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Journal articles on the topic 'Real estate investment – Canada'

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Author: Grafiati

Published: 10 December 2022

Last updated: 28 January 2023

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1

Luo, Hang (Robin), Abu Reza Mohammad Islam, and Rui Wang. "Financing Constraints and Investment Efficiency in Canadian Real Estate and Construction Firms: A Stochastic Frontier Analysis." SAGE Open 11, no. 3 (July 2021): 215824402110315. http://dx.doi.org/10.1177/21582440211031502.

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This article models the behavior of 179 listed and unlisted real estate and construction firms (RECFs) in Canada to study how financial constraints impact the investment efficiency of these real estate firms during the 2004–2020 period. Investment efficiency is interpreted here as the ability and ease of a firm to convert investment opportunities into actual investments. The results show that Canadian RECFs are strongly dependent on two sources of financing: equity financing and debt financing. Equity financing helped ease financing constraints due to a cash flow increase but was unlikely to decrease the uncertainty of follow-up financing of investments of these companies. This study constructed an investment efficiency index (IEI) for all 179 RECF firms. The results showed an investment rate loss of approximately 62% of the RECF firms due to financing constraints during the above period. The IEI of RECFs in Canada has demonstrated a descending pattern, and the investment efficiency level slipped from 0.47 to 0.40 from 2004 to 2020. Furthermore, a regional analysis demonstrates that compared with the RECFs located in Ontario, the investment efficiency indices of RECFs in Quebec and British Columbia were more volatile. Small RECFs demonstrated a very steady trend in investment efficiency during the sample period, which was completely different from the patterns displayed by large and medium RECFs.

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2

Choi, In-Ho. "A study on the perception of direct investment in overseas real estate." Korean Public Land Law Association 99 (August 30, 2022): 279–97. http://dx.doi.org/10.30933/kpllr.2022.99.279.

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The purpose of this study is to investigate and analyze the perception of direct investment in overseas real estate. The research method combines theoretical research and case study. In the case study, 100 real estate-related workers were surveyed on their perceptions of overseas real estate direct investment, and this was statistically analyzed. Considering the results of the analysis, As a result of the analysis, first, 94% were positive about the need for overseas real estate direct investment, and only 4% were negative. Second, as for preferred investment destination countries, “developed countries such as the United States, Canada, and Europe” were high at 41% and “developing countries such as Vietnam, the Philippines, and Malaysia” were high at 32%. Third, 91% were positive about Japanese real estate investment. Fourth, as for the motives for overseas real estate direct investment, “domestic strong regulation-oriented real estate policy” was found to be high at 56%, and “opaque future of Korean society” was found to be high at 25%. Fifth, in terms of investment intention, “stable rate of return” was 28%, “cheap ownership tax and capital gains tax” was 27%, and “certainty of ownership guarantee” was 23%. Sixth, as obstacles to direct investment in overseas real estate, “problem of overseas real estate management” was found to be high at 53%, and “ignorance of overseas real estate market” was found to be high at 29%. Considering the results of this analysis, the government suggests that a policy to support direct overseas real estate direct investment is needed to reduce investment risk and ensure stable investment for overseas real estate direct investors.

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3

Druick, Zoë. "Property TV: Financialized femininity and new forms of domestic labour." European Journal of Cultural Studies 20, no. 5 (April 27, 2017): 560–74. http://dx.doi.org/10.1177/1367549417701759.

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This article argues that melodrama plays an important role in shaping the ambivalent narratives of property TV. Using the HGTV Canada show Buy Herself as a case study, the article considers the rise of what amounts to a new women’s genre as an attempt to frame and contain gendered experiences of the financialization of the domestic sphere. Positioning the show within neoliberalism’s faux feminism and superficial discourse of diversity, the article posits that the focus on the melodramatic struggles of real estate buyers in the reality genre of property TV brings to the fore anxieties and contradictions incited by the neoliberal imperatives to reframe the domestic sphere as real estate investment and normalize debt.

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Revington, Nick, and Martine August. "Making a market for itself: The emergent financialization of student housing in Canada." Environment and Planning A: Economy and Space 52, no. 5 (November 20, 2019): 856–77. http://dx.doi.org/10.1177/0308518x19884577.

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This paper demonstrates the infiltration of finance into increasingly niche real estate sectors, taking the example of the emergent Canadian purpose-built student accommodation (PBSA) sector since 2011. Drawing on a novel database of PBSA, qualitative document analysis, and key informant interviews, we uncover the business strategies and geographic patterns of investment in the sector. We then consider the local impacts of this phenomenon in Waterloo, Ontario, the country’s largest PBSA market, where finance-driven new-build studentification has contributed to higher housing costs and age segregation. This process of financialization has differed from other housing sectors as it depends on the creation of new student housing to provide an avenue for investment therein. At the same time, finance-driven new-build studentification functions as a spatial fix by directing investment to secondary cities. However, this process has been fragile, marked as much by failure as success, pointing to the limits of financialization.

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Churyk, Natalie Tatiana, Alan Reinstein, and Lance Smith. "Jones Enterprises Real Estate Investment Trust: Comparing U.S. and Canadian Acquisition Accounting, Balance Sheet and Security Commission Reporting, and Initial Public Offering Location." Issues in Accounting Education 33, no. 2 (February 1, 2018): 35–42. http://dx.doi.org/10.2308/iace-52043.

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ABSTRACT Based on a Big 4 real estate audit partner's client, this case introduces graduate research and advanced financial accounting students to acquisition accounting under U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS), provides a perspective on real estate investment trusts (REITs), and requires analyzing a U.S. versus Canadian (Ontario) initial public offering (IPO). Students list U.S. and Canadian advantages and disadvantages of REITs, record a portfolio purchase, prepare U.S. GAAP and IFRS balance sheets in order to grasp major REIT reporting differences, contrast the key provisions between U.S. and Canadian (Ontario) securities commissions' IPO reporting, and consider ongoing securities commissions' reporting options. Finally, students will recommend whether the IPO should be issued in the U.S. or Canada. Completing the case helps students: (1) grasp U.S. GAAP and IFRS acquisition accounting methods and different REIT presentations; and (2) recognize that the country selected for the IPO depends upon the issuer's circumstances and preferences.

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6

Grybauskas, Andrius, and Vaida Pilinkiene. "Is the rest of the EU missing out on REITs?" European Journal of Management and Business Economics 29, no. 1 (October 8, 2019): 110–22. http://dx.doi.org/10.1108/ejmbe-06-2019-0092.

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Purpose The purpose of this paper is to investigate whether real estate investment trusts (REITs) have any significant cost-efficiency advantages over real estate operating companies (REOCs). Design/methodology/approach The data for listed companies were extracted from the Bloomberg terminal. The authors analyzed financial ratios and conducted a non-parametric data envelope analysis (DEA) for 534 firms in the USA, Canada and some EU member states. Findings The results suggest that REITs were much more cost-efficient than REOCs by all the parameters in the DEA model during the entire three-year period under consideration. Although the debt-to-equity levels were similar, REOCs were more relying on short-term than long-term maturities, which made them more vulnerable against market corrections or shocks. Being larger in asset size did not necessarily guarantee greater economies of scale. Both – the cases of increasing economies of scale and diseconomies – were detected. The time period 2015–2017 showed the general trend of decreasing efficiency. Originality/value Very few papers on the topic of REITs have attempted to find out whether a different firm structure displays any differences in efficiency. Because the question of REITs and sustainable growth of the real estate market has become a prominent issue, this research can help EU countries to consider the option of adopting a REIT system. If this system were successfully implemented, the EU member states could benefit from a more sustainable and more rapid growth of their real estate markets.

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7

Kant, Shashi. "Sale of Canada’s public forests: Economically non-viable option." Forestry Chronicle 85, no. 6 (December 1, 2009): 841–48. http://dx.doi.org/10.5558/tfc85841-6.

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In recent years, some economists and journalists have argued that since only 7% of Canadian forests are under private ownership, Canadian public forests should be sold to private companies. In this paper, I examine and analyze global forest ownership and recent trends in the change in forest land ownership. In Canada, 26.5 million ha of forest land are under private ownership, while the area of forest land (of each country) of more than 200 countries, including Sweden, Finland, Germany, France, Japan, and New Zealand, is less than the area of Canada’s private forest land. Similarly, the forest industry in Canada owns more forest land available for wood supply than the forest industry in any other developed country except the USA and Sweden. There is no direct relationship between private forest ownership and the economic performance of forest industry in a country. I examine 3 cases of change in forest land ownership: Timber Investment Management Organizations and Real Estate Investment Trusts in the USA, restitution of forest land in economies in transition, and sale of plantations in Chile. None of the cases provide economic evidence in support of sale of Canadian public forests. I conclude that the sale of the Crown forest land will not only be environmentally, socially, and politically unacceptable, but will not be economically viable. Key words: Canada, economic performance, forest ownership, forest tenure, privatization, restitution of forest land, timber investment management organizations, wood supply

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Foti, Lianne, and Avis Devine. "High Involvement and Ethical Consumption: A Study of the Environmentally Certified Home Purchase Decision." Sustainability 11, no. 19 (September 27, 2019): 5353. http://dx.doi.org/10.3390/su11195353.

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Sustainable and energy efficient (SEE) attributes in the housing market have become a focus in Canada. Similarly, understanding the consumer’s decision-making process of this high-involvement ethical product has become a burgeoning area for researchers. This study describes the development of the subject, highlighting the nature of the ethical decision-making process and how it relates to this known intention–behaviour gap. An observation, followed by two studies consisting of in-depth interviews with real estate agents and sales representatives (n = 15) and home purchasers/consumers (n = 15), were conducted. Transcriptions were analysed qualitatively with NVivo Pro 12 software (NVivo Pro 12, QSR International Pty Ltd, Melbourne, Australia). Inductive thematic analysis revealed two main driving themes: information and trust in seller/realtor. Attribute investment return uncertainty was identified as a theme that affects the strength of the relationship between purchase intention and behaviour, whereas the trust in seller/realtor speaks to how and why this effect occurs. The findings present relationships among the driving factors that were identified by realtors and consumers in the SEE housing market, as well as barriers (investment return uncertainty) that prevent consumers from purchasing high-involvement ethical products.

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9

Mösgen, Andrea, Marit Rosol, and Sebastian Schipper. "State-led gentrification in previously ‘un-gentrifiable’ areas: Examples from Vancouver/Canada and Frankfurt/Germany." European Urban and Regional Studies 26, no. 4 (April 2, 2018): 419–33. http://dx.doi.org/10.1177/0969776418763010.

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Through an analysis of two international cases from Canada and Germany, this paper highlights the role of the state in governing gentrification and displacement in areas previously thought to be unattractive for profit-seeking capital, that is, ‘un-gentrifiable’. With this, we seek to contribute to the debate on how the role of the local state has changed from securing affordable housing for low-income households into becoming an essential player involved in real estate speculation. Taking Little Mountain in Vancouver as the first example, we examine the privatization and demolition of the public housing complex and thus the withdrawal of the state. Our second example, Ostend in Frankfurt, investigates the restructuring of a working-class neighbourhood through active state-led interventions including massive public investment. We analyse the two empirical examples along five dimensions: causal drivers and mechanisms that have led to the changing role of the state in governing urban transformations; policy instruments used by state agencies to encourage gentrification; strategies to legitimize state-led gentrification; outcomes in terms of direct and exclusionary displacement; and the forms of contestation and protest. We maintain that both cases, although presenting a stark contrast, follow the same rule, namely state-led gentrification.

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10

Power, Emily, and Bjarke Skærlund Risager. "Rent-striking the REIT: Reflections on tenant organizing against financialized rental housing in Hamilton, Ontario, Canada." Radical Housing Journal 1, no. 2 (September 23, 2019): 81–101. http://dx.doi.org/10.54825/zdpy4559.

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In 2018, a group of tenants from four high-rise apartment buildings in East Hamilton, Ontario, Canada, launched a seven-month rent strike against their landlord, a real estate investment trust (REIT). The tenants protested a proposed steep rent increase and demanded long-standing repairs to their apartments. While some repairs were done, and the strike involved other successful moments, the rent increase was not fought off. Written from the perspective of the Hamilton Tenants Solidarity Network (HTSN), the group that helped organizing the rent strike, this article has two aims. First, we analyse the strategy and tactics of the REIT in the context of deindustrialization and financialization in Hamilton. We break up this financialized landlord’s ‘repositioning’ strategy into five predatory tactics: cutting, squeezing, greening, rent increasing, and bullying and bribing. Second, we reflect on the experiences, successes, and failures of HTSN. Our successes include organizing tenants and training tenants as organizers; having well-executed legal, fundraising, and media strategies; making social events and political actions integral to the strike; and relying on and forging further ties with comrades and supporters. Our challenges and failures concern all the tenants we didn’t manage to involve or involve in an active way; divergent tenant strategies; relationships between tenants and organizers and within HTSN; and underestimating the stakes of going up against a REIT. We conclude by reflecting on the potential for collective organizing in the face of financialized landlords today.

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11

Vallejo Toledo, Esteban. "Performing an Anti-Homeless City." McGill GLSA Research Series 1, no. 1 (November 22, 2021): 1–30. http://dx.doi.org/10.26443/glsars.v1i1.142.

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In the time of globalization, many cities, including the city of Victoria in BC, have engaged in a development model fueled by investment, tourism, and economic immigration. This model requires public authorities to implement policies that contribute to making cities worthy of capital, tourists, and immigrants. Digital connectivity, real estate development, local amenities, and revitalized neighbourhoods are essential ingredients for economic development. In contrast, poverty and urban decay are not good for the way of life that politicians, entrepreneurs, tourists, and urbanites desire. Therefore, all visual manifestations of urban decay, including homelessness, should be restricted by law. In response to this development model, homeless people are forced to perform actions that are banned like building tent cities in parks. In doing so, homeless people challenge exclusionary legal and spatial orderings that support anti-homeless cities. This paper develops a performativity-based approach to legal geography to contribute to the debate about homelessness in Canada. Rather than focusing on the social right to housing, my argument in this paper zeroes in on the right to use urban space without being excluded. To this goal, I explore interactions between local authorities, homeless people, and other social actors in Victoria to explain that reiterated human interaction is the means to perform and rectify legal and spatial orderings that segregate homeless people. Thus, the performativity-based approach to legal geography developed throughout this paper illustrates not only how anti-homeless cities are socially performed, but also how they are collectively contested.

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12

Gubanov, Roman Sergeevich. "Financing of development projects in Russia and abroad." Mezhdunarodnaja jekonomika (The World Economics), no. 3 (February 18, 2022): 199–210. http://dx.doi.org/10.33920/vne-04-2203-02.

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The article examines the essence and content of the category "development project". A comparative characteristic of the views of scientists on the definition of the term "development project" is given and the author’s defi nition of the studied category is derived. In the context of expanding economic relations between the state, developers, market agents, investors and development companies, the supply on the real estate market is expanding, the requirements for the formation of a portfolio of investments directed to the creation and implementation of a development project are changing. The author examines the stages of financing development projects, taking into account the need to develop and monitor master plans for the development of the urban economy. The article emphasizes that the central place in the financing of development projects in Russia today is occupied by the account-ESKROU agreement, which is a tripartite agreement concluded between an individual (legal entity), a bank, a developer for the purpose of equity financing of the construction of a residential property. The needs of the company in attracting investments in a development project have been studied on the example of renewing the territories of St. Petersburg. An assessment of the best foreign practice of financing development projects for attracting syndicated loans and ESCROU accounts to the system of financing innovative development programs in China, Canada, Great Britain, and the United States is given.

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13

Chen, Hsuan-Chi, Keng-Yu Ho, Chiuling Lu, and Cheng-Huan Wu. "Real Estate Investment Trusts." Journal of Portfolio Management 31, no. 5 (September 30, 2005): 46–54. http://dx.doi.org/10.3905/jpm.2005.593887.

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14

Peng Liu. "Real Estate Investment Trusts." Cornell Hospitality Quarterly 51, no. 3 (May 26, 2010): 415–28. http://dx.doi.org/10.1177/1938965510370732.

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15

Licis, Kristaps. "Real Estate Investment Online." Journal of Alternative Investments 3, no. 4 (March 31, 2001): 70–71. http://dx.doi.org/10.3905/jai.2001.318991.

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16

Giliberto, Michael. "Equity Real Estate Investment Trusts and Real Estate Returns." Journal of Real Estate Research 5, no. 2 (January 1, 1990): 259–63. http://dx.doi.org/10.1080/10835547.1990.12090615.

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17

Gholipour Fereidouni, Hassan, and Tajul Ariffin Masron. "Real estate market factors and foreign real estate investment." Journal of Economic Studies 40, no. 4 (August 30, 2013): 448–68. http://dx.doi.org/10.1108/jes-05-2011-0066.

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18

Liu, Hongyu, Yun W. Park, and Siqi Zheng. "International Real Estate Review." International Real Estate Review 5, no. 1 (June 30, 2002): 40–60. http://dx.doi.org/10.53383/100036.

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The importance of housing investment in the national economy and its rapid growth have become distinct characteristics of the Chinese economy in recent years. However, at the same time, there is a concern that the economic growth heavily dependent on housing investment may compromise the stability and the health of the national economy. Using Granger causality analysis, this paper examines the interaction between housing investment and economic growth as well as that between non-housing investment and economic growth. We find evidence that housing investment has a stronger short run effect on economic growth than non-housing investment. We also find that housing investment has a long run effect on economic growth while economic growth has a log run effect on both housing and non-housing investment. Our findings suggest that housing investment is an important factor for the short-term fluctuations of economic growth, with its growth stimulating the economic growth and its slumps leading to downside fluctuations.

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19

Ke, Xiao Ling, Feng Qin Diao, and Ke Jun Zhu. "A Real Option Model Suitable for Real Estate Project Investment Decision." Advanced Materials Research 225-226 (April 2011): 234–38. http://dx.doi.org/10.4028/www.scientific.net/amr.225-226.234.

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Real estate investment is distinctively different from others with its high input capital, long period of recycling, huge fluctuation of house price and high sensitivity to other factors. The traditional decision method could not make a rational judgment of the flexible management value in real estate project investment. With regards to the policy and market features of real estate investment in China, a real option model suitable for real estate project investment decision under high uncertainty in China is constructed. At last, a case of a real estate company is studied to test the real estate investment decision model.

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20

Lee, Ming-Long, Ming-Te Lee, and Kevin C. H. Chiang. "Real Estate Risk Exposure of Equity Real Estate Investment Trusts." Journal of Real Estate Finance and Economics 36, no. 2 (July 11, 2007): 165–81. http://dx.doi.org/10.1007/s11146-007-9058-2.

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21

Hu, Yuqing, and Piyush Tiwari. "International Real Estate Review." International Real Estate Review 24, no. 2 (June 30, 2021): 293–322. http://dx.doi.org/10.53383/100323.

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This paper identifies the impact of macroeconomic determinants of commercial property investment and development markets in Australia. A Hodrick-Prescott (HP) filter is used to filter the cyclical components of commercial property investment and development time series. In order to identify the long-run relationships and short-run dynamics, coupled with causality between these factors and property cycles, the investment and development property cycles are analyed with respect to the movement of nine macroeconomic factors by using time series data from 1987 to 2016. The empirical results suggest that the Australian commercial property market is often in an overdemand situation rather than oversupply, which can be explained by the different patterns of the property cycles on the demand and supply sides. Property investment cycles are shorter and more volatile than development cycles at around 8-10 years and more than 20 years, respectively, since there is a larger elasticity of the macroeconomic factors that underlie the investment market with short-term dynamics, while the development cycle is mainly affected by such factors moderately in the long run. Both the investment and development markets are intensively affected by financing related variables rather than market-sentiment and economic-cycle related variables.

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22

Rojo-Alvarez-Manzaneda, Rafael, and María Del Carmen García-Garnica. "Real Estate Investment Trusts (SOCIMIs)." European Company Law 8, Issue 4 (August 1, 2011): 145–51. http://dx.doi.org/10.54648/eucl2011026.

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In order to promote investment in urban real estate and the rental market in Spain the Spanish legislature has introduced the legal form of publicly traded Real Estate Investment Trusts. As an alternative to the traditional Collective Investment Institutions these REITs have the objective to enable Spain to overcome the effects of the current financial crisis.

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23

Georgiev, Georgi, Bhaswar Gupta, and Thomas Kunkel. "Benefits of Real Estate Investment." Journal of Portfolio Management 29, no. 5 (January 31, 2003): 28–33. http://dx.doi.org/10.3905/jpm.2003.319903.

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24

Marcato, Gianluca, and Tony Key. "Direct Investment in Real Estate." Journal of Portfolio Management 31, no. 5 (September 30, 2005): 55–69. http://dx.doi.org/10.3905/jpm.2005.593888.

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25

Leković, Miljan, Drago Cvijanović, and Milena Jakšić. "Farmland real estate investment trusts." Ekonomika poljoprivrede 65, no. 2 (2018): 745–55. http://dx.doi.org/10.5937/ekopolj1802745l.

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26

Jou, Jyh-Bang, and Tan (Charlene) Lee. "International Real Estate Review." International Real Estate Review 14, no. 1 (April 30, 2011): 1–26. http://dx.doi.org/10.53383/100132.

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This article employs a real options approach to investigate the determinants of an optimal capital structure in real estate investment. An investor has the option to delay the purchase of an income-producing property because the investor incurs sunk transaction costs and receives stochastic rental income. At the date of purchase, the investor also chooses a loan-to-value ratio, which balances the tax shield benefit against the cost of debt financing resulting from a higher borrowing rate and a lower rental income. An increase in the sunk cost or the risk of investment will not affect the financing decision, but will delay investment. An increase in the income tax rate or a decrease in the depreciation allowance will encourage borrowing and delay investment, while an increase in the penalty from borrowing, a decrease in the investor's required rate of return, or worse real estate performance through borrowing, will discourage borrowing and delay investment.

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27

Lin, Chu-Chia, and Sue-Jing Lin. "International Real Estate Review." International Real Estate Review 2, no. 1 (June 30, 1999): 110–25. http://dx.doi.org/10.53383/100015.

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Buying a house usually satisfies housing consumption demand and housing investment demand, simultaneously. In order to disentangle the above two types of demand, households, in this study, are separated into three subtenure groups i.e. renters, owners owning one house, and owners buying a second or more houses. Presumably, renting a house is for consumption only, while buying a second house is usually for investment purposes. Applying a two-period model and two data sets from DGBAS and from Land Bank of Taiwan, the estimated results are as follows: Firstly, the income elasticity of pure consumption demand for housing is very close to unity (1.0413). Secondly, the income elasticity for a pure investment demand is greater than one (1.2643). Finally, for a household owning only one house, the shares for consumption motive and for investment motive are 26% and 74%, respectively.

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Fedorczak-Cisak, Małgorzata, Mark Bomberg, David W. Yarbrough, Lowell E. Lingo, and Anna Romanska-Zapala. "Position Paper Introducing a Sustainable, Universal Approach to Retrofitting Residential Buildings." Buildings 12, no. 6 (June 17, 2022): 846. http://dx.doi.org/10.3390/buildings12060846.

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Protests during the 2021 Climate Conference in Glasgow exemplified our dilemma. The establishment perpetuates old thinking, while young people demand a new approach to mitigate the impact of climate change. The authors agree with the young people, and as a solution we propose to replace the current fragmentary approach with a new holistic one. The passive house approach that was conceptualized by the University of Illinois and built in Canada in 1977 showed us that energy consumption can be reduced about half of that used in the traditional design. Seventeen years later, a European passive house was built in Darmstadt. In 2008, a demonstration house in Syracuse, NY, showed that integrated passive measures produced energy use by about half of the NY state code for 2004. At the same time, some advanced houses in the USA showed total energy use of about 70 kWh/(m2∙y). In 2008, at the first Building Enclosure Science and Technology Conference, two equally important objectives for 2030 were proposed by the Lawrence Berkeley National Laboratory: (1) a 90% reduction of energy use in new buildings and (2) 50% for the retrofitting of existing buildings, i.e., to the level achieved in the 1980s. The first objective has recently been achieved in small buildings while the large residential buildings remain on the level obtained in the 2000s. Yet, the retrofitting of existing buildings (the second objective) has been a dismal failure. This paper acknowledges progress in hydronic heating and cooling involving electric heat pumps and hybrid solar panels, building automatics used for operation of HVAC, and modification of air distribution systems that comes from experience with the SARS-CoV-2 pandemic. Furthermore, it highlights that to accelerate energy efficiency and carbon emission reductions, there must be broad public-private educational programs with demonstrations of a new generation of retrofitting. Economically and ecologically retrofitted buildings will create a new approach to real estate investment.

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Newell, Graeme. "The changing real estate market transparency in the European real estate markets." Journal of Property Investment & Finance 34, no. 4 (July 4, 2016): 407–20. http://dx.doi.org/10.1108/jpif-07-2015-0053.

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Purpose – Real estate market transparency is an important factor in real estate investment and occupier decision making. The purpose of this paper is to assess real estate transparency over 2004-2014 to determine whether the European real estate markets have become more transparent in a regional and global context. Design/methodology/approach – Using the JLL real estate transparency index over 2004-2014, changes in real estate market transparency are assessed for 102 real estate markets. This JLL real estate market transparency index is also assessed against corruption levels and business competitiveness in these markets. Findings – Improvements in real estate transparency are clearly evident in many European real estate markets, with several of these European real estate markets seen to be the major improvers in transparency from a global real estate markets perspective. Practical implications – Institutional investors and occupiers see real estate market transparency as a key factor in their strategic real estate investment and occupancy decision making. By assessing changes in real estate transparency across 102 real estate markets, investors and occupiers are able to make more informed real estate investment decisions across the global real estate markets. In particular, this relates to both investors and occupiers being able to more fully understand the risk dimensions of their international real estate decisions. Originality/value – This paper is the first paper to assess the dynamics of real estate market transparency over 2004-2014, with a particular focus on the 33 European real estate markets in a global context to facilitate more informed real estate investment and occupancy decision making.

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Vadas, Gabor. "International Real Estate Review." International Real Estate Review 7, no. 1 (June 30, 2004): 31–55. http://dx.doi.org/10.53383/100052.

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A house is generally considered as a ‘roof over one’s head’, however, housing can be regarded as an investment or asset. Our paper focuses on this function of dwellings and develops a stochastic portfolio choice model for the housing market, which is easy to incorporate into medium and large-scale macro models. Theoretical results suggest that house prices move in line with households’ income, although house prices have a higher variance than income does. On the other hand the positive correlation between the return on housing investment and consumption not only implies positive relationship between the portfolio share of housing investment and excess return but also renders the housing wealth inappropriate in consumption smoothing. We use UK data to test these theoretical implications of the model. In this case, empirical results strengthen the model framework.

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31

Guo, Peijun. "International Real Estate Review." International Real Estate Review 13, no. 3 (December 31, 2010): 238–60. http://dx.doi.org/10.53383/100127.

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Land development is a typical one-shot decision for private investors due to the huge investment expense and the fear of substantial loss. In this paper, a private real estate investment problem is analyzed within a one-shot decision framework, which is used for a situation where a decision is made only once. The one-shot decision framework involves two steps. The first is to identify which state of nature should be focused for each alternative. The second is to evaluate alternatives by using the focused states of nature. In a one-shot decision framework, the behavior of different types of private investors, such as normal, active, passive and more easily satisfied ones, are examined. The analysis provides insights into personal real estate investment and important policy implications in the regulation of urban land development.

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Zhang, A. Lin, and Hai Yan Zhang. "Analysis of the Effects of Real Estate Investment on Sustainable Development of Regional." Applied Mechanics and Materials 209-211 (October 2012): 1647–49. http://dx.doi.org/10.4028/www.scientific.net/amm.209-211.1647.

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Real estate investment is an essential part of regional economy. Combining the concept of sustainable development with the real estate investment and economic coordinating development, this text illustrates the correlation between real estate investment and regional economic development, discusses the boosting function of real estate investment on regional economic growth and proposes relevant policies of real estate investment on regional economic sustainable development.

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Shilling, James, and Charles H. Wurtzebach. "International Real Estate Review." International Real Estate Review 18, no. 2 (June 30, 2015): 241–76. http://dx.doi.org/10.53383/100201.

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We study the relative performance of private equity real estate joint ventures by using new data that connect investment style, ownership structures, and quarterly cash flows for a large sample of sold properties from 1978-2009. The expansion into joint ventures by private equity core, value-added and opportunistic real estate funds since 1990 has been significant. This paper tests three hypotheses. First, do real estate joint ventures experience higher returns? Second, are investment fund managers generally willing to take on riskier projects in forming joint ventures? Third, are joint ventures formed to procure new business and grow assets under management and maximize fund fees? Tests of these hypotheses are performed by using quantile regressions, to determine whether the returns on joint venture projects are more concentrated in the tails of the return distribution ¡V particularly in the left (low end) tail ¡V than are whole assets. We reject the hypothesis that real estate joint ventures experience abnormal returns overall. However, we do find evidence that there is a lot more risk taking by value-added funds relative to core funds. Our evidence is also consistent with more risk taking by large investment fund managers vs. small investment fund managers.

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Feng, Jun. "The Integrative Application of GAHP and FCE Method in Real Estate Investment Decision." Advanced Materials Research 250-253 (May 2011): 3638–41. http://dx.doi.org/10.4028/www.scientific.net/amr.250-253.3638.

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Based on analysising the influence factors of real estate investment decision, the paper establishes an evaluation index system of real estate investment decision, and applies integratively Group analytic hierarchy process(GAHP) and Fuzzy comprehensive evaluation(FCE) method to analysis the decision-making of real estate investment, to provide a more scientific quantitative basis for the decision-maker of real estate investment, so real estate investment decision has stronger scientificity.

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Ott, Steven H., Timothy J. Riddiough, Ha-Chin Yi, and Jiro Yoshida. "International Real Estate Review." International Real Estate Review 11, no. 1 (June 30, 2008): 1–37. http://dx.doi.org/10.53383/100088.

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Using over 25 years of quarterly U.S. and Japanese time series data, this paper examines the determinants of demand for an important class of real assets: commercial real estate. We specify a structural model of market equilibrium that considers direct effects of real investment on built asset price. Our empirical findings are consistent across countries and produce several new results. First, we find that real investment exerts a significant positive direct effect on asset price, which in turn feeds back to impact investment decisions. Second, idiosyncratic risk is found to be strongly positively related to asset price, and to complement supply effects. Third, systematic risk is priced as expected, where the strength of the relation between asset price and systematic risk is found to be higher than in previous studies of capital asset prices. Fourth, lagged values of price determinants (of up to two years) are consistently important in real asset demand estimation. Alternative explanations for our findings are analyzed and discussed. Implications for asset pricing model specification and interpretation are also considered.

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Alguacil Marí, María Pilar. "The Spanish Investment Fund in the International Real Estate Market: Special Reference to Hungary." Intertax 37, Issue 4 (April 1, 2009): 263–69. http://dx.doi.org/10.54648/taxi2009026.

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In Spain, one can indirectly invest in real estate using a (Spanish) real estate investment fund as an investment vehicle as real estate investment funds are considered a way of collective investment different from the investment funds in equities or financial assets. The Spanish fund would be able,eventually, to own real estate situated in Hungary.

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Dong, Yan, Charles Ka Yui Leung, and Dongliang Cai. "International Real Estate Review." International Real Estate Review 15, no. 2 (August 31, 2012): 141–64. http://dx.doi.org/10.53383/100152.

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This paper attempts to shed light on the over-investment debate by investigating listed firms in China. Firms with a higher level of fixed asset holding and overhead expenses, and covered by preferential tax policies in China are found to be associated with lower risk-adjusted performance. In addition, the preferential tax policies encourage fixed asset investment. In contrast to some of the previous literature, state-ownership of firms, dividend policies, and ownership concentration are not robust predictors of risk-adjusted performance, and debt level, managerial shareholding, and profit per unit of asset are not robust predictors of fixed asset investments.

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Haran, Martin, Michael McCord, Peadar Davis, John McCord, Colm Lauder, and Graeme Newell. "European emerging real estate markets." Journal of Property Investment & Finance 34, no. 1 (February 1, 2016): 27–50. http://dx.doi.org/10.1108/jpif-04-2015-0024.

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Purpose – The purpose of this paper is to improve the transparency of European emerging real estate market dynamics and performance attributes in the wake of the 2007-2008 global financial crisis (GFC). The paper examines the extent and nature of inter-relationships between three emerging real estate markets namely, the Czech Republic, Hungary and Poland as well as determining the rationale for including emerging real estate markets within a Pan-European investment portfolio. The paper affords a timely update following the reinstatement of lending provision for European emerging real estate investment markets in 2014. Design/methodology/approach – The paper employs lead-lag correlations and Grainger causality to examine inter and intra relationships across three emerging European real estate markets, namely the Czech Republic, Hungary and Poland over the period 2006-2014. Optimal portfolio analysis is undertaken to explore the role of emerging real estate markets within the confines of a multi-asset investment portfolio as well as a Pan-European real estate investment portfolio. Findings – The findings demonstrate the opportunities afforded by the European emerging real estate markets in terms of both performance enhancement and risk diversification. Significantly, the findings highlight the lack of “uniformity” across the European emerging markets in terms of their investment potential, with Grainger causality confirming that the real estate markets in the Czech Republic, Hungary and Poland are not endogenous functions of one-another’s performance. Practical implications – This paper makes a considered contribution to the analytical interpretation of European emerging property market performance across the real estate cycle. The research demonstrates that the real estate markets in the Czech Republic, Hungary and Poland exhibit specific investment characteristics which differentiate them from the more developed real estate markets across Europe. Indeed emerging markets have the propensity to serve as both a risk diversifier as well as performance enhancer within the confines of a pan-European real estate investment portfolio. However, as the research clearly articulates, intricate understanding of the attributes afforded by the different emerging markets as well as the divergence in sectoral dynamics/performance is integral to portfolio allocation strategies. Originality/value – Robust academic research on Europe’s emerging real estate markets has been hampered by deficiencies in data provision. This study makes an innovative and timely contribution to redressing the research vacuum through delineated examination of the performance dynamics of three markets namely, the Czech Republic, Hungary and Poland, across the real estate cycle. The role and function of emerging markets is depicted within the confines of a Pan-European direct real estate investment portfolio at the all property level and in terms of sectoral specific allocations comprising retail, office and industrial. The explicit added value of the paper is the propensity to bench-mark the performance of emerging markets real estate markets on a like-for-like basis with developed real estate markets across Europe facilitating the exploration of the role and function of emerging real estate markets within a Pan-European investment context.

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Pivo, Gary, and Paul McNamara. "International Real Estate Review." International Real Estate Review 8, no. 1 (June 30, 2005): 128–43. http://dx.doi.org/10.53383/100064.

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This paper was written for the principles for responsible investment project of the United Nations Environment Programme Finance Initiative (UNEP FI). The UNEP FI is a global partnership between UNEP and the financial sector to understand the impacts of environmental and social considerations on financial performance. As recommended in this paper, the UNEP FI is organizing a Property Working Group (PWG) to further examine the issues discussed here. Information about the PWG can be obtained from the authors. Responsible property investing (RPI) means maximizing the positive and minimizing the negative social and environmental effects of property investing, consistent with fiduciary responsibilities. Our understanding of these issues has progressed a good deal over the decades due to work by the United Nations and others. Property markets are inextricably linked to urban problems and better management of both new and existing properties is needed to resolve them. The perception that RPI necessarily dilutes investment returns should be challenged. There is mounting evidence that RPI can be financially sound and socially beneficial. Leaders have emerged that are demonstrating its feasibility. Their activity should be considered as a basis for best practice guidelines. There is a need to develop metrics for comparing progress on RPI. We recommend: 1) establishing an RPI working group, 2) summarizing prior reports on urban issues, 3) identifying investment strategies that are profitable and responsive to the issues, 4) clarifying the financial effects of different responses and improving our means of measuring them, 5) identifying best practices, 6) adopting a rating system, 7) supporting RPI investment funds, and 8) recognizing leaders in the field.

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Holmes, Cynthia, and Michael LaCour-Little. "International Real Estate Review." International Real Estate Review 10, no. 1 (June 30, 2007): 151–70. http://dx.doi.org/10.53383/100079.

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We combine loan data from distinct sources to compare and contrast multifamily mortgage lending in Canada and the U.S. After a general comparison of the multifamily housing markets in the two countries, we focus on loan pricing and non-price contract terms in the two environments. We find longer loan terms in the U.S. compared to Canada and attribute this to the greater liquidity available from a more established secondary mortgage market. We also find that while nominal rates are higher in Canada, mortgage spreads are actually lower, a result likely due to contract features that raise the cost of default for borrowers and restrict prepayments". In terms of loan performance, we found greater prepayment risk in U.S. mortgages and greater default risk in Canadian mortgages, although findings regarding default are limited by small sample size.

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Mori, Masaki, and Alan J. Ziobrowski. "International Real Estate Review." International Real Estate Review 9, no. 1 (June 30, 2006): 1–22. http://dx.doi.org/10.53383/100066.

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Foreign real estate investment funds have recently been added to the practical investment opportunity sets of ordinary Japanese investors. This paper analyzes the additional diversification benefits of U.S. REITs and Australian listed property trusts (LPTs) for Japanese investors who already hold Japanese, U.S., and Australian financial assets while considering different risk definitions in a mean-lower partial moment (MLPM) framework. The study uses data from August 1994 to July 2004. The impacts of currency adjustment and risk definition on the diversification benefits are examined. Our results suggest that the additional diversification benefits of U.S. REITs and Australian LPTs can be obtained only in very limited cases by Japanese investors.

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SEILER, MICHAEL, JAMES WEBB, and NEIL MYER. "Diversification Issues in Real Estate Investment." Journal of Real Estate Literature 7, no. 2 (January 1, 1999): 163–79. http://dx.doi.org/10.1080/10835547.1999.12090084.

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Astafiev, S. A., and Guo Yib. "REAL ESTATE INVESTMENT DECISION SUPPORT SYSTEM." Journal «Izvestiya vuzov. Investitsiyi. Stroyitelstvo. Nedvizhimost» 8, no. 1 (2018): 23–27. http://dx.doi.org/10.21285/2227-2917-2018-1-23-27.

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44

Wurtzebach, Charles H. "The Real Estate Investment Management Firm." AIMR Conference Proceedings 1995, no. 3 (May 1995): 28–33. http://dx.doi.org/10.2469/cp.v1995.n3.6.

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Sackley, William H. "Diversification Issues in Real Estate Investment." CFA Digest 30, no. 2 (May 2000): 97. http://dx.doi.org/10.2469/dig.v30.n2.688.

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Vu, Joseph D. "Uncertainty and Foreign Real Estate Investment." CFA Digest 30, no. 3 (August 2000): 75–77. http://dx.doi.org/10.2469/dig.v30.n3.733.

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Alan, Ziobrowski, McAlum Harry, and Ziobrowski Brigitte. "Taxes and Foreign Real Estate Investment." Journal of Real Estate Research 11, no. 2 (January 1, 1996): 197–213. http://dx.doi.org/10.1080/10835547.1996.12090823.

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Cheng, Ping, Alan Ziobrowski, Royce Caines, and Brigitte Ziobrowski. "Uncertainty and Foreign Real Estate Investment." Journal of Real Estate Research 18, no. 3 (January 1, 1999): 463–79. http://dx.doi.org/10.1080/10835547.1999.12091002.

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Arumi, Christina, and Jonathan Ivinson. "Europe Debates Real Estate Investment Trusts." Intertax 33, Issue 6/7 (June 1, 2005): 297–300. http://dx.doi.org/10.54648/taxi2005050.

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Faishal, Muhammad, and Seow Eng. "Shariah Compliance in Real Estate Investment." Journal of Real Estate Portfolio Management 14, no. 4 (January 1, 2008): 401–14. http://dx.doi.org/10.1080/10835547.2008.12089819.

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