIROĞLU. "Real Estate Market Efficiency: Issues and Evidence." Journal of Real Estate Literature 3, no. 2 (January 1, 1995): 157–89. http://dx.doi.org/10.1080/10835547.1995.12090046.
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Sadayuki, Taisuke, Kei Harano, and Fukuju Yamazaki. "Market transparency and international real estate investment." Journal of Property Investment & Finance 37, no. 5 (August 5, 2019): 503–18. http://dx.doi.org/10.1108/jpif-04-2019-0043.
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Purpose The purpose of this paper is to provide new empirical evidence on the important role of market transparency in international real estate investment. Design/methodology/approach The authors apply the augmented panel regression method (or the correlated random effects approach) by using national panel data from 44 countries from 2004 to 2016. Findings Countries with better accessibility to market information and higher enforceability of regulations have less information asymmetry and attract more inward real estate investment. In contrast, the accounting quality of corporate governance is negatively correlated with investment, indicating the possibility that foreign investors enjoy high excess returns by investing in real estate in countries with poor accounting quality. Practical implications Countries lacking market transparency can increase inward investments by providing richer market information to foreign investors and by boosting enforceability of regulation to mitigate the uncertainty of returns on investment. Investors and public sectors in countries facing a saturated real estate market may expand investment by investigating less-explored markets and by seeking bilateral negotiations to secure higher predictability of return on investment in targeted countries. Originality/value The authors utilize updated multiple transparency indices instead of a conventional aggregate index to examine how the investment is attributed to different aspects of market transparency and employ the augmented panel regression method for investigation of the intra- and international determinants of the investment.
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Lux, Nicole, and Alex Moss. "Liquidity in global real estate securities markets." Journal of Property Investment & Finance 34, no. 4 (July 4, 2016): 321–46. http://dx.doi.org/10.1108/jpif-11-2015-0078.
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Purpose – The purpose of this paper is to test the relationship between liquidity in listed real estate markets, company size and geography during different market cycles, specifically pre-crisis (2002-2006) and post-crisis (2010-2014). Further, the study analyses the impact of stock liquidity on stock performance. In a previous study the authors examined the impact of liquidity on the valuation of European real estate shares. The result showed that there is a strong relationship between liquidity, valuation and market capitalisation post the Global Financial Crisis. Design/methodology/approach – The paper studies the linkages between regional market liquidity and company size for 60 listed real estate companies globally and determines the key drivers of company stock market liquidity pre- and post-crisis as well as the impact on stock performance. Analysis of variance is used to test cross-sectional independence in market liquidity combined with the Tukey’s post hoc test. The selected test indicators of liquidity to capture market depth and market tightness are daily stock turnover as percentage of market capitalisation and daily bid-ask spreads. Findings – Findings confirm previous studies that market liquidity factors are correlated globally over time indicating markets interdependence. However, sample groups by company size and geography form independent samples with different sample means, thus specific liquidity levels in each market may be different. First, stock turnover levels have not recovered post-crisis to pre-crisis levels in the majority of markets while spreads have continued moving downward to nearly insignificant levels in line with the rest of the equity market. Second, with regards to stock performance, the European bias previously detected is not apparent in the USA, and there is no evidence of the small cap vs large cap effect of small companies achieving superior returns, although smaller companies have outperformed in Europe and Asia in each of the last three years (2012-2014). Practical implications – The key implication is that although spread levels for smaller companies are higher, implying a slight risk premium when investing in small companies, this did not manifest into consistent superior stock market returns in the periods studied. In a mature market such as the USA or UK, liquidity levels in terms of stock turnover are higher and spreads are lower thus reducing trading costs, making them more attractive for investors. Originality/value – This research brings together previous analysis on stock market liquidity and stock performance on a global market level. It further tests the dependence of market liquidity on two key indicators, namely, geography and company size and analyses market changes with respect to liquidity pre- and post-crisis.
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Gharahighehi, Alireza, Konstantinos Pliakos, and Celine Vens. "Recommender Systems in the Real Estate Market—A Survey." Applied Sciences 11, no. 16 (August 16, 2021): 7502. http://dx.doi.org/10.3390/app11167502.
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The shift to e-commerce has changed many business areas. Real estate is one of the applications that has been affected by this modern technological wave. Recommender systems are intelligent models that assist users of real estate platforms in finding the best possible properties that fulfill their needs. However, the recommendation task is substantially more challenging in the real estate domain due to the many domain-specific limitations that impair typical recommender systems. For instance, real estate recommender systems usually face the clod-start problem where there are no historical logs for new users or new items, and the recommender system should provide recommendations for these new entities. Therefore, the recommender systems in the real estate market are different and substantially less studied than in other domains. In this article, we aim at providing a comprehensive and systematic literature review on applications of recommender systems in the real estate market. We evaluate a set of research articles (13 journal and 13 conference papers) which represent the majority of research and commercial solutions proposed in the field of real estate recommender systems. These papers have been reviewed and categorized based on their methodological approaches, the main challenges that they addressed, and their evaluation procedures. Based on these categorizations, we outlined some possible directions for future research.
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Hamilton, Thomas. "Real estate market dynamics during capital market imbalances." Journal of Property Investment & Finance 29, no. 4/5 (July 12, 2011): 359–71. http://dx.doi.org/10.1108/14635781111150295.
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Ruscheinsky, Jessica Roxanne, Marcel Lang, and Wolfgang Schäfers. "Real estate media sentiment through textual analysis." Journal of Property Investment & Finance 36, no. 5 (August 6, 2018): 410–28. http://dx.doi.org/10.1108/jpif-07-2017-0050.
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Purpose The purpose of this paper is to determine systematically the broader relationship between news media sentiment, extracted through textual analysis of articles published by leading US newspapers, and the securitized real estate market. Design/methodology/approach The methodology is divided into two stages. First, roughly 125,000 US newspaper article headlines from Bloomberg, The Financial Times, Forbes and The Wall Street Journal are investigated with a dictionary-based approach, and different measures of sentiment are created. Second, a vector autoregressive framework is used to analyse the relationship between media-expressed sentiment and REIT market movements over the period 2005–2015. Findings The empirical results provide significant evidence for a leading relationship between media sentiment and future REIT market movements. Furthermore, applying the dictionary-based approach for textual analysis, the results exhibit that a domain-specific dictionary is superior to a general dictionary. In addition, better results are achieved by a sentiment measure incorporating both positive and negative sentiment, rather than just one polarity. Practical implications In connection with fundamentals of the REIT market, these findings can be utilised to further improve the understanding of securitized real estate market movements and investment decisions. Furthermore, this paper highlights the importance of paying attention to new media and digitalization. The results are robust for different REIT sectors and when conventional control variables are considered. Originality/value This paper demonstrates for the first time, that textual analysis is able to capture media sentiment from news relevant to the US securitized real estate market. Furthermore, the broad collection of newspaper articles from four different sources is unique.
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Singla, Harish Kumar. "Does family ownership affect the profitability of construction and real estate firms? Evidence from India." Journal of Financial Management of Property and Construction 25, no. 1 (January 8, 2020): 107–24. http://dx.doi.org/10.1108/jfmpc-08-2019-0067.
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Purpose The study aims to find if family-owned construction and real estate firms in India are more profitable compared to non-family-owned construction and real estate firms. The study also examines if family ownership and institutional ownership are drivers of the firm profitability. Design/methodology/approach The study uses data of 199 construction and real estate firms listed on the National Stock Exchange (NSE), India. The data pertains to a period of 13 years (2006-2018). The family firm is defined on the basis on ownership criteria, and the sample is divided into two groups, namely, family firms and non-family firms. The data is analyzed using a two-sample t-test assuming unequal variance and Prais–Winsten panel regression using correlated panels with corrected standard errors (PCSEs) procedure. Findings The findings suggest that family-owned construction and real estate firms are slightly more profitable compared to non-family-owned construction and real estate firms; however, family firms command lesser valuation in the market. The reason for this lower valuation is the mismatch between family holding and institutional holding. A family firm’s profitability is primarily driven by institutional holding that acts as mitigation against the agency conflict. Originality/value The paper is the first attempt to analyze the profitability of construction and real estate family firms, and compare it with non-family-owned construction and real estate firms.
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Liow, Kim Hiang. "Linkages between cross-country business cycles, cross-country stock market cycles and cross-country real estate market cycles." Journal of European Real Estate Research 9, no. 2 (August 1, 2016): 123–46. http://dx.doi.org/10.1108/jerer-05-2015-0024.
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Purpose This research aims to investigate whether and to what extent the co-movements of cross-country business cycles, cross-country stock market cycles and cross-country real estate market cycles are linked across G7 from February 1990 to June 2014. Design/methodology/approach The empirical approaches include correlation analysis on Hodrick–Prescott (HP) cycles, HP cycle return spillovers effects using Diebold and Yilmaz’s (2012) spillover index methodology, as well as Croux et al.’s (2001) dynamic correlation and cohesion methodology. Findings There are fairly strong cycle-return spillover effects between the cross-country business cycles, cross-country stock market cycles and cross-country real estate market cycles. The interactions among the cross-country business cycles, cross-country stock market cycles and cross-country real estate market cycles in G7 are less positively pronounced or exhibit counter-cyclical behavior at the traditional business cycle (medium-term) frequency band when “pure” stock market cycles are considered. Research limitations/implications The research is subject to the usual limitations concerning empirical research. Practical implications This study finds that real estate is an important factor in influencing the degree and behavior of the relationship between cross-country business cycles and cross-country stock market cycles in G7. It provides important empirical insights for portfolio investors to understand and forecast the differential benefits and pitfalls of portfolio diversification in the long-, medium- and short-cycle horizons, as well as for research studying the linkages between the real economy and financial sectors. Originality/value In adding to the existing body of knowledge concerning economic globalization and financial market interdependence, this study evaluates the linkages between business cycles, stock market cycles and public real estate market cycles cross G7 and adds to the academic real estate literature. Because public real estate market is a subset of stock market, our approach is to use an original stock market index, as well as a “pure” stock market index (with the influence of real estate market removed) to offer additional empirical insights from two key complementary perspectives.
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Stamsø, Mary Ann. "Selling a house and the decision to use a real estate broker in Norway." Property Management 33, no. 2 (April 20, 2015): 173–86. http://dx.doi.org/10.1108/pm-01-2014-0006.
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Purpose – The purpose of this paper is to examine the widespread of property sellers choosing to sell by themselves or through an estate agent, what characterises them and the reason for their choice. In addition the paper contains comparisons of the gap between sales price and asking price between the sales methods and satisfaction with the sales process. This study is the first study of these phenomena carried out in Norway. Design/methodology/approach – The data used for this study was obtained from a national survey including 1,649 house sellers. A logistic regression analysis is used to analyse the impact of household’s characteristics on the sales method. Findings – The main findings of this study are that 83 per cent of the house sellers used an estate agent through the whole sales process and differences in the choices are related to urbanisation, age and education. The most important reason for preferring a real estate broker is that doing the sale on your own is considered too much work. Conversely, the most important reason for doing the sale on your own is that estate agents are too expensive. Those selling without an estate agent were more satisfied and the gap between sales price and asking price was smaller than for those selling through a real estate broker. Originality/value – Issues concerning competition within the market for estate agents should be central topics for property management. Property sellers selling their property by themselves are an important contribution to increase the competition in the market for estate agents. This issue has not been on the agenda in Norway, or in Europe, in the same way as in the USA. This is probably due to the complexity in the legislation and strict laws within property sales in Central and Southern Europe. However, in Norway, UK and in the Nordic countries, the legal system is not complicated. It is rather the lockout of private individuals from the housing web sites and the fact that the property sellers are not familiar with this kind of transaction that has prevented property sellers to sell their house by themselves. Today Norway is one of few countries with a booming housing market, which also has increased the commission for estate agents. From 2010 private individuals got access to advertise their house on the housing web sites in Norway. These have influenced the focus on alternative sales methods.
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Collins, Dave, Antje Junghans, and Tore Haugen. "Green leasing in commercial real estate." Journal of Corporate Real Estate 20, no. 4 (November 12, 2018): 244–59. http://dx.doi.org/10.1108/jcre-01-2017-0003.
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Purpose This paper aims to investigate the drivers and barriers for green leases and tenancies in sustainable “Building Research Establishment Environmental Assessment Method” (BREEAM) and “Leadership in Energy and Environmental Design” (LEED) certified office and office buildings in Norway, the UK and the USA. This study focuses on the differing perspectives between owners and tenants. It is then considered as to how these issues are dealt with during different phases of a buildings life cycle. This research is based on existing literature and semi-structured interviews that studied qualitative and quantitative elements in the context of ownership and tenancy of single and multi-tenanted sustainable office buildings. Design/methodology/approach Using a mixed-method approach involving semi-structured interviews with both qualitative and quantitative elements along with desk research, this paper evaluates how green leases and tenancies in offices and office buildings that are BREEAM and LEED certified require a reconsideration and re-evaluation of the acquisition, operation and disposal of office buildings by building owners and their tenants. These stakeholder relationships are supported theoretically using a theoretical model that outlines the interrelation between the sustainable building and the relationships of the building owner, the user and the FM service provider. Findings The data gathered from the interviews justify and partly contradict some of the statements within existing literature, diminishing the importance of cost and the barrier of split incentive but instead illuminate the importance of less tangible considerations such as company policy or a sustainability strategy. The results also note the realisation of a changing market for commercial real estate driven by the sustainable business needs of tenants for the occupation of workspaces. Research limitations/implications These findings have the potential to further develop theories and provide an insight into how the relationships between actors from a business, procurement and contractual perspective need to be developed to ensure more proactive development of green leasing of new and existing sustainable office buildings, along with where strategic attention is required during the building design, construction, operational and use phases. Originality/value This paper is based on original research through interviews and literature studies supported by an existing theoretical model. The results have been partly presented and initially discussed at the WBC World Congress 2016 in Tampere, Finland.
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Jalil Omar, Abdul, and Christopher A. Heywood. "Defining a corporate real estate management's (CREM) brand." Journal of Corporate Real Estate 16, no. 1 (April 1, 2014): 60–76. http://dx.doi.org/10.1108/jcre-10-2013-0031.
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Purpose – This paper aims to explore how branding theory can be used to understand corporate real estate management's (CREM's) relationships with its customers. Specifically, the perspectives of CREM executives and customers are used to develop a statement of a CREM brand. Design/methodology/approach – A multiple case study approach from four industry sections that consist of telecommunications, logistic, retail, and education from an emerging real estate market (Malaysia) and a mature real estate market (Australia). CREM executives and CREM customers from each case were interviewed to obtain information on CREM within organisations. Findings – The findings indicate that CREM supports the business by managing organisations' strategic real estate resources as its brand. CREM executives focus more on the technicality of real estate functions, while CREM customers expect corporate real estate (CRE) to support their business functions. Research limitations/implications – A CREM brand is important to CREM relationship building with the targeted customers. Successful brand development is able to increase CREM visibility to customers and at the same time gain appreciation of its contributions to the organisations. Originality/value – This is the first study that investigates CREM from a branding perspective. The mechanism for communicating CREM contributions using branding helps to increase acceptance from the customers.
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Adnan Diwan, Sinan. "Proposed study on evaluating and forecasting the resident property value based on specific determinants by case base reasoning and artificial neural network approach." Indonesian Journal of Electrical Engineering and Computer Science 17, no. 3 (March 1, 2020): 1467. http://dx.doi.org/10.11591/ijeecs.v17.i3.pp1467-1473.
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<p>Real estate forecasting has become an integral part of the larger process of business planning and strategic management in real estate sector. This study covers residential estate markets and concentrates on property types, while previous studies that have considered country wide house price indices. There is a gap identified in the literature which need to study correlations between property types within a region or a city and whether they will provide diversification benefits for real estate investors such as risk reduction per unit of returns. This aim of the paper is to propose and develop a computer assisted real estate property price forecasting model. This proposed framework will examine the current uses of artificial intelligence, particularly combining case base reasoning and artificial neural network, in the business-forecasting field and considers suitable applications in real estate. The methodology consists of five phases: 1) Data gathering b) Data cleaning c) ANN Training d) CBR (Case Base Reasoning) similarity retrieval e) Result retrieval. This research will investigate the influence of residential real estate property characteristics on property values (prices) in global context, it revealed a high positive linear correlation between property characteristics and the property market values; an indication that these characteristics reasonably predict property market values. The results of the study will enable Real Estate Professionals to make fair estimates of the market values of residential real estate properties given the features/characteristics of such housing units.</p>
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Natia Terterashvili, Natia Terterashvili. "Early effects of theCOVID_19 pandemic on the real estate market in Georgia." New Economist 16, no. 02 (August 20, 2021): 58–65. http://dx.doi.org/10.36962/nec6102202158.
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The article analyzes the early effects of the COVID_19 pandemic on the Georgian real estate market. There are studies examining the impact of health deterioration and pandemic shocks on housing markets. Based on the analysis of the economic consequences caused by similar events in the past and the tools of state regulation in a crisis situation, parallels are drawn with the modern Covid pandemic. In studying the crisis situation in the real estate market, we also rely on the experience of the global financial crisis of 2007-2008, which is most often associated with the current situation. The research is mainly based on the data of the Georgian Public Registry on the real estate market, which is updated by months. The article also discusses the role and importance of government decision-making in the development business, which has helped the real estate market to some extent. Crises are particularly damaging to the construction and real estate sectors, but we also expect that the real estate market will recover rapidly with the lifting of restrictions. This is based on the recent experience of Georgia, in particular, our simultaneous analysis of the results of the first wave of the COVID_19 pandemic. The situation was different during the crisis of 2007-2008, which was accompanied by war with Russia. Then the turn over of the construction sector decreased by 12% per year and it took about three years for the market to fully recover. At the same time, before 2008, the prices in the real estate market were very high, which confirmed the existence of a real estate "bubble". In modern conditions, it is difficult to talk about the existence of a "bubble", because before the pandemic real estate prices were balanced and stable. This fact allows for additional optimism. The paper summarizes the main findings, identifies all the challenges the market are facing and also provides relevant recommendations for market participants. Keywords: COVID_19 pandemic, Real Estate, Crisis, development business, State regulations.
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Dzikevičius, Audrius, Lukas Kazlauskas, and Šarūnas Bruzgė. "Evaluation of factors leading to formation of price-bubbles in the real estate market of Lithuania." Verslas: Teorija ir Praktika 16, no. 4 (December 7, 2015): 345–52. http://dx.doi.org/10.3846/btp.2015.544.
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Recently, real estate market has been discussed more frequently in the framework of economic analysis. The global economic crisis of 2008 has demonstrated the severity of financial shock that can be caused by inconsiderate investments in the real estate market. The present article analyses business cycles and the phenomenon of a price-bubble in that context. Drawing on the analysis of reference literature we identify the main reasons that can lead to fluctuations of prices in the real estate market. Finally, drawing on correlation and regression analysis we determine which factors have the strongest influence on the Lithuanian real estate market.
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Zhenyu, Su, and Paloma Taltavull. "International capital movement towards the Spanish real estate sector." Journal of Property Investment & Finance 38, no. 2 (December 13, 2020): 107–27. http://dx.doi.org/10.1108/jpif-05-2019-0067.
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Purpose The purpose of this paper is to examine the determinants that affect international capital flows (ICF) toward the Spanish real estate market over the period 1995 first quarter to 2017 fourth quarter. Design/methodology/approach VECM methodology is used to analyze time series and panel methods using pooled EGLS regression. Findings VECM parameter results for construction and real estate activities sectors, quickly suggesting a stable performance of capital flows toward Spanish real estate sector that the short-term fluctuation of foreign investment results contributes to the long-term equilibrium relatively soon. By applying the Monetary theory of Johnson, the model identifies a relevant role of M3 explaining capital flows to real estate, together with the lagged variables of construction and real estate activities capital flows, Spanish real interest rate and Spain’s economic growth rate; they are the significant determinants on capital movement to Spanish real estate sector. Interestingly, Spanish housing prices as an exogenous variable, directly, significantly and negatively affect real estate capital flows in all cases as a way to capture the assets price bubble. Practical implications Findings highlight reasons affecting capital flows to real estate and construction activities to Spanish sectors which allow capital Funds to take into account those drivers in their investment decisions. Originality/value This paper is the first attempt to analyze the determinants of ICF to Spanish real estate market; it has a significant meaning for both Spanish economy and international investors.
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Oladokun, Sunday Olarinre, and Job Taiwo Gbadegesin. "Adequacy of core knowledge and soft skills in the performance of professional employees of real estate firms in Nigeria." Property Management 35, no. 2 (April 18, 2017): 132–49. http://dx.doi.org/10.1108/pm-02-2016-0008.
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Purpose Real estate professionals are a vital resource to the property firms and the industry at large. Employees’ skills, knowledge and competence contribute in great measure to organization’s business performance. The purpose of this paper is to examine the adequacy of core knowledge and soft skills possessed by professional employees within the Nigerian real estate practicing firms. It also assesses the performance of the employees and establishes the correlation among the soft skills possessed by employees. Design/methodology/approach Data for this study were elicited through the administration of questionnaires on principal partners/branch managers (the employers) of the practicing estate surveying and valuation firms in Lagos metropolis. Data collected were analyzed using descriptive statistics, one-sample t-test and correlation analysis. Findings The result indicates that employees of estate firms in Nigeria demonstrate adequate knowledge in ten out of 21 core areas of real estate practice, while real estate agency has the highest mean, and inadequate knowledge in six others with least mean score in environmental impact assessment. The study also revealed that employees possess good listening and communication skills but are deficient in courteousness and writing skill, among others. It was also found that real estate employees were performing the best in inspection functions but below average in report writing and handling of transaction. The study also established a significant relationship among all the soft skills except communication skill and courteousness. Research limitations/implications Further study that looks at the performance of real estate graduates working in other sectors/organizations other than estate companies is required to establish their competence level in global employment market. Further study is also needed to cover the views of the employees in Nigerian market as this study focuses on the views of the employers. Originality/value This study provides an important feedback for the policy makers in the design/review of curriculum for real estate education towards enhancing employability of the graduates. This study also serves as the research blueprint in giving attention to assessment of soft skills among real estate employees in Nigerian real estate industry.
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Dong, Zhi, and Tien Foo Sing. "Developers’ heterogeneity and real estate development timing options." Journal of Property Investment & Finance 35, no. 5 (August 7, 2017): 472–88. http://dx.doi.org/10.1108/jpif-07-2016-0058.
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Purpose The purpose of this paper is to examine developers’ optimal development timing when developers are heterogeneous and have different marginal costs in a real estate development market. Design/methodology/approach This study uses a multiple-player game theoretic real option model and provides tractable results of asymmetric development strategies from a two-stochastic-variable model. Anecdotal evidence and market observations are presented. Findings Stronger developers (with low marginal costs) exercise real estate development options earlier than weaker developers (with high marginal costs). However, the interval time between developments by stronger and weaker developers decreases in rental volatilities. Real estate with a high positive externality are developed earlier than real estate with a low or negative externality. Practical implications Weaker and smaller developers are advised to undertake projects having positive externalities from vicinities. Government agencies are recommended to use tools of zoning and urban planning to prioritise developments introducing positive externalities and to facilitate the growth of weaker and smaller developers. This may subsequently help reduce incentive for land banking and oversupply in real estate space market. Originality/value This research is probably the first to explicitly incorporate developers’ heterogeneous strength in real estate development timing options with multiple developers in a competitive market. It sheds additional insights into the understanding of potential problems of development cascades, under the interactive effects between exogenous policy changes and endogenous response from asymmetric developers.
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Tajani, Francesco, Pierluigi Morano, and Klimis Ntalianis. "Automated valuation models for real estate portfolios." Journal of Property Investment & Finance 36, no. 4 (July 2, 2018): 324–47. http://dx.doi.org/10.1108/jpif-10-2017-0067.
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Purpose As regards the assessment of the market values of properties that compose real estate portfolios, the purpose of this paper is to propose and test an automated valuation model. In particular, the method defined allows for providing for objective, reliable and “quick” valuations of the assets in the phases of periodic reviews of the property values. Design/methodology/approach Aiming at both predictive and interpretative purposes, the method, based on multi-objective genetic algorithms to search those model expressions that simultaneously maximize the accuracy of the data and the parsimony of the mathematical functions, is applied to a sample data of office properties characterized by medium and large size, located in the city of Milan (Italy) and sold in the period between 2004 and 2015. Findings The model obtained could be an integration of the canonical methodologies (market approach, income approach, cost approach) implemented in the assessment of the market values of properties, so as to provide an additional tool to verify the results. In particular, the inclusion of economic variables in the model is consistent with the need to reiterate the valuations, contextualizing them to the locational characteristics and to the current property cycle phase in the specific area. Practical implications The model can be applied by all the operators involved in the periodic reviews of the values of property portfolios: from real estate funds’ insiders, in order to monitor the values obtained through the canonical approaches, to the public institutions, such as the revenue agencies, in order to ensure the fair payment of the taxes through the updating values of the properties according to the actual and current market trends. Originality/value The method proposed can be a valid support for all public and private entities that hold significant property assets and that, for various reasons (periodic reviews of the balance sheets, sales, enhancement, investment, etc.), require cyclical updated values of the properties. The automated valuation model developed can be used for the assessment of “comparison” values with the estimates values obtained by other assessment techniques, in order to ensure a further monitoring tool of the results from the subjects involved.
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Gholipour, Hassan F., Reza Tajaddini, and Thi Ngoc Tram Pham. "Real estate market transparency and default on mortgages." Research in International Business and Finance 53 (October 2020): 101202. http://dx.doi.org/10.1016/j.ribaf.2020.101202.
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Ionaşcu, Elena, and Ion Anghel. "Improvement of the real estate transparency through digitalisation." Proceedings of the International Conference on Business Excellence 14, no. 1 (July 1, 2020): 371–84. http://dx.doi.org/10.2478/picbe-2020-0036.
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AbstractTaking into account that the transparency is a quality of communication of sustainability information, as well as the role of digitalisation in ensuring the transparency, we proposed to study the perception of real estate entities related to promoting transparency in the relationship with stakeholders and the integration of information and communication technology in their business models. Applying a qualitative approach, we critically analysed the sustainability reports published by real estate companies from the EU, which represent important non-financial information sources for stakeholders. Transparency is mainly reflected in corporate governance, as real estate entities are increasingly concerned with maintaining open relationships with stakeholders and knowing their expectations to integrate them into the business strategy. We have noticed a broader approach of transparency in REIT entities and in reports that include an assurance statement. New digital technologies serve the purpose of improving transparency, which, although still poorly explored in real estate, offer new solutions to increase the efficiency and productivity of real estate activities. Property technology can improve real estate market transparency and liquidity, bringing lower transaction costs, which should positively impact the value of investment assets.