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Ling, Yuheng. "Corsican housing market analysis : Applications of bayesian hierarchical model." Thesis, Corte, 2020. http://www.theses.fr/2020CORT0011.
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Ce travail de thèse porte sur le développement de modèles économétriques/statistiques spatiaux pour analyser le marché immobilier en Corse. Concernant les contributions techniques, j'aborde dans ce travail la question de l'autocorrélation spatiale et temporelle dans le résidu de la régression linéaire classique qui peut conduire à des estimations biaisées. Les premières études empiriques utilisant des outils « a-spatiaux », tels que la méthode des moindres carrés ordinaires, ont ainsi probablement produit des estimations biaisées. Grâce à l’adoption de techniques basées sur l'économétrie spatiale, les économistes peuvent désormais gérer de manière plus efficace les problèmes liés à la présence d'autocorrélations dans les données. Cependant, la prise en compte de la dimension temporelle dans ce type de modèles demeure « floue » en raison du recours à des paramètres complexes qu’elle nécessite. Pour faire face à l'autocorrelation spatiale et temporelle, j’ai eu recours à l'application de modèles spatiotemporels hiérarchiques bayésiens. En termes d'économie régionale, j’ai utilisé les modèles hiérarchiques spatiotemporels bayésiens que j’ai développés pour évaluer le marché immobilier en Corse. En particulier, la question de savoir en quoi l’emplacement géographique affecte les caractéristiques du logement (prix, destination principale) constitue le cœur de cette thèse. Les sujets analysés sont complexes car ils traitent de questions allant de la prévision des prix de vente des appartements en Corse, à l'enquête sur les taux des résidences secondaires et à l'évaluation de l'impact de la vue sur mer. En outre, les fondements économiques de ces thématiques reposent sur la méthode des prix hédoniques, la prise en compte d’effets adjacents (adjacent effects) et d’effets d’entrainement (ripple effects). Enfin, j'identifie les points chauds (hot spots) et les points froids (cold spots) en termes de prix des appartements et de taux des résidences secondaires, et j’évalue l’impact de la vue sur mer (la mer Méditerranée dans le cadre de ce travail) et de l'accessibilité à la côte sur les prix des appartements. Ces résultats devraient fournir de précieuses informations pouvant aider à la prise de décision des planificateurs en matière d’urbanisation et des décideurs publicsThis thesis focuses on the development of spatial econometric/statistical models that are used for analyzing the Corsican real estate market.Concerning technical contributions, I address the issue of spatial and temporal autocorrelation in the residual of classical linear regression that may yield biased estimates. Early empirical studies using “spaceless” tools such as OLS probably yield biased estimates. With the acceptance of spatial econometrics, regional scientists can better handle the autocorrelation in data. However, the temporal dimension remains unclear due to its complex settings. To tackle both spatial and temporal autocorrelation, I suggest applying Bayesian hierarchical spatiotemporal models.Regarding the contribution in terms of regional economics, the developed ad-hoc Bayesian spatiotemporal hierarchical models have been used to assess the Corsican housing market. In particular, how locations affect housing is the key issue in this thesis. The topics analyzed are complex because they deal with issues ranging from predicting Corsican apartment sales prices, investigating second home rates to assessing the impact of sea views. Furthermore, the economic underpinnings of these topics include the hedonic price method, the adjacent effects and the ripple effects.Finally, I identify “hot spots” and “cold spots” in terms of apartment prices and second home rates, and I also indicate that both the sea (Mediterranean Sea) view and the coast accessibility affect apartment prices. These findings should provide valuable information for planners and policymakers
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DePasquale, Darin Richard 1965. "Global real estate markets." Thesis, Massachusetts Institute of Technology, 1998. http://hdl.handle.net/1721.1/65712.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1998.Includes bibliographical references (leaves 75-76).
Whether in a bid to remain competitive or designed to elevate a populations standard of living, countries around the world are seeing the necessity to deregulate their financial systems and open their markets to international commerce. Real estate, traditionally a local investment to enhance individual financial wealth, has become a domestic and international vehicle for speculative institutional and private investment. This statistical study utilizes time series data on office market rents, public real estate stock indices and gross domestic product from 17 markets around the globe in an effort to shed light on national and international real estate trends. Specifically, the study searches for divergence within a domestic setting public and private real estate markets. Eights global markets consumer price index deflated office market rental rates from 1970 to 1998 are regressed against a publicly traded real estate corporation's stock or property index's performance. Next, an understanding of a local economies effect on the private real estate markets performance is sought by regressing the same time series of deflated office market rental rates against the economies gross domestic product. Finally we look for the existence of international real estate market correlation by examining trends in office market rental rates from 1970 to 1998 in all 17 global markets. Public real estate cycles in most global settings lead private market cycles in the majority of markets studied. In addition GDP appears to not affect a countries office markets performance. Analysis suggests market segmentation exists internationally for private real estate markets in most countries.
by Darin Richard DePasquale.
S.M.
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Sun, Hua. "Three essays in real estate markets." Thesis, University of British Columbia, 2008. http://hdl.handle.net/2429/2876.
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In this dissertation, I examine two research questions. In chapters 2 and 3, based on idea of reference value that was first proposed by Kahneman and Tversky, I look at a potential house seller’s pricing strategy when the reference value plays a role.
In chapter 2, I focus on the reference-dependence and its implications on loss aversion behavior, and I compare model predictions with documented empirical findings in the literature. In particular, I show that the stylized empirical evidence in the literature has relatively limited power on testing loss aversion, and I provide new specifications that aim to correctly test the loss aversion effect.
In chapter 3, I examine a reference-dependent seller’s pricing strategy in a less heterogeneous housing market such as the multi-unit residential market. Acknowledging the fact that units in the same building serve as close substitutes for each other, I show that the recent transaction price on a unit in the same building may generate two signaling effects. First, the average willingness to pay among buyers is positively correlated with the observed price, which generates a spatio-temporal autocorrelation effect; second, after observing the prior price, the heterogeneity of the potential buyer’s willingness to pay decreases, inducing house sellers to mark down their asking prices.
In chapter 4, I examine the power of monitoring and forcing contract on improving the managerial efficiency of REITs. I put particular emphasis on its implications regarding the choice of advisor type in REITs. I show that, for both internal and external advisors, increasing levels of monitoring power will increase their equilibrium effort under a stochastic forcing contract. Furthermore, I show that a crucial driving force regarding advisor choice is the heterogeneity of monitoring power between internal and external advisors and across REIT firms. Provided that the gap of monitoring power is large enough between internal and external advisors, shareholders could make use of the heterogeneity, and induce higher effort from external advisors. Hence, I am able to provide a theoretical justification regarding the potential appeal of an external managerial structure, which is usually regarded as being inferior to an internal managerial structure.
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Nilsson, Pia. "Price Formation in Real Estate Markets." Doctoral thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-20736.
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This thesis includes an introductory chapter and four individual papers. The papers are held together by concepts associated with price formation in real estate markets, differentiated goods and the local character of land and housing markets. The first two papers focus on the markets for land and agricultural property and the two succeeding studies on housing markets. The first study examines regional variations of Swedish agricultural land prices. The associated empirical model follows the form of earlier literature in testing the influence of expected returns from the current agricultural use of land and the potential for non-agricultural use on prices. The use of market transacted land and the inclusion of decoupled income support to farmers, among a set of agricultural and non-agricultural factors, distinguishes this study from earlier empirical work. The second paper relates to the first by its focus on decoupled income support, but here the analysis extends to the micro level and to the study of price formation in the market for agricultural property. The study applies a spatial multilevel model to study variations in price determinants across and within local and regional markets. The third paper is devoted to the analysis of housing prices and their relation to open landscape amenities. The spatial analysis employs two geographical databases containing single-family home sales and preserved open spaces. In order to address the local character of urban housing markets and intraurban heterogeneity in amenity valuations the study applies a geographically weighted regression approach. The last paper focuses on the market for second homes with a particular emphasis on urban-rural interrelations. The paper is motivated by a growing demand for natural amenities and by the awareness that urban areas are becoming increasingly attractive markets for second homes.
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Solórzano, M. Ricardo M. (Ricardo Miguel Solórzano Macías). "Housing markets : Mexico." Thesis, Massachusetts Institute of Technology, 2009. http://hdl.handle.net/1721.1/54864.
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Thesis (S.M.)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate , 2009.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Vita. Cataloged from student submitted PDF version of thesis.
Includes bibliographical references (p. 58-59).
What, When and Where to Develop? The purpose of this study is to help find the major areas of opportunity for housing development and production in Mexico. The thesis intends to help developers in their eternal quest for the right product, location and timing. The answer to these questions will not only help developers with decision making regarding housing projects, but will be helpful to the industry as a whole. It will help lending institutions determine which projects to finance and will be a valuable tool for local and federal governments in determining which cities and income levels or housing products need higher government subsidy or support. The number of housing units sold in Mexico in the last decade has almost quadrupled, yet market forecasts generated by institutions and developers seem negligible. A greater effort to assess the housing demand and deficit has been made by private institutions and government entities which finance most housing sales in the country, while developers seem only to go as far as is necessary to secure financing for their respective projects. This study provides an outlook of the housing markets in Mexico and includes an analysis of what is currently being done to measure and forecast housing demand. The thesis concludes with rigorous economics analysis intended to forecast markets through a Vector Autoregression (VAR) Model. The model uses 15 years of historical data on housing prices, inventories and sales with economic and demographic variables to create forecasts for seven cities representing each of the seven regions the country was segmented into for the study.
by Ricardo M. Solórzano M.
S.M.
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Schätz, Alexander. "Dynamics on real estate and emerging markets." kostenfrei, 2009. http://www.opus-bayern.de/uni-regensburg/volltexte/2009/1311/.
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Yang, Changyu. "Systematic Mispricing: Evidence from Real Estate Markets." University of Cincinnati / OhioLINK, 2019. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1563272643127727.
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Katz, Omer S. M. Massachusetts Institute of Technology, and Kailash Gupta. "The tale of two markets : a comparison of performance between Class A properties in secondary markets and Class B properties in primary markets." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/92606.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (page 65).
As the number of investors in real estate expands and current investors increase their target allocations, we can expect to see a substantial increase in the investment pace in real estate for institutions. Investors seeking high yields have been shifting their focus away from core investments due to high prices and resulting low yields, and have started to look beyond core properties and core markets for opportunities. This thesis examines the historical performance of Class A buildings in secondary markets and Class B buildings in primary markets from 2005 to 2013. Historical performance data is used from NCREIF, and the CoStar database is used to classify each property as Class A or Class B. Through this study we hope to shed some light on the importance of location and asset type (Class A or Class B buildings) as determinants of returns in commercial real estate investments. An analysis of our empirical findings, on an aggregated basis of an entire real estate cycle (2005-2013), indicates that while office and multifamily properties have demonstrated similar behavior throughout the cycle, this has not been the case for industrial properties. In the case of office and multifamily properties, Class B buildings in primary markets have outperformed Class A properties in secondary markets and the NCREIF NPI. As opposed to these distinct results, in the case of industrial properties, Class A buildings in secondary markets have outperformed Class B properties in primary markets and the NCREIF NPI. One explanation for this unpredictable behavior might be associated with the substantial economic and physical differences of industrial properties, specifically when compared to office and multifamily properties. Another possible explanation of this result has to do with the relatively small size of NCREIF data on industrial properties, and, consequentially, the industrial property data in this thesis was comprised of merely 93 industrial properties. Based on the overall empirical findings of our study, a savvy real estate investor, who is dedicated to maximizing his long run returns, would be better off investing in office and multifamily properties in primary markets, and in industrial properties in secondary markets.
by Omer Katz and Kailash Gupta.
S.M. in Real Estate Development
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Armerin, Fredrik. "Waiting in real options with applications to real estate development valuation." Licentiate thesis, KTH, Matematisk statistik, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-188145.
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In this thesis two dierent problems regarding real options are studied. The rst paper discusses the valuation of a timing option in an irreversible investment when the underlying model is incomplete. It is well known that in a complete model there is no nite optimal time at which to invest if the underlying asset, in our case the value of the developed project, does not pay out any strictly positive cash ows. In an incomplete model, the situation is dierent. Depending on the market price of risk in the model, there could be an optimal nite investment time even though the underlying asset does not pay out any strictly positive cash ows. Several examples of incomplete models are analyzed, and the value of the investment opportunity is calculated in each of them. The second paper concerns the valuation of random start American perpetual options. This type of perpetuate American option has the feature that it can not be exercised until a random time has occured. The reason for studying this type of option is that it provides a way of modelling the initiating of a project, e.g. the optimal time to build on a piece of land, which can not occur until a permit, or some other form of clearance, is given. The random time in the project application represents the time at which the permit is given. Two concrete examples of how to calculate the value of random start options is given.QC 20160607
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Edwards, Alden R. Jr. "Price segment indexing in southern office markets." Thesis, Massachusetts Institute of Technology, 2016. http://hdl.handle.net/1721.1/103456.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2016.Cataloged from PDF version of thesis.
Includes bibliographical references (page 26).
Real estate is traditionally defined as the space market but before any investor hones in on a geographic area or asset class in which to invest, they must understand their capital limitations. If an investor only has $1 OM to invest and an asset requires $60M in equity, it is reasonable to assume that it is unattainable. Considering such financial limitations the real estate market can be defined in terms of capital investment levels in addition to the traditional delineations of the space market. Investors typically analyze space markets and may benchmark asset prices to an index but these tools do not define the nuances of their particular capital investment level but rather depict a mean of previous or projected investment dynamics. This thesis explores the price dynamics of specific price segments in the Southern office markets of the United States. Regression analyses are used to tease out the marginal differences between price segments. Modeling commercial real estate price dynamics is typically done with a standard OLS repeat-sales regression and we will do the same here for a controlled baseline analysis. However, in order to comprehend the price dynamics of specific price segments within a market this thesis will use a quantile regression model to parse the price market into deciles. This model revealed significant varying degrees of price volatility across the deciles that increased from the lowest price cohort to the highest, confirming the hypothesis.
by Alden R. Edwards, Jr.
S.M. in Real Estate Development
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Yang, Yang, and Enyang Ye. "Return Correlation of China's Real Estate and Stock Markets." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-38319.
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China’s economy has experienced a spectacular growth and achieved a remarkable success over the past three decades. Opportunities created by the striking economic growth have led China’s most important investment markets, real estate and stock markets to undertake an enormous transformation and development. This paper is concentrated on examining the relationship between the returns on Chinese real estate and stock markets. In particular, the paper attempts to investigate whether the returns are correlated between them, and to explore the potential diversification effects on creating a balanced portfolio including both real estate and stock assets. The empirical study is conducted on the basis of monthly data collected from year 2005 to 2010. Statistical tests are applied to measure the magnitude of return correlations between Chinese real estate and stock markets. The results of the empirical study indicate that the monthly returns on Chinese real estate and stock markets are not correlated. And when investing in China’s capital markets, diversification benefits could be achieved by creating a balanced portfolio including both real estate and stock assets. Keywords: Return Correlation; Diversification Benefit; Chinese Real Estate market; Chinese Stock Market
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Marcato, Gianluca. "Real estate performance measurement in markets with thin information." Thesis, City University London, 2005. http://openaccess.city.ac.uk/8510/.
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Historically, different index construction methodologies have been used to represent the behaviour of real estate markets. They can be grouped into four main categories: valuation based indexes and transaction-based ones, synthetic measures (e.g. created by using prime rents and yields) and vehicle-based performances (property companies and Real Estate Investment Trusts). Each measure requires a different set of data. When we consider markets with thin information, data availability plays a major role in defining the applicability of these construction methodologies. Moreover, if the aim of an index is to show long-term performances in such markets, individual property data (e. g. periodic valuations) used by main index providers may not be retrievable historically. This work describes main index construction methodologies used in the property industry or suggested in relevant finance literature. Three new methodologies are applied to the UK market and their ability to represent a "true" estimate of market performance is tested by comparing these new figures with the current valuation-based index. The first methodology employs purchase prices and last valuations to create repeated-measure regression returns. We find this index to behave more similarly to an unsmoothed version of the valuation based index than to its original series. Secondly, we obtain an estimate of market performance from vehicle-based in formation by adopting a weighted average cost of capital framework. Finally, we apply a capital asset pricing model net of illiquidity costs to public real estate returns and find an improvement in correlation coefficients even at a monthly frequency. All these three methodologies may be used to create historical series in markets where information are not easily available. They all represent a good proxy for unsmoothed real estate returns, The choice between these three methodologies should be data driven since there is no theoretical a-priori to prefer one to another.
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Binkley, Aaron G. "Real estate opportunities in energy efficiency and carbon markets." Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/42034.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Architecture, 2007.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 67-69).
Global interest in the effects of climate change has grown rapidly in recent years. The US federal government mulls a cap and trade system for large carbon emitters while states implement their own greenhouse gas schemes. Private industries are beginning to see the need to address their greenhouse gas footprints and are increasingly offsetting their carbon emissions. The real estate industry has been under little scrutiny in spite of being responsible for over 40% of all US greenhouse gas emissions. The real estate industry is in the unique position of being able to reduce greenhouse gas emissions through energy efficiency improvements that are low cost and that create value within the underlying asset. The objective of this research is two-fold: First, to examine the potential value and feasibility of energy efficiency improvements, and second to determine if there is sufficient value creation from abatement of greenhouse gas emissions, called offsets, to subsidize further energy efficiency measures. Through a case study example I examine energy efficiency improvements at two levels and determine the resulting greenhouse gas offsets on a state-by-state basis. Then I evaluate energy savings and greenhouse gas offsets across a low and high price range. Once the case study analysis is complete, I examine the magnitude of economic value resulting from energy efficiency improvements and the sale of greenhouse gas emissions offsets for the entire real estate industry. My analysis indicates that there is potential for significant value creation. Opportunities are focused in states where energy prices are higher and where greenhouse gas emissions from power generation are greatest. In the case study, capital investment in energy efficiency has an IRR range from 26.4% to over 125%.
(cont.) Greenhouse gas offset value increases IRR further; providing an additional 26% increase in the original available energy retrofit funding. Net asset value increases from 1.1% in a low carbon price scenario to 5.5% in a high carbon price scenario. At the market level, efficiency improvements are worth between $40.3 and $201 billion annually. Greenhouse gas emissions are worth an additional $1.46 to $48.8 billion. The sum of energy efficiency and greenhouse gas emissions offsets have the potential to add between 1.0% and 6.1% to the value of the $4.03 trillion US commercial real estate market. I conclude that there is significant potential for value creation resulting from rigorous energy efficiency improvements and the sale of offsets in emerging greenhouse gas markets.
by Aaron G. Binkley.
S.M.in Real Estate Development
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Yusupova, Alisa Yevgenyevna. "An econometric analysis of U.K. regional real estate markets." Thesis, Lancaster University, 2016. http://eprints.lancs.ac.uk/82680/.
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This thesis presents an analysis of UK national and regional property price dynamics with the focus on changes in the time-series properties of real estate prices and their forecastability. The main research questions addressed are the following. First, have UK regional property prices experienced episodes of explosive dynamics in the past and if so, can these episodes be explained by movements in economic fundamentals. Second, considering the substantial instability of UK real estate markets over the last few decades, which are the best econometric models for predicting future house price dynamics and which economic variables are the most important drivers of property prices movements.
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Trouve, Yohann. "Local interactions between rental and real estate housing markets." Thesis, Lyon, 2019. http://www.theses.fr/2019LYSE2111.
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Le marché du logement se compose de deux segments principaux, le marché locatif et le marché de la vente. Bien que ces deux marchés fonctionnent différemment, les prix sur les deux marchés sont naturellement soumis à des interactions réciproques : le niveau des loyers affecte les prix de vente, mais les prix sur le marché de vente ont un impact sur les loyers. Dans la première approche, les loyers sont convertibles en prix de vente par une formule de capitalisation. Cependant, il est possible, et empiriquement observé, qu'il existe des déséquilibres entre les deux marchés. Ainsi, la dynamique relative des prix et des loyers peut varier dans le temps, mais aussi dans l'espace d'une zone urbaine : comment les prix sur les deux marchés (vente et location) sont-ils liés ? Comment l'un affecte-t-il l'autre ? La relation entre les deux prix est-elle homogène dans l'espace ? Pourquoi certains quartiers d'une agglomération ont-ils des loyers trop bas par rapport aux prix d'achat ? Cesquestions présentent un intérêt particulier pour les acteurs locaux de la politique du logement, dans un contexte de fortes tensions sur le marché du logement comme c'est le cas dans l'agglomération lyonnaise. En particulier, elles sont étroitement liées aux politiques visant à soutenir l'offre de logements ou le niveau des loyers du marché. Cette thèse propose d’étudier les liens entre ces deux marchés.Le premier chapitre de cette thèse tente d'observer si les ratios loyer/prix varient à l'intérieur d'une zone urbaine et cherche à expliquer les écarts entre les ratios loyer/prix, s'ils existent. Après avoir recalculé les ratios loyer sur prix dans l’agglomération, nous observons une hétérogénéité spatiale de ceux-ci. Dans une seconde partie de cette contribution, nous développons un modèle de « tenure choice » qui nous permet de mettre en avant des mécanismes théoriques qui expliquent les variations spatiales de ratio loyer/prix.Le deuxième chapitre de cette thèse porte sur la relation entre les prix du marché du logement privé et la construction de logements sociaux. Dans cette première contribution empirique, nous testons l'impact de la loi SRU sur le prix des logements en utilisant une méthode à double différence. Les résultats indiquent qu'à mesure que le retard de la municipalité dans l'atteinte des objectifs de la SRU augmente, il entraîne une augmentation de la construction de logements sociaux et, finalement,une diminution du prix des logements privés de la municipalité. Nous utilisons aussi une méthode de régression de discontinuité utilisant le seuil de 3500 habitants. Les résultats de cette deuxième analyse suggèrent que la construction de logements sociaux a eu un impact négatif sur le prix des logements dans les municipalités de plus de 3500 habitants.Aujourd'hui, il existe plusieurs politiques qui encouragent les propriétaires à louer des logements à loyers modérés ou qui tentent de faciliter l'accès à la propriété. Néanmoins, si ces politiques ont déjà été étudiées, ce troisième chapitre tente de comprendre leurs impacts combinés sur le marché du logement privé. En particulier, nous essayons de montrer l'impact des politiques de soutien à l'achat et à la location et des politiques de prêts à taux zéro. La première étape de notre contributionconsiste à concevoir un modèle théorique. Ce modèle théorique met en évidence les effets de chacun des deux mécanismes et met également en évidence la réaction du marché du logement lorsque chacun des deux mécanismes est couplé à une politique de contrôle des loyers. Dans une analyse empirique, nous vérifions si les prédictions du modèle précédemment développé sont valides. Les résultats indiquent que l'impact de la réforme sur le prix des logements neufs est positif.La dernière étape de notre analyse est une méthode à triple différence qui indique que la croissance du prix des logements neufs s'accélère en présence d'un contrôle contraignant des loyersThe housing market consists of two main segments, the rental market and the sales market. Although these two markets operate differently, prices on the two markets are naturally subject to reciprocal interactions: the level of rents affects prices of sale, but prices on the sales market have an impact on rents. On the first approach, the rents are convertible into a selling price by a capitalization formula. However it is empirically observed that imbalances exist between the two markets. Thus, the relative dynamics of both prices and rents can vary over time, and also in the space of an urban area. How are prices in the two markets (sale and rental) related? How does one affect the other? Is the relationship between the two prices homogeneous in space? Why is it that some neighborhoods of an agglomeration have rents that are too low in relation to purchase prices? These questions are of particular interest to local policy actors in housing, in a context of strong tensions on the housingmarket as is the case in the Lyon conurbation. In particular, they are strongly linked to policies aimed at supporting the supply of housing or the level of market rents. This thesis aims to study the link between these two markets.The first chapter of this thesis attempts to observe whether rent to price ratios vary within an urban area and seeks to explain the differences between rent to price ratios, if they exist. After recalculating the rent to price ratios in the agglomeration, we observe a spatial heterogeneity of them. In the second part of this contribution, we develop a "tenure choice" model that allows us to highlight theoretical mechanisms that explain spatial variations in the rent to price ratio.The second chapter of this thesis deals with the relationship between private housing market prices and the construction of social housing. In this first empirical contribution, we test the impact of the SRU law on house prices using a double-difference method. The results indicate that as the municipality’s delay in achieving the SRU's objectives increases, it leads to an increase in the construction of social housing and, ultimately, a decrease in the price of the municipality's private housing. We also use a discontinuity regression method using the 3500 population threshold. The results of this second analysis suggest that the construction of social housing has had a negative impact on private housing prices in municipalities with more than 3500 inhabitants.Today, there are several policies that encourage landlords to rent low-rent housing or that attempt to facilitate access to home ownership. Nevertheless, while these policies have already been studied, this third chapter attempts to understand their combined impacts on the private housing market. In particular, we try to show the impact of purchase and rental support policies and zero-interest loan policies. The first step in our contribution is to design a theoretical model. This theoretical modelhighlights the effects of each of the two mechanisms and also highlights the reaction of the housing market when each of the two mechanisms is coupled with a rent control policy. In an empirical analysis, we check whether the predictions of the previously developed model are valid. The results indicate that the impact of the reform on new housing prices is positive. The last step in our analysis is a triple-difference method that that the growth of new housing prices accelerates in the presence oftight rent controls
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Chang, Qingqing. "Essays on Liquidity in Finance and Real Estate Markets." University of Cincinnati / OhioLINK, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1378113690.
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Oseenius, Bryan. "Portfolio Bias of Real Estate Companies Vs. Financial Markets." Thesis, KTH, Fastigheter och byggande, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-183377.
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This study will apply the Capital Asset Pricing Model (CAPM) to help understand the relationship between traded real estate companies and their respective financial markets. The aim will be to quantitatively explain the link between real estate companies holding different asset types within their portfolio and their traded financial markets using betas from CAPM. Some companies have preferences towards one type of real estate assets; which could be referred to as "portfolio bias." On the other hand some companies have a portfolio bias towards diversification and hold a portfolio of diversified assets. This study will examine how diversification plays a role in both correlation to the market and overall return. The idea is that a real estate company holding a more diversified portfolio performs more like the market and therefore acts more like the market portfolio made up of value weighted stocks and securities within the financial market. A more diversified portfolio should pose less risk and perform better over the long term which many studies have shown to be the case in financial markets. This study will also explore the connection between underlying asset types using residential, retail and diversified assets compared to their traded financial markets to determine the role of portfolio bias.
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Nomura, Mitsuhiro S. M. Massachusetts Institute of Technology. "Strategies for Japanese developers in potential international markets." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/92597.
Full textAbstract:
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 75-80).
Global development has currently become an important business for developers. Although the business involves complex economic, political, and cultural issues, international real estate has been more attractive. Economic and political analysis tells the timing of getting into the market. Demographic analysis indicates if the market would expand and which target developers should focus on. Also, we can find out competitiveness and how to differentiate from other companies. Japan has not showed dramatic economic improvement for 20 years. The mature country has several issues: aging, low birth rate, and natural disasters. On the other hand, Summer Olympics 2020 will be held in Tokyo and the government has decided to dramatically improve the infrastructure. Japan will change and I would like to find out the opportunities and challenges of Japanese real estate. Hawaii market has been influenced by tourism. The market is really unique; the resort area attracts house buyers and renters from all over the world. Most visitors come from the US main land and Japan. Glancing the US and Japanese economy, developers can find out the real estate business opportunities. Vietnam has developed the infrastructure and real estate legal systems. With the new infrastructure development and the assistance of private developers, the country provides more housing. Moreover, the legal system had not allowed foreigners to own properties but has been changed to invite more capital from other countries. I have worked for a Japanese developer and experienced a short period of economic growth but we did not significantly invest and the good economy was over by the financial crisis. Most Japanese developers experienced the bubble economy and were tremendously influenced by that time, becoming more cautious in their outlook. The timing for expanding business now is perhaps not optimal. However, the benefits and challenges in these regions can be well-balanced for global developers who are eager to gain a foothold into international real estate markets.
by Mitsuhiro Nomura.
S.M. in Real Estate Development
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Luo, Mai S. M. Massachusetts Institute of Technology. "Apartment volatility determinants across the United States markets." Thesis, Massachusetts Institute of Technology, 2011. http://hdl.handle.net/1721.1/65184.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2011.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student submitted PDF version of thesis.
Includes bibliographical references (p. 49-51).
Much research has been done to examine the volatilities of return on public and private real estate investments. However, little is known about market volatility in real estate in general and in apartment real estate in particular. This paper uses 21-year quarterly data across 46 markets in the United States to analyze the market volatility behavior of apartment real estate markets. In addition to summarizing the general profile of apartment volatilities such as vacancy change and revenue change, this paper conducts a significant amount of cross-sectional time-series regression analysis to test the determinants of such volatilities. It is found that demand volatilities dominate the volatility of vacancy change of apartment markets. As for the revenue change volatility, it is almost equally determined by occupancy change and rent change volatilities. Furthermore, the paper finds that big markets, fast economic growth, and a decreased concentration magnitude tend to reduce vacancy and revenue volatilities. Regulations on redevelopment tend to increase the volatilities of revenue change and rent change. The supply elasticities are proved to increase the volatility of vacancy change and revenue change, but to decrease the volatilities of demand and rent change. This paper provides a better understanding of apartment market volatilities, and can be used to hedge risk by improving apartment diversification strategies for both private equity real estate firms and public real estate investment trusts (REITs).
by Mai Luo.
S.M.in Real Estate Development
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Khomassi, Nason, and Swapn Shah. "Comparing returns of real estate assets in gateway US markets." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/92605.
Full textAbstract:
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 62-63).
The main objective of this study is to understand and analyze the risk adjusted returns of office building and portfolios and determine whether institutional real estate investors are allocating capital efficiently. NCREIF data from years 1999 to 2014 years will be analyzed. The data will be split into three proportional classes, upper (Class A), middle (Class B), and tertiary (Class C) classes based on asset price per square foot and then their risk adjusted returns will be analyzed with the Sharpe Ratio. Further, based on these findings, the thesis will determine whether a quantitative measure of building classification can be established. Currently, real estate assets, office or otherwise, are only classified qualitatively
by Nason Khomassi and Swapn Shah.
S.M. in Real Estate Development
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Otálora, Castro José Camilo. "Strategic framework for real estate investment in emerging markets : the case of commercial real estate in Bogotá, Colombia." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/58633.
Full textAbstract:
Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Architecture, Center for Real Estate, 2008.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 69-74).
Real estate investment is becoming increasingly international. Deregulation and integration of global capital markets, growth of emerging market economies, demographic trends in developed economies, and geopolitical and sociocultural changes the world over are presenting opportunities for international real estate investors in a fascinating, complex and interconnected market place. Latin America seems to be one of the last frontiers still unexplored by international real estate investors. Colombia in particular is making quiet and steady efforts to internationalize its economy and welcome Foreign Direct Investment (FDI). Among the policy-makers' long-term goals, Colombia aspires to become one of the three most competitive countries in Latin America by the year 2032. International real estate investors need to adapt their tools and techniques to underwrite new and uncharted markets that present investment opportunities. This thesis proposes a comprehensive strategic framework for international real estate investments, by adapting from selected business academic literature and real estate industry practice different decision-making approaches. The purpose of the thesis is twofold. First, by proposing a strategic framework, the work intends to contribute to the development of strategic decision-making literature in international real estate investment. Second, by utilizing the strategic framework to study selected issues and variables that are deemed relevant or pertinent to the commercial real estate market in Bogota, it attempts to serve as a resource to international real estate investors interested in the market.
by José Camilo Otálora Castro.
S.M.in Real Estate Development
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Lee, Jason 1973. "Real estate investment in Taiwan : an examination of the recent opening of real estate markets to foreign entities." Thesis, Massachusetts Institute of Technology, 2001. http://hdl.handle.net/1721.1/32211.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Architecture, 2001.Includes bibliographical references (leaves 67-72).
In hope to revitalize the slumping real estate markets and sluggish economy, the government of Taiwan, Republic of China, has recently opened up direct real estate investment opportunities to foreign entities. In conjunction with the joining of WTO, Taiwan hopes that foreign funds and maybe even investment from Mainland China will infuse capital and uplift the markets. Nevertheless, the potential impacts to the real estate industries have not yet been fully examined. Several professionals and academia suggested that the projected effects of direct investment into Taiwan's real estate markets will not seem to be as optimistic as how the government has hoped for. Political uncertainties, slow market growth, low transparency, oversupply of products, and different real estate valuation expectations will prohibit bullish direct investment activities. The net result is complicated. A closer look shows that foreign capital will create a short-term turbulence in the real estate markets and further exaggerate value discrepancies between market sectors and geographical locations. As the formation of AMCs (Asset Management Corporations) will consolidate NPL's and thus further depress market value, the deeply discounted high quality properties in different regions, the possibility of securitizing real estate assets, and the continuing of general foreign business development will attract real estate investment opportunities into different product sectors and locations, and thus create value disparities. Long run effects will depend on the island's political and economic situations. Overall, as Taiwan is preparing to enter the WTO, the opening of real estate industries to the international marketplace will standardize valuation methods, reorganize industry structure and make the markets more transparent.
by Jason Lee.
S.M.
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Schulz, Rainer. "Valuation of properties and economic models of real estate markets." Doctoral thesis, [S.l.] : [s.n.], 2003. http://deposit.ddb.de/cgi-bin/dokserv?idn=968959318.
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McAllister, Patrick. "European monetary integration and convergence in European real estate markets." Thesis, University of Reading, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.494961.
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This research study investigates the effects of the process of European monetary integration on the investment performance of European commercial real estate markets. In particular, it addresses the question of whether European monetary integration has produced convergence in the performance of European office markets. Different dimensions of convergence are analysed in terms of whether there is growing similarity in terms of causation of market change, market timing and market levels. The study uses data from both the non-securitised and securitised real estate sectors.
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Gathright, Graton Marshal Randal. "Social learning in labor markets and in real estate brokerage." Diss., [La Jolla] : University of California, San Diego, 2010. http://wwwlib.umi.com/cr/ucsd/fullcit?p.
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Thesis (Ph. D.)--University of California, San Diego, 2010.Title from first page of PDF file (viewed Feb. 19, 2010). Available via ProQuest Digital Dissertations. Vita. Includes bibliographical references (p. 59-60).
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Akakandelwa, Nalumiono. "Liquidity in commercial real estate markets : a social networks approach." Thesis, University of Reading, 2018. http://centaur.reading.ac.uk/78973/.
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There are different perceptions of what liquidity means when analysing real estate markets. The application of financial market concepts of liquidity to real estate markets has been criticised for failing to consider the operational nature of real estate markets. Research on real estate market liquidity has embraced time on market as an alternative approach to understanding liquidity. However, variance analysis of time on market fall short of explaining explicit processes in which real estate transactions are embedded. This research has focused on analysing components of transaction processes which could explain time on market. This research explored time on market from a process perspective to understand the fundamental essence of real estate market liquidity in a way that captured the market’s operational nature. Within this sphere, previous studies investigated the institutional and performance (calculative agencies) attributes. This research focused on social attribute embedded in commercial real estate sale transactions. The literature review, hence, covered the nature of real estate markets, search, and social network concepts to understand how involving brokers in searching could be associated with time on market in commercial investment real estate transactions. The research question for this study was how egocentric uncertainty was associated with search in commercial investment real estate markets of Johannesburg, South Africa and London, United Kingdom identified as Alpha and Alpha++ global and world cities. Liquidity in global cities is contingent on how the processes by which the behaviour of intermediaries, the nature of social capital and the complexity of power relations generate capital flows. Qualitative approach and ethnomethodology were adopted to understand these socially constructed processes in commercial transactions. data collection involved interviewing 19 individuals in commercial real estate brokerage firms and investment fund management firms in both markets to establish replications and/or deviations in commercial real estate processes involving office sale transactions. Constructive theoretical thematic analysis was used to identify emerging themes. The analysis of contingencies to sale transaction processes provided insight into the operational nature of commercial real estate markets. Brokers in both markets appeared to exploit cognitive, organisational and social proximities within their social networks to resolve information asymmetry and potential opportunism. A broker’s perception of transaction demands and network resources seemed to influence search strategy choice. Informal social relations seemed to have been associated with the quality of accessible information to gain tacit knowledge in less sophisticated markets, and to gain market insight in more sophisticated markets. Further research is required to establish how social networks could influence the expedience of investment decisions or be associated with cultural embeddedness in transactions.
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Durr, David W. "Three Essays on Real Estate Investment Trusts and Financial Markets." Thesis, University of North Texas, 1995. https://digital.library.unt.edu/ark:/67531/metadc278203/.
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This dissertation is structured as three essays on real estate investment trusts and financial markets. It addresses the financial performance and systematic risk of different REIT types, the information content of REIT bankruptcies, and the effect of recent tax law changes on the REIT industry.
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Sacchini, Bruzual Bernardo A. "Dueling markets : capitalizing on the non-institutional and institutional asset arbitrage." Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/97959.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2015.Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 71-73).
The rising supply of both domestic and international capital pursuing yield in major U.S. real estate markets is staggering and has resulted in substantial unmet demand for quality, institutional assets. This thesis examines the pricing and yield arbitrage between institutional and sub-institutional grade assets, as defined by valuation parameters, alongside the feasibility of an investment model to capitalize on the aggregation of subinstitutional assets into portfolios attractive to institutional investment. The U.S. market was analyzed both quantitatively and qualitatively to determine the viability of the perceived arbitrage, the components comprising both institutional and noninstitutional markets, and where these have been successfully capitalized on with an aggregation investment model. In order to assess the viability and best practices of an aggregation strategy, interviews were conducted with firms invested in or executing this model. A repeat sales index was also created using data provided by Real Capital Analytics which comprised over 68,000 transactions of assets valued above $2.5 million which transacted between 2000 and 2014 across the United States. The interviews, regressions, and corresponding data analysis revealed distinguishable trends underlying institutional and sub-institutional assets within specific markets. These trends suggest that there is inefficiency in the real estate market regarding the pricing of certain sub-institutional assets in older, land-constrained cities making them target locations for an urban aggregation model. The largest disparities between sub-institutional and institutional investments were found in the yield and growth rates of specific assets based on underlying market criteria. By aggregating these two metrics for total return averages for non-institutional and institutional assets, and by analyzing the risk performance of each, we conclude the existence of a different pricing of risk, which generates the potential for arbitrage. Specifically, non-institutional properties exhibited better risk-adjusted returns relative to their larger counterparts for land constrained, older regions and cities, confirming our hypothesis.
by Bernardo A. Sacchini Bruzual.
S.M. in Real Estate Development
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Vaughn, Wade(Wade M. ). "Overlooked opportunities : small Class B multifamily in secondary sun belt markets." Thesis, Massachusetts Institute of Technology, 2019. https://hdl.handle.net/1721.1/123595.
Full textAbstract:
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019Cataloged from PDF version of thesis.
Includes bibliographical references (pages 52-54).
This thesis examines an underappreciated asset class -- small Class B multifamily in secondary Sun Belt markets -- to see if it is a suitable entry point for junior real estate investors and developers. Due to the small size and low price points of these properties, as well as their location outside of gateway markets, these assets tend to escape the attention of highly-sophisticated capital. This lack of attention creates market inefficiencies with strong upside potential for-junior real estate investors and developers at reasonable entry-point prices. This thesis examines the economics of small Class B and C multifamily assets; the resiliency of these assets in an economic recession; and the optionality inherent to Class B and C multifamily as it pertains to various holding and exit strategies. This thesis also explores the trends driving growth in secondary Sun Belt markets, and why these markets are attractive to junior real estate investors and developers. Incorporated within this thesis are case studies of a secondary Sun Belt market (Tampa Bay, Florida) and a small, Class B multifamily asset (the Caprice).
by Wade Vaughn.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate
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Cason, Brian (Brian Paul). "Volatility of hotel market fundamentals and the determinants of variations between markets." Thesis, Massachusetts Institute of Technology, 2010. http://hdl.handle.net/1721.1/62135.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate , 2010.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 79-80).
How can volatility as well as other dynamics and characteristics in hotel market fundamentals affecting risk be better understood? This paper explores that fundamental question along with other more specific questions that naturally follow: What are the markets and hotel sectors that exhibit the most volatility in RevPAR, and its various components: occupancy, ADR, absorption and completions? How can markets be characterized as more supply driven or demand driven? How can market revenue metrics be characterized as rate or occupancy driven? What determines the variations in these metrics? What markets behave similarly? What do these findings mean in terms of various risk management practices? This paper develops a model for the systematic analysis of hotel markets based on observed trends in historical data. The paper first calculates measures of volatility. It then develops a model to characterize markets based on which fundamentals play a larger role in hotel market dynamics. It then provides a further comparison of markets based on which exhibit similar movements in RevPAR. The findings then are analyzed for their meaning in terms of risk in hotel markets. Finally, the findings are interpreted to reach conclusions about the nature and determinants of volatility in hotel markets, and how to better mitigate these risks in portfolio selection.
by Brian Cason.
S.M.in Real Estate Development
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Jin, Changha. "The Impact of Local Media Pessimism on Residential Real Estate Markets." Digital Archive @ GSU, 2009. http://digitalarchive.gsu.edu/real_estate_diss/5.
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This study uses content analysis and a controlled experiment as data generation methods to investigate the precise nature of the largely unexplored relationship between the content of real estate news and activities in the real estate market. The theoretical base of the research is Kahneman’s two system view (2003) of cognitive processing, which is applied to an individual’s decision-making about the residential real estate market. The affect heuristic provides the theoretical basis for studying the relationship between the emotional content of local media information and decision making in the residential real estate market. The research question seeks to measure the “framing effect” of news on real estate market activity. It is posited that the way local real estate news is framed will influence transaction prices and the number of pending sales. A behavioral approach is utilized to understand the underlying relationship between a residential real estate market and a news article to audiences; an effect called frame setting. It is conjectured that when media coverage about the real estate market is negative there is more downward pressure on the market compared to when media coverage is more objective and includes descriptive statistics on the current real estate market.
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Finley, Bretton C. "The viability of the "build-to-rent" single-family model in tertiary markets." Thesis, Massachusetts Institute of Technology, 2019. https://hdl.handle.net/1721.1/123612.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019Cataloged from PDF version of thesis.
Includes bibliographical references (pages 55-57).
This thesis examines an emerging product type, single-family build-to-rent, and tests its potential application in tertiary markets of the United States. The build-to-rent ("BTR") model has proven successful in a number of fast-growing secondary markets, such as Phoenix. However, the attributes of these markets differ widely from tertiary markets. This paper examines the key drivers in Phoenix, such as demographics, land costs, construction costs, cap rates and rents that have made this product successful and compares these metrics against those of tertiary markets in an effort to evaluate whether single-family BTR is a viable product type in those markets. Case studies are used to compare secondary markets to tertiary markets. Oklahoma City, Tucson and Fresno are selected as the tertiary markets based on their varying affordability scores as measured by the Housing Opportunity Index. This index was chosen to test whether homeownership affordability predicts BTR success. While there are different varieties of BTR products, these case studies examine a hypothetical 20-acre project of 160 single-family detached homes of approximately 1,800 square feet each. Untrended Returns on Cost ("ROC") were found to be similar to Phoenix in Oklahoma City and Tucson. However, due to the slower rent growth and higher cap rates of these tertiary markets, Internal Rates of Return and Equity Multiples were found to be too low to justify this specific BTR design. However, further institutionalization of this asset class and a reevaluation of the pricing of SFR volatility has the potential to lower cap rates to a level that justifies the BTR product in tertiary markets.
by Bretton C. Finley.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate
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Chen, Xi [Verfasser], and Michael [Akademischer Betreuer] Funke. "Four Essays on Real Estate Markets / Xi Chen ; Betreuer: Michael Funke." Hamburg : Staats- und Universitätsbibliothek Hamburg, 2017. http://d-nb.info/1124591176/34.
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Huang, Wei, and 黃瑋. "The interaction between real estate and stock markets in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2002. http://hub.hku.hk/bib/B31243137.
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Huang, Wei. "The interaction between real estate and stock markets in Hong Kong /." Hong Kong : University of Hong Kong, 2002. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25700546.
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Chester, Kevin Knai 1968. "The globalization of developing-nation real estate markets : a current perspective." Thesis, Massachusetts Institute of Technology, 2004. http://hdl.handle.net/1721.1/17858.
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Thesis (S.M.M.O.T.)--Massachusetts Institute of Technology, Sloan School of Management, Management of Technology Program, 2004.Includes bibliographical references (leaves 49-50).
To examine today's state of developing nation real estate markets is to gain insight into the evolutionary process of a new market in today's world. Real estate represents a considerable percentage of the wealth of individual nations. As a tradable asset capable of providing leveraged financing, or as the property behind mortgage backed securities, real estate can be worth far more than its face value. For the citizens of developing nations, open real estate markets bring increasing social and financial stability. Nonetheless, to the detriment of the developing world, the power of tradable real estate in developing nations remains largely untapped. Real estate markets are not widely open or functional. For the investor, the volatile and growing economies of developing nations represent opportunities for returns and portfolio diversification. Real estate markets in these regions are in the process of transforming in a way that will render them as easily accessible as domestic real estate or securities traded on foreign exchanges. The evolution of this market takes place on several independent but essential fronts including the public, private, and multi-national organizations as well as individual and institutional investors. Based on current literature research, a series of interviews, and a survey of organizations in the field, this paper documents the major issues involved with the evolution of this market, establishes a framework for evaluating progress, and places participating organizations within that framework. This analysis makes it possible to make an assessment of the current and future state of real estate markets on a global basis as well as in individual countries.
by Kevin Knai Chester.
S.M.M.O.T.
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Dubuque, Elise(Elsie S. ). "Multifamily Amenity Wars : defining their current state in luxury urban markets and determining impacts of COVID-19." Thesis, Massachusetts Institute of Technology, 2020. https://hdl.handle.net/1721.1/129092.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, September, 2020Pagination: 1-123, 142-146, 124-141. Cataloged from student-submitted PDF of thesis.
Includes bibliographical references (pages 144-146).
This paper examines the historic, current and future state of luxury residential amenities and the popularly-called "Amenity Wars" in luxury multifamily housing. The research is based on U.S. urban markets with a special focus on Boston, Massachusetts, where the recent building boom and overall healthy economy have created an active and competitive multifamily development environment. It also aims to answer the question: how has/will COVID-19 (coronavirus disease 2019) impact the thinking behind and programming of residential building amenities? The discussion of recent Amenity Wars trends incorporates themes such as catering to resident needs on a lifestyle level; the draw of physical amenities vs. service-oriented amenities; and demographic and market conditions that have resulted in the current state of multifamily demand.
Following is an exploration of how, as of summer 2020, the coronavirus's rapid person-to-person spread has proved particularly disruptive to the way multifamily housing operates, and how it has challenged existing perceptions about what makes for a desirable multifamily housing experience. The experience of the COVID-19 pandemic will represent a profound moment in collective memory with the power to alter not only the planning and programming of multifamily features and amenities, but luxury urban residential demand in general. As such, it is now time to rethink what the future of the Amenity Wars will look like in both the evolving new normal and long-term new normal. This paper demonstrates how, during the pandemic, innovative designs and other creative solutions have already begun to infiltrate multifamily design and construction.
It also establishes that a healthy demand for luxury urban multifamily housing is poised to remain in the long term, along with which additional notable shifts in multifamily feature and amenity programming will occur. Going forward, we should expect to see changes to physical space in the form of more spatially-adaptable buildouts that enable flexibility of use in addition to more private areas and less community focus, as well as a shift toward service over some physical amenities. Additionally, some of the most lasting effects of the pandemic will be in regard to how multifamily buildings are designed to accommodate new demands of teleworking.
by Elise Dubuque.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate
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Wolfram, Raphael. "Commercial real estate price risk A risk management approach using capital markets /." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01666379002/$FILE/01666379002.pdf.
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Michel, Gaston. "Real estate risk in equity returns : empirical evidence from U.S. stock markets /." Wiesbaden : Gabler, 2009. http://d-nb.info/993786871/04.
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Odusote, Oladimeji. "Stimulating Nigeria's emerging real estate markets : investment opportunities through the public sector." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/58651.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2008.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 68-69).
In its Global Economics Paper Nc.134, the Goldman Sachs Economics Group highlights the West African country of Nigeria as having the potential to be among the next generation of emerging markets around the world the next eleven (N-11) - after their much publicized BRIC countries: Brazil, Russia, India and China. Nigeria - the only country included from Sub-Saharan Africa - is shown to have the potential to become one of the top 20 economies of the world by 2025: owing to such indicators as recent GDP growth - and projections for continued growth - and its substantial population. As is typical with emerging markets, rapid growth in Nigeria's economy translates into an equally rapid growth in the demand for institutional quality real estate and the first signs of this can already be observed in the country's major markets of Lagos, Port-Harcourt and Abuja. This growirg demand has however been met with very limited supply, resulting in high and growing rents in these markets and an opportunity for profitable real estate investment, where they can be found. This paper examines the role of the public sector as one such source of real estate investment opportunity: The public sector having hitherto played a very active role in the country's real estate development. An analysis will be made of the historical development of public sector inflence on real estate; and then an evaluation made, on the opportunities being created, as this influence is directed towards encouraging private sector investment and expertise.
by Oladimeji Odusote.
S.M.in Real Estate Development
41
Lukowski, Jan Hendrik [Verfasser]. "Impact of Large-scale Construction Projects on Real Estate Markets / Jan Hendrik Lukowski." Berlin : epubli, 2019. http://d-nb.info/1202658059/34.
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Braun, Johannes [Verfasser], and Wolfgang [Akademischer Betreuer] Schäfers. "Essays on Informational Efficiency in Real Estate Markets / Johannes Braun ; Betreuer: Wolfgang Schäfers." Regensburg : Universitätsbibliothek Regensburg, 2021. http://d-nb.info/1225935725/34.
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Kandlbinder, Katrin [Verfasser], and Wolfgang [Akademischer Betreuer] Schäfers. "The Role of Information in Real Estate Markets / Katrin Kandlbinder ; Betreuer: Wolfgang Schäfers." Regensburg : Universitätsbibliothek Regensburg, 2018. http://d-nb.info/1163109207/34.
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Stoica, M. C. "Forms of interaction between financial and real estate markets : a perspective on Tokyo." Thesis, University College London (University of London), 2016. http://discovery.ucl.ac.uk/1476898/.
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The current research project explores the role of urban planning regulations and the regulations of investments on the real estate market in attracting financial investments to Tokyo, a global city that plays an important role in the economy of Japan and the world. The approach to building and land-use regulations as a form of societal control had constrained the investor's capacity to choose the spatial location of its investment, as well as reducing the investor's degree of freedom to build and use the real estate asset the way it best served the investor's interests. The current research project attempts to reveal to what extent this approach is still the basis of local regulations, if and how regulations play a role in attracting investments by contemporary global real estate investors, since the profit-driven global real estate investor can find the most attractive investment property market in different local settings around the world (the study is concerned with where the investors choose to invest in property and not where they choose to locate their own office premises). Exploring the interaction between the financial market and the real estate market can also be instrumental in guiding and informing the responsiveness of city planners and administrators to the ever expanding needs of financing the development of a global city.
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Simmons, Susan M. (Susan Marie) 1970. "Analysis of the 1966 Summer Olympic Games on real estate markets in Atlanta." Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/32197.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2000.Includes bibliographical references (leaves 106-112).
Among all sporting events, the Summer Olympic Games are the most watched event around the globe. Global participation, diversity of events and sheer athletic skill attract billions of viewers to the seventeen-day summer event. The increasing interest in the Games has only served to promote greater commercialism for the event; and for the host city, greater opportunities to showcase itself to future business and leisure travelers. The recent bribery scandal involving the Salt Lake City, Utah bid committee demonstrates the lengths at which some cities have gone to win an Olympic host bid. In contrast with the situation over twenty years ago where the City of Los Angeles was the only bidder for the 1984 Games, sixty-six cities expressed their interest in hosting the 2008 Summer Games. Why is there such intense interest in winning a bid to host the Olympic Games? What are the real payoffs from hosting this event? Do the benefits outweigh the tremendous costs for the host city? Does the significant one-time investment produce long-term economic gains? This study does not attempt to answer all of these questions at this time. Instead, the focus of this study is to understand how these questions apply to one particular host city, the City of Atlanta, Georgia, host of the 1996 Summer Olympic Games. In particular, this study measures the long-term impacts on real estate markets in Atlanta through both quantitative analysis of economic variables and qualitative analysis of the physical, organizational and psychological impacts. In contrast with the two previous host cities, Barcelona and Seoul, that spent many billions of public and private (but mostly public) dollars transforming their city in preparation for the Games, Atlanta relied upon primarily private funds to prepare for the 1996 Games. Public funds were spent for some important infrastructure improvements, but these investments would have likely taken place at some future point without the Games. Even so, within a five year period, more than $2 to 3 billion was spent to prepare Atlanta for the Games. This study determines that this Olympic investment had minimal impact on the fast-growing regional market. In most cases, the Olympics were no more significant than other factors, such as corporate expansion and relocation, in contributing to long-term economic growth. In the local in-town markets, the Olympics did meaningfully contribute to growth in the multi-family sector. In addition to new and renovated sports facilities, the Olympics left downtown Atlanta with many notable legacies that are fueling urban growth and revitalization: a new 21 acre park, renovated parks and public plazas, new street lighting, tree plantings, and other streetscape improvements, 9000 units of student housing, and thousands of new residents living in converted buildings downtown. The Olympics may not have transformed Atlanta to the extent they did in Barcelona and areas of Seoul; however, it certainly proved to be a catalyst for many important changes in the city today.
by Susan M. Simmons.
S.M.
46
Fagan, Kevin William. "The bricks, clicks, economics and mortar of contemporary retail : the consequences that retailer storing strategies and retail performance across markets have on real estate investments." Thesis, Massachusetts Institute of Technology, 2011. http://hdl.handle.net/1721.1/65180.
Full textAbstract:
Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2011.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student submitted PDF version of thesis.
Includes bibliographical references (p. 107-110).
The retail industry in the 21st century is undergoing a confluence of transformative changes. In this paper we discuss particularly noteworthy changes related to demography, retail economics and the Internet. We note how, in reaction to those transformations, brick-and-mortar retailers have developed innovative strategies to maintain growth and store performance, such as urban market penetration and multi-channel selling. We also have done a rigorous analysis of retail performance across major U.S. markets to determine the ex post and ex ante effects of trends and strategy changes. The hypothesis of this paper is that the conventional definition of "good" retail real estate has substantially changed in the last decade. The analytic approach of this paper is to: 1) observe broad retail industry trends, 2) conduct industry interviews to identify corresponding retailer strategy shifts, 3) perform cross-metro analysis of retail performance and 4) extrapolate meaningful effects on retail real estate. This provides owners, operators and developers of retail properties insight into the evolving characteristics and needs of tenants as they adapt to the new retail environment. Conclusions include description of the attributes of markets, properties, tenant mixes and amenities that best support contemporary retailing. Commentary and analysis is also provided on the impact of e-commerce and bricks-and-mortar retailers' adoption of multi-channel selling. Some results are that larger, denser markets have less consumption per capita, but those markets are generally underserved and have greater store gross revenues. Retailers are motivated to enter urban markets with flexible prototypes and online platforms. Population growth serves as a wealth proxy and corresponds strongly with sales growth. Housing prices are positively correlated to retail sales. Income growth has a much stronger relationship to sales performance than static income levels. Ethnicities and incomes are sorted and stratified in dense markets, making performance forecasting more nuanced. Relatively higher Internet usage in a metro corresponds to significantly higher brick-and-mortar retail sales.
by Kevin William Fagan.
S.M.in Real Estate Development
47
Patel, Nikhil S. M. Massachusetts Institute of Technology. "A comparison of downtown and suburban office markets." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/58649.
Full textAbstract:
Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2008.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 50-51).
There have been many studies about office demand with relation to employment focused at the MSA level. This paper investigates the relationship between office demand and office employment between downtown and suburban markets. The paper provides an analysis of office demand and employment across 43 downtown markets and 52 suburban markets for the years 1998 and 2006. Correlation and multi-variable regression analysis are used to determine the relationship between office demand, employment, and rent as well as the relationship between downtown and suburban markets. The analysis is divided into three parts. The first part focuses on levels of office employment against levels of office demand in each market for each year separately. The second section investigates the change in office demand against the change in employment and rents for each market over the two years. Finally, the third part analyzes the relationship of office demand, employment and rent between downtown and suburban markets. The paper uses employment data categorized by industry using the North American Industry Classification System (NAICS). Employee counts are estimated from the establishment data available by zip code from the U.S. Census Bureau. By using employment data at the zip code level, the study is able to split the MSA into downtown and suburban markets. The study focuses on six industries thought to use the majority of office space.
by Nikhil Patel.
S.M.in Real Estate Development
48
Macfarlane, Barclay(Barclay Dalziel). "The redistribution of corporations and their talent across the United States : analyzing the emerging trend of demographic and corporate migration from gateway markets to smaller ones." Thesis, Massachusetts Institute of Technology, 2021. https://hdl.handle.net/1721.1/130729.
Full textAbstract:
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, February, 2021Cataloged from the official PDF of thesis.
Includes bibliographical references (pages 101-107).
Corporations and their employees, often referred to as talent, have historically been concentrated in gateway markets in the United States. In particular, the San Francisco and New York metro areas have become ubiquitous hubs for the technology and financial services industries, respectively. These markets, however, are becoming increasingly expensive and cost prohibitive for employers and employees alike, spurring the migration of both parties to smaller markets. Smaller markets provide corporations the opportunity to better align employee incomes and costs-of-living, often while providing cost savings to corporations and a better quality of life to employees. Corporations' propensity to position headcount and footprint growth in non-gateway markets is increasing, both driven by and driving further demographic migration to these smaller markets. The growth of firms outside of gateway markets will provide opportunities for smaller markets to participate in future corporate growth.
This thesis studies recent population and corporate migration trends to these emerging hub markets, evaluates the various factors that corporations consider when deciding how and where to physically grow their footprints, and evaluates the resulting pattern of corporate development in these new hub markets, aiming to provide a level of understanding to developers and investors performing diligence these new markets for investment. COVID-19 will likely accelerate these trends as workforce distribution becomes more commonplace, driven by the COVID-disruption-forced implementation of more sophisticated, strategic real estate planning at corporations across the technology and financial services industries.
These corporations' quickly-evolving policies regarding remote work and telecommuting, employee demands to live in more affordable and livable markets, and corporate desires to reduce personnel, operating, and tax expenses, will result in further distribution of corporations and their talent across the country.
by Barclay Macfarlane.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate
49
Xue, Jing, and 薛晶. "Financial contagion and herding behavior : evidence from the stock and indirect real estate markets." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hdl.handle.net/10722/193472.
Full textAbstract:
Financial contagion, in this study, refers to spreading of crisis across markets in different locations. The observable consequence is usually in the form of increase in co-movement of asset prices in two markets after a crisis event. The causes of financial contagion have been studied for over twenty years, however, up till now, results have been mixed. One unsettled issue is whether market fundamentals alone can explain financial contagion. Pure fundamental based explanation suggests that the financial, economic and trade linkages are solely responsible for the transmission of crisis across markets. On the other hand, the behavioral finance researchers propose that herding behavior also plays an important role in explaining financial contagion. This issue cannot be easily resolved since it is difficult to empirically distinguish linkage effect and herding behavior. This thesis contributes to this unresolved issue by examining financial contagion in the stock market and indirect real estate market.
In the stock market, both fundamental linkages and herding are likely to exist. However some securities are less prone to herding than others. Herding across international markets is likely to be less serious when there is less information asymmetry between investors and management. In addition, compared with foreign investors, local investors are more confident in the link between market fundamentals and the corresponding securities. Real Estate Investment Trusts (REITs) are likely to suffer from less information asymmetry problem since the REITs market has more stringent regulatory requirements for information disclosure. Furthermore, the pricing of real estate asset, the main type of assets held by the REITs, often requires local knowledge. Local investors investing in REITs are less likely to mimic the investor behavior in another overseas REITs market. Listed property companies also share some similarities with REITs, although they are less immune to herding compared with REITs as information disclosure is less stringent for listed property companies. Since the asset prices of real estate are affected by the economic performance, fundamental linkages amongst all indirect real estate still likely to exist and are similar to other types of listed companies.
If market fundamental is the only source of financial contagion (i.e. no herding), financial contagion in the global stock and indirect real estate markets should be similar. This thesis uses the 2008 global financial crisis (GFC) as the crisis event to examine financial contagion across the world’s major equity markets. Our empirical results show that financial contagion is stronger in the entire stock markets than in the indirect real estate markets and that financial contagion is the weakest in the REITs markets, which support the herding behavior hypothesis and reject the pure fundamental explanation. This reasoning does not require indirect real estate to be totally immune from herding. All that is needed is that indirect real estate is less prone to herding compared with the common stocks.
Herding behavior can be rational or irrational. The latter refers to revision of asset prices by following the pricing behavior of other markets irrespective of market fundamentals. Our empirical evidence cannot reject irrational herding behavior in the indirect real estate market since contagion effect becomes stronger when windows of observations are lengthened. That is when more time was allowed for investors to react to the pricing behaviors in other markets, financial contagion became stronger. However, no similar results were found in the stock market. This impl\ies that compared with the indirect real estate market, herding is more serious in the stock market but such herding is also more rational than that in the indirect real estate market.published_or_final_version
Real Estate and Construction
Master
Master of Philosophy
50
Campeau, Francis. "A microstructure analysis of the information on securitized and unsecuritized commercial real estate markets." Thesis, University of Cambridge, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.296670.
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