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1
Stoilov, Todor, Krasimira Stoilova und Miroslav Vladimirov. „Decision Making in Real Estate: Portfolio Approach“. Cybernetics and Information Technologies 21, Nr. 4 (01.12.2021): 28–44. http://dx.doi.org/10.2478/cait-2021-0041.
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Abstract An investment policy is suggested about assets on real estate markets. Such analysis recommends investments in non-financial assets and optimization of the results from such decisions. The formalization of the investment policy is based on the portfolio theory for asset allocation. Two main criteria are applied for the decision making: return and risk. The decision support is based on Mean-Variance portfolio model. A dynamical and adaptive investment policy is derived for active portfolio management. Sliding procedure in time with definition and solution of a set of portfolio problems is applied. The decision defines the relative value of the investment to which real estates are to be allocated. The regional real estate markets of six Bulgarian towns, which identify the regions with potential for investments, are compared. The added value of the paper results in development of algorithm for a quantitative analysis of real estate markets, based on portfolio theory.
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Wang, Guangsheng. „Assessment and Control of Investment Risk in Real Estate Projects“. Modern Economics & Management Forum 3, Nr. 6 (30.12.2022): 343. http://dx.doi.org/10.32629/memf.v3i6.1074.
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The fast rise of China's real estate business has efficiently propelled the country's economy, and it is also profoundly entwined with the daily lives of the Chinese populace. There are more investment risks associated with real estate projects due to the size of the investment funds, the length of time required to accomplish the task, the effect of regulatory changes, the market climate, and other variables. If these risks are not appropriately managed, they will lower the investment's return. Real estate project investments should be more cautious and scientific, fully assess investment risks, and target the appropriate control measures to reduce the impact of risk factors and ensure the smooth implementation of investment activities. This is particularly crucial in light of the new normal, which involves increased uncertainty.
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Sreedhar, Pranav. „Tax Implications of Real Estate Investments: A Comprehensive Analysis“. International Scientific Journal of Engineering and Management 03, Nr. 05 (23.05.2024): 1–9. http://dx.doi.org/10.55041/isjem01731.
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Real estate investments constitute a significant portion of many investors' portfolios, offering the potential for long-term wealth accumulation and diversification. However, beyond considerations of property location, market trends, and financing options, investors must also navigate the intricate landscape of tax implications associated with real estate investments. Taxes play a critical role in shaping investment decisions, impacting cash flow, profitability, and overall returns. Therefore, understanding and effectively managing tax obligations is paramount for maximizing investment success in the real estate market. This comprehensive analysis aims to delve into the multifaceted realm of tax implications related to real estate investments. By examining various tax strategies, structures, regulations, and their implications, this study seeks to provide investors with valuable insights and tools to optimize their tax position and enhance investment outcomes. From the tax treatment of rental income and capital gains to the utilization of tax-efficient investment structures like REITs and LLCs, every aspect of real estate taxation will be explored in detail. Moreover, with the ever-evolving nature of tax legislation and economic conditions, it is imperative for investors to stay abreast of changes that may impact their tax liabilities and investment strategies. Through a thorough analysis of historical trends and current tax laws, this study aims to equip investors with the knowledge and foresight necessary to adapt and thrive in a dynamic tax environment. In essence, this comprehensive analysis endeavors to empower real estate investors with the tools and understanding needed to navigate the complex terrain of tax implications effectively. By unraveling the intricacies of real estate taxation and providing actionable insights, this study aspires to assist investors in making informed decisions, optimizing their tax position, and ultimately realizing the full potential of their real estate investments.
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Adilieme, Chibuikem, und Obinna Umeh. „Sensitivity of Real Estate Investment Return to Market Return Index: The Case of Nigerian Real Estate Investment Trusts“. Baltic Journal of Real Estate Economics and Construction Management 8, Nr. 1 (01.01.2020): 197–207. http://dx.doi.org/10.2478/bjreecm-2020-0014.
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Abstract The level of sensitivity of every investment option to a market index is crucial to investors. Sensitivity analysis of individual or a set of returns on investments to market return index predicts the reaction of the investment(s) to changes in the market index; informs investors of prospective performance of different investments types; as well as assists the investors in making appropriate decisions on investment selections. This paper assessed how sensitive indirect real estate investments in Nigeria were to market index. The three companies whose asset returns were considered in this study were real estate investment trusts listed in the Nigerian Stock Exchange. The data used in this study were sourced from annual reports of the listed companies, and reports of the Nigerian Stock Exchange. The beta coefficients were used to determine the sensitivity of the selected stocks to market return index. The study found a very low and insignificant beta coefficient among various real estate investments and market return index. Hence, there is no relationship between the market return index and the returns on the Real Estate Investment Trusts listed in the Nigerian Stock Exchange.
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Buneeva, Evgeniya Yu, Olga A. Bezrukikh und Kseniya Yu Zubritskaya. „Investment decisions in the real estate market using instruments to reduce the level of financial risks“. Siberian Financial School, Nr. 1 (02.08.2023): 72–80. http://dx.doi.org/10.34020/1993-4386-2023-1-72-80.
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The real estate market is an important element of the system of market relations, acting not only as an object of ownership, but also as an object of investment. Real estate investments are one of the key aspects of ensuring the functioning of the economic system and have a multiplicative effect. The article substantiates the role of real estate investments as the most important catalyst for economic development. The structure and dynamics of investments in commercial real estate were analyzed, which led to the conclusion that the overall increase in the volume of investments in this market is accompanied by a reduction in the share of foreign capital in investments. Various forms of investment are considered and their distinctive features are investigated in the context of the fundamental characteristic features of each of the forms. Special attention is paid to investment decisions related to investments in real estate and implemented using financial market instruments. Based on a number of characteristics, the presented forms of investment were compared, their profitability, growth prospects and possible risks were determined. Based on the analysis, the directions of investment strategies in the real estate market are formulated, which are relevant in the current market conditions.
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Rajan Annamalai, Thillai, Bharat Bansal und Josephine Gemson. „Private equity investment and real estate development“. Journal of Financial Management of Property and Construction 19, Nr. 3 (28.10.2014): 202–25. http://dx.doi.org/10.1108/jfmpc-02-2014-0001.
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Purpose – The purpose of this paper is to understand the trends and contribution of private equity (PE) investors in real estate development in India because the real estate sector in India had witnessed significant investments from PE firms in recent years. Design/methodology/approach – The study focused on residential segment of real estate development, as it is the largest among all the segments. Two types of analyses have been done in this paper: first was to compare residential projects with PE investment with those that did not have any PE investment. The results were based on an analysis of 453 residential projects. The second was an analysis of only those projects that had PE investment. This paper studied if there were differences in investment patterns between domestic and foreign PE investors, and dedicated and diversified PE investors. Findings – Projects with PE investment were larger, as compared to projects that did not have any PE investment. The results of this paper also showed that PE firms preferred to invest with developers who had significant experience in undertaking larger-sized projects. PE investments significantly happened in projects that were located in metro cities. While PE firms as a whole preferred to invest in project mode, domestic investors were more inclined to invest in a project structure as compared to foreign PE firms. Though foreign PE firms invested more amounts per deal on average, there was a negative relationship between foreign PE firms and the extent of their shareholding in the investment. Practical implications – Encouraging PE investment in real estate projects would contribute toward to increasing the transparency in the sector. Strengthening the domestic PE industry would increase investment flow for real estate projects. PE investors who are able to add value to their investments are able to obtain higher shareholding. Originality/value – Empirical research on Indian real estate industry is scarce because of the lack of transparency and availability of reliable data. This is one of the initial studies on the Indian real estate sector based on a robust dataset.
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Dong, Yan, Charles Ka Yui Leung und Dongliang Cai. „International Real Estate Review“. International Real Estate Review 15, Nr. 2 (31.08.2012): 141–64. http://dx.doi.org/10.53383/100152.
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This paper attempts to shed light on the over-investment debate by investigating listed firms in China. Firms with a higher level of fixed asset holding and overhead expenses, and covered by preferential tax policies in China are found to be associated with lower risk-adjusted performance. In addition, the preferential tax policies encourage fixed asset investment. In contrast to some of the previous literature, state-ownership of firms, dividend policies, and ownership concentration are not robust predictors of risk-adjusted performance, and debt level, managerial shareholding, and profit per unit of asset are not robust predictors of fixed asset investments.
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Ke, Xiao Ling, Feng Qin Diao und Ke Jun Zhu. „A Real Option Model Suitable for Real Estate Project Investment Decision“. Advanced Materials Research 225-226 (April 2011): 234–38. http://dx.doi.org/10.4028/www.scientific.net/amr.225-226.234.
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Real estate investment is distinctively different from others with its high input capital, long period of recycling, huge fluctuation of house price and high sensitivity to other factors. The traditional decision method could not make a rational judgment of the flexible management value in real estate project investment. With regards to the policy and market features of real estate investment in China, a real option model suitable for real estate project investment decision under high uncertainty in China is constructed. At last, a case of a real estate company is studied to test the real estate investment decision model.
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SARAL, KUNIKA. „Analyzing the Relationship between Real Estate Investments and Portfolio Diversification“. INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT 08, Nr. 05 (05.05.2024): 1–5. http://dx.doi.org/10.55041/ijsrem32966.
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Real estate has long been considered an attractive investment option for individuals and institutions seeking to build wealth and diversify their portfolios. Unlike traditional investment vehicles such as stocks and bonds, real estate offers unique characteristics that can potentially enhance returns and mitigate risk. This analysis aims to explore the role of real estate investments in portfolio diversification and assess their potential impact on overall portfolio performance. Portfolio diversification is a fundamental principle in investment management, as it helps to spread risk across different asset classes and mitigate the impact of market fluctuations on a portfolio's overall value. By including assets with low or negative correlations, investors can reduce the volatility of their portfolios and potentially achieve higher risk-adjusted returns. Real estate investments, including direct property ownership, real estate investment trusts (REITs), and other real estate-related securities, have traditionally exhibited low correlations with other asset classes, such as equities and bonds. This low correlation can be attributed to the unique characteristics of real estate, including its tangible nature, the presence of rental income streams, and the potential for capital appreciation. Furthermore, real estate investments can provide a hedge against inflation, as property values and rental rates tend to increase during periods of rising prices. This feature makes real estate an attractive diversification option, particularly for investors seeking to protect their portfolios from the eroding effects of inflation. This analysis will delve into the historical performance of real estate investments, examine their risk and return characteristics, and evaluate their potential contribution to portfolio diversification. By examining empirical data and leveraging portfolio optimization techniques, we aim to provide insights into the optimal allocation of real estate investments within a diversified portfolio.
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Chen, Hsuan-Chi, Keng-Yu Ho, Chiuling Lu und Cheng-Huan Wu. „Real Estate Investment Trusts“. Journal of Portfolio Management 31, Nr. 5 (30.09.2005): 46–54. http://dx.doi.org/10.3905/jpm.2005.593887.
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Peng Liu. „Real Estate Investment Trusts“. Cornell Hospitality Quarterly 51, Nr. 3 (26.05.2010): 415–28. http://dx.doi.org/10.1177/1938965510370732.
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Licis, Kristaps. „Real Estate Investment Online“. Journal of Alternative Investments 3, Nr. 4 (31.03.2001): 70–71. http://dx.doi.org/10.3905/jai.2001.318991.
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Krulický, Tomáš, und 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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Koh, Winston, und Edward H. K. Ng. „International Real Estate Review“. International Real Estate Review 7, Nr. 1 (30.06.2004): 71–97. http://dx.doi.org/10.53383/100054.
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Real estate investments are typically characterized by high degrees of leverage and long-loan tenures. In perfect capital markets, leverage has no impact on the investment decision apart from tax considerations. However, the mortgage financing market is imperfect in many countries. In the presence of market imperfections, an optimal holding period exists for real property investments. We provide a simple rule to calculate the optimal holding period to compare the required rate of return with the leveraged rate of return on equity.
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Manganelli, Benedetto, Pierluigi Morano, Paolo Rosato und Pierfrancesco De Paola. „The Effect of Taxation on Investment Demand in the Real Estate Market: The Italian Experience“. Buildings 10, Nr. 7 (27.06.2020): 115. http://dx.doi.org/10.3390/buildings10070115.
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This study investigates the effect that property taxation has on investment in the real estate market. There is a close relationship between investments in the real estate market and taxes, local communities, public policies and economic development. The analysis was developed with reference to the Italian real estate market and its tax regime. In Italy, taxation on real estate affects possession, transfers and income. These three tax rates vary according to the subjects who exchange assets and manage them, to the intended use of the real estate property and to the options for choosing the type of tax regime permitted by law. On the basis of these parameters, a financial analysis of real estate investment is constructed and simulated in order to understand to which types of taxation investment is most sensitive. The results showed that a change in income taxation can have an important effect on the investment choice. This evidence may also suggest fiscal policy actions aimed at stimulating the real estate market.
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Giliberto, Michael. „Equity Real Estate Investment Trusts and Real Estate Returns“. Journal of Real Estate Research 5, Nr. 2 (01.01.1990): 259–63. http://dx.doi.org/10.1080/10835547.1990.12090615.
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Gholipour Fereidouni, Hassan, und Tajul Ariffin Masron. „Real estate market factors and foreign real estate investment“. Journal of Economic Studies 40, Nr. 4 (30.08.2013): 448–68. http://dx.doi.org/10.1108/jes-05-2011-0066.
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Liu, Hongyu, Yun W. Park und Siqi Zheng. „International Real Estate Review“. International Real Estate Review 5, Nr. 1 (30.06.2002): 40–60. http://dx.doi.org/10.53383/100036.
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The importance of housing investment in the national economy and its rapid growth have become distinct characteristics of the Chinese economy in recent years. However, at the same time, there is a concern that the economic growth heavily dependent on housing investment may compromise the stability and the health of the national economy. Using Granger causality analysis, this paper examines the interaction between housing investment and economic growth as well as that between non-housing investment and economic growth. We find evidence that housing investment has a stronger short run effect on economic growth than non-housing investment. We also find that housing investment has a long run effect on economic growth while economic growth has a log run effect on both housing and non-housing investment. Our findings suggest that housing investment is an important factor for the short-term fluctuations of economic growth, with its growth stimulating the economic growth and its slumps leading to downside fluctuations.
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Kim, Ji-Won, und Tae-Jin Park. „A Study on the Retirement Pension Portfolio Using Real Estate Indirect Investments in Korea“. Korean-Japanese Economic and Management Association 96 (31.08.2022): 103–17. http://dx.doi.org/10.46396/kjem..96.7.
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Purpose: This study empirically analyzed the portfolio of retirement pension using real estate indirect investments,after identifying the problems through interviews with experts related to retirement pension, improvements wereproposed. Increasing the proportion of real estate indirect investment will be a way to solve the problem of lowreturns on retirement pensions in Korea.
Research design, data, and methodology: In order to conduct the study, first of all, based on Markowitz’s portfoliotheory, the correlation between representative index (benchmark index) by asset and indirect investment products ofreal estate that can be selected in domestic retirement pension was analyzed. After that, Optimal portfolio wasderived by simulating and analyzing the portfolio consisting of representative indices and products.
Results: The correlation analysis was conducted by selecting the representative index of investment assets and theindirect investments of real estate as variables showed that REITs and real estate ETFs distributed the risk ofretirement pension portfolio. And as a result of analyzing the optimal portfolio including K-Top REITs andShinhan-Alpha REITs, the standard deviation was lower and the yield was higher than that of the traditional portfoliothat does not include real estate indirect investments, so both stability and profitability were derived in positiveresults in portfolio that includes real estate indirect investments.
Implications: The proportion of real estate indirect investments in the portfolio of retirement pensions should beincreased. As examined in previous studies at home and abroad and pension fund management, it was found thatthe portfolio including real estate assets has reduced risk and increased profits, and as a result of the analysis ofoptimal portfolio, high-achieving were derived from profitability and stability in the portfolio in which real estateindirect investments were incorporated. Increasing the proportion of real estate indirect investments will be a way tosolve the problem of low returns on retirement pensions in Korea.
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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, Nr. 6 (19.06.2021): 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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Shim, Eui Sup, und Dong Hyeock Lim. „Analysis on Determinants of Real Estate Equity Investment among Alternative Investments in Financial Institutions“. Korean Association Of Public Policy 28, Nr. 1 (30.05.2022): 55–80. http://dx.doi.org/10.31307/kjpp.2022.28.1.55.
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Interest rates, which have continued to fall since the 2008 financial crisis, have recently fallen to 0.5% of the Bank of Korea's benchmark interest rate, entering an ultra-low interest rate era. Investors in financial institutions are paying attention to alternative investment assets to cope with the weakening profitability of their investments, as it is difficult to expect profitability from bonds and stocks, which are traditional investment assets. Among them, real estate investment has steadily become an essential factor in institutional investors' portfolios, as real estate investments can be guaranteed high returns depending on location and supply and demand conditions, but are relatively less affected by financial market trends. In particular, financial institutions, which are actively expanding alternative investments due to falling operating returns due to the worsening economy, are focusing on profitable real estate equity investments. However, despite the growing demand for real estate Equity investment by financial institutions, there are few specific investment criteria for which investment impact factors are determined, in the case of domestic real estate investment decision-makers, few have focused on investment. The objective of this study is to empirically analyze and identify the investment impact factors on the investment satisfaction and willingness of financial institutions in the real estate equity investment market, and to specifically analyze the differences in the types of investment impact factors. This study first examined the preceding research to derive the influences of real estate equity investment, and conducted a survey on investors from financial institutions. In addition, investor characteristics used descriptive statistical analysis, and factor analysis was conducted to verify the validity of the survey variables. Based on this, a regression analysis was conducted to test the hypothesis, and additionally a descriptive statistical analysis was used to analyze differences in the importance of investment impact factors depending on the type of financial institution. The results of the study are summarized as follows. First, as a result of hypothesis tests on investment impact factors and investment satisfaction for investors in financial institutions, location characteristics, profitability, and stability were adopted, and location characteristics were the factors that affected investment satisfaction the most. A hypothesis test of investment impact factors and willingness to reinvest in financial institutions showed that profitability and stability had a positive impact on the willingness to reinvest. Second, after analyzing the difference in importance of investment impact factors according to the type of financial institution, bank investors value stability and capital investors value timeliness the most among the investment impact factors. Investor in insurance companies put the most importance on profitability. Overall, investors in financial institutions participating in real estate equity investments demonstrate similar relationships between investment impact factors, investment satisfaction, and reinvestment intentions, and empirically analyzed that there are also differences in investment impact factors. These findings suggest that in financial institutional investment markets, financial institutional investors make decisions based on profitability, stability and location characteristics, but consider differences in investment propensity for financial institutions.
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Anastasopoulos, Ioannis, und Sotirios Varelas. „A Literature Review and Emerging Trends on Key Topics of Risks and Challenges Facing Tourism Real Estate Investments“. European Conference on Innovation and Entrepreneurship 18, Nr. 1 (18.09.2023): 39–47. http://dx.doi.org/10.34190/ecie.18.1.1738.
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Tourism real estate entrepreneurs and general real estate investments face a multitude of risks and challenges that can impact their success. These risks can stem from economic, environmental, and political factors. Economical risks such as inflation and recession can affect the demand for real estate investments. Environmental risks such as natural disasters or climate change can lead to damage to the property and the desirability of the location. Political risks such as changes in regulations or geopolitical tensions can also affect the success of the investment. This paper conducts a literature review in order to mitigate these risks for entrepreneurs and real estate investors before making investment decision. This paper includes analyzing the local market, understanding the demographic trends, and identifying potential challenges that may arise. Moreover, the implementation of risk management strategies and the existence of a contingency plan can contribute to the stability and sustainability of this type of investment with a focus on real estate, especially tourism real estate. Further research and analysis are needed to better understand the impacts of technological advancements on the real estate industry. Advancements such as virtual reality and blockchain technology have the potential to revolutionize the industry, but there is still much to learn about how they will affect the market. Additionally, the impacts of climate change on the real estate industry need to be further explored. As extreme weather events become more frequent, it is important to understand how this will impact the desirability of certain locations and the potential for property damage. In conclusion, the risks and challenges facing tourism real estate entrepreneurs and general real estate investments are numerous and varied. It is essential for investors to conduct thorough research and analysis before making any investment decisions and to implement risk management strategies to protect against unexpected events.
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Newell, Graeme. „The changing real estate market transparency in the European real estate markets“. Journal of Property Investment & Finance 34, Nr. 4 (04.07.2016): 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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Popova, Tamara A., und Darya A. Sosnovskaya. „Efficiency of investing in closed-end real estate mutual funds“. Siberian Financial School, Nr. 1 (02.08.2023): 63–71. http://dx.doi.org/10.34020/1993-4386-2023-1-63-71.
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Real estate investments enjoy a steady interest of private investors, meeting their requirements for risk and profitability. One of the mechanisms for investing in real estate is implemented by a closed real estate mutual investment fund (Real estate Mutual fund), the principle of which is as follows: the real estate mutual fund invests investors' funds in residential or commercial real estate; in return for their money, depositors receive shares – securities of the fund. Their cost depends on the price of the real estate managed by the Real Estate Fund.This article presents the state of the Russian real estate market in 2022, the place of real estate funds in the market is determined. As an approach to assessing the effectiveness of investing in the real estate investment Fund, the calculation of the efficiency indicator as an index calculated on the basis of a comparative assessment of the attractiveness factors of the investment object is proposed. As a base for comparison, it is proposed to use the Moscow real estate index calculated by the Moscow Stock Exchange.The authors have proposed an index of real estate mutual funds, which reflects the dynamics of the net asset value of the largest funds. Based on the dynamics of the index values for 2021-2022, an assessment of the risk and profitability of investing in Russian real estate funds was carried out.
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Kim, Dongjoong, Changha Jin und Jin Man Lee. „International Real Estate Review“. International Real Estate Review 24, Nr. 1 (31.03.2021): 59–85. http://dx.doi.org/10.53383/100316.
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Financial globalization has enabled investors to allocate some of their portfolio assets to foreign countries and alternative assets. This environment has also created an increase in investment in international real estate especially in the emerging markets. In this study, we investigate whether foreign real estate investors outperform domestic investors after controlling for property specific characteristics. Using property level transaction data of Korea from 2003 to 2016, we also examine the characteristics of commercial real estate investment associated with the probability of an acquirer being a foreign investor versus a domestic investor. The binary and multinomial probability models are used to test our research hypothesis and the structural equation model is applied to find the determinants of the internal rate of return. The result reveals foreign investors perform better than domestic investors in a holding period analysis. Furthermore, the findings support that foreign direct and indirect real estate investments are statistically significant to the age of the building, corporate bond and exchange rates, growth domestic product growth, and the equity market movement in the domestic market.
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Nworah, Joseph, Egbenta Idu und Joseph Ogbuefi. „The Impact of Inflation on Real Estate Investment Perfomance And Effective Investment Decisions“. Journal of Law and Sustainable Development 11, Nr. 12 (21.12.2023): e1625. http://dx.doi.org/10.55908/sdgs.v11i12.1625.
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Purpose: This study aims to examine the impact of inflation on key variables of real estate investment performance and investment decisions. Theoretical Reference: This paper considers several models of real estate investment performance indicators because the effect of inflation on key variables of real estate investment performance is an important factor in investment decisions. Since effective investment decision is key to avert investment loss especially during inflation period, this paper follows the suggestions by Otegbulu (2022) and Georgiv, et al (2002) that property incomes and values are not static during periods of inflation bur responds to economic dynamics, and could infact trigger favourable investment opportunities in real estate. This paper therefore follows these models/suggestions of Otegbulu (2022) and Geoargiv, et al, (2002) to examine several real estate investment to offer appropriate reflection of how inflation impacts of incomes from real estate investment. Method: Data collected were analysed using Pearson Correlation Analysis to determine the relationship between inflation rate and real estate investment performance (measured by annual returns). Regression analysis was also employed on the data to determine the level of contribution or degree of impact of inflation on real estate performance. Also data collected on the exchange rate and real estate performance over the study period were analysed using Pearson Correlation Analysis to determine the relationship between exchange rate and real estate investment performance (measured by annual returns on investment). Regression analysis was also employed on the data to determine the degree of impact of exchange rate on real estate investment performance. Data collected for the analysis and hypotheses testing were secondary data over a period from 2005 – 2022. Result: The study reveals that real estate investment market generates average total annual returns of 21.39% under average inflation rate of 12.5%. The test statistics (Pearson Correlation) results shows that the higher the inflation rate, the lower the performance of the real estate investment. Also, the study reveals that as inflation persists causing exchange rate fluctuations, the test statistics (Pearson Correlation) results shows that higher exchange rate causes lower performance of real estate investment. This could be because more than 90% of the real estate construction materials in the study are imported. Conclusion: It is clear and obvious that inflation impacts highly on real estate and capable of distorting projections in property investment. Rational investors must therefore factor in inflation risk in investment decisions. The study has shown that inflation has significant impact on annual returns of real estate and consequently affects investment performance. The study concluded that the higher the inflation, the lower the performance of the real estate investment and that the continuous rise in inflation rate reduces the purchasing power of the local currency leading to local currency devaluation. Also, it was concluded that higher exchange rate causes lower performance of the real estate in terms of annual returns. Research Implications: One of the major implications of the findings from this study is that as inflation raises the volatility of local currency which adversely affect the cost of construction, real estate investment performance is hindered. The risk element increases which could lead to project cost over-run, abandonment or increased vacancy rate. Investors become skeptical in making investment decisions because of uncertainties. Policy makers should put in place policies and guidelines that will attract cross-border investors who can take advantage of the local currency devaluation to improve their real estate investment portfolios. Originality/Value: The relationship between inflation rate, exchange rate and real estate performance (measured by rate of returns on the investment) is of great concern for real estate practitioners and investors. The study is original well thought efforts of the authors as contribution to real estate practice and education in developing economies currently being threatened by rising inflation. It is believed that this study will be very useful to global investors who will like to invest in the study area in particular and other emerging markets in general.
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Sadayuki, Taisuke, Kei Harano und Fukuju Yamazaki. „Market transparency and international real estate investment“. Journal of Property Investment & Finance 37, Nr. 5 (05.08.2019): 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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КАПУСТИНСЬКИЙ, Руслан. „СУТНІСТЬ ТА МЕХАНІЗМИ ІНВЕСТУВАННЯ В ЖИТЛОВУ НЕРУХОМІСТЬ“. Herald of Khmelnytskyi National University. Economic sciences 330, Nr. 3 (30.05.2024): 291–96. http://dx.doi.org/10.31891/2307-5740-2024-330-44.
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The author describes in the article that the deterioration of the economic situation in Ukraine due to hostilities causes the need for careful analysis, planning and finding ways to attract investments in the field of residential real estate. The destruction of a large part of the housing stock, a significant volume of internal migration of the population due to the loss of housing in the territories primarily close to active hostilities, acutely raises the issue of analyzing and improving the existing mechanisms of investing in residential real estate in order to find new investors in the middle of the country and from abroad. The author considered the essence and features of investing in residential real estate in Ukraine. The current legal documents regulating the sphere of infestations in residential real estate are considered and the main sources of investments are given in accordance with the current legislation. The main goals of investors and the main subjects of the residential real estate market have been determined. It is emphasized that a significant share of investments in residential real estate is occupied by institutional investors. The classification of the main forms of investment in real estate according to the principle of building capital (on the basis of equity, loan and mixed capital) is presented. The main financing mechanisms for residential real estate objects have been identified: construction financing funds, issuance of targeted bonds, real estate transaction funds, joint investment institutes; their features are investigated, the main advantages and disadvantages are highlighted in relation to the financial security of the investor and from the side of the regulator - the state. Considered a fairly popular nowadays, but not regulated by law, method of investing in real estate - an investment contract with a developer; its risks are emphasized. It is noted that the risk of loss of real estate or invested own monetary assets always remains with the investor, regardless of the type of investment mechanism.
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Rojo-Alvarez-Manzaneda, Rafael, und María Del Carmen García-Garnica. „Real Estate Investment Trusts (SOCIMIs)“. European Company Law 8, Issue 4 (01.08.2011): 145–51. http://dx.doi.org/10.54648/eucl2011026.
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In order to promote investment in urban real estate and the rental market in Spain the Spanish legislature has introduced the legal form of publicly traded Real Estate Investment Trusts. As an alternative to the traditional Collective Investment Institutions these REITs have the objective to enable Spain to overcome the effects of the current financial crisis.
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Deng, Jianjin, Qi Rui und Heming Xu. „Analysis of the International Real Estate Financial Investment of Chinese Real Estate Enterprises“. BCP Business & Management 44 (27.04.2023): 351–59. http://dx.doi.org/10.54691/bcpbm.v44i.4842.
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With the relatively tight policy adjustment of the government's outbound investment in the general environment and the impact of COVID-19, Chinese real estate enterprises have been challenged and international investment has lost money for a while. In the fierce competition, real estate companies represented by Wanda and Vanke Group successfully used the transformation and upgrading of enterprises to survive, while some of real estate companies (e.g., Evergrande Group) faced a crisis of collapse due to failure of adjusting their business strategies in a timely manner. This paper studies the investment status and development trend of Chinese real estate enterprises in international markets, and analyze the risks and countermeasures of major Chinese enterprises in international real estate financial investment in the past six years. Wanda Real Estate's decision to shift from asset-heavy to asset-light is worth learning. Vanke's business strategy conforms to the green environmental protection requirements of social development and is worth looking forward to in the future development prospects. The enlightenment given to us by Evergrande is that when facing international investment, we must adapt measures to local conditions and choose investment methods suitable for our own enterprises in order to develop steadily in international markets. These results shed light on guiding further exploration of international investment for real estate companies.
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Günther, Robin, Nadine Wills und Daniel Piazolo. „Role of Real Estate in a Mixed-Asset Portfolio and the Impact of Illiquidity“. International Journal of Real Estate Studies 16, Nr. 2 (29.12.2022): 34–46. http://dx.doi.org/10.11113/intrest.v16n2.168.
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Real estate ratios have increased in recent years. This article thus examines the diversification potential of real estate investments that German investors can achieve at a global scale. To this end, it analyzes how the illiquidity of some real estate investments or the illiquidity preference of an investor can bring about optimal investment ratios. Optimum allocation quotas for German investors with a wide range of mixed-asset allocations are examined. In addition to traditional optimizations, this article applies the three-fund theorem to include liquid and illiquid forms of real estate investment and to determine optimum allocation ratios. While real estate may be an essential component in a mixed-asset portfolio, it is not included in all optimal portfolios. An optimal portfolio also depends on the investment form, insofar as real estate vehicles are not always suitable for diversifying the portfolio risk or for improving the performance of a mixed-asset portfolio. Moreover, illiquid investment vehicles can often provide strong diversification benefits. The optimum allocations to real estate thus depend on the investor’s illiquidity acceptance, even if allocation dominance has increased in recent years. While many studies have demonstrated the advantage that investors gain from adding certain real estate assets, such as those obtained by direct investments, this study goes further by examining the comparative advantage of different real estate investment forms within a variety of asset classes. New insights can thus be gained by considering investors’ liquidity preferences within a given portfolio. One of these insights is that there is a trade-off between illiquidity and diversification potential. Another is that optimum portfolio allocations depend on illiquidity acceptance. These findings therefore also provide practical guidance not only to German investors with a global portfolio diversification but also to practitioners who add illiquid asset classes to their portfolio, to say nothing of the valuable field knowledge it offers to researchers in this field.
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Munoz Cabanes, Alberto, Alfonso Herrero de Egana und Arturo Romero. „Real option analysis. The viability of real estate projects“. Investment Management and Financial Innovations 17, Nr. 4 (08.12.2020): 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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Śmietana, Katarzyna. „Diversification Principles Of Real Estate Portfolios“. Real Estate Management and Valuation 22, Nr. 1 (01.03.2014): 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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Zhang, A. Lin, und Hai Yan Zhang. „Analysis of the Effects of Real Estate Investment on Sustainable Development of Regional“. Applied Mechanics and Materials 209-211 (Oktober 2012): 1647–49. http://dx.doi.org/10.4028/www.scientific.net/amm.209-211.1647.
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Real estate investment is an essential part of regional economy. Combining the concept of sustainable development with the real estate investment and economic coordinating development, this text illustrates the correlation between real estate investment and regional economic development, discusses the boosting function of real estate investment on regional economic growth and proposes relevant policies of real estate investment on regional economic sustainable development.
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Rebecca, Kitach, Dr Ruto Reuben, Dr Umulkher Ali und Prof John Byaruhanga. „Effects of Mortgage Interest Rate on Real Estate Investment in Kenya“. International Journal of Economics, Business and Management Research 06, Nr. 10 (2022): 45–61. http://dx.doi.org/10.51505/ijebmr.2022.61004.
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As an investment and consumer good, real estate is significant. Like many developing countries, Kenya has struggled to give its citizens access to decent housing that is also affordable. More people are in need of housing due to urbanization, fast population growth, and rural-to-urban migration. Housing supply is less than demand as a result of several of macroeconomic and financial issues that affect real estate investment and, consequently, housing. This study looked into the impact of mortgage interest rates on real estate investment. The study, which covered the 11-year period from 2010 to 2020, used a causal research design and regression analytic research methods based on the Vector Error Correction Model. Data on real estate investments in Kenya The Kenya National Bureau of Statistics (KNBS) and Cytonn quarterly investments reports were obtained from the Central Bank of Kenya. The Ministry of Finance's database on national budgets (KNBS) provided information on mortgage interest rates, A pre-estimation test was run to verify the outcomes. The variables were stationary on the first difference. The VIF test result of 1.62 indicated that there was no multi-collinearity. The 1.9122 Durbin test value suggested that there was no serial correlation. Pairwise Correlation analysis showed a moderate correlation between mortgage interest rate on real estate investment (0.578). The report suggests that in order to incentivize real estate investment, the government should offer mortgage loans at reasonable rates, control property tax rates, and promote public-private partnerships in infrastructure development.
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Durica, Marek, Danuse Guttenova, Ludovit Pinda und Lucia Svabova. „Sustainable Value of Investment in Real Estate: Real Options Approach“. Sustainability 10, Nr. 12 (07.12.2018): 4665. http://dx.doi.org/10.3390/su10124665.
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The issue of application of real option valuation approach in the valuation of investment project is presented in the article in a way in which the flexibility of the project could be included in the process of its valuation. The authors apply the valuation approach in case of a specific investment project in the real estate in the capital city of the Czech Republic—Prague, using the option to expand, to contract, and to abandon the project. The main aim of this case study is to present a practical application of the investment valuation and to construct an option pricing model for real estate investment which considers and integrates as many aspects of the investment and market environment as possible to describe the best situation of the real estate market and its development. The valuation of the investment is carried out using a universally applicable numerical method of binomial trees. The results obtained are subjected to the sensitivity analysis with respect to the discount rate, value of the most influential parameter of the volatility and the input option parameters. The results of the valuation of the project obtained using the real option approach are important mainly for the management of the company in the process of quantification of the present value of future investments. Implementation of managerial interventions enables for optimizing the value of the project not only in case of favourable development of the real estate market, but particularly in case of unfavourable development. Therefore, they are important in order to protect an investor from potential high losses. Finally, the valuation of these interventions increases the present value of the project, contributing to the decision of the corporate management regarding its implementation.
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ŞİT, Mustafa. „The Determinants of Foreign Direct Investments in Real Estate: Turkey Case“. Journal of Social Sciences Research, Nr. 53 (28.03.2019): 789–95. http://dx.doi.org/10.32861/jssr.53.789.795.
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The aim of this study is to investigate the key factors affecting foreign direct real estate investment (FDIRE) in Turkey’s economy. A DOLS-FMOLS estimator model was developed to investigate the determinants of FDIRE in Turkey. Data was used between 2003Q1-2018Q2. This study differs from the previous ones in that this particular topic is being researched as regards the economy of Turkey for the first time. The results showed that the most important variables affecting foreign direct real estate investment in Turkey was openness and exchange rate. Furthermore, economic growth also has a positive impact. On the other hand, interest has been found to be the most negative factor affecting investments. Moreover, the increase in building construction costs directly reduce foreign real estate investment. The results show that the gradually increasing openness of Turkey’s economy contributes to the increase in foreign investments in the real estate market.
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Lee, Ming-Long, Ming-Te Lee und Kevin C. H. Chiang. „Real Estate Risk Exposure of Equity Real Estate Investment Trusts“. Journal of Real Estate Finance and Economics 36, Nr. 2 (11.07.2007): 165–81. http://dx.doi.org/10.1007/s11146-007-9058-2.
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Hu, Yuqing, und Piyush Tiwari. „International Real Estate Review“. International Real Estate Review 24, Nr. 2 (30.06.2021): 293–322. http://dx.doi.org/10.53383/100323.
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This paper identifies the impact of macroeconomic determinants of commercial property investment and development markets in Australia. A Hodrick-Prescott (HP) filter is used to filter the cyclical components of commercial property investment and development time series. In order to identify the long-run relationships and short-run dynamics, coupled with causality between these factors and property cycles, the investment and development property cycles are analyed with respect to the movement of nine macroeconomic factors by using time series data from 1987 to 2016. The empirical results suggest that the Australian commercial property market is often in an overdemand situation rather than oversupply, which can be explained by the different patterns of the property cycles on the demand and supply sides. Property investment cycles are shorter and more volatile than development cycles at around 8-10 years and more than 20 years, respectively, since there is a larger elasticity of the macroeconomic factors that underlie the investment market with short-term dynamics, while the development cycle is mainly affected by such factors moderately in the long run. Both the investment and development markets are intensively affected by financing related variables rather than market-sentiment and economic-cycle related variables.
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Feng, Jun. „The Integrative Application of GAHP and FCE Method in Real Estate Investment Decision“. Advanced Materials Research 250-253 (Mai 2011): 3638–41. http://dx.doi.org/10.4028/www.scientific.net/amr.250-253.3638.
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Based on analysising the influence factors of real estate investment decision, the paper establishes an evaluation index system of real estate investment decision, and applies integratively Group analytic hierarchy process(GAHP) and Fuzzy comprehensive evaluation(FCE) method to analysis the decision-making of real estate investment, to provide a more scientific quantitative basis for the decision-maker of real estate investment, so real estate investment decision has stronger scientificity.
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Jou, Jyh-Bang, und Tan (Charlene) Lee. „International Real Estate Review“. International Real Estate Review 14, Nr. 1 (30.04.2011): 1–26. http://dx.doi.org/10.53383/100132.
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This article employs a real options approach to investigate the determinants of an optimal capital structure in real estate investment. An investor has the option to delay the purchase of an income-producing property because the investor incurs sunk transaction costs and receives stochastic rental income. At the date of purchase, the investor also chooses a loan-to-value ratio, which balances the tax shield benefit against the cost of debt financing resulting from a higher borrowing rate and a lower rental income. An increase in the sunk cost or the risk of investment will not affect the financing decision, but will delay investment. An increase in the income tax rate or a decrease in the depreciation allowance will encourage borrowing and delay investment, while an increase in the penalty from borrowing, a decrease in the investor's required rate of return, or worse real estate performance through borrowing, will discourage borrowing and delay investment.
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Georgiev, Georgi, Bhaswar Gupta und Thomas Kunkel. „Benefits of Real Estate Investment“. Journal of Portfolio Management 29, Nr. 5 (31.01.2003): 28–33. http://dx.doi.org/10.3905/jpm.2003.319903.
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Marcato, Gianluca, und Tony Key. „Direct Investment in Real Estate“. Journal of Portfolio Management 31, Nr. 5 (30.09.2005): 55–69. http://dx.doi.org/10.3905/jpm.2005.593888.
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Leković, Miljan, Drago Cvijanović und Milena Jakšić. „Farmland real estate investment trusts“. Ekonomika poljoprivrede 65, Nr. 2 (2018): 745–55. http://dx.doi.org/10.5937/ekopolj1802745l.
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Haran, Martin, Michael McCord, Peadar Davis, John McCord, Colm Lauder und Graeme Newell. „European emerging real estate markets“. Journal of Property Investment & Finance 34, Nr. 1 (01.02.2016): 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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Farzanegan, Mohammad Reza, und Hassan Gholipour Fereidouni. „DOES REAL ESTATE TRANSPARENCY MATTER FOR FOREIGN REAL ESTATE INVESTMENTS?“ International Journal of Strategic Property Management 18, Nr. 4 (08.12.2014): 317–31. http://dx.doi.org/10.3846/1648715x.2014.969793.
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The purpose of this paper is to examine the impact of real estate transparency (RET) on foreign real estate investments (FREI). Most of the previous studies have argued that the free flow of information and the fair and consistent application of local property laws could attract greater amounts of FREI. Using observations from 32 countries covering 2004, 2006, 2008 and 2010 and applying fixed-effect and the generalized method of moments (GMM) techniques, our empirical results reveal that RET is not a major determinant of FREI. However, we find that the effect of RET on FREI is dependent on its interaction with the level of income implying that the higher the level of income in the host country, the higher the effect of RET on FREI. Finally, the results show that foreign direct investment (FDI) in other sector, market size and property prices are important determinants of FREI.
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Amalia, Andi Athifah, und Andi Achruh Pasinringi. „Trust Fund: REITs Dan Perkembangan I-REITs Di Indonesia“. Jurnal Ilmiah Ekonomi Islam 9, Nr. 2 (19.07.2023): 2907. http://dx.doi.org/10.29040/jiei.v9i2.8558.
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Salah satu dana perwalian yang digunakan untuk sekuritisasi properti konvensional adalah Real Estate Investment Trust. Pelaku pasar juga terpengaruh untuk berinvestasi pada aset properti syariah atau Islamic Real Estate Investment Trusts dengan munculnya Islamic Financial Institutions (IFI) berupa perbankan syariah dan pasar modal syariah di Indonesia. Studi ini menggunakan tinjauan literatur untuk mempelajari perbedaan antara Islamic Real Estate Investment Trust syariah dan konvensional, prinsip syariah dari Islamic Real Estate Investment Trust syariah, dan pertumbuhan real estate investment trust syariah di Indonesia. Untuk mengetahui mengenai perbedaan antara REITs konvensional dan Syariah, perkembangan I-REITs di Indonesia, dan prinsip syariah yang digunakan pada I-REITs. Hasil dari penelitian ini ditemukan bahwa perkembangan Islamic Real Estate Investment Trust di Indonesia masih mengalami keterlambatan dibandingkan dengan dengan Negara lain meskipun kerangka regulasi mengenai Islamic Real Estate Investment Trust di Indonesia telah ada. Sehingga diperlukan adanya upaya lebih lanjut dari pemerintah dan para praktisi literature untuk mendorong perkembangan Islamic Real Estate Investment Trust di Indonesia.
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Guo, Yifan. „Analysis of Big Data Application in Real Estate Investment“. Highlights in Business, Economics and Management 19 (02.11.2023): 219–24. http://dx.doi.org/10.54097/hbem.v19i.11880.
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As an important project of national economic growth, real estate plays an important role in education, scientific research and production industries. Despite the slower pace of urbanization, However, the development of real estate has started to slow down currently, and there have been problems such as market differentiation and changes in consumer demand. At the same time, many investors' investments are blindly aimed at adapting to the market, which can easily lead to losses. With the development of the information age, big data can process massive amounts of information and provide investors with effective reference when investing in real estate, thereby improving the efficiency and gold content of real estate investment. This study will describe the application of big data in real estate investment from four aspects: information mining system, housing price evaluation, risk profile and marketing. The information mining system is mainly used in the initial stage of development to provide decision-makers with the preferences of the target customer group. House price prediction and risk prediction are mainly based on BP neural networks. Marketing mainly describes the application of big data in real estate sales. These results demonstrate how big data can help investors better choose investment objects, save investment costs and better meet market demand in the current market environment.
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Ozus, Evren, und Vedia Dokmeci. „International Real Estate Review“. International Real Estate Review 8, Nr. 1 (30.06.2005): 144–59. http://dx.doi.org/10.53383/100065.
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This study investigates the effects of revitalization process in Beyoglu, Istanbul. Since the 1980s, spatial impacts of transformation have become apparent on Istanbul and these impacts have taken their most intense forms in the historic city centres, as Beyoglu. While Istanbul has grown through the restructuring of the urban economy, social and spatial reconstruction, and innovative transportation and communication technologies, Beyoglu has begun to regain its characteristics. Projects and investments to reconstruct Beyoglu have been successful in changing this process and have achieved their targets particularly in Beyoglu’s residential areas and the region has started to develop. In order to analyse the development process, this paper focused on the three revitalized neighbourhoods in Beyoglu, which have been popular residential areas in Istanbul. We use social, economic, and spatial indicators, such as population, property prices, and functional transformation. The revitalization process has significant effects on social, economic, and spatial structure of Beyoglu. For further studies, it will be useful to repeat this study in other historical residential areas of Istanbul in order to make comparative studies.lutes investment returns should be challenged. There is mounting evidence that RPI can be financially sound and socially beneficial. Leaders have emerged that are demonstrating its feasibility. Their activity should be considered as a basis for best practice guidelines. There is a need to develop metrics for comparing progress on RPI. We recommend: 1) establishing an RPI working group, 2) summarizing prior reports on urban issues, 3) identifying investment strategies that are profitable and responsive to the issues, 4) clarifying the financial effects of different responses and improving our means of measuring them, 5) identifying best practices, 6) adopting a rating system, 7) supporting RPI investment funds, and 8) recognizing leaders in the field.
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Mazaraki, Anatolіі, Svitlana Melnychenko, Liudmila Bovsh, Tetiana Tkachuk, Nataliia Zikiі und Liudmyla Romanchuk. „FINANCIAL AND INVESTMENT PREDICATES OF SECURITY OF HOTEL REAL ESTATE DEVELOPMENT“. Financial and credit activity problems of theory and practice 6, Nr. 47 (30.12.2022): 182–96. http://dx.doi.org/10.55643/fcaptp.6.47.2022.3912.
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The article examines the level of safety of investments in hotel real estate, and also develops general recommendations regarding its provision. It is noted that the safety of investments is an integral concept, and its achievement of optimal indicators forms the investment attractiveness of the micro- and macroeconomic environment. It was found that the investment potential of hotel real estate has been decreasing since 2019 due to unavoidable factors, in particular, the coronavirus pandemic and large-scale military aggression on the territory of Ukraine, which caused significant risks of financial capital losses.A negative forecast regarding the level of investment attractiveness of the hotel sector was found, verified on the basis of the method of scanning horizon, which is aggravated by the uncertainty of the war timeframe and the impossibility of predicting the scale of the destruction of social and tourist infrastructure.Globalization and digitalization of all aspects of the economy make it possible to form priority directions for the formation of safe relations regarding the investment of hotel projects adapted to the new conditions of the national economy. The relevant factors determining the conditions of investment in hotel real estate were worked out by the method of scanning the horizon.Therefore, this study aims to assess the conditions and risks of an investment in hotel real estate and to develop potential innovative models of interaction between the investor and the recipient of the investment (a subject of the hotel business), which will increase the attractiveness of hotel real estate for investment. The relevance of the above provisions is confirmed by the prospects of restoration of the hotel business after the end of martial law in Ukraine.