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Journal articles on the topic 'Property market'
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1
Hiang Liow, Kim, Joseph Ooi, and Yantao Gong. "Cross‐market dynamics in property stock markets." Journal of Property Investment & Finance 23, no. 1 (February 2005): 55–75. http://dx.doi.org/10.1108/14635780510575094.
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Ke, Qiulin, and Karen Sieracki. "Market maturity: China commercial real estate market." Journal of Property Investment & Finance 33, no. 1 (February 2, 2015): 4–18. http://dx.doi.org/10.1108/jpif-08-2013-0047.
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Purpose – The purpose of this paper is to explore the evolutionary path to market maturity that China property market has taken over the last few decades. The focus is on the commercial real estate markets in Beijing and Shanghai. It will help international investors understand the market environment, risk and market activity process. Design/methodology/approach – In this research, the authors apply the market maturity framework and its key determinants based on previous work undertaken by Keogh and D’Arcy (1994) and Chin et al. (2006) for the analysis of Chinese commercial property market. Particular focus is on Beijing and Shanghai. The questionnaire is designed to obtain fair and objective views from international property consultancy firms active in Beijing and Shanghai markets. There are not many of these international property consultancies. The reason why this type of business was selected was to insure that the business had an understanding of China’s place in the global commercial real estate market as this market matures from its emerging market status. Findings – The findings reveal that the respondents felt the commercial property markets in Shanghai and Beijing were now moderately mature. However, issues such as poorer level of standard market information, development instability, low transparency of the legal system, high taxes and high government invention still existed in China’s commercial property market, therefore hindering its progress towards greater market maturity. Research limitations/implications – The small same size of the survey is the major limitation of the research. Practical implications – International investors and analysts can benefit from the research findings through a better understanding of the behaviour and trends in this unique market which will be reflected in their decision-making process. Originality/value – An explorative approach was used due to the lack of data to examine the perception of China’s commercial property market’s evolution and maturity. The findings can then be placed in the context of other Southeast Asian cities. The evolutionary process of China’s property market is rarely examined in previous studies of China property market due to the lack of data and transparency.
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Olaleye, Abel, and Beatrice Oyinloluwa Adebara. "Another look at property market maturity framework and its application to Lagos property market, Nigeria." Journal of Property Investment & Finance 37, no. 5 (August 5, 2019): 486–502. http://dx.doi.org/10.1108/jpif-04-2019-0048.
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PurposeThe purpose of this paper is to re-examine the framework for determining property market maturity by including the economic characteristics of a country in the measure.Design/methodology/approachThe examination was done in Lagos property market, which was stratified into Mainland and Island markets. A total of 181 estate surveying and valuation firms and 87 property development companies, as represented by top-level managers, participated in the survey. Data were collected on their perception of property market maturity attributes that included market openness, presence of professionals, level of transparency and state of the economy, among others. The data were analyzed using mean rating and mean deviation.FindingsThe result showed that “diversity of real estate products and forms” was ranked highly and had reached a mature stage in Lagos Mainland, Island and the aggregated Lagos market. Contrarily, the state of the economy was still at immature stage in Lagos and its sub-markets. Overall, the results showed that the Lagos property market was emerging and that the inclusion of economic features in the maturity framework reduced the level of maturity of the market when compared with previous studies.Practical implicationsThe study implied that the assessment of the state of economy of a country, as part of the attributes for measuring property market maturity, will impact on the result and should be taken into consideration.Originality/valueThe study adds to the previous studies on property market maturity by assessing the impact of the economic characteristics of a country on the measure.
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Hager, David P., and David J. Lord. "The property market, property valuations and property performance measurement." Journal of the Institute of Actuaries 112, no. 1 (June 1985): 19–60. http://dx.doi.org/10.1017/s0020268100041974.
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1.1. The Institute has discussed papers on most aspects of institutional investment in recent years, with the notable exception of property. This is not due to the lack of importance of this investment sector to pension funds and life offices, but perhaps to the greater role of actuaries (rather than surveyors) in the other investment media and to the interest in mathematical models for gilts and equities.1.2. In this paper we have not tried to produce a mathematical model of the property market, a new valuation method for property or solutions to the extensive problems of property performance measurement and indices. We have, however, tried to pull together, in a single paper, the volumes of material on the property market and property valuation methods. We have also tried to set down some of the pitfalls of property performance measurement, which often tend to be overlooked in the relentless pursuit for more statistics in this important area.
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Zainudeen, Nisa, Sepani Senaratna, Suranga Jayasena, and Raufdeen Rameezdeen. "Horizontal housing property market." Built-Environment Sri Lanka 7, no. 1 (May 31, 2010): 16. http://dx.doi.org/10.4038/besl.v7i1.1947.
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SHIMIZU, Chihiro. "Sustainability and Property Market." Japanese Journal of Real Estate Sciences 35, no. 1 (June 29, 2021): 57–61. http://dx.doi.org/10.5736/jares.35.1_57.
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Vladova, N., and N. Rabkina. "Property and the Market." Problems in Economics 32, no. 3 (July 1989): 6–24. http://dx.doi.org/10.2753/pet1061-199132036.
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Warren, Clive M. J. "Global property market update." Property Management 36, no. 2 (April 16, 2018): 134–36. http://dx.doi.org/10.1108/pm-02-2018-0012.
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Gallo, John G., and Ying Zhang. "Global Property Market Diversification." Journal of Real Estate Finance and Economics 41, no. 4 (April 14, 2009): 458–85. http://dx.doi.org/10.1007/s11146-009-9178-y.
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Babie, Paul, Paul Leadbeter, and Kyriaco Nikias. "Property, Unbundled Water Entitlements, and Anticommons Tragedies: A Cautionary Tale From Australia." Michigan Journal of Environmental & Administrative Law, no. 9.1 (2020): 107. http://dx.doi.org/10.36640/mjeal.9.1.property.
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As water becomes an increasingly scarce resource, a lack of clarity in relation to its use can produce both conflict among and inefficient use by users. In order to encourage markets in water and to ensure the viability and functionality of those markets, governments in many jurisdictions have moved away from commons property as a means of water allocation, and towards systems of private property in water. In doing so, one policy and legal option is “unbundling”, which seeks carefully to define both the entitlement to water and its separation into constituent parts. Advocates claim that unbundling makes water rights easier to value, monitor, and trade. But is unbundling the most efficient means of allocating water use rights? Or might such fragmentation produce what has come to be called an “anticommons tragedy”? To answer these questions, this article contains four parts. The Introduction provides the legal background to the modern means of allocating the use of water amongst competing, or rivalrous, users. Part I considers the theoretical nature of property, and the way in which such theory might be extended to water allocation through unbundling. Part II presents unbundling as it has been implemented in the Australian state of South Australia. This allows us to assess the extent to which the stated policy rationale for unbundling—certainty and transferability of entitlements—has been achieved and the extent to which this is a desirable outcome. Our analysis can be applied to any jurisdiction, most notably the arid and semi-arid southwestern United States, considering unbundling as a legal and policy option for the allocation of water use. The Conclusion reflects upon the potential for unbundling water entitlements in arid or semi-arid environments. The South Australian experience reveals a reluctance to embrace unbundling, both on the part of the state in terms of implementing, and on the part of market actors holding existing proprietary interests in water. This reluctance ought to be viewed by other jurisdictions as a warning about the effectiveness and efficiency of unbundling. We show that unbundling efforts may not only fail to provide efficiency gains, but also, and much more worryingly, may in fact drive anticommons tragedies that entirely inhibit any beneficial use. We propose that our anecdotal and theoretical analysis of South Australia requires empirical research both in Australia and in other jurisdictions climatologically, hydrologically, and in underlying legal framework, similar to Australia. Such empirical research will test our conclusions in relation to South Australia, both in respect to the operation of the water market and as to the behavior of market actors.
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Kokot, Sebastian. "Residential Property Price Indices on Small Property Markets." Real Estate Management and Valuation 25, no. 1 (March 1, 2017): 5–18. http://dx.doi.org/10.1515/remav-2017-0001.
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Abstract There are many reasons for the fact that reliable property indices are difficult to calculate. Even though, in theory, there are several acknowledged methods of their determination, this task poses problems of various nature in practice. These problems grow when the data sets are limited, which is the case on small property markets where the number of transactions are low. The paper is an attempt to compute property price indices on the basis of a statistically smoothed series of average unit prices of residential properties sold on a small market, exemplified by the county of Łobez. Additionally, the paper discusses the problems that have emerged over the course of the study, as well as the obtained results, as viewed in the context of the general situation on the property market.
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Cohen, Viktorija, and Birutė Galinienė. "EVALUATION OF COMMERCIAL PROPERTY MARKET MATURITY: A CASE OF LITHUANIA." International Journal of Strategic Property Management 18, no. 2 (June 20, 2014): 151–62. http://dx.doi.org/10.3846/1648715x.2014.925007.
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Property market maturity level is one of the influential factors affecting competitiveness of a country in a global arena. Local economies of Central and Eastern Europe may have reacted differently to the economic globalisation process, but property markets in these countries became very much dependent on global trends in terms of market development, evolution and adaption of practices. This article analyzes scientific observations and aspects of property market evolution, suggests a model of property market evolution and adapts the property market maturity concept, applying it in the case of the Lithuanian commercial property market. This article also presents the results of a survey among the commercial property market actors, which mainly suggests the level of property market maturity. The results indicate that although the overall market degree of maturity still needs to be improved, the elements of professional services, the actors’ activity, the investment market environment and the flow of information ranked better maturity, compared to the other elements used in the study.
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Van Der Krabben, Erwin, and Edwin Buitelaar. "Industrial Land and Property Markets: Market Processes, Market Institutions and Market Outcomes: The Dutch Case." European Planning Studies 19, no. 12 (December 2011): 2127–46. http://dx.doi.org/10.1080/09654313.2011.633822.
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D’AMATO, Maurizio. "INCOME APPROACH AND PROPERTY MARKET CYCLE." International Journal of Strategic Property Management 19, no. 3 (October 9, 2015): 207–19. http://dx.doi.org/10.3846/1648715x.2015.1048762.
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This paper is focused on a proposed valuation method including real estate market cycle analysis in real estate valuation process. Starting from early works on this field (d'Amato 2003) the work highlight the dangerous gap between academic research on property market cycles and professional practice of property valuation. The danger of this gap comes from the fact that in spite it is well documented that the property market has a “natural” cyclical behaviour, the opinions of value based on income approaches still relies on assumption of a stable or perpetually growing (or decreasing) income. This may be one generating factors of the real estate bubble and the subsequent financial markets crisis experienced recently. This paper offers a general introduction on cyclical capitalization as a further family of valuation methodologies based on income approach. This method includes in the traditional Dividend Discount Model more than one g-factor in order to plot property market cycle. An empirical application of Cyclical Capitalization is offered to the office market of the Eastern London.
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Shimizu, Chihiro. "Microstructure of asset prices, property income and discount rates in the Tokyo residential market." International Journal of Housing Markets and Analysis 10, no. 4 (August 7, 2017): 552–71. http://dx.doi.org/10.1108/ijhma-12-2016-0082.
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Purpose The purpose of this paper is to decompose and measure the microstructure of property investment returns for Tokyo’s residential property markets in as much detail as possible in comparison with office market. Design/methodology/approach Using enterprise value data for property investment trust companies composed of share prices available on capital markets, this study proposed a method of estimating property investment returns corresponding to changes in capital markets, and clarified the distortion in capitalization rate that are formed based on property appraisal prices. Findings The results for residential property showed that as building floor space increased, income and price increased while the discount rate decreased. In particular, a higher return could be obtained from office property than residential property by investing in larger-scale properties. Building age lowered asset price and income for both residential and office property, especially for residential property. Research limitations/implications In Japan, investors believe that investment returns are high for properties close to the city centre, relatively new properties and those with large design or floor space. Therefore, this study first measured how asset prices, income and asset price–income ratios that comprise property investment returns change based on differences in these property characteristics. Second, the reliability/distortion of information that can be observed on the property investment market was measured. Furthermore, there was a significant divergence between discount rates and risk premiums formed by asset or space markets versus capital markets. Practical implications The differences of discount rate and risk premium formed by asset markets versus capital markets indicate that appraisal prices have biases. Thus, when it comes to property investment decisions, it is essential to make active use not just of property investment returns based on appraisal prices formed by asset markets but also information formed by capital markets. Social implications A greater difference was generated in a shrinking market, suggesting that analysing property returns estimated on asset market information alone could lead to erroneous investment decisions. Originality/value This research is the first to use the enterprise value data from real estate investment trust companies composed of share prices available on capital markets for calculating discount rate and risk premium in property market.
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RENIGIER-BILOZOR, Malgorzata, Radoslaw WISNIEWSKI, and Andrzej BILOZOR. "RATING ATTRIBUTES TOOLKIT FOR THE RESIDENTIAL PROPERTY MARKET." International Journal of Strategic Property Management 21, no. 3 (July 11, 2017): 307–17. http://dx.doi.org/10.3846/1648715x.2016.1270235.
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The growing significance of the real estate market prompts investors to search for factors and variables which support cohesive analyses of real estate markets, market comparisons based on diverse criteria and determination of market potential. The specificity of the real estate market is determined by the unique attributes of property. The authors assumed that developing real estate market ratings identifies the types of information and factors which affect decision-making on real estate markets. The main objective of real estate market ratings is to create a universal and standardized classification system for evaluating the real estate market. One from the most important problem in this area is collection of appropriate features of real estate market and development dataset. The main problem involves the selection and application of appropriate features, which would be relevant to the specificity of information related to the real estate market and create a kind of coherent system aiding the decision-making process. The main aim of this study is to elaboration set of variables (knowledge platform) that were used to elaborate the real estate market ratings. The results lead to obtain the necessary set of features that constitute essential information which describes the situation on the local real estate market.
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Abere, Chioma Oluwaseun, Olusegun Adebayo Ogunba, and Terzungwe Timothy Dugeri. "An evaluation of property markets in Southwestern Nigeria." Property Management 36, no. 3 (June 18, 2018): 314–32. http://dx.doi.org/10.1108/pm-04-2017-0022.
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Purpose Studies on the maturity status of Sub-Saharan African property markets are scanty. The absence of such studies appear to have made African property markets – such as the Nigerian market – unattractive to foreign investors who require market information to assess the viability of proposed investments. The purpose of this paper is to explore the maturity status of selected city property markets in Southwestern Nigeria (i.e. markets in the capital cities of Lagos, Ibadan and Osogbo), with a view to providing information for enhanced property investment in Africa. Design/methodology/approach The study adopted and expanded on property market maturity paradigms suggested by Keogh and D’Arcy (1994), Akinbogun et al. (2014) and Jones Lang LaSalle (2014) to measure the maturity status of the property markets in the Nigerian cities. The study investigated the maturity of three markets in Nigeria by scoring the stated views of a range of stakeholders (estate surveyors and valuers, public land administrators and financiers represented by commercial banks) across a range of ten indicators. The responses were classified by means of a five-point classification scale which expanded on the initial four-point scale developed by Dugeri (2011). Findings The three property markets were found to exhibit varying maturity characteristics (with weighted mean scores of 3.07, 2.71 and 2.51, respectively), representing emerging and immature stages of evolution on the maturity path. These results suggest that there is a correlation between the tier of the market and the level of property market maturity. Practical implications The study concluded that first- and second-tier city property markets have emerged sufficiently to the point where they may safely attract foreign direct and indirect investment from courageous foreign investors. However, the state governments and real estate professional regulatory bodies in the second and third markets need to undertake substantial remodeling of market structures to make them attractive to international investors. Originality/value The value of the paper is in providing much needed information for enhanced property investment in Africa.
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Grover, Richard, and Christine Grover. "Property bubbles – a transitory phenomenon." Journal of Property Investment & Finance 32, no. 2 (February 25, 2014): 208–22. http://dx.doi.org/10.1108/jpif-01-2014-0005.
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Purpose – The purpose is to review what is known about property bubbles and their causes. Design/methodology/approach – The method has been to review the literature on bubbles in the property and other asset markets to examine their likely causes and whether there are specific aspects of the property market that make it more prone to bubbles. Findings – The property market has features that make it susceptible to bubbles, particularly inelasticity in supply and the absence of short selling. Bubbles can develop where there are heterogeneous beliefs. The way in which property tends to be financed helps to facilitate bubbles and transmit their effects onto the wider economy. Practical implications – The collapse in property prices after the financial crisis of 2008, like previous bubble collapses, has inflicted serious damage on the wider economy through losses of banks' capital, reductions in lending, and increased risk aversion. Understanding why bubbles exist offers the potential to devise policies to limit the impact of their collapse. Originality/value – Much of the literature on asset bubbles is based on securities markets. It is important to recognise the differences between the property market and securities markets, particularly how investment is financed.
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Li, Xiang. "Market Correlation and Property Rights." Journal of Institutional and Theoretical Economics 166, no. 3 (2010): 426. http://dx.doi.org/10.1628/093245610793102143.
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del Giudice, Vincenzo, and Pierfrancesco de Paola. "Geoadditive Models for Property Market." Applied Mechanics and Materials 584-586 (July 2014): 2505–9. http://dx.doi.org/10.4028/www.scientific.net/amm.584-586.2505.
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Geoadditive models represent efficient and flexible tools, useful in modeling realistically complex situations. Mainly they are based on semi-parametric regressions often integrated by Kriging techniques for the spatial interpolation of surfaces. One of the choices to be made for determination of interpolated surfaces regards the specific function to be used to estimate the unknown values. The choice may currently occur between exponential, gaussian, linear, rational or spherical functions. In this working paper a geoadditive model based on penalized spline functions has been proposed, in order to obtain improvements in forecasting of interpolated surfaces respect to usual Kriging techniques. The main aim of this study is the identification of methodology in able to define and delineate the real estate market scenarios for urban areas through analysis of property values and their spatial distribution.
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Welsh, Samantha. "The French Property Investment Market." Journal of Property Valuation and Investment 9, no. 1 (January 1991): 65–79. http://dx.doi.org/10.1108/eum0000000003300.
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Walker, Maxwell. "Modern Poland's Property Market Observed." Property Management 3, no. 3 (March 1985): 47–51. http://dx.doi.org/10.1108/eb006602.
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Evans, Peter, and Craig Plumb. "Shop property‐a dynamic market." Property Management 3, no. 4 (April 1985): 32–39. http://dx.doi.org/10.1108/eb006607.
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Titova, S., and O. Babenko. "LAND MARKET AS THE SEGMENT OF THE REAL PROPERTY MARKET." Visnyk Taras Shevchenko National University of Kyiv. Military-Special Sciences, no. 2 (39) (2018): 62–65. http://dx.doi.org/10.17721/1728-2217.2018.39.62-65.
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Analysis of the current state of the land market in the agrarian sector of the economy through the implementation of land reform is carried out.. The objective foundations and content of the institutional mission of the state in the land market, which are determined by the specific characteristics of real estate, are revealed. The preconditions for forming the land market in Ukraine are analyzed and the possible consequences of the introduction of free circulation of agricultural land are determined. A conceptually new direction of the land market study is proposed, which is to reveal the essence of the land as an independent economic category and the forms of its functioning in a particular segment of the market real estate, the inversion character of the land market formation is grounded, and the triple logic of land entry into market turnover is revealed. Keywords: agrarian sector of economy, landmark, non-profit markets, land reform, land lease, land rent, land loan.
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Cheung, William Mingyan, James Chicheong Lei, and Desmond Tsang. "International Real Estate Review." International Real Estate Review 19, no. 1 (March 31, 2016): 27–49. http://dx.doi.org/10.53383/100214.
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This study examines whether property transaction affects the price discovery process in real estate markets. Prior literature shows that price discovery generally first takes place in the securitized public real estate investment trust (REIT) market. We conjecture that property transaction provides novel information to the direct real estate market and can change the dynamics between public and private real estate returns. We employ a unique dataset of property transactions to construct "transaction windows¨ and specifically examine the causality between public and private real estate markets around these periods. We form firm-level pairs of public and private price series, and estimate the normalized common factor loadings per Gonzalo and Granger (1995) by using a vector error-correction model. Our findings show that a significant proportion of price discovery happens in the private market instead of the public REIT market. Our results are robust to investments of different property types and different lengths of transaction windows. Overall, the findings in this study imply that property acquisition and disposition provide crucial information to the private real estate market and induce a reverse causality between the public and private markets.
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Szweizer, Moshe. "Strange attractor in the Auckland commercial property market." Journal of Property Investment & Finance 38, no. 6 (May 14, 2020): 579–96. http://dx.doi.org/10.1108/jpif-10-2019-0138.
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PurposeThe purpose of this study is to provide a chaos theory-based framework, which can be used to model commercial property market dynamics.Design/methodology/approachThe paper is presented in two parts. In the first, rigorous mathematical reasoning is entertained, so to derive an attractor describing a set of feedback formulae. In the second part, the attractor definition is used to model the Auckland commercial office market. The model is exposed through a set of seven scenarios allowing for analysis of the market behaviour under various exogenously imposed conditions.FindingsThe general behaviour of the model is in agreement with the commercial property market conduct observed in Auckland. The model provides information related to the market turning points and allows for an explanation of some intricate market dynamics. These include the anatomy of a market peak and its response to the liquidity oversupply.Practical implicationsThe model may be used to expand our understanding of the market performance under various exogenically imposed conditions, which allows for planning of market interventions in a more refined manner.Originality/valueThe paper is original, in the way the chaos theory is applied to the property markets modelling and allows for expanding the understanding of the market behaviour.
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Keogh, Geoffrey, and Éamonn D'Arcy. "Market maturity and property market behaviour: A European comparison of mature and emergent markets." Journal of Property Research 11, no. 3 (December 1994): 215–35. http://dx.doi.org/10.1080/09599919408724118.
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Md Azmi, Fatin Afiqah, and Nurul Hana Adi Maimun. "A Comparative Sequential Analysis of Thin Heritage Property Market." 13th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES 13, no. 1 (June 16, 2022): 1. http://dx.doi.org/10.35609/gcbssproceeding.2022.1(48).
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The size of thin heritage property market in real numbers has become a big question amongst the researchers of the globe. This paper investigates a cut-off value towards the definition of thin market. The documentary method involves a consistently comparative sequential analysis in the study areas. The results emphasized on the clarification of the thin market that can be based on the transaction volume of the pre-war shophouses with the range of 2 to 13 transactions per year. The finding has demonstrated that Kota Bharu is categorized under thin market while Melaka Tengah and George Town are classified as thick markets. In this regard, government and private valuers as well as researchers should identify the size of heritage property market before making an assessment to avoid the inaccurate, unrealistic, and bias price. This paper provides an opportunity for future research in specifying an effective approach for heritage property valuation. Keywords: size of thin market, illiquid, property transactions, pre-war shophouses, heritage property valuation.
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Lau, Chee Kwong, and Li Li Wong. "The market discount of property developers’ shares and accounting policies." Journal of Property Investment & Finance 37, no. 2 (March 4, 2019): 172–93. http://dx.doi.org/10.1108/jpif-08-2018-0056.
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PurposeThe purpose of this paper is to answer the fundamental question about why the shares of property developers are traded at market discounts by focusing on property developers from Hong Kong, Malaysia and Singapore.Design/methodology/approachIt measures market discount using market-to-book ratio (MTB) and specifies the relations between MTB and the hypothetical determining factors (revenue recognition policy, investment property measurement policy, related party (RP) transaction disclosures and economic rent) in the presence of relevant control variables.FindingsThis study finds that aggressive revenue recognition and investment property measurement policies increase market discounts, but that RP transactions generally contribute positively to reduce the market discounts of property developer shares. Specifically, RP transactions are value-enhancing only if property developers adopt a conservative revenue recognition policy, because markets sensibly see RP transactions that are part of an aggressive revenue recognition policy as earnings management for tunnelling by controlling shareholders, and hence react with discounts. It is also observed that when property developers generate insufficient profit to cover their cost of equity, this generally leads to their shares being traded at market discounts. However, an aggressive revenue recognition policy can reduce market discount if early recognition contributes positively to economic rent.Practical implicationsThis study provides valuable evidence of the economic consequences (market discounts) of accounting choices on recognition and measurement, and the disclosure of accounting information. This is crucial to managers of property developers in managing their firm values when exercising accounting discretion.Originality/valueThis study provides empirical evidence on market discounts as they relate to property developers, which has been limited (past studies focus on property investment companies and real estate investment trusts).
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Wang, Peijie. "International Real Estate Review." International Real Estate Review 6, no. 1 (June 30, 2003): 22–42. http://dx.doi.org/10.53383/100044.
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This paper examines cycles and common cycles in the property market and the economy. While focusing on common cycles, the study also incorporates common trends in the meantime, so it covers the whole spectrum of dynamic analysis. It has been found that property shares common cycles, particularly with those sectors that are the user markets of property. The mechanisms of common cycles and the relative magnitudes of cycles of the sectors related to property are discussed to shed light on property market behavior.
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Liow, Kim Hiang, and Qing Ye. "Switching volatility and cross-market linkages in public property markets." Journal of Property Research 31, no. 4 (January 6, 2014): 287–314. http://dx.doi.org/10.1080/09599916.2013.870921.
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Levy, Juliette. "The Marriage Penalty: Women, Property Rights, and Credit Markets in Yucatán, 1850 – 1900." Hispanic American Historical Review 88, no. 3 (August 1, 2008): 427–54. http://dx.doi.org/10.1215/00182168-2008-331.
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Abstract This article addresses how marital property regimes acted as obstacles to the development of the Yucatán credit market. Marriage is a contract, and historically it carries with it significant financial corollaries. Dowries, marital property regimes, and inheritance laws were all designed to support the economic instrument that marriage represented. There are many other ways in which marriage intersects with markets; this article assesses the role of property rights, and specifically, married women’s property rights, in the credit markets of nineteenth-century Yucatán. Using mortgage contracts and probate records recorded by notaries, this article analyzes the participation of women in the local mortgage market, taking into account the legal context in which it developed, and explains how legal tradition and civil codes contributed to the distortions that affected women in the local credit market. This article shows specifically that the analysis of women’s participation in economic markets in the nineteenth century must take their marital status into account, as well as the unequal legal position of husbands and wives under the laws of the time, and concludes that marital property rights, and by extension marriage, played an important and unexpected role in the region’s credit market.
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Du Toit, H., and CE Cloete. "Appraisal of the Fischer-DiPasquale-Wheaton (FDW) real estate model and development of an integrated property and asset market model." South African Journal of Economic and Management Sciences 7, no. 2 (April 28, 2004): 341–67. http://dx.doi.org/10.4102/sajems.v7i2.1382.
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This paper provides a concise overview of the development of an integrated property and asset market model (IPAMM) for South African property markets, utilising the Pretoria office market as case study. The IPAMM simulates the interrelationships between property and asset markets in a diagrammatic quadrant model configuration. The Fischer-DiPasquale-Wheaton (FDW) real estate model, arguably the most advanced diagrammatic quadrant real estate model available at present, served as basis for the development of IPAMM. IPAMM is essentially a regression model based on a system of stochastic equations that captures the interrelationships between property and asset markets. The model advances beyond mere conceptualisation of these relationships to a quantified interpretation and application of the theoretical premises that represent the micro-foundations of economic behaviour in property and asset markets.
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Szweizer, Moshe. "Characteristic points of Auckland commercial property cycles." Journal of Property Investment & Finance 37, no. 5 (August 5, 2019): 470–85. http://dx.doi.org/10.1108/jpif-04-2019-0053.
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Purpose The purpose of this paper is to expand our understanding of processes governing commercial property cycles, and to provide tools, which enable identification of property cycles’ turning points’ location. Design/methodology/approach This paper is divided into three parts. The first looks at the demand-supply dynamics and the location of two characteristic cyclic points, the market bottom and the cycle commencement. In the second part a property relevant formula for entropy is derived, and its relation to the cycle overheated stage and the market peak is studied. In the third part, we discuss still another characteristic point of the cycle, which relates to the stage when developers elect to undertake new projects. This analysis is done by employing the chaos theory, and its relation to the cyclic evolution. Findings It is found that some markets cycle, while others fluctuate only. A clear method for distinguishing among these is provided. The bottom of a cycle may overlap or be time separated from the start of a subsequent cycle. Market peaks are characterised by a sharp decrease in financial component to entropy for top quality building grades. A cycling market is characterised by crossing of a distinct vacancy rate during the cycle progression. Practical implications The tools developed in the paper allow for clear characterisation of the market types and their cyclic behaviour. This in turn allows for timely characterisation of the market state and for short time-frame forecasting. The depth of a cycle may be calculated and the subsequent correction level estimated. Originality/value The paper utilises cross-field approach by taking methods from both physics and mathematics and applying them to property markets. It breaks new ground both in property research and in applied mathematics by showing how the current frontier in pure mathematics may be applied to property.
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Thompson, Bob. "Pan‐European industrial property." Journal of Property Investment & Finance 23, no. 4 (August 1, 2005): 379–85. http://dx.doi.org/10.1108/14635780510602435.
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PurposeAims to highlights the changes ongoing in the distribution and logistics property sector across Europe and to show that wide differences remain between the sophisticated warehouse properties available in mature property markets and those available in traditional parochial markets found prevalently across the continent and especially in central and eastern Europe.Design/methodology/approachThe briefing is based on empirical and commercial research in all the national industrial property markets within the EU. It addresses changes in the drivers affecting logistics property and the industry responses to them. The changes include outsourcing; a desire for more flexible, responsive supply chains; globalisation of manufacturing; legislative change; and growing IT capability. Industry responses include the development of complex, highly specified warehousing; increased demand for sophisticated telecommunications; and optimization of location.FindingsSub‐optimal locations and poor specification have a direct impact on the cost of the operations using them. As a consequence logistics providers gravitate to newer, more highly specified buildings in locations optimised for their use. In an environment where, traditionally, distribution has a national focus, optimising locations for pan‐European distribution will inevitably render some locations sub‐optimal.Originality/valueAs Europe moves towards a genuine single market, traditional, nationally‐based distribution chains become ever less efficient in the delivery of goods. Concurrently, the complexity and configuration of the warehouse product are changing to accommodate more efficient identification, storage and retrieval technologies along with the need to service new types of market.
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Pererva, Petro, and Mariya Maslak. "Commercialization of intellectual property objects in industrial enterprises." Problems and Perspectives in Management 20, no. 3 (September 28, 2022): 465–77. http://dx.doi.org/10.21511/ppm.20(3).2022.37.
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Introducing the results of innovative activity into economic circulation is one of the essential characteristics of an effective industrial enterprise. Commercializing intellectual property objects involves coordinated production and commercial activity, adopting and implementing scientifically based decisions. This is necessary to successfully pass an intellectual product through all stages of its life cycle.The purpose of this study is to form market processes for commercializing intellectual property objects at industrial enterprises, finding the most effective option for their introduction into economic circulation.The theoretical investigation of the problem made it possible to identify and analyze various possible conceptual approaches to commercializing intellectual property in an industrial enterprise. Among them are market push, market pull, engineering, and reengineering commercialization models.Separate stages of forming the market model for commercializing intellectual property in an industrial enterprise are highlighted. First, the methodological principles of the vertical, horizontal, and vertical-horizontal market processes of intellectual property commercialization have been developed. The peculiarities of an intellectual product’s life cycle are determined; based on this, a market model of intellectual property’s life cycle (model of successive changes) is proposed. Finally, for each of the proposed market processes, the main advantages and disadvantages of their practical use are determined, as well as the areas of their most effective usage.
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Freiberg, Arie. "Regulating Markets for Stolen Property." Australian & New Zealand Journal of Criminology 30, no. 3 (December 1997): 237–58. http://dx.doi.org/10.1177/000486589703000303.
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Each year, in Australia, property estimated to be valued at between two and three billion dollars is stolen from homes, shops, cars, factories and warehouses. Little of this property is recovered and returned to its owners or retained by burglars and thieves for their personal use. The remainder is sold or bartered, but the nature and extent of the re-distributional system for stolen property is little understood. This article is an attempt to understand property as a market for goods and services, which, like any other market, is subject to the influences of supply and demand and government regulation. First, it aims to analyse the interactions between the parties in marketing terms by regarding the participants not as individual burglars, thieves, receivers and accessories, as but as suppliers, distributors, retailers and purchasers. Secondly, it argues that current public knowledge of markets for stolen goods and their dynamics are impoverished. Finally, it suggests that a broad range of regulatory strategies can be brought to bear on these markets in order to influence the behaviour of actors within them.
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Burke, Andrew E. "Legal structure and strategic regulation of intellectual property : Who pays for R&D in arts markets?" Recherches économiques de Louvain 66, no. 2 (2000): 193–211. http://dx.doi.org/10.1017/s077045180008386x.
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SummaryThe paper addresses the issue of who pays for the cost of creating artistic works and other forms of intellectual property. It examines the effect of current legal structure on regulatory performance in markets for intellectual property; specifically the effects of sequential and partial regulation. These entail the regulation of multiple market intellectual property on a “market-by-market” basis (sequential regulation) where the performance in other markets for the same intellectual property is taken as given (partial regulation). The analysis demonstrates that this form of regulation is sub-optimal and creates an incentive for copyright and antitrust laws to be employed strategically by consumers, firms and regulators. In particular, it creates an incentive to use domestic regulation as an international strategic device. The theoretical exposition is augmented by an analysis of two regulatory decisions relating to the US market for music performance rights which reflect the strategic implications of partial and sequential regulation.
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Mata, Mário Nuno, Muhammad Najib Najib Razali, Sónia R. Bentes, and Isabel Vieira. "Volatility Spillover Effect of Pan-Asia’s Property Portfolio Markets." Mathematics 9, no. 12 (June 18, 2021): 1418. http://dx.doi.org/10.3390/math9121418.
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This study assesses the spillover effect of the listed property companies that cover pan-Asian countries, namely Malaysia, Thailand, Indonesia, Singapore, Vietnam, South Korea, Japan, China, the Philippines, and Hong Kong. The impact of market integration will create a spillover effect to the countries’ economic performances, in particular the property market. As macroeconomic factors have high correlation with the performance of property security markets, it is therefore important to study the spillover effect by integrating the macroeconomic factors. This study has employed the exponential generalised autoregressive conditional heteroscedasticity (EGARCH) technique to develop the volatility spillover effect among pan-Asian countries. The results reveal high volatility of listed property companies recorded in Hong Kong and China, while Singapore, The Philippines and Japan have shown low volatility spillovers. In terms of macroeconomic factors, gross domestic product (GDP) and money supply (MS) are the most significant factors in influencing the volatility spillover effect among pan-Asian countries. From the standpoint of regional investors, the volatility spillover characteristics of pan-Asian countries will aid property stakeholders in the region in developing their own methods for making investment decisions in the property security market. Furthermore, in uncertain conditions of the financial market, this study will elevate the transparency of the pan-Asian property portfolio market by providing information on the property market volatility spillovers.
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Szweizer, Moshe. "Thermodynamics and London office property cycles." Journal of Property Investment & Finance 36, no. 3 (April 3, 2018): 273–94. http://dx.doi.org/10.1108/jpif-09-2017-0061.
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Purpose The purpose of this paper is to extend the studies of commercial property cycles by providing a cross-field approach to property markets modelling. Design/methodology/approach The approach allows for the incorporation of market shocks into the property cycle model as fundamental building blocks; assessment of overall market absorption generated through cyclic activity; and timing estimation of major market events. An ideal model is first constructed, which relies on an observation that a property cycle consists of four distinctive phases. These are described formally through appropriate formulae. Subsequently, it is observed that an analogous cyclic behaviour is described in physics as the Otto cycle. The formulae derived in physics for the Otto cycle are now redefined so to be applicable to the property market. Findings The model has been applied to the London office market, both to the historic and the current data sets. This allowed for the comparison of model predicted absorption and vacancies with the historic records, providing for assessment of the model accuracy. The model predicted that absorption was also compared with historic space supply allowing for estimation of oversupply and resultant vacancies. London office submarkets were analysed and compared to each other, allowing for estimation of their relative attractiveness as perceived by tenants and developers. Practical implications The model may be used to estimate cycle generated absorption; therefore, over and under supply of space due to developers’ activity may be assessed. It is also possible to use the model to assess the timing of future market peaks and troughs. Originality/value This is the first research directly applying the methodology developed in physics to commercial property cycles.
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Slack, M. "Intellectual property." Bulletin of the Royal College of Surgeons of England 104, no. 3 (May 2022): 128–30. http://dx.doi.org/10.1308/rcsbull.2022.49.
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Baffour Awuah, Kwasi Gyau, Frank Gyamfi-Yeboah, David Proverbs, and Jessica Elizabeth Lamond. "Sources and reliability of property market information for property valuation practice in Ghana." Property Management 35, no. 4 (August 21, 2017): 448–66. http://dx.doi.org/10.1108/pm-05-2016-0019.
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Purpose Adequate reliable property market data are critical to the production of professional and ethical valuations as well as better real estate transaction decision-making. However, the availability of reliable property market information represents a major barrier to improving valuation practices in Ghana and it is regarded as a key challenge. The purpose of this paper is to investigate the sources and reliability of property market information for valuation practice in Ghana. The aim is to provide input into initiatives to address the availability of reliable property market data challenges. Design/methodology/approach A mixed methods research approach is used. The study, thus, relies on a combination of a systematic identification and review of literature, a stakeholder workshop and a questionnaire survey of real estate valuers in Accra, Ghana’s capital city to obtain requisite data to address the aim. Findings The study identifies seven property market data sources used by valuers to obtain market data for valuation practice. These are: valuers own database; public institutions; professional colleagues; property owners; estate developers; estate agents; and the media. However, access to property market information for valuations is a challenge although valuers would like to use reliable market data for their valuations. This is due to incomplete and scattered nature of data often borne out of administrative lapses; non-disclosure of details of property transactions due to confidentiality arrangements and the quest to evade taxes; data integrity concerns; and lack of requisite training and experience especially for estate agents to collect and manage market data. Although professional colleagues is the most used market data source, valuers own databases, was regarded as the most reliable source compared to the media, which was considered as the least reliable source. Research limitations/implications Findings from the study imply a need for the development of a systematic approach to property market data collection and management. This will require practitioners to demonstrate care, consciousness and a set of data collection skills suggesting a need for valuers and estate agents to undergo regular relevant training to develop and enhance their knowledge, skills and capabilities. The establishment of a property market databank to help in the provision of reliable market data along with a suitable market data collection template to ensure effective and efficient data collection are considered essential steps. Originality/value The study makes a significant contribution to the extant knowledge by providing empirical evidence on the frequency of use and the reliability of the various sources of market data. It also provides useful insights for regulators such as the Ghana Institution of Surveyors (GhIS), the Royal Institution of Chartered Surveyors (RICS) and other stakeholders such as the Commonwealth Association of Surveying and Land Economy (CASLE) and the Government to improve the provision of reliable property market information towards developing valuation practice not only in Ghana, but across the Sub-Saharan Africa Region. Also, based on these findings, the study proposes a new property market data collection template and guidelines towards improving the collection of effective property market data. Upon refinement, these could aid valuation practitioners to collect reliable property market data to improve valuation practice.
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Tajudeen, Aluko Bioye, and Olaleye Abel. "UNITIZATION AND SECURITIZATION OF PROPERTY INVESTMENT: IMPLICATIONS FOR FUTURE VALUATION." Journal of Business Economics and Management 6, no. 3 (September 30, 2005): 125–34. http://dx.doi.org/10.3846/16111699.2005.9636101.
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Property investments are now mobile, being tradable securities or listed units (vehicles) comparable to stocks/ shares in the financial market. Hence, the need for valuation to be a counterpart to investment and security analysis. But, current valuation practice in the country has not placed property in a wider economy and the analytical techniques of other markets. The paper therefore demonstrates how current valuation techniques in the property market can meet the needs of investors for listed or tradeable property assets in the country. It also examines the implications on the valuation profession as well as the attendant consequences that are likely to be associated with the quest for change. The study utilizes data from both the Nigerian property and capital markets using simple descriptive, non‐statistical, techniques.
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O’Neill, John. "Property in Science and the Market." Monist 73, no. 4 (1990): 601–20. http://dx.doi.org/10.5840/monist19907347.
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Henneberry, John. "Conflict in the industrial property market." Town Planning Review 59, no. 3 (July 1988): 241. http://dx.doi.org/10.3828/tpr.59.3.v816037v667474wx.
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SHIMIZU, Chihiro. "Mega Events and the Property Market." Japanese Journal of Real Estate Sciences 28, no. 1 (2014): 67–74. http://dx.doi.org/10.5736/jares.28.1_67.
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Nikitenko, Sergey M., Maria A. Mesyats, and Ekaterina V. Korobeynikova. "RISKS IN THE INTELLECTUAL PROPERTY MARKET." Economics and Innovation Management, no. 2 (September 30, 2020): 30–36. http://dx.doi.org/10.26730/2587-5574-2020-2-30-36.
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Źróbek, Sabina, Ewa Kucharska-Stasiak, and Małgorzata Renigier-Biłozor. "Today's Market Needs Modernized Property Appraisers." Real Estate Management and Valuation 28, no. 4 (December 1, 2020): 93–103. http://dx.doi.org/10.1515/remav-2020-0034.
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AbstractThe article identifies and provides a synthetic overview of various concepts relating to the evolution of the real estate market and property valuation. According to the authors, the processes observed on the real estate market necessitate changes in training programs for property valuers. Real estate appraisers should be able to cope with new consumer expectations and requirements, and they should be well versed in modern technological solutions and analytical tools. The study indicates that, in order to face the challenges of the modern world, the appraisal profession should undergo a paradigm shift to embrace the fact that real estate is a commodity and that globalization is inevitable on the real estate market. Due to the high value of urban areas, a modern specialist determining the value of real estate is particularly needed there. Property valuers should develop new analytical skills, and they should rely on modern data processing tools to collect and process information. Additionally, recent events, including the COVID-19 pandemic, demonstrate that property appraisers should be better prepared for dealing with unprecedented circumstances. The training curricula proposed in this article should increase property valuers’ competencies and effectively support real estate market entities and sustainable urban development.
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Agboola, Alirat Olayinka. "Entrepreneurial discovery in property market processes." Property Management 36, no. 3 (June 18, 2018): 345–57. http://dx.doi.org/10.1108/pm-06-2017-0037.
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Purpose This purpose of this paper is to introduce property researchers to the principles of Austrian economics and to consider their methodological relevance and potential for understanding the dynamics of property market processes. Design/methodology/approach This paper sets out the basic principles of the Austrian economics thesis, including an outline of the entrepreneurial discovery approach to market processes, a core precept of the Austrian thesis. It then relates the core assumptions of the Austrian school to the workings of the property market. Findings It is argued that the driving force of property market process is provided by the entrepreneurial and profit-seeking speculative activities of human agents as they are confronted with incomplete information in an uncertain property market context. Thus, Austrian economics offers a sound and practical alternative theoretical approach to the study of property market, which places the market within its socio-economic context. Originality/value In-depth examination of the provisions, assumptions, philosophical orientation and limitations of the Austrian tradition of economic thought toward a better understanding of the workings of the property market.
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Boldrin, Michele, and David K. Levine. "MARKET SIZE AND INTELLECTUAL PROPERTY PROTECTION." International Economic Review 50, no. 3 (August 2009): 855–81. http://dx.doi.org/10.1111/j.1468-2354.2009.00551.x.
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