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1
Ma, Alyson, and Andrew Narwold. "Which Way is Up? Orientation and Residential Property Values." Journal of Sustainable Real Estate 11, no. 1 (January 2019): 40–59. http://dx.doi.org/10.22300/1949-8276.11.1.40.
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Builders have long been cognizant of the importance of the siting of a house on a lot, whether to shelter from prevailing weather, allow better access to natural light, gain a scenic view, or more recently for optimal capture of solar energy. Using 2016–2017 sales data for the County of San Diego, we examine the market valuation of house orientation. San Diego provides a good research area as the topography does not lend itself to a grid-like pattern for the street system. Orientation is divided into eight directions (south, southeast, east, . . .) and hedonic price equations are estimated. In addition, the analysis includes proximity to a cul-de-sac and street intersection as explanatory variables. The results suggest that house orientation is a significant factor in determining house valuation. Houses oriented directly on an east-west axis command a premium over houses oriented on a north-south axis. After correcting for spatial autocorrelation, neither cul-de-sac nor intersection locations are significant factors in determining housing prices. Moreover, a robustness check using a small sample of 241 transactions provides inclusive results regarding a premium for solar panel installation.
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Hsu, Kuo-Cheng. "House Prices in the Peripheries of Mass Rapid Transit Stations Using the Contingent Valuation Method." Sustainability 12, no. 20 (October 20, 2020): 8701. http://dx.doi.org/10.3390/su12208701.
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With the implementation of growth management planning in urban areas and the realization of sustainable development visions, transit-oriented development has become a form of mainstream urban development. Relevant studies have verified that the market prices of houses in the peripheries of public transit stations are higher than those of regular houses. However, when buying a house, people make price decisions on the basis of their levels of identification with the amenities and environmental qualities of residential locations. The question arises whether current housing price levels in the peripheries of public transit stations properly reflect or over-reflect this consideration. To clarify this, this study selected the peripheries of mass rapid transit (MRT) stations in the Taipei metropolitan area in Taiwan as the research area and designed a willingness-to-pay questionnaire for houses in the peripheries of MRT stations by using the contingent valuation method. Subsequently, a Tobit regression model was established to estimate the prices that people are willing to pay for such houses. The results revealed that after the respondents had considered the advantages and disadvantages of the amenities and environmental qualities of the peripheries of MRT stations, they were willing to pay higher prices for a house in those areas than for a regular house. For houses in the peripheries of elevated stations, the respondents were willing to pay approximately 7.89% more than the average market price of the entire administrative district per square meter. For houses in the peripheries of underground stations, the respondents were willing to pay approximately 5.9% more than the average market price of the entire administrative district per square meter. However, in the peripheries of both elevated and underground stations, the current market house prices are higher than the price levels the respondents were willing to pay. In the peripheries of elevated stations, the market house prices are 33.55% higher, and those in the peripheries of underground stations are 14.82% higher than what the respondents were willing to pay.
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Susanto, Sofian Arif, and Njo Anastasia. "Herding Behavior and Decision-Making within the Middle – Class Residential Property Investments." Jurnal Akuntansi dan Keuangan 21, no. 2 (November 4, 2019): 90–100. http://dx.doi.org/10.9744/jak.21.2.90-100.
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The main purpose of this study is to investigate the causality of the behavioral bias ‘herding’ that was traced down to both social and normative influences. An experimental method was developed to test 125 participants studying finance. The experiment provides a total of 6 houses in which the participants were instructed to appraise to a value that meets their willingness to purchase. The subjects were treated with social and normative influences and their valuation shifts were observed. In total, three valuations were recorded, labeled ‘initial’, ‘social’, and ‘normative’ valuations respectively. Our findings showed that the undergraduates were susceptible to both social and normative influences. However, further analysis showed that some external factors had a role in causing the herding behavior.
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Hussain, Touseef, Jaffar Abbas, Zou Wei, and Mohammad Nurunnabi. "The Effect of Sustainable Urban Planning and Slum Disamenity on The Value of Neighboring Residential Property: Application of The Hedonic Pricing Model in Rent Price Appraisal." Sustainability 11, no. 4 (February 21, 2019): 1144. http://dx.doi.org/10.3390/su11041144.
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This study is the first to perform a focalized analysis on city development, sustainable urban planning, and the negative impact of slum area disamenity on property valuation in suburban and posh areas of the Islamabad region, Pakistan. Slums exist in almost every country in the world. However, in the process of urbanization and city development, researchers have focused merely on the crumbled infrastructure, crimes, and other social problems associated with slums. Studies have covered the adverse effects of these factors on property value, although this unmatched study is the first to examine the negative impact of slum proximity on the valuation of properties in the surrounding areas and on the rental value of houses located in Islamabad. The survey method is applied to obtain feedback from inhabitants, and the study incorporated the hedonic price model to assess rental values within a range of one kilometer from selected slum areas. The findings revealed that slum neighborhoods negatively impact sustainable house rental values, as compared with the rental values of houses located far away. Rents became higher as the distance from the slums increased. The results showed that having slums in the vicinity caused a decline of almost 10% in rent. However, the rental value of a similar house unit, located 500 meters away, was found to be almost 10% higher. In the semi-log model, house rental values increased by approximately 12.40% at a distance of one kilometer from slums, and vice versa. This study will use residents’ feedback to help government officials and policymakers to resolve slum issues, which is essential for maintaining sustainable development and adequate city planning. This study sample’s findings are not generalizable to all slums, as the results are specific to this region.
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Kajuth, Florian, Thomas A. Knetsch, and Nicolas Pinkwart. "Assessing house prices in Germany: evidence from a regional data set." Journal of European Real Estate Research 9, no. 3 (November 7, 2016): 286–307. http://dx.doi.org/10.1108/jerer-03-2016-0017.
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Purpose With a view to the unconventional monetary policy measures implemented in the euro area in recent years, this study aims to investigate whether the recent house price increases in Germany are signals of an incipient overheating of the German housing market. Design/methodology/approach This paper presents a valuation measure for residential property based on a large and exhaustive regional panel data set for Germany. The fitted house prices from a panel regression at the district level, taking into account spatial spillovers, are taken as a measure of the fundamental equilibrium house prices, which can be aggregated for various regional subsets. Findings The estimation results suggest that apartment prices over the past years substantially exceeded the fundamental price suggested by the model, in particular in the big cities. Single-family houses appear to be markedly overvalued mainly in the cities. The low level of interest rates in recent years appears to have contributed to the emergence of misalignments. Originality/value Exploiting the variation across local housing markets, the estimation approach provides value-add for the estimation of house price valuation results in various regional subsets, as conventional time-series approaches to valuing property are subject to severe data limitations in the case of Germany.
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Kurvinen, Antti Tapio, and Tanja Tyvimaa. "The impact of senior house developments on surrounding residential property values." Property Management 34, no. 5 (October 17, 2016): 415–33. http://dx.doi.org/10.1108/pm-11-2015-0059.
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Purpose Even as many countries are facing changes in demographic profile and new types of senior housing developments are becoming more important, there is limited evidence for the development impact of a senior house on surrounding residential property values. The purpose of this paper is to address the void in knowledge, investigating the impact of senior house developments on apartment values in Tampere, Finland. Design/methodology/approach To specify valuation effects of proximate senior house development projects, advanced research design combining propensity score matching procedure and hedonic pricing models is used. Findings The results show that a senior house development has a significant positive impact on proximate residential property values within a 500 metre radius. The impact is found to be the highest in underdeveloped neighbourhoods. Nevertheless, in neighbourhoods where property values and demand for housing units are higher and senior house developments fall into the criteria of infill development, a premium is lower, but still statistically significant and notable in magnitude. Research limitations/implications This paper studies apartment values only in Tampere, Finland, and it is important to notice that local regulations and market conditions may have a notable impact on the outcomes from senior house developments. Originality/value This study is the first of its kind to address a number of empirical issues and provide with statistically significant evidence for positive impacts from senior house developments – encouraging investors and developers to build senior houses.
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Rapcevičienė, Daiva. "EVALUATION OF MULTI RESIDENTIAL HOUSE RENOVATION EFFICIENCY." Mokslas - Lietuvos ateitis 2, no. 2 (April 30, 2010): 83–89. http://dx.doi.org/10.3846/mla.2010.039.
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Analyzed multi residential house renovation investment projects efficiency evaluation methods: economic-social, and environmental, as well as key financial valuation methods: simple pay-back period, the energy cost savings, the net present value, internal rate of return. Building walls condition regenerative rate which is used to evaluate investments in energy-saving measures is also discussed. According to reconstruction investments of multi residential house, three government financing programs of multi residential house are evaluated and selected the most effective program by comparing financial valuation methods taking and without taking into account building walls condition regenerative rate.
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JUODAGALVIENĖ, Birutė, Zenonas TURSKIS, Jonas ŠAPARAUSKAS, and Audronė ENDRIUKAITYTĖ. "INTEGRATED MULTI-CRITERIA EVALUATION OF HOUSE’S PLAN SHAPE BASED ON THE EDAS AND SWARA METHODS." Engineering Structures and Technologies 9, no. 3 (October 1, 2017): 117–25. http://dx.doi.org/10.3846/2029882x.2017.1347528.
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With this article we strive to create a theoretical valuation model based on multiple criteria mathematical methods by selecting a basic shape of single-family residential house‘s plan. Most of the researches and analysis discuss the interfaces of architectural shapes of the buildings with sustainability only in the buildings with unique design. Meanwhile, the model comprising a selection of a basic shape of the singlefamily house was not implemented. Our study evaluated the individual parameters associated with selection of the house shape: compactness, safety, material input, variability of premises and spaces. The SWARA (Step-Wise Weight Assessment Ratio Analysis) method is applied in the calculation of the relative importance of the criteria and the EDAS (The Method of Evaluation Based on Distance from Average Solution) method was used to prioritize the alternatives.
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Poudyal, Neelam C., Donald G. Hodges, John Fenderson, and Ward Tarkington. "Realizing the Economic Value of a Forested Landscape in a Viewshed." Southern Journal of Applied Forestry 34, no. 2 (May 1, 2010): 72–78. http://dx.doi.org/10.1093/sjaf/34.2.72.
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Abstract Existing literature on nonmarket valuation indicates an ambiguous value of the view of a forest due largely to the fact that these studies relied on inappropriate proxies or poor measures of forest view. The current study attempts to fill this gap by using GIS to measure the actual forest area that is visible from a house and then using a hedonic regression model to examine how its value is reflected in residential housing price. A spatial hedonic model of residential housing price was applied to housing sales data in a forested landscape located in the southeastern portion of Cheatham County and the adjacent Scottsboro-Bells Bend area of Davidson County, near Nashville, Tennessee. Results indicate that increasing the size of forest area visible from a house by 1 ac increased the house price by $30. The findings imply that residents place a significant value on and likely pay a price premium to preserve the view of a forest. Findings from this study could be useful in evaluating viewshed protection policies as a hedge against development pressures that threaten the forested landscapes and in designing market protocols for scenic view as an ecosystem service.
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Munshifwa, Ephraim K. "An Investigation Into the Use of “Hybrid” Adjustment Techniques in the Application of the Sales Comparison Method in Residential Valuation." Real Estate Management and Valuation 29, no. 1 (March 1, 2021): 1–11. http://dx.doi.org/10.2478/remav-2021-0001.
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Abstract The sales comparison is the most common and universally accepted method in valuation. Although the theoretical entry point of the method is the same across most continents, its application in practice is varied and often determined by local circumstances. This often necessitates the modification of the method. For instance, while Zambian valuation practice uses this method in residential valuation, its application goes beyond the basic valuation model, incorporating a less known technique called the “reduced floor area (RFA)” technique. The RFA technique is a form of relative importance (weight) concept which assesses ancillary buildings on site relative to the main use; for residential properties this is the main house on site. Despite its obscurity in valuation literature, practitioners find its use acceptable within the dictates of local circumstances. Nonetheless, the lack of documentation means knowledge on the technique is transmitted verbally from senior valuers to graduates, and its application is not consistent across the profession, contributing to variances in the assessed values. This necessitates detailed scrutiny of the technique. Data for the study was collected from the Valuation Surveyors Registration Board (VSRB), a statutory body responsible for licensing valuers and regulating valuation practice. This is the first time the RFA technique is being discussed in a scholarly article.
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Baronin, Sergey, and Kirill Kulakov. "Residential property ownership valuation and cost management based on energy efficiency measures." E3S Web of Conferences 217 (2020): 07005. http://dx.doi.org/10.1051/e3sconf/202021707005.
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The aim of the research is to work out theoretical provisions to model processes of estimating and managing costs of owning residential realty on the basis of measures aimed at increasing energy efficiency. The existing Russian and foreign experience in the field of investigated topic is provided. The proprietary methodology for calculating the cost of owning residential realty and managing it in accordance with actual expenditures for the purposes of their minimizing is described. The methodology was tested on a single apartment, a section of residential building and a whole apartment house in the city of Penza, pertaining to certain homeowners. The structure of expenditures of an owner was analyzed on the basis of Pareto chart and ABC-analysis; indicators of ownership within yearly, monthly and daily cycles for the period from 2014 to 2019 were calculated. The effect of owning residential real estate in the context of its secondary sale was demonstrated. The measure consists in using the innovative heating boiler ATP-TermaRON within the limits of, first, a single apartment, second, a cluster-system of homeowners living in one section of a building, and, third, a whole apartment house. Some basic conclusions on the problematics under consideration were made and certain recommendations were given.
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Raslanas, Saulius, and Laura Tupenaite. "PECULIARITIES OF PRIVATE HOUSES VALUATION BY SALES COMPARISON APPROACH." Technological and Economic Development of Economy 11, no. 4 (December 31, 2005): 233–41. http://dx.doi.org/10.3846/13928619.2005.9637703.
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Sales comparison approach is the most often used approach in private houses valuation practice. This article discusses cases of sales comparison approach method application; its methodology as well as key factors to be considered in objective private houses valuation. Furthermore problem of not sufficient comparative sales prices in neighborhood is discussed emphasizing on its influence to appraised object value reliability. In order to avoid incorrect valuation basing on experience of the USA and other foreign countries some proposals for Lithuanian valuation methodology were given: to establish an exact number of comparative objects, to distinguish the key factors to be considered in every special private houses valuation case and to establish variance limits between appraised object value and comparative sales prices. In order to guarantee real estate market transparency professional appraisals organizations must be established to be responsible for real estate market research as well as analysis data and sales prices official announcements and other information spread tasks.
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Ciarlone, Alessio. "House price cycles in emerging economies." Studies in Economics and Finance 32, no. 1 (March 2, 2015): 17–52. http://dx.doi.org/10.1108/sef-11-2013-0170.
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Purpose – This paper aims to investigate the characteristics of house price dynamics for a sample of 16 emerging economies from Asia and Central and Eastern Europe over the period of 1995-2011. Design/methodology/approach – Linking housing valuations to a set of conventional fundamental determinants – relative to both the supply and the demand side of the market, institutional factors and other asset prices – and modelling short-term price dynamics – which reflect gradual adjustment to underlying fundamentals –conclusions about the existence and the basic nature of house price overvaluation (undervaluation) are drawn. Findings – Overall, it was found that actual house prices in the sample of emerging economies are not overly disconnected from fundamentals. Rather, they tend to reflect a somewhat slow adjustment to shocks to the latter. Moreover, the evidence that housing valuations may be driven by overly optimistic (or pessimistic) expectations is, in general, weak. Research limitations/implications – Residential property prices used in the empirical analysis have many limitations: while some series are derived using a hedonic pricing method, others are based on floor area prices collected by national authorities; while some countries publish house prices in national currency per-square metre (or per apartment or per dwelling), others calculate an index number scaled to some base year; while some countries publish statistics for the whole national territory, others produce data only for the capital city or for the largest cities in the country; data from national sources refer to different types of residential property; finally, available time series are relatively short, which may adversely affect the robustness of estimation results. Practical implications – The decomposition suggested in the paper has important implications: it would be paramount, in fact, for policymakers to implement market-specific diagnoses, and to find the right policy instruments that can ideally distinguish between the two underlying components driving house price short-run dynamics. Originality/value – There is a very small body of empirical literature on housing market developments in emerging economies, especially if focussed on the comparisons between the actual dynamics of housing valuations and the equilibrium ones.
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Petersen, M. A., J. Mukuddem-Petersen, B. De Waal, M. C. Senosi, and S. Thomas. "Profit and Risk under Subprime Mortgage Securitization." Discrete Dynamics in Nature and Society 2011 (2011): 1–64. http://dx.doi.org/10.1155/2011/849342.
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We investigate the securitization of subprime residential mortgage loans into structured products such as subprime residential mortgage-backed securities (RMBSs) and collateralized debt obligations (CDOs). Our deliberations focus on profit and risk in a discrete-time framework as they are related to RMBSs and RMBS CDOs. In this regard, profit is known to be an important indicator of financial health. With regard to risk, we discuss credit (including counterparty and default), market (including interest rate, price, and liquidity), operational (including house appraisal, valuation, and compensation), tranching (including maturity mismatch and synthetic) and systemic (including maturity transformation) risks. Also, we consider certain aspects of Basel regulation when securitization is taken into account. The main hypothesis of this paper is that the SMC was mainly caused by the intricacy and design of subprime mortgage securitization that led to information (asymmetry, contagion, inefficiency, and loss) problems, valuation opaqueness and ineffective risk mitigation. The aforementioned hypothesis is verified in a theoretical- and numerical-quantitative context and is illustrated via several examples.
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Joshua Adegoke, Oluseyi. "Critical factors determining rental value of residential property in Ibadan metropolis, Nigeria." Property Management 32, no. 3 (June 10, 2014): 224–40. http://dx.doi.org/10.1108/pm-05-2013-0033.
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Purpose – This paper adds to the emerging knowledge base in the Nigeria and is of relevance to all residential property stakeholders. A number of empirical studies have demonstrated that several factors influence residential property values. However, there is a paucity of empirical research on critical factors influencing rental value of residential property in Nigeria. The purpose of this paper is to serve to address this gap by examining critical factors influencing rental value of residential property in the three densities area of Ibadan metropolis, Nigeria. Design/methodology/approach – The study used random sampling to select 624 residential properties out of 3,120 residential properties in the portfolio of 52 Estate Surveying and Valuation firms located within Ibadan metropolis, Nigeria. Data collected were analysed using a hedonic pricing specification. Findings – The results show that different critical factors influences rental values of different types of building in different residential densities. Number of bathroom (NOB), number of living room (NOL) and existence of burglar alarm (EOBA) were critical to bungalow in the whole area of Ibadan while number of toilet (NOT) was critical to duplex. In low-density area; residential location and EOBA have a significant positive impact on rental value of bungalow while NOT, NOBs (NOR), NOL and EOBA have a significant positive impact on detached house. However, it was NOR and EOBA that were critical in the medium density to bungalow. Practical implications – The study concluded that each of the residential densities is homogenous and, therefore, every residential property stakeholders should recognise the importance of each factor on rental values so that their valuation estimates will be useful and reliable. Originality/value – The study is one of the few attempts at examining factors affecting residential property value. This paper examined critical factors influencing rental value of residential property in the three densities area of Ibadan metropolis, Nigeria.
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Kušar, Domen, and Mateja Volgemut. "Construction of Residental Buildings on Columns as an Alternative to Construction in Areas Exposed to Floods." YBL Journal of Built Environment 2, no. 2 (December 1, 2014): 50–64. http://dx.doi.org/10.1515/jbe-2014-0010.
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Abstract Floods that have in recent years become a constant in developed areas are raising the issue of how to adapt to nature when constructing housing. The construction of retarding basins and high dikes are the most frequently used alternatives of protecting the urban environment. Such a practice is most commonly found in Europe where it however, has unfortunately shown itself on several times, not to be the most effective. People from North America who live in areas often affected by floods, build their housing on columns. In Slovenia, not much thought is given to this, which is probably the result of the traditional mentality that promotes the building of massive residential houses and the issue of structural engineering that involves the so-called soft ground floor. New materials and new structural principles make construction on columns possible, which has been proven by the example of the residential building on low bearing soil in the seismic and flood risk area of the Ljubljana Marshes.
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Dale-Johnson, David, M. Chapman Findlay, Arthur L. Schwartz, and Stephen D. Kapplin. "Valuation and Efficiency in the Market for Creatively Financed Houses." Real Estate Economics 13, no. 4 (December 1985): 388–403. http://dx.doi.org/10.1111/1540-6229.00361.
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White, Michael, and Dimitrios Papastamos. "An analysis of regional house prices in Greece." Journal of European Real Estate Research 11, no. 3 (November 5, 2018): 335–52. http://dx.doi.org/10.1108/jerer-07-2018-0033.
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Purpose This paper aims to examine the housing market in Greece after the Global Financial Crisis focussing on regional analysis and urban markets in Athens and Thessaloniki. Design/methodology/approach The paper uses a data set of over 70,750 property values from 2007 until 2014 incorporating characteristics variables upon which hedonic models are estimated. These form the bases for calculating value indices for mix adjusted houses/apartments by year and region. The indices are used in a panel model in which regional and economic variables are included as independent variables. Using advances in dynamic panel data modelling, a bias-corrected least squares dummy variable corrected (LSDVC) model is applied. Findings Results indicate the importance of macroeconomic variables in terms of the role of disposable income and significantly different regional effects. Examining the major urban markets, results indicate significant differences in the response of house values to exogenous demand side influences, consistent with the finding of significant regional differences in the LSDVC. Research limitations/implications While data on valuations are used that may contain smoothing, the data set covers a large sample of residential properties. As regional economic differences are significant and persistent, housing markets will also behave differently, and hence national policies, unless targeted, will have regionally differentiated effects. Practical implications Regional heterogeneity needs to be considered in model estimation. Social implications Policymakers should consider regional differences to improve policy effectiveness. Originality/value This is the first paper to use a large sample of residential properties in Greece and apply the LSDVC model to overcome estimation biases.
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Endel, Stanislav, Marek Teichmann, and Dagmar Kutá. "Possibilities of House Valuation Automation in the Czech Republic." Sustainability 12, no. 18 (September 20, 2020): 7774. http://dx.doi.org/10.3390/su12187774.
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Valuation of single-family detached houses is necessary when determining the amounts of some taxes. The current systems of the Czech Republic are outdated in this respect, and they are based on procedures used in the 1980s. The values found do not correspond to current market conditions very often. This article attempts to verify the applicability of a methodology where the value of a detached house is decomposed into the value of the land and the value of the object as such when considering wear. For verification, 122 sales of detached houses in Ostrava and its surroundings were analyzed, and the results show that the values determined by the verified methodology do not differ by more than 10% from the actual sales prices in most cases. The methodology is very simple and practically applicable for users without deep knowledge of construction or valuation principles. It can be applied, for example, when calculating the bases of certain taxes or as an indicative guide for the pricing of real estate for sellers, buyers, real estate agents, etc.
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Machin, Stephen. "Houses and schools: Valuation of school quality through the housing market." Labour Economics 18, no. 6 (December 2011): 723–29. http://dx.doi.org/10.1016/j.labeco.2011.05.005.
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Pasra, Mubassirang, Muhammad Isran Ramli, and Dimas Endrayana Dharmowijoyo. "Car Ownership of Households in Sub-Urban Area in Makassar City." MATEC Web of Conferences 203 (2018): 05005. http://dx.doi.org/10.1051/matecconf/201820305005.
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The present study aims to grasp the car ownership characteristics of households in the sub-urban area in Makassar City, Indonesia. The study considers some exogenous characteristics of the households, such house types, family size, income, motorcycle ownership, trip number, and worker number. To construct the relationship between those characteristics and the car ownership, we applied the multinomial logit model approach. This study surveyed seven residential areas in the sub-urban area of the city. The survey conducted an interviewing method using a questionnaire sheet. The survey respondents as representative of the households, which selected randomly from the residential areas. The results show that the goodness of fit of the car ownership model is acceptable enough. Further, all of the exogenous variables significantly influence the households in car ownership. We expected that the results provide a basis for further studies such time valuation of car riders, mode choice model of the households, etc.
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Anisa, Nur, and Eni Heldayani. "The Transformation of Kampung Arab Al-Munawarah Becomes a Tourism Object." Sumatra Journal of Disaster, Geography and Geography Education 1, no. 2 (December 12, 2017): 155. http://dx.doi.org/10.24036/sjdgge.v1i2.103.
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The objective of this research is to identify the impact of transformation of Kampung Arab Al-Munawar Palembang into a tourism object. The writer uses the qualitative and descriptive method in this research. The data collected through survey method is by interviewing samples selected randomly to observe the effects of transformation and development experienced by development of Kampung Al-Munawar both socio-cultural and economic aspect of the community. The results of this research shows that the transformation of Kampung Al-Munawar has a positive effect on physical form of dwelling, economic, and social cultural aspects of the community. The forms of residental houses are going to be more beautiful and well maintained. The economy seems to be more always, with the appearance of several new ventures of community. Community became more consistent to maintain the customs and habits of Kampung Al-Munawarin in order not to be contaminated with the habits of visitors. Culture of the community is growing and preserved so that it can be known by the domesticpublic and overseas.
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Tatsuki, Shigeo. "Optimal Life Recovery Assistance for Those Who Are Residing in Designated Temporary Housing in Widely Dispersed Locations: Interim Findings on Different Household Groups and on Life Recovery Promotion Parameters." Journal of Disaster Research 10, no. 5 (October 1, 2015): 939–47. http://dx.doi.org/10.20965/jdr.2015.p0939.
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Most persons whose houses were destroyed in the 2011 Tohoku-Oki earthquake/tsunami disaster now reside in designated temporary housing (DTH). Unlike prefabricated temporary housing (PTH) occupants, DTH dwellers reside in widely dispersed locations. Japanese disaster research has mainly focused on life recovery assistance for PTH occupants who live in close proximity and not much is known about DHT residing “diaspora” survivors. This paper outlines a set of projects aimed at identifying 1) life recovery process characteristics among DTH occupants, 2) interrelationships between community rebuilding and individual life recovery processes of DTH dwellers, 3) connecting or reconnect such residents, and 4) managing individual life recovery by providing disaster case management services. We focused on interim findings about life recovery process studies based on ethnographic and community-based participatory research and implications regarding DTH residents’ valuations in terms of rank-ordering the seven critical elements (SCEs) for life recovery. We compare their situation to that of survivors of the 1995 Kobe earthquake.
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Andreou, Sofia. "Consumers’ valuation of academic and deprivation-compensating aspects of school performance in England." International Journal of Social Economics 45, no. 4 (April 9, 2018): 661–81. http://dx.doi.org/10.1108/ijse-03-2017-0062.
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Purpose The purpose of this paper is to investigate the willingness of households to pay for academic and deprivation-compensating components of the Contextual Value Added (CVA) indicator of school quality used in England in order to locate themselves in the catchment area of state schools. Deprivation-compensating school performance, defined as the difference in the disadvantaged intake between two schools with the same academic performance. Design/methodology/approach The empirical analysis, based on data drawn from three independent UK data sources, used parametric and non-parametric analysis approaches. The analysis conducted separately for primary and secondary schools, because household behaviour can differ between these two levels of education. Findings Consumers are willing to pay for houses in the catchment area of primary and secondary schools with high academic achievement, as measured by the mean score; whereas, the component of the CVA indicating deprivation-compensating aspects of school performance is found to have a positive effect only on the price of houses in the catchment area of primary schools in London; its impact on the price of houses elsewhere is mostly negative. Practical implications The analysis in this study suggested that the recently adopted practice of using CVA as a measure of school quality in England can encourage government and Local Authorities to pay more attention to raising the deprivation-compensating aspects of school performance of their schools. Originality/value This is the first study to explore the value which households attach to deprivation-compensating outcomes, at a given level of academic performance using the CVA indicator.
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Hong, Jengei, Heeyoul Choi, and Woo-sung Kim. "A HOUSE PRICE VALUATION BASED ON THE RANDOM FOREST APPROACH: THE MASS APPRAISAL OF RESIDENTIAL PROPERTY IN SOUTH KOREA." International Journal of Strategic Property Management 24, no. 3 (February 3, 2020): 140–52. http://dx.doi.org/10.3846/ijspm.2020.11544.
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Mass appraisal is the standardized procedure of valuing a large number of properties at the same time and is commonly used to compute real estate tax. While a hedonic pricing model based on the ordinary least squares (OLS) linear regression has been employed as the traditional method in this process, the stability and accuracy of the model remain questionable. This paper investigates the features of a house price predictor based on the Random Forest (RF) method by comparing it with that of a conventional hedonic pricing model. We used apartment transaction data from the period of 2006 to 2017 in the district of Gangnam, one of the most developed areas in South Korea. Using a data set covering 40% of all transactions in the sample area, we demonstrate that the accuracy of a machine learning-based predictor can be surprisingly high. The average of percentage deviations between the predicted and the actual market price was found to be only around 5.5% in the RF predictor, whereas it was almost 20% in the OLS-based predictor. With the RF predictor, the probability of the predicted price being within 5% of its actual market price was 72%, while only about 17.5% of the regression-based predictions fell within the same range. These results show that, in the practice of mass appraisal, the RF method may be a useful complement to the hedonic models, as it more adequately captures the complexity or non-linearity of actual housing markets.
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Chalhoub, Michel Soto. "Cultural heritage in sustainable development." Journal of Cultural Heritage Management and Sustainable Development 8, no. 1 (February 6, 2018): 30–46. http://dx.doi.org/10.1108/jchmsd-06-2017-0040.
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Purpose Preservation of historic structures meets ecological criteria of sustainable development. In Mount Lebanon, the traditional house is a cultural asset built of native stone one-meter thick double-wythe walls. Today, lack of public policies is causing those environmental assets to approach extinction. The paper aims to discuss this issue. Design/methodology/approach The methodology uses multivariate regression on 128 data points. A mathematical model is developed and empirically tested on public attitudes toward restoration. Independent variables represent the need for protectionist policies, X1; contribution of restoration to environmental sustainability, X2; contribution to culture, X3; and financial benefits, X4. Findings It is found that stone houses transfer heat significantly slower than modern construction. There is a statistically significant and positive correlation with X1, X2, and X3, but negative with X4, most likely due to favoring return on investment of multistory buildings over the attractiveness of stone houses. Research limitations/implications As future research implications, the undergirding of urban planning policies need to be revisited. Current policies neither protect heritage, nor offer legal means to restore heritage houses. Practical implications Practical implications include revisions to building laws in Mount Lebanon, as they marginalize old stone structures. Environmental valuation techniques, use value and existence value, are recommended. Social implications Social awareness needs to be built about valuation techniques to account for complex assets that cannot be approximated through short-term real estate market price. Social rather than financial cost-benefit analysis must be performed to quantify environmental assets. Originality/value This research illustrates a pilot restoration project with critical issues faced by heritage stone houses. These assets are underrepresented in building laws which warrants social and environmental activism.
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Jape, Smita. "Study and Analysis of Dividend Policies, Practice and Its Application in Mumbai based Corporate Houses." GIS Business 12, no. 3 (June 23, 2017): 1–16. http://dx.doi.org/10.26643/gis.v12i3.3354.
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In the present paper an attempt has been made to study dividend policy of Mumbai based companies of India. The study tries to assess the level of perceived awareness about models and use of dividends policies, analyses the factors affecting dividend distribution decisions and evaluates the impact of the same on the financial decision-making of companies. In addition the paper tries to understand the correlation between size of companies and distribution of dividend policies. The results of the research paper show that a majority of the fifty respondent Companies follow a policy of consistent dividend rate which is influenced by profit after tax, and finally the legal requirements. It is further observed that generous dividend or erratic divided policies are not popular choice among fifty respondent companies. The use of traditional method of dividend policies which suggests that market price increases with declaration of dividend is strong and dominant. Followed by the Modiglani Miller Method which indicates that dividend distribution has no impact on valuation. On the contrary it is found that Investment decisions influence share valuation. This is further followed by Walter Model where impact of dividend on share price depends on the IRR visa-a-vis cost of capital) and Gordon Method in which dividend policy has an impact on share valuation. Statistical tests such as Friedmans ANOVA test, Kruskal-Wallis ANOVA, and, Karl Pearsons Coefficient of Correlation analysis are used for analysis and the validity of the collected data is checked by using Cronbachs alpha.
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Kim, Sung Tak. "Valuation for a Preemptive Right on the Private House for Lease in Korea Using the Binomial Option Pricing Model." Journal of Derivatives and Quantitative Studies 16, no. 1 (May 31, 2008): 69–86. http://dx.doi.org/10.1108/jdqs-01-2008-b0004.
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This paper investigates the value for a preemptive right on the private houses for lease in Korea which were supplied at Pankyo and Heoungduk Area in February 2006 and May 2007. Using the price of the houses in the neighborhood area. Bundang and Youngtong as proxy variable, we estimated the value of a preemptive right based on the binomial option pricing model. Major results are summarized as follows: i. While a purchase of right for the case of Pankyo were profitable, the case of Heoungduk wasn't which was consistent with the historical competition results; ii. while the profitability for the Pankyo was stable across the variation of the parameters, Heoungduk was not. Finally, some policy implications and limitations of this paper were suggested.
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Mayer, Michael, Steven C. Bourassa, Martin Hoesli, and Donato Scognamiglio. "Estimation and updating methods for hedonic valuation." Journal of European Real Estate Research 12, no. 1 (May 7, 2019): 134–50. http://dx.doi.org/10.1108/jerer-08-2018-0035.
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Purpose The purpose of this paper is to investigate the accuracy and volatility of different methods for estimating and updating hedonic valuation models. Design/methodology/approach The authors apply six estimation methods (linear least squares, robust regression, mixed-effects regression, random forests, gradient boosting and neural networks) and two updating methods (moving and extending windows). They use a large and rich data set consisting of over 123,000 single-family houses sold in Switzerland between 2005 and 2017. Findings The gradient boosting method yields the greatest accuracy, while the robust method provides the least volatile predictions. There is a clear trade-off across methods depending on whether the goal is to improve accuracy or avoid volatility. The choice between moving and extending windows has only a modest effect on the results. Originality/value This paper compares a range of linear and machine learning techniques in the context of moving or extending window scenarios that are used in practice but which have not been considered in prior research. The techniques include robust regression, which has not previously been used in this context. The data updating allows for analysis of the volatility in addition to the accuracy of predictions. The results should prove useful in improving hedonic models used by property tax assessors, mortgage underwriters, valuation firms and regulatory authorities.
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Aliyev, Khatai, Mehin Amiraslanova, Nigar Bakirova, and Narmin Eynizada. "Determinants of housing prices in Baku: empirical analyses." International Journal of Housing Markets and Analysis 12, no. 2 (April 1, 2019): 281–97. http://dx.doi.org/10.1108/ijhma-08-2018-0062.
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Purpose This paper aims to reveal major factors affecting housing prices (flats and houses) in Baku, the capital of Azerbaijan Republic. Design/methodology/approach Based on cross-sectional data set of 497 flats and 443 houses, polynomial regression models are estimated for flats and houses separately. Regression models are estimated by using ordinary least squares. Findings Location, largeness, repair level and existence of bill of sale are major price determinants for flats. For houses, number of rooms also matters. Findings reveals that houses are land intensive (more floors, less land area) toward city center, and vice versa. Price difference due to existence of bill of sale diminishes significantly toward the surrounding areas. Research limitations/implications The data set represents view of sellers and does not take into consideration price bargaining in time of sale; probability of information asymmetries exists which not could accounted for, and urgency of sale is not considered. Practical implications Estimation results can be used for housing valuation by real estate market participants and investors. Social implications Research findings reveal importance of bill of sale as a major price determinant and expected to attract policymakers’ attention to solve such a big social problem. Additionally, models can be based for price estimations in Baku housing market. Originality/value The study contributes to the literature by empirically analyzing housing market in Baku, Azerbaijan. Research produces new practically valuable findings.
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Foryś, Iwona. "ASSESMENT OF SIMILARITY OF MULTIDIMENSIONAL FACILITIES IN VALUATION OF PROPERTIES DEVELOPED WITH SINGLE-FAMILY HOUSES." Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, no. 469 (2017): 60–68. http://dx.doi.org/10.15611/pn.2017.469.06.
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Raslanas, Saulius. "RESEARCH OF MARKET VALUE OF MULTISTORY HOUSING IN VILNIUS." Technological and Economic Development of Economy 10, no. 4 (December 31, 2004): 167–73. http://dx.doi.org/10.3846/13928619.2004.9637674.
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Over the recent years the market of multistory housing in Vilnius has developed intensively. For several years the VGTU Property Valuation Science Centre is doing the research into the market of multistory housing of Vilnius applying the regressive‐correlative analysis. The location (neighborhood), a house type, the year of construction and the condition of the flat have the biggest influence on flat pricing. During the analysis process of selling prices in separate neighborhoods of Vilnius similar results of variations in price curves are received. The dynamics of flat pricing in Vilnius over the last 7 years indicates the price cycle which lasted for 6 years ‐ from 1999 to 2004. During the first two years (till 2001) prices were decreasing. Later, the increase in pricing began and is lasting til now. During the year 2004 an average market value of 1 m2 of flats in residential zoning districts of Vilnius (2366 Lt) has risen by 28% in comparison to 2003 value (1705 Lt). This year the value reached the highest value level of the year 1999 and has exceeded it by 12%. If compared to the lowest value level in 2001, an average market value of 1 m2 has increased by 42% in 2004. With this periodic dynamics of housing pricing it is very dangerous to valuate it according to the market value in the case of mortgage when banks assign loans. The valuation of real estate in the case of lending must be based on sustainable value the setting of which requires mathematic‐statistical research.
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Ushatova, D. "DISBALANCE BETWEEN TAX ASSESSMENTS AND MARKET PRICES OF REAL ESTATE." Trakia Journal of Sciences 17, Suppl.1 (2019): 115–24. http://dx.doi.org/10.15547/tjs.2019.s.01.020.
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The research aims to show some deficiencies in the legal framework including the formation and of property tax assessment and their deviation from the market values. Experimental results of price comparisons of market values in 1 BGN per 1 sq.m. are compared three groups of properties (apartment, house and plot) in selected settlements - district centers. Compare the prices of these properties advertised on a national real estate site and the average price of residential property, according to NSI data with the conditionally calculated value of a tax assessment for each type of property under review. Trends are established for the three-year period and general conclusions are established. Based on the results of the study, some key guidelines are proposed for the formulation of the tax assessment distribution, as well as a forecast / deficit-forecasting model that is formed in municipal budgets as a result of the disproportion between valuations and real prices.
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Neto, Alda H. "‘Brazilians’1 houses’: an example of nostalgia and a proposal of touristic empowerment." Tourism and Hospitality Research 16, no. 3 (June 6, 2016): 294–307. http://dx.doi.org/10.1177/1467358415602956.
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On the second half of the 19th century, Portuguese emigration to Brazil was a major historical and sociological phenomenon. After an arduous path, the Portuguese returned and became part of the political, economical, social and artistic lives of their hometowns, causing a change on the architectural landscape in the north of the country. These emigrants built houses that became hugely important as social buildings; they represented the way in which each one of them inserted himself in the community that saw him leave. The taste printed by each one of the emigrants in their houses made them a landmark for the application of several artistic movements of that time in the country as well as in Europe, such as Art Noveau (wrought iron) or Romanticism (gardens). The exterior and the interior of these houses portray a constant connection to Brazil and Portugal, proved by the national flags that hang on the façades or by the landscapes represented in paintings or tile panels. However, many of those houses were already destroyed and along them the memory of a Brazilian that stated himself as the paradigm of the self-made man. This type of houses was an important example of the emigration architecture, main feature of the Iberian Peninsula, which needs a fast cultural and touristic valuation, once it was part of a people’s material memory. To protect this kind of patrimony and avoid a loss of a vast estate about emigration, it is considered that these houses may be grouped into a set of touristic routes that will lead us to the finding and knowledge of the material and immaterial inheritance of these men and women. Setting up these routes might constitute an important step towards the museualization of the migrations, recovering the cultural routes of the migrant people.
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IIDA, TOSHIHIKO. "ON THE VALUATION BY HOUSING STANDARD : At Municipal Rental Houses, constructed before 1969 in FUKUOKA Prefecture." Journal of Architecture, Planning and Environmental Engineering (Transactions of AIJ) 406 (1989): 131–40. http://dx.doi.org/10.3130/aijax.406.0_131.
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Chu, Po Young, Hsing Hwa Hsiung, Chi Hung Huang, and Chuan Yi Yang. "Determinants of the valuation of intangible assets a contrast between Taiwanese and American IC design houses." International Journal of Technology Management 41, no. 3/4 (2008): 336. http://dx.doi.org/10.1504/ijtm.2008.016787.
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Hasanah, Andi Nidaul, and Muhammad Halley Yudhistira. "Landscape view, height preferences and apartment prices: evidence from major urban areas in Indonesia." International Journal of Housing Markets and Analysis 11, no. 4 (August 6, 2018): 701–15. http://dx.doi.org/10.1108/ijhma-09-2017-0082.
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Purpose Landscape view is a crucial factor in house-buying decisions. Landscape views provide an amenity to residents, and this can influence the house or apartment owners in their residence decisions. Yet, the relative value of different types of view potentially differs. Additionally, the value of each type of view may differ depending on an apartment’s elevation above the ground level. In this study, the authors aim to estimate the value of landscape views on apartment prices in major urban areas in Indonesia. Design/methodology/approach This paper evaluates to what extent various landscape views including mountain, sea, river, lake, street, urban village, garden and sports center views affect apartment prices in major urban areas in Indonesia. Two hedonic regression approaches are used: ordinary least squares and semiparametric regression. The latter is used to accommodate a possible non-linearity in the relationship between price and apartment characteristics. The model also incorporates housing and locational characteristics as control variables. Findings Using online apartment market data, the estimates in this paper show some degree of heterogeneity in the value of various views to the extent of providing negative externalities. Mountain, street and sports center views are associated with higher apartment prices. Sea, lake and garden views are statistically insignificant in explaining the prices. In contrast, the unappealing nature of the rivers and their surrounding creates a negative impact on prices. The estimates also suggest that an apartment’s floor height plays a significant role in the valuation of views. Originality/value There is little research on landscape view effects on apartment prices, especially in Indonesia. In addition, the relationship between the value of views and height preferences has seldom been analyzed. This paper provides the valuation of an extensive list of landscape views in urban areas in Indonesia. The estimation results also suggest that the value of views may differ depending on the floor on which an apartment lies.
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Batóg, Jacek, Iwona Foryś, and Jan Konowalczuk. "Airport noise compensation: real estate perspective." Journal of European Real Estate Research 12, no. 2 (August 8, 2019): 250–66. http://dx.doi.org/10.1108/jerer-02-2019-0002.
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Purpose This study aims to present a problem of noise compensation related to the localization of single-family houses in the restricted use areas (RUA) created around airports. The authors presented different methodological approaches to the valuation of such amends and characterized distinct solutions applied in that area in chosen countries and cities. Design/methodology/approach To estimate the level of those indemnities, linear models including spatial and generalized linear models, were applied. The set of explanatory variables contains quantitative and qualitative attributes of real estates. The influence of outliers indicated by means of cluster analysis on the received results were also considered. Findings The results show that after accounting for noise level and house characteristics, houses in noisier areas were sold for less than houses subjected to less noise. Unit prices of houses located outside the RUA were on average 17.05 per cent higher than the prices observed in zone with noise level for the daytime of 60 dB and 8.95 per cent in zone characterized by noise level for the daytime of 55 dB. Practical implications Received results can be compared with results obtained by other authors, but its most important application is possibility of use the proposed methodology by judicial appraisers to assess the proper level of noise compensation for home owners or tenants. Originality/value An identification of real estate market heterogeneity and its considering in estimation of compensation related to airport noise evidence some novelty of the research.
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Kulikauskas, Darius. "The user cost of housing in the Baltic states." Journal of European Real Estate Research 10, no. 1 (May 2, 2017): 17–34. http://dx.doi.org/10.1108/jerer-11-2015-0042.
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Purpose This paper aims to use the user costs approach to identify the periods of over- and under-valuation in the Baltic residential real estate markets. Design/methodology/approach Three alternative estimates of the user costs of homeownership in the Baltics are computed: one that does not discriminate between the leveraged and unleveraged parts of a house and the other that takes loan-to-value ratios into account. Findings The approach successfully identifies the overheating that took place in the Baltic real estate markets prior to the crisis of 2009 and shows that there is significant upward pressure for the housing prices in the Baltics in the low interest rate environment that became prevalent ever since. Research limitations/implications The paper uses only the current values of the fundamentals to compute the user costs. The framework could be augmented to account for the expected future developments of the fundamentals. Practical implications The macroprudential policy makers should monitor the developments in the Baltic residential real estate markets closely and be ready to act because an increase in the price-to-rent ratios might seem sustainable, given the current low interest rates, but could potentially bring harmful volatility when the monetary policy normalises. Originality/value This paper builds a novel data set on the real estate markets of the Baltic countries and is the first to derive the user costs of homeownership in the region. It is also among the first to identify periods of housing price misalignments from their fundamental values in the Baltic States.
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Byambadorj, Ariuntuya, and Han Soo Lee. "Household Willingness to Pay for Wastewater Treatment and Water Supply System Improvement in a Ger Area in Ulaanbaatar City, Mongolia." Water 11, no. 9 (September 5, 2019): 1856. http://dx.doi.org/10.3390/w11091856.
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This study aimed to investigate the willingness of residents of ger (traditional nomadic house) areas to pay for improvements in the water supply and wastewater treatment system in terms of capital costs and operation and management (O&M) costs by contingent valuation (CV) method and payment card format. The problems in the ger area are a lack of a drainage system, the use of unimproved sanitation technology, and an unsafe water supply, in addition to the direct discharging of wastewater into pit latrines, soak pits, yards, and streets. The contribution of this study is the application of this method in a previously unstudied area to enhance the participation of ger communities that are absent in the development plan of Ulaanbaatar city. A field survey was conducted in one of the ger areas, the Damba planning unit, and 298 samples were collected from residents. Data were analyzed and compared using ordinary least squares (OLS) and Tobit regression models. Model results showed that the average total willingness to pay for the water supply and wastewater treatment facility installation was 1000 thousand Mongolian tugrik (MNT), and the average total willingness to pay for the operation and management costs was a maximum of 3000 MNT per month. The important factors affecting the residents’ willingness to pay (WTP) for installation were the housing type, current monthly payment for water supply, income level, and education, in order of significance. People living in their own detached house and educated greater than high school were more willing to pay for the installation of water supply and wastewater treatment facilities. Those who were paying higher for their monthly water supply were more willing to pay for the installation cost. With respect to the WTP for O&M cost, the WTP was associated with the family size, income level, housing, time for water access, and education, in order of significance. Families a larger number of members were more willing to pay, and low-income people were less willing to pay for O&M. Education showed a positive influence on the WTP for O&M. Water access time also affected the WTP of those who could not access water within 30 min, as they indicated low WTP values.
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Xydias, Christina. "Discrepancies in Women’s Presence between European National Legislatures and the European Parliament." Political Research Quarterly 69, no. 4 (September 28, 2016): 800–812. http://dx.doi.org/10.1177/1065912916663655.
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This study offers a contextual explanation for discrepancies in women’s rates of election between European national legislatures and the European Parliament (EP). Many European Union (EU) member states elect more women to the EP than to their national lower legislative houses. However, the margin of difference between women’s presence in the EP and these national legislatures varies widely across member states. Using data for the EU-27, the study corroborates previous research in showing that institutional accounts offer limited leverage in explaining these varying gaps. Instead, it argues that the discrepancy between women’s descriptive representation at national and European levels in each case is the result of contextual factors: voters, parties, and upwardly mobile politicians’ valuation of the EP and EP service moderates the translation of the national pool of potential female candidates into EP officeholders.
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Levin, Eric, and Gwilym Pryce. "A Disequilibrium Model of the Market for Houses: Implicit Selling Time as a Signal of Optimal Holding Periods and Buyer Valuation." Urban Studies 48, no. 11 (January 17, 2011): 2249–63. http://dx.doi.org/10.1177/0042098010385156.
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Sussan, Fiona, and Hideyuki Nakagawa. "What price beauty! Tourists willingness-to-pay for cherry blossom preservation." Arts and the Market 9, no. 1 (May 7, 2019): 95–110. http://dx.doi.org/10.1108/aam-02-2019-0010.
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Purpose Mapping the intrinsic value of the art of architecture and the art of nature within the context of Kakunodate and the preservation of its samurai manors and Sakura heritage trees, this paper proposes that from the perception of tourists, the preservation of both items is important. Extending the psychology of pricing that is subject to consumers’ preference and expectation to the context of valuation of cultural heritage assets, the purpose of this paper is to suggest that including the art of nature and the aesthetic of Sakura to the art of architecture (Samurai manors) will add more value to the cultural heritage of Kakunodate than when only the art of architecture is mentioned. Design/methodology/approach This paper uses Contingency Valuation Method to solicit tourists willingness-to-pay to preserve the architecture and the nature in Kakunodate. The survey uses a double bounded dichotomous choice model to elicit the various levels of tourists preference in various scenarios. Response from more than 1,000 tourists in three scenarios were collected. Through a maximum likelihood method and a subsequent truncated calculation, results are reported. Findings The results support the conceptual argument that the art of nature adds value to the art of architecture only. Tourists are found to be willing to pay more to support both the architecture (samurai houses) and nature (cherry trees) than the samurai houses alone. Research limitations/implications The research findings add to the inventory of research on prior works in heritage trees, conservation of trees and heritage tourism, and cultural heritage assets in general. The empirical findings support prior theoretical works that examined the relationship of nature and art, art and architecture, and architecture as visual consumption. Practical implications The findings have managerial implications for policy makers relative to a possible increase of revenue by adding accompanying-nature component to focal architectural assets when soliciting funding support. Originality/value The originality and this piece stems from extending trees as an art form in nature and its added value to architecture within the context of cultural heritage assets. The empirical findings add to the much discussed relationships among art, nature, and architecture.
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Andersson, Magnus, Fredrik Kopsch, and Peter Palm. "How cultural values are reflected on the housing market – direct effects and the cultural spillover." International Journal of Housing Markets and Analysis 12, no. 3 (June 3, 2019): 405–23. http://dx.doi.org/10.1108/ijhma-02-2018-0016.
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Purpose The purpose of this paper is to analyse two questions. First, is there, and if so, how large is the price premium paid for a building exhibiting a cultural value? Second, are there any spillover effects of buildings with cultural values on sales prices of neighbouring houses? Design/methodology/approach Using a unique database of all buildings in the region of Halland, Sweden, combined with transaction data, hedonic models can be estimated, with spatially lagged variables describing proximity to three classes of culturally classified building – A, B and C – corresponding to building of national interest, building of regional interest and building of local interest. In addition, the authors also estimate models with a spatial specification on the error term, in an attempt to control for omitted variables. Findings The results indicate that cultural classification plays a role in determining the price of a property, with large effects (ranging between 36 and 60% price premiums) for the highest classification. In addition, the authors find evidence of a cultural externality, houses in the vicinity of building with high cultural value sell at a small, but statistically significant premium of 1%. Originality/value The cultural externality may be overlooked when it comes to valuation of cultural values in society, and therefore, it is likely that warranted protection acts to preserve cultural values in buildings become less than the social optimum. This paper suggests a new measure to cultural values contrasting previous research that rely on cultural preservation. This approach should limit problems with measurement errors that may lead to biased results.
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Colangelo, G., and A. Perrone. "Geoelectrical Tomography as an Operative Tool for Emergency Management of Landslide: An Application in Basilicata Region, Italy." International Journal of Geophysics 2012 (2012): 1–5. http://dx.doi.org/10.1155/2012/593268.
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During the landslide emergency many kinds of data, even if preliminary, can help to better understand the complexity of the investigated phenomenon and to give a valid contribution to the successive damage valuation. The electrical resistivity tomography (ERT) method was applied for investigating the deep characteristics of a landslide body that occurred in March 2006 close to Potenza town in Basilicata region (southern Italy): the landslide slid on a road near some farmers’ houses which had to be evacuated. The information obtained by the application of this indirect technique appeared to be particularly useful for end users involved in the risk management. The high resolution of the 2D ERT technique allowed the detection of possible sliding surfaces and the characterization of high water content areas in which the increase of the saturation degree and of pore pressures could cause a weakening of the slopes and a reactivation of the movement. Due to the comparison between ERT results and stratigraphical data from boreholes carried out in the area it was possible to decide on the adoption of other evacuation decrees.
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Wong, Wang Li, Chin Lee, and Seow Shin Koong. "Housing prices in peninsular Malaysia: supported by income, foreign inflow or speculation?" International Journal of Housing Markets and Analysis 12, no. 3 (June 3, 2019): 424–41. http://dx.doi.org/10.1108/ijhma-01-2018-0001.
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Purpose This paper is motivated by a concern about the ability of the average Malaysian income to catch up with the rapidly increasing house prices in Peninsular Malaysia. Financial innovation in financial system now regards houses as a financial asset and speculation vehicle. Therefore, a house purchase is made to acquire not merely a necessity but also a financial asset which can generate future returns. Given the problems in the housing market, this paper aims to examine the determinants of house prices in Malaysia, including those such as income, population, foreign inflow and speculation. Design/methodology/approach This study adopts panel data analyses, namely, the fixed effect model (FEM) and the pooled mean group (PMG), and uses data at state level in quarterly frequency, spanning from 2005Q1 to 2013Q4. Findings Based on the results of FEM, these determinants influence house prices significantly. Moreover, the PMG results suggest that there is convergence in the model, which are indicated by the significant and negative sign of the error correction term. In conclusion, the rapidly increasing house price is not caused by speculation activities in the housing market. More precisely, Malaysian income is capable of catching up with the increasing house prices. Practical implications As income remains to be one of the major drivers in influencing Malaysian house price, Malaysian Government shall continue the policies of supply low cost houses to the low-income groups and My First Home Scheme (SRP) by offering less stringent rules in applying house loan for the first-time house buyers. Originality/value This study used the actual data of foreign housing purchase obtained from Malaysia Valuation and Property Services Department to represent foreign inflow; therefore, the results will reflect the impact of foreign inflow in a better manner.
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Eliasson, Jonas, Fredrik Kopsch, Svante Mandell, and Mats Wilhelmsson. "Transport Mode and the Value of Accessibility–A Potential Input for Sustainable Investment Analysis." Sustainability 12, no. 5 (March 10, 2020): 2143. http://dx.doi.org/10.3390/su12052143.
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Accessibility plays an essential role in determining real estate prices and land use. An understanding of how accessibility and changes in accessibility influence real estate prices is key to making decisions regarding investments in infrastructure projects. From an accessibility point of view, it is not clear that there should be differences in valuation depending on the mode of public transport, road, or rail. There are, however, other differences that may affect real estate prices differently. For example, railway stations more often than bus stations, tend to be associated with a higher level of service. In addition, an investment in a railway station may signal a long-term decision from the policymaker. A third possible explanation concerns differences in perceived safety, comfort, and security. This paper aims to study if and how capitalization of accessibility differs between modes of transportation. The findings indicate that rail has a higher impact, both for single-family and multifamily houses. The implication of these findings may be of importance for future infrastructure investments and their corresponding cost-benefit analyses. Incorrect valuations of the benefits of infrastructure investments may result in sub-optimal investments.
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Embaye, Weldensie T., Yacob Abrehe Zereyesus, and Bowen Chen. "Predicting the rental value of houses in household surveys in Tanzania, Uganda and Malawi: Evaluations of hedonic pricing and machine learning approaches." PLOS ONE 16, no. 2 (February 11, 2021): e0244953. http://dx.doi.org/10.1371/journal.pone.0244953.
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Housing value is a major component of the aggregate expenditure used in the analyses of welfare status of households in the development economics literature. Therefore, an accurate estimation of housing services is important to obtain the value of housing in household surveys. Data show that a significant proportion of households in a typical Living Standard Measurement Survey (LSMS), adopted by the Word Bank and others, are self-owned. The standard approach to predict the housing value for such surveys is based on the rental cost of the house. A hedonic pricing applying an Ordinary Least Squares (OLS) method is normally used to predict rental values. The literature shows that Machine Learning (ML) methods, shown to uncover generalizable patterns based on a given data, have better predictive power over OLS applied in other valuation exercises. We examined whether or not a class of ML methods (e.g. Ridge, LASSO, Tree, Bagging, Random Forest, and Boosting) provided superior prediction of rental value of housing over OLS methods accounting for spatial autocorrelations using household level survey data from Uganda, Tanzania, and Malawi, across multiple years. Our results showed that the Machine Learning methods (Boosting, Bagging, Forest, Ridge and LASSO) are the best models in predicting house values using out-of-sample data set for all the countries and all the years. On the other hand, Tree regression underperformed relative to the various OLS models, over the same data sets. With the availability of abundant data and better computing power, ML methods provide viable alternative to predicting housing values in household surveys.
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Waller, Helen J., and David S. Waller. "Opera costumes and the value of object biographies." Journal of Documentation 74, no. 6 (October 8, 2018): 1162–74. http://dx.doi.org/10.1108/jd-02-2018-0032.
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Purpose The purpose of this paper is to observe the nature of documentation and the description used in object biographies by an auction house catalogue and an online museum collection database in relation opera costumes. This research aims to discuss the issues of cultural and economic value in relation to objects in the art world, and examine examples of object biographies for opera costumes that are sold at an auction and exhibited in a museum. Design/methodology/approach The object biographies are compared from an auction house catalogue and the online museum collection database, based on two factors: costumes worn by a famous singer and costumes designed by a famous designer. Findings This study identified the valuation methods of auction houses and museums, including accounting for the market value and fair value, as well as social and cultural values. The nature of the documentation also clearly shows the different purpose of the object biographies. For auction houses the biography needs to be short and specific as it provides sufficient information and is read out at the auction, while art catalogues can also be used by experts as part of the conversation to understanding heritage value, and will also be viewed and used by researchers, investors, other auction house specialists and art world professionals. Research limitations/implications By comparing two institutions, auction houses and museums, this study has shown that the information that is documented and how it is presented in object biographies is determined by the goals of the institutions. These goals may vary or overlap in providing information, demonstrating cultural importance, to be spoken allowed to an audience and make sales, or to educate, conserve and preserve. Practical implications This study shows that to some extent museum online databases display their collection removed from cultural context, with an isolated image of the item, and in an organised, digitally accessible manner. A potential implication is that museums should not only digitally catalogue an item, but also provide discussion and the cultural background and significance of the item. Social implications Auction catalogues are written for a specific event (the auction), while the online museum collection database is meant to be a permanent record, which aims to digitally preserve objects and provide access to images and information to a general audience, and further could be edited with amendments or new information when future research or events lead to potential updates. Originality/value This study adds to the discourse on approaches to the understanding of costumes as an art object of significance and their potential cultural, economic and heritage value, particularly as represented in the documentation of object biographies.
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Fabbri, Rita, Laura Gabrielli, and Aurora Greta Ruggeri. "Interactions between restoration and financial analysis: the case of Cuneo War Wounded House." Journal of Cultural Heritage Management and Sustainable Development 8, no. 2 (May 21, 2018): 145–61. http://dx.doi.org/10.1108/jchmsd-05-2017-0026.
Full textAbstract:
Purpose The purpose of this paper is to examine the cross-sectoral collaboration between conservation and economic appraisal, and to process a financial analysis for private owners of a built heritage. Design/methodology/approach The methodology applied addresses the financial analysis of restoration through a discounted cash flow analysis, together with a life cycle costing. Costs and revenues are both analysed in this paper. Some energy-saving measures are applied to cut running costs and decrease the energy required by the building, using as reference the “Guidelines for improving energy efficiency in cultural heritage” drafted by MiBACT, which considers the respect of restoration principles. In order to increase revenues, part of the building is rented. The attractiveness of the investment opportunity is valued through the calculation of the net present value of cash flows, the payback period and the internal rate of return. Findings The paper offers a simple strategy for the planning of cost-revenues, preventively allowing verification if the conservation is economically feasible and if the owners can afford the operation. The strategic planning will give the owners the chance of maintaining the property of their building and achieve a proper restoration on it. Originality/value The novelty of the paper is the study of cooperation between conservation and economic valuation, but also the focus on a specific portion of twentieth-century heritage, the war-wounded houses, which represent a widespread patrimony, on which it is not clear how to operate yet.