Journal articles on the topic 'Rent housing estate'
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1
Eretveit, Silje, and Theis Theisen. "International Real Estate Review." International Real Estate Review 19, no. 3 (September 30, 2016): 297–326. http://dx.doi.org/10.53383/100224.
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We exploit the fact that cooperative dwellings carry different mutual debt to examine whether such debt is perfectly reflected in sales prices. When mutual debt in housing cooperatives is paid down through the rent, the differences in mutual debt result in rent differences. We use implicit information on expenditures of serving mutual debt contained in rent differences as an alternative method for studying efficiency in the cooperative housing market. Our results indicate that differences in mutual debt are perfectly reflected in prices, but that rent differences are less useful for examining housing market efficiency.
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Peng, Chien-Wen, Jerry T. Yang, and Tyler Yang. "International Real Estate Review." International Real Estate Review 23, no. 3 (September 30, 2020): 337–65. http://dx.doi.org/10.53383/100305.
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This paper develops a theoretical model for equilibrium rent-to-price ratios from the competition between households and investors in the housing market. Households make their housing tenure choice in terms of rent vs. buy such as minimizing the cost of occupying a housing unit. On the other hand, investors choose between investing in rental housing vs. other investment opportunities in order to maximize their net present value. In the face of limited housing inventory, households and investors bid against one another which determines the allocation of the housing units among households (owner occupied properties) and investors (rental properties). We derive the sensitivity of the equilibrium rent-to-price ratio with respect to various market parameters, and subsequently analyze their potential impacts on the homeownership rate in the community. We show that some government mortgage programs subsidize homeownership to increase the affordability of owning a house, but may also provide even more incentive to the housing investors. Unless the government can effectively control the eligibility of borrowers, such affordable mortgage programs could work against their objectives and lead to higher housing prices and lower homeownership rates. Our model framework can be used to analyze the potential impacts of some of the new affordable housing policies on house prices or homeownership rates before adopting them.
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Liu, Xiaoxin, Di Wu, Xiuting Li, and Jichang Dong. "Financing of Low-Rent Housing REITs in China." Journal of Systems Science and Information 1, no. 1 (February 25, 2013): 1–21. http://dx.doi.org/10.1515/jssi-2013-0001.
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AbstractTaking the special features of the Chinese real estate market and financial market into account, this paper explores the application of real estate investment trusts (REITs) in low-rent housing and introduces an agent-based simulation model for low-rent housing REITs in the issuing and trading markets. Overcoming the difficulty of lacking relevant REITs models and data in China, We find that how the rental income and government subsidy, market fixed interest rate, dividend proportion of low-rent housing REITs and market surplus fund influence the financing of low-rent housing REITs.
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Chan, Su Han, Ko Wang, and Jing Yang. "International Real Estate Review." International Real Estate Review 6, no. 1 (June 30, 2003): 102–20. http://dx.doi.org/10.53383/100048.
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Conventional wisdom tells us that the price level of properties should be supported by the rent they receive. This paper examines the pricing factors of properties by analyzing how individuals allocate their income to housing consumption and other goods, which in turn become the rent (or implicit rent) to support property values. Our model’s results can explain several puzzling observations in property markets, including why the variance of property appreciation rates is much higher than that of income growth rates in the same area.
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Yoshida, Mikio, and Haruka Kato. "Housing Affordability of Private Rental Apartments According to Room Type in Osaka Prefecture." Sustainability 14, no. 12 (June 17, 2022): 7433. http://dx.doi.org/10.3390/su14127433.
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Housing poverty was already a social problem in Japan before the COVID-19 pandemic. The research questions of this study were as follows: How many private rental apartments that are affordable for low-income groups exist in the real estate market? Additionally, do these rental apartments have enough rooms? This study aimed to clarify the housing affordability of private rental apartments in Osaka Prefecture according to room type. In this study, we analyzed housing affordability based on room types and housing conditions using a real estate dataset. In conclusion, this study found that housing affordability is problematic in terms of quantity and quality among the private rental apartments for multiple households in Osaka Prefecture. Additionally, it was found that the role of old wooden low-rent housingbuildings has declined as affordable housing. In particular, the total number of two-room and over three-room-type low-rent housing was less than 8000 units, accounting for only 4.2% of all private rental apartments in the real estate market. The distributed supply of low-rent housing has potential risks in maintaining a stable life for low-income groups with multi-person households. Those low-income groups are forced to live in higher-rent housing or one-room-type low-rent housing.
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Chen, Jie, and Shawn Ni. "International Real Estate Review." International Real Estate Review 14, no. 2 (August 31, 2011): 208–39. http://dx.doi.org/10.53383/100140.
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The price-to-rent ratio, a common yardstick for the value of housing, is difficult to estimate when rental properties are poor substitutes of owner-occupied homes. In this study, we estimate price-to-rent ratios of residential properties in two major cities in China, where urban high-rises (estates) comprise both rental and owner-occupied units. We conduct Bayesian inference on estate-specific parameters by using information of rental units to elicit priors of the unobserved rents of units sold in the same estate. We find that the price-to-rent ratios tend to be higher for low-end properties. We discuss economic explanations for the phenomenon and the policy implications.
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Wang, Shizhen, and David Hartzell. "International Real Estate Review." International Real Estate Review 24, no. 1 (March 31, 2021): 113–38. http://dx.doi.org/10.53383/100318.
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We apply the dynamic Gordon growth model to the Hong Kong real estate market to analyze quarterly data on four kinds of real estate—housing, office, retail, and factory properties—from 1999 to 2020. We find that factories have the highest total returns among the four types of real estate, and also a larger Sharpe ratio. The total returns of these four kinds of real estate are highly correlated. The results of an autoregressive distributed lag model show that the gross domestic product growth rate is the key determinant of real estate returns, while changes in foreign direct investment also influence housing and retail returns. The expected value of the risk-free rate is the key factor that determines the rent-price ratio. The decline in the risk-free rate in Hong Kong is the main reason that the real estate price-rent ratio has increased from 20 to 40 in the last twenty years. Our research represents an early contribution that compares the performance of housing and commercial real estate at the city level, with both types of real estate having similar determinants. Finally, we find that the fall in risk-free interest rates worsens housing affordability in Hong Kong.
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Naoi, Michio, and Kazuto Sumita. "International Real Estate Review." International Real Estate Review 13, no. 2 (August 31, 2010): 117–33. http://dx.doi.org/10.53383/100122.
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The relationships between seismic risk and rental and owner- occupied housing prices in the whole of Japan are examined . The empirical results from hedonic regressions with earthquake risk indices suggest that: (1) earthquake occurrence probability has a significantly negative effect on monthly housing rent, (2) the effect of earthquake probability seems to depend on the characteristics of the individual housing unit (e.g. age of dwelling) for owner-occupied housing, (3) the estimated risk premium is much larger for older buildings, and (4) the share of quake-resistant dwellings in the neighborhood area is significantly and positively related to the housing price of the individual unit. These results suggest that anti-seismic policies that target specific groups of dwellings, such as rental houses and older buildings, help to mitigate welfare loss due to earthquakes.
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Nwogugu, Michael. "Some antitrust problems and related economic issues in real estate brokerage, professional licensing for real estate websites and rent-control/rent-stabilization." Corporate Ownership and Control 6, no. 1-3 (2008): 398–417. http://dx.doi.org/10.22495/cocv6i1c3p7.
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In the US, MLS systems, professional licensing regimes for Real Estate Websites and rent-control/rent-stabilization statutes constitute violations of antitrust laws. Recent orders and proposed settlements in lawsuits instigated by government agencies have not resolved the underlying antitrust problems. Many of these antitrust issues influenced psychological reactions among market participants, which in turn caused the rapid price increases in some US real estate markets during 1995-2004. Thus, all existing housing demand models and housing price forecast models are grossly mis-specified primarily because they don’t incorporate legal factors.
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Zhang, Shiwei, Lin Wang, and Feng Lu. "Exploring Housing Rent by Mixed Geographically Weighted Regression: A Case Study in Nanjing." ISPRS International Journal of Geo-Information 8, no. 10 (September 29, 2019): 431. http://dx.doi.org/10.3390/ijgi8100431.
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In China, the housing rent can clearly reveal the actual utility value of a house due to its low capital premium. However, few studies have examined the spatial variability of housing rent. Accordingly, this study attempted to determine the utility value of houses based on housing rent data. In this study, we applied mixed geographically weighted regression (MGWR) to explore the residential rent in Nanjing, the largest city in Jiangsu Province. The results show that the distribution of residential rent has a multi-center group pattern. Commercial centers, primary and middle schools, campuses, subways, expressways, and railways are the most significant influencing factors of residential rent in Nanjing, and each factor has its own unique characteristics of spatial differentiation. In addition, the MGWR has a better fit with housing rent than geographically weighted regression (GWR). These research results provide a scientific basis for local real estate management and urban planning departments.
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Staikos, Dimitrios, and Wenjun Xue. "What drives housing prices, rent and new construction in China." International Journal of Housing Markets and Analysis 10, no. 5 (October 2, 2017): 662–86. http://dx.doi.org/10.1108/ijhma-12-2016-0080.
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Purpose With this paper, the authors aim to investigate the drivers behind three of the most important aspects of the Chinese real estate market, housing prices, housing rent and new construction. At the same time, the authors perform a comprehensive empirical test of the popular 4-quadrant model by Wheaton and DiPasquale. Design/methodology/approach In this paper, the authors utilize panel cointegration estimation methods and data from 35 Chinese metropolitan areas. Findings The results indicate that the 4-quadrant model is well suited to explain the determinants of housing prices. However, the same is not true regarding housing rent and new construction suggesting a more complex theoretical framework may be required for a well-rounded explanation of real estate markets. Originality/value It is the first time that panel data are used to estimate rent and new construction for China. Also, it is the first time a comprehensive test of the Wheaton and DiPasquale 4-quadrant model is performed using data from China.
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Kobzan, S., A. Ivakhnenko, and M. Tolsta. "RESEARCH OF FEATURES OF RENT MARKET DEVELOPMENT." Municipal economy of cities 1, no. 161 (March 26, 2021): 116–23. http://dx.doi.org/10.33042/2522-1809-2021-1-161-116-123.
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The purpose of the article is to conduct a study of the rental market as a separate segment of the real estate market in urban development. A study of the rental market in Kharkiv was conducted. The relevance of the study is to determine the prospects for the development of modern urban economy, taking into account the development of the rental market. The question of the dependence of the rent on the cost of housing and the profitability of certain segments of the housing market is determined. An improved classification of different segments of housing in the modern city is given. An analysis of the cost of rent for each segment and depending on the location. Factors that significantly affect the cost of rent have been studied. Conclusions are made about the future development of the rental market in the municipal economy. In urban planning and urban planning it is extremely important to take into account the prospects and development of such a market segment as the rental market of residential real estate. The relevance of the study is to determine the prospects for the development of modern urban economy, taking into account the development of the rental market. The residential real estate rental market is a very important component for the development of the city in Kharkiv. The issue of researching the apartment rental market is relevant and will be deeply analyzed in the future. To achieve this goal, the following tasks are set in the work: Analyze the rental market. Develop an improved classification of segmentation in the residential real estate market. Conduct research on the factors that affect the cost of rent. Develop a GIS model of the impact of rental costs depending on the area of the city. Build a detailed table of the dependence of the cost of rent on the location. Investigate the interaction in the real estate rental market and sales within urban development. The rental price is influenced by the following factors: - trends of growth or decline of the general state of the real estate market as a whole; - seasonality; - the distance of the district from the city center; - the presence of a transport interchange; - ecology, in the area where the object is located; - developed infrastructure; - level of housing comfort; - the duration of the lease; - number of rooms; - the presence of repairs; - type and condition of the building in which the dwelling is located. The article examines the rental housing market. Defined rental rates: minimum, average and maximum cost. Charts of dependence of cost of rent on a segment and a location are constructed. The housing market is developing despite the unstable economic situation, the devaluation of the hryvnia and declining incomes. The cost of renting an apartment depends on the location, condition of the house, transport infrastructure and the condition of the real estate. The hotel rental market is developing very actively. In Kharkov, in most cases, buy small apartments and hotels for investment (income from further rent). With the help of GOOGLE MAP, a map of the dependence of the average cost of renting hotels and 1-bedroom, 2-bedroom, 3-bedroom apartments on the location in the areas of Kharkiv was developed.
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Krakstad, Svein Olav. "International Real Estate Review." International Real Estate Review 18, no. 4 (December 31, 2015): 429–54. http://dx.doi.org/10.53383/100208.
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This study analyzes the housing market by using four key ratios: price-rent, price-building cost, price-land cost and price-wage. We attempt to determine how they work together in order to explain the housing market. A unique dataset from Norway is used to investigate the long-run movements of the variables. In order to analyze these, we have created Norwegian hedonic indices for building and land costs. The cointegration tests confirm that there are long-term relationships between these ratios. The results show that these ratios affect future movement in house prices, rents, and building and land costs. Wages are weakly exogenous in the system and therefore drive house prices, rents, and building and land costs in the long run.
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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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Kim, Chung-Ho, and Kwung-Hwan Kim. "International Real Estate Review." International Real Estate Review 2, no. 1 (June 30, 1999): 126–42. http://dx.doi.org/10.53383/100016.
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This paper offers an explanation for the existence of price control on new houses in Korea, which is deemed both inefficient and inequitable. This phenomenon cannot be explained by the conventional model of rent seeking or the capture theory of regulation. Instead, it is attributable to the popular belief that the removal of the price regulation will lead to the increase in the overall housing price by increasing the demand for existing houses that are a perfect substitute for new houses. However, the paper, using a stock-adjustment model of the housing market, demonstrates that the claimed outcome cannot materialize under perfect foresight or adaptive expectation. The outcome is possible in the short run under a peculiar expectation scheme of a self-fulfilling nature. But even in this case, the price increase will be a one-time event and in the long-run overall housing prices will fall below the level that would prevail if the price regulations were maintained.
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Li, Rita Yi Man. "Housing Real Estate Economics and Finance." Journal of Risk and Financial Management 15, no. 3 (March 4, 2022): 121. http://dx.doi.org/10.3390/jrfm15030121.
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Housing research is one of the hot topics in many countries. This paper provides a quick review of the housing economics research in the US, Sweden, Latvia, China, Corsica, and Italy published in this special issue. Bao and Shah studied the effects of home-sharing platforms in general and the effects of the US’ Airbnb on neighbourhood rent. Wilhelmsson’s results showed that interest rates directly affected house prices and indirectly affected bank loans in Sweden. Caudill and Mixon threw light on the relative negotiating power of the buyer and seller as a key element of real estate price models. Čirjevskis presented a real application of “step-by-step” valuation options for real estate development projects as a managerial risk management tool for similar real estate development projects in the EU to make investment decisions during COVID-19 and in the post-COVID-19 era. Pelizza and Schenk-Hoppé used an exponential Ornstein–Uhlenbeck process to model price dynamics provincially and regionally to estimate the liquidation value.
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Zakaria, Yakubu A., and Kuusaana Elias Danyi. "Housing Affordability: Factors Influencing Housing in the Tamale Metropolis of Ghana." International Journal of Regional Development 7, no. 2 (September 17, 2020): 1. http://dx.doi.org/10.5296/ijrd.v7i2.17540.
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Housing is considered a basic human need. Yet deficit housing supply plagues Ghana. Studies on housing concentrate mainly on offering accommodation that neglects the problem of its affordability. As a result, this study examines factors influencing housing affordability using the Tamale Metropolis as a case study. Using stratified random sampling methodology, 271 renters and homeowners was chosen. Data analysis utilized descriptive statistics. The study showed inflation, rapid urbanization, and building material costs were the dominant factors that influence housing affordability. Rent was also found to be relatively affordable for all categories of housing units. Furthermore, it emerged that the efforts of homeowners, the private sector developers, and the state in the provision of housing were insufficient in providing affordable housing. Consequently, tenants are forced to invest over longer years for constructing or buying a home. The private sector should use less-cost building materials in its projects to provide housing for rent and/or sale, and still present minimum quality standards. It will mean that construction costs will not be too high to justify a high rent once the building is completed. Rent will be on the low side when this happens so tenants can afford to. Equally, it is precarious that the government joins forces with the private estate developers to put up flats at reasonable prices using cheap local building materials.
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Pfeifer, Norbert, and Miriam Steurer. "Early Real Estate Indicators during the COVID-19 Crisis." Journal of Official Statistics 38, no. 1 (March 1, 2022): 319–51. http://dx.doi.org/10.2478/jos-2022-0017.
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Abstract In this article we construct a number of early housing-market indicators from daily-scraped list-price data and investigate how they inform on housing-market trends prior to the release of official transaction data. We minimize the impact of non-market conform list prices by our data selection- and cleaning routine and thereby improve the overlap between list and transaction data. In addition to some well-known real-estate indicators (price and rent indices, price-rent ratios, market volume, time-on-market, and market turnover) we develop a new market sentiment indicator which we construct from the direction and frequency of online price changes for individual listings. We then use this group of indicators to investigate how housing markets in London and Vienna react to the COVID-19 pandemic during 2020. For London these indicators show high volatility during much of 2020 and we find that the sales and rental markets drift apart: The sales market shows an overall positive price trend, while the rental market becomes significantly weaker after the onset of the COVID-19 crisis. For Vienna we find that all indicators signal positive market developments for the first eight months after the start of the COVID-19 pandemic.
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Akinbogun, Solomon Pelumi, Clinton Aigbbavboa, and Trynos Gumbo. "Deteriorated aesthetics of external wall paint; the impact on rent and take-up of accommodation in a high-end housing estate." Property Management 38, no. 5 (July 14, 2020): 683–97. http://dx.doi.org/10.1108/pm-11-2019-0066.
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PurposeThe factors affecting housing rent and take-up had been largely examined in a cluster. This leaves a dearth of knowledge on the influences of other disparate factors, such as the aesthetics of the building facade. This paper examines the effects of a deteriorated external wall paint on the tenants, rent and take-up of housing located in a high-end housing estate in Akure, Nigeria. The logic is to examine the place of aesthetics among the general factors affecting take-up and rental prices.Design/methodology/approachData were collected through census from 133 respondents residing in houses with deteriorated external wall paint. It applied both descriptive and multinomial logistic regression (MLR) to analyse the data.FindingsFindings reveal that close to 60% of the respondents were psychologically affected by the visible deterioration of external wall paint. This translated to a significance reduction in rent compared with the rental prices of similar houses the appearance of which was not deteriorated. Generally, this study found that aesthetics paled into insignificance in the analysis of the general factors affecting housing take-up and rent. However, it ranked first when these were analysed on the structural characteristics of the house only. This is consistent with findings from the MLR parameter estimate, which shows that those who were psychologically affected are more likely to pay a 15% increase in their current rent to take up a similar house without paint deterioration.Practical implicationsThe findings of this study have implications on practice and theory. First, while the location mantra is a key determinant of rental prices in theory, in practice, rent on comparable houses could differ if the aesthetics of the external wall paint is compromised. This implies an avoidable loss of rent to the owner of a property who compromises the aesthetic quality of the external wall paint in a high-end location where affordability is arguably high. The implication on public authority is that a lower rent may have a negative implication on government revenue and specifically property tax which is normally based on market rent of a property.Originality/valueA novel quality of the study is that it separates the structural characteristics of a house from the general factors in order to examine the specific effect of deteriorated aesthetics of external wall paint on take-up and rent.
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Belete, Masresha, and Mesfin Yilma. "Market Rent Determinants of Residential Apartments in Addis Ababa, Ethiopia." JOURNAL OF AFRICAN REAL ESTATE RESEARCH 5, no. 1 (June 1, 2020): 77–97. http://dx.doi.org/10.15641/jarer.v5i1.848.
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Rapid urbanisation and population growth increase the demand for housing. Given its importance to human wellbeing, the right to housing is recognised in international, regional and domestic legislation. The rental housing sector is the major form of housing tenure in Ethiopia. Given financial constraints, Ethiopian tenants tend to rent instead of buying property. However, there are no well-developed procedures that guide how rental value is determined in Ethiopia. As such, the purpose of this study is to identify monthly rent determinant variables of residential apartments in Ethiopia. Substantial empirical results from different countries indicate that rental value is a result of the combined contribution of the integrated components: property, amenities, and externalities. For this study, a multiple regression model was used for 164 samples taken from three purposefully selected case study areas in Addis Ababa (CMC, Jemo and Kazanchis). The regression results indicate that nine significant variables were determinant variables of monthly rent at a 95% confidence interval. This study may contribute decisive information for Ethiopian property managers, real estate developers, income tax assessors, real property owners, lending institutions and other interested real estate professionals. It allows these stakeholders to more accurately estimate the monthly rental value and market value of properties for their business evaluation.
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Plaut1, Pnina O., and Steven E. Plaut. "International Real Estate Review." International Real Estate Review 16, no. 1 (April 30, 2013): 119–33. http://dx.doi.org/10.53383/100166.
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The supply of rental housing is by and large provided by landlord households. Little is understood about the factors, beyond financial portfolio considerations, that affect the inclination of people or households to become landlords. Studies of the American rental market have pointed to differences across income, wealth, ethnicity, and education in the willingness to rent out residential property to others. Here, we examine the question for Israel. We find that income and wealth are positively associated with the inclination to be a landlord. Education has an effect in Israel in contrast to the US (and Australia). Human capital in Israel appears to complement with rental property capital, unlike the case for the US and Australia, where they appear to be substitutes. In most cases, rental property in Israel and housing capital in the landlord's primary residence appear to be complementary. Ethnic minorities and new immigrants are under-represented among landlords. For households who own rental property, the income from such rentals is empirically analyzed.
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Qiu, Chuanxi. "Prospects of China’s Real Estate Market." BCP Business & Management 34 (December 14, 2022): 296–300. http://dx.doi.org/10.54691/bcpbm.v34i.3028.
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The outlook for the expansion of China's real estate business is a popular topic of conversation. In 1980, Comrade Deng Xiaoping recommended that the housing reform should follow the path of commercialization; by 1998, the commercial housing system had been formally implemented. Throughout the past 24 years, China's real estate market has endured periods of prosperity, depression, and crisis. The purpose of this essay was to assess the goods and financial status of key Chinese real estate companies and provide more precise solutions to difficulties. Due to the rapid economic development of China's real estate business, some regions refer to the real estate economy as a bubble economy, and it is crucial to examine the industry's trends and demands. Excessive housing costs, over-development, overwhelmed individuals, and other issues require immediate resolution. In this post, we will give real estate sector proposals based on China's national conditions, including government-guaranteed low-rent housing, affordable housing, etc. Propose a new sort of community to alleviate the strain on the populace and resolve a portion of the subsistence issue. Considering the issue from the standpoint of development, the demand potential for Chinese real estate is enormous, and the development potential is vast.
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Kolobova, Svetlana. "Evaluation of economic efficiency of the state programme of renovation of residential buildings in Moscow." MATEC Web of Conferences 193 (2018): 05023. http://dx.doi.org/10.1051/matecconf/201819305023.
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Renovation of housing estate in Moscow is aimed at prevention of growth of the hazardous dwelling in Moscow, development of the housing estate and their improvement. The programme of renovation is adopted for the period up to 2032 and it will allow eliminating the imbalance of development of the urban environment, which is saved up for the last decades, on the other hand it will prevent mass emergency housing estate in Moscow in the next 10-15 years. Updating of the housing estate is to be based on the development of infrastructure, on the creation of additional conditions for human development, on the ecology, providing complex development of the territory according to the modern requirements to the urban environment. The economic efficiency of renovation of the housing estate will be estimated with the use of indicators of increase in the consumer quality of apartments, blocks of flats, residential districts. The method of calculation of economic effect of renovation before delivery of inhabited and non-residential premises for rent is developed for the definition of payback period and the potential monthly cost of the rent after renovation of buildings. The offered method allows estimating the efficiency of organizational actions of the state programme and it is only a part of assessment of the overall economic efficiency. The offered technique of assessment of economic efficiency of renovation will allow making economically reasonable decisions during various stages of city-planning activity: during preliminary preparation, during planning of the territory, during development and the approval of the design and estimate documentation.
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Ivanov, O. I., and M. M. S. Naimi. "Choice between Rent and Mortgage: Evaluating the Net Present Value of Home Ownership." Scientific Research of Faculty of Economics. Electronic Journal 11, no. 4 (December 28, 2019): 7–18. http://dx.doi.org/10.38050/2078-3809-2019-11-4-7-18.
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The article considers the problem of choosing between the ownership of residential real estate and its rental as a solution to the investment problem. The purpose of the article is to formalize this task using only financial variables (without explicitly including non-monetary preferences) and testing it on real Russian data on real estate and mortgage lending markets. The results can be used: a) at the house-hold level, which usually poorly take into account the financial side of the decision; b) at the level of macroeconomic policy to predict the dynamics of the mortgage market. We identified the following key model parameters: the expected rate of growth in housing and rental prices, mortgage interest, and the planned period of real estate ownership. The model demonstrates that for an average of Moscow or Russian housing with enough period of ownership, the purchase is generally more profitable in the cur-rent macroeconomic conditions. However, if the forecast for the dynamics of changes in housing prices worsens, when the nominal price increase is 5-8% lower than the discount rate, the answer may change in favor of renting. This is especially true in connection with the negative dynamics of real prices in the Russian housing market.
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Vavilova, Ekaterina. "The Fundamentals of Determining the Rental Charge for the State-Owned Real Estate in the Russian Federation." Legal Concept, no. 1 (April 2021): 94–98. http://dx.doi.org/10.15688/lc.jvolsu.2021.1.14.
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Introduction: the paper discusses the study of the basic principles and methods of determining rental rates for the use of land owned by the state and municipal authorities. Despite the increasing trend of the privatization of state-owned land, its significant proportion is still under the state ownership. In this regard, a significant share of court proceedings in the Arbitration courts falls precisely on those disputes that relate to the determination of the procedure for establishing the rent of state-owned real estate in Russia. In this regard, the author set the goal – to study the problem of establishing the amount of the rent for the land held by tenants for housing after bringing into force Resolution of the Government of the Russian Government No. 582 of July 16, 2009 “On the basic principles of determining the rent for leases of land plots in the state or municipal ownership, and on the Rules for determining the amount of rent and the order of the conditions and terms of payment of rent for land in the ownership of the Russian Federation” (hereinafter – “Resolution No. 582”). Methods: the methodological framework for the study is a set of methods of scientific knowledge, among which the main one is the comparative law method, as well as the methods of systematization and analysis. Results: the author’s position grounded in the work is based on the analysis of the legislation and the opinions of the scientists expressed in the competent scientific community on the issue of establishing the basic rates for renting the state real estate. Conclusions: as a result of the study, the main principles of determining the rates for renting the state-owned real estate, as well as the procedure for determining them, were analyzed. It was established that the amount of rent for land plots that were provided to tenants for housing construction after the entry into force of Resolution No. 582 should not exceed 2 % of the cadastral value of such real estate.
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Breidenbach, Philipp, and Sandra Schaffner. "Real estate data for Germany (RWI-GEO-RED)." German Economic Review 21, no. 3 (September 26, 2020): 401–16. http://dx.doi.org/10.1515/ger-2019-0126.
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AbstractThe development and conditions of the housing market are an important part of economic research, receiving growing attention also in Germany. The RWI-GEO-RED dataset covers data for the German residential housing market from 2007 onwards on 1 km² level and closes the gap for small-scale, nationwide and up-to-date housing data for Germany. The data has a large potential in analyzing the real estate market itself or to evaluate policy interventions through treatments on small regional levels. Prominent examples are the closing of nuclear power plants and the German rent control. The dataset can be used on its own but also has a large potential for combination with different data. The dataset is provided by the FDZ Ruhr at RWI that hosts small-scale regional data for Germany. The data can be obtained for scientific research as scientific use file.
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Pakhomova, Anna, and Andrey Novikov. "Rental Relations in the Sector of Residential Real Estate: Present-Day Aspect." Bulletin of Baikal State University 29, no. 3 (September 12, 2019): 499–506. http://dx.doi.org/10.17150/2500-2759.2019.29(3).499-506.
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The rental market of residential real estate has not been fully formed, and, in addition, in this sector there are problems of developing rental relations in the field of residential real estate that prevent the development of their sustainable system. Perfection of the sector of residential real estate rent is necessary for providing economic stability in the country and developing the rental housing market. The article examines the concept and brings forth a classification of residential real estate, characterizes the legal basis of rental relations, the problems of development of such relations in the sector of residential real estate. A particular emphasis is placed on improving the system of rental relations which includes balancing supply and demand in the rental market, establishment of rent in accordance with the household incomes, as well as development of rental services in the sector of residential real estate which are provided by intermediary firms in the real estate market.
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Balode, Sindija, and Uldis Kamols. "Rental Housing Market in Riga: Price Determinants and Lesson Keys of Helsinki." Baltic Journal of Real Estate Economics and Construction Management 7, no. 1 (January 1, 2019): 6–17. http://dx.doi.org/10.2478/bjreecm-2019-0001.
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Abstract The research focuses on the rental housing market in Riga and reveals that among factors that affect the rent level in neighbourhoods of Riga the most are distance from the city centre, neighbourhood safety, quality of housing and transport infrastructure, access to shopping malls, and employment opportunities. The aim of the research is to analyse the housing market in Riga, by putting a special focus on price determinants and lesson keys of Helsinki. Quantitative and qualitative research methods are used in the paper with the biggest contribution being extraction and analysis of data about more than 1800 rental apartments in Riga from the largest Latvian online real estate advertisement platform. Quantitative analysis is based on investigating relationships between average rent levels in different neighbourhoods of Riga and index values of 23 urban environment factors. In addition, the rental housing market in Helsinki is researched, emphasising few guidelines for rental housing market improvements in Riga, such as introducing government subsidies.
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Laskowska, Elwira, and Sevak Torgomyan. "The Role of Government in the Housing Market." Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego 16, no. 4 (December 31, 2016): 205–12. http://dx.doi.org/10.22630/prs.2016.16.4.113.
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Nowadays one of the most intensely debated subjects in economics is government intervention in real estate market. Proponents of the free market system assert that government intervention should be strongly limited still others assert there are well-grounded reasons for government intervention. In this article the most common methods and forms of government intervention in real estate market such as legislation, subsidies, taxation, zoning, rent control, minimum and maximum price policies, licensing of market participants, transaction costs and procedures, banking system, restrictions on the involvement of financial institutions in real estate market have been observed. In practice, each government uses these intervention methods with the choice of method depending on factors such as the political slant of the government, the levels of economic and institutional development, et cetera. Some countries even issue residence permit and citizenship foreigners who invest in the housing market. We find government intervention necessary, given the unique characteristics of real estate and the role that it plays in economic and social progress.
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Kobzan, S., O. Pomortseva, A. Ivakhnenko, and M. Tolsta. "FEATURES OF INVESTMENT IN THE REAL ESTATE MARKET." Municipal economy of cities 3, no. 170 (June 24, 2022): 214–22. http://dx.doi.org/10.33042/2522-1809-2022-3-170-214-222.
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The aim of the article is to study the interaction between the rental market and the real estate market. They are considered by researchers as separate components of the real estate market in the urban development of Kharkiv. The relevance of the study is to determine the return on investment in real estate. The authors set the capitalization rate for different segments of the real estate market, namely – studya, one-bedroom, three-bedroom apartments. My research is of great importance for the prospects of modern urban economy. The question of the dependence of the rent on the cost of housing and the attractiveness of certain segments of the housing market is determined. An analysis of the cost of rent and sale for each segment and depending on the location. Factors that significantly affect the cost of sales and rent have been studied. Conclusions are made about the sustainable development of the real estate market in the city of Kharkiv and promising areas of investment. A study of the residential real estate rental market in Kharkiv was conducted. Data were collected on rental rates as of February 1, 2022 in all districts of Kharkiv. A study of the market of purchase and sale of residential real estate in Kharkov. The collection of real estate value data as of February 1, 2022 was collected in all districts of Kharkiv. Statistics on average prices in different market segments and are presented in a visual form in the table. The capitalization rate is calculated for hotels, one-room, two-room, three-room apartments. It is determined that the capitalization rate for hotels located in rural areas. Zhukovsky, Gagarin, Odesa, Oleksiyivka is about 23%. Thus, certain facilities are the most attractive for investment in the city of Kharkiv. As a result of the market research conducted by the authors, the interaction in the real estate rental and purchase and sale market within the development of Kharkiv's municipal economy was analyzed. Development trends and directions of perspective investment in each segment of residential real estate and depending on the location are determined.
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Bravi, Marina, and Sergio Giaccaria. "Mobilitŕ urbana e scelte residenziali: un'analisi economica." ARCHIVIO DI STUDI URBANI E REGIONALI, no. 94 (June 2009): 71–87. http://dx.doi.org/10.3280/asur2009-094007.
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- This study explores the intricate relationships between urban mobility, residential choices (rent or ownership) and economic levels of housing affordability of the demand. During the residential changing, the families consider simultaneously many factors, both economic and territorial, that affect their decision. This research highlights as, in a situation characterized by very high prices and very important levels of the interest rates, the expectations of the economic improvement of the households are frustrated; the anomalies in the real estate market (rent and ownership) result, at the urban scale, in a sort of stoc s, as well as, economic segregation.Key words urban mobility, housing affordability, residential choices.Parole chiave: mobilitŕ urbana, accessibilitŕ ai servizi abitativi, scelte residenziali.
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Bago, Jean-Louis, Koffi Akakpo, Imad Rherrad, and Ernest Ouédraogo. "Volatility Spillover and International Contagion of Housing Bubbles." Journal of Risk and Financial Management 14, no. 7 (June 23, 2021): 287. http://dx.doi.org/10.3390/jrfm14070287.
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This paper provides new empirical evidence on housing bubble timing, volatility spillover, and bubble contagion between Japan and its economic partners, namely, the United States, the Eurozone, and the United Kingdom. First, we apply a generalized sup ADF (GSADF) test to the quarterly price-to-rent ratio from 1970Q1 to 2018Q4 to detect explosive behaviors in housing prices. Second, we analyze the volatility spillover in housing prices between Japan and its economic partners using the multivariate time-varying DCC-GARCH model. Third, we assess bubble contagion by estimating a non-parametric model of bubble migration with time-varying coefficients. We document two historical bubble episodes from 1970 to 2018 in Japan’s housing market. Moreover, we find evidence of volatility spillover effects and bubble contagion between Japan’s real estate market and its most important economic partners during several periods. In this context of market integration, countries need to develop coordinated real estate policies to address the risk of global real estate bubbles.
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Holtzman, Benjamin. "“I Am Not Co-op!”: The Struggle over Middle-Class Housing in 1970s New York." Journal of Urban History 43, no. 6 (June 27, 2017): 864–85. http://dx.doi.org/10.1177/0096144217714759.
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In 1970s New York, landlords and major real estate associations argued that New York could stem the exodus of middle-income residents by creating greater opportunities for homeownership in a city that had long been dominated overwhelmingly by renters. They proposed converting middle-income rental housing into cooperatives, a process that would also enable former landlords to profit handsomely. Tenants, however, widely rejected apartment ownership, preferring the security of rent-regulated housing. This article traces the ensuing struggles between tenants, the real estate industry, and city officials over the nature of moderate- and middle-income housing in New York. The eventual success of the real estate industry enabled cooperative conversions to expand dramatically in the 1980s, but only by bargaining with tenants and activists, offering tenants noneviction plans, and discounting prices. This process helped to transform the city by underwriting a momentous turnaround in the real estate market, while signaling a larger embrace of market deregulation.
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Jung, Chuloh, Nahla Al Qassimi, Naglaa Sami Abdelaziz Mahmoud, and Sang Yeal Lee. "Analyzing the Housing Consumer Preferences via Analytic Hierarchy Process (AHP) in Dubai, United Arab Emirates." Behavioral Sciences 12, no. 9 (September 9, 2022): 327. http://dx.doi.org/10.3390/bs12090327.
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Dubai was one of the top three real estate destinations in the world for investment in 2020. This paper aims to understand the order of preference for various housing determinants by housing consumers in Dubai. As a methodology, a survey was conducted on Dubai residents, and Analytic Hierarchy Process (AHP) was performed to identify the housing determinants and consumers’ preferences. In addition, the respondents’ demographic characteristics identified priorities by income, place of residence, age, gender, and type of house. The results showed that housing consumers place importance on housing price and rent (0.0918), and the investment value (0.0866). However, there was no serious consideration for social and psychological factors, other than safety (0.0730). Regarding gender, men place more importance on the housing price and rent (0.113), and the investment value (0.110). In comparison, women place more importance on factors such as the convenience of transportation (0.104), safety (0.093), and residential environment (0.082). In the age groups, the interest in the educational environment (0.081) among the 40-year-olds was relatively high. In terms of monthly income, the higher the income, the higher the interest in investment value (0.086).
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Bago, Jean-Louis, Imad Rherrad, Koffi Akakpo, and Ernest Ouédraogo. "An Empirical Investigation on Bubbles Contagion in Scandinavian Real Estate Markets." Businesses 2, no. 1 (March 8, 2022): 110–17. http://dx.doi.org/10.3390/businesses2010007.
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This paper investigates the presence of speculative bubbles in the Scandinavian countries namely Denmark, Finland, Norway, and Sweden over the period from 1980Q1 to 2018Q4 and searches for evidence of bubble migration among those countries. First, we apply the GSADF test developed by Phillips et al. (2015) on quarterly housing price-to-rent ratios to test for exuberance and episodic bubbles. Subsequently, we examine bubble migration between these markets using the non-parametric model with time-varying coefficients (NPM-TVC) developed by Greenaway-McGrevy and Phillips (2016). We find evidence of episodic bubbles in all the Scandinavian real estate markets for the period 1980 to 2018. Our results also indicate that housing bubbles are contagious between these markets during several periods, and the market connection is stronger for geographically neighboring countries.
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Muller, Pavel, Kristina Chepeleva, Irina Saenko, and Zhanna Shmeleva. "The development of methodological approaches to the residential real estate segmentation by the affordability criterion." E3S Web of Conferences 208 (2020): 04004. http://dx.doi.org/10.1051/e3sconf/202020804004.
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The article proposes to consider the issues of the residential real estate objects affordability from the position of differentiation by market segments, taking into account differences in the parameters of objects, as well as differences in the cost of objects. The issues of housing affordability are considered both in terms of improving housing conditions through the acquisition and the rent. When calculating affordability coefficients, it is proposed to differentially take into account the difference in the income of the population different groups. The matrix of housing affordability in the Krasnoyarsk market was formed from the point of view of the purchasing and renting possibility. The presented methodological approaches to determining the affordability of the residential real estate objects based on segmentation allow to improve the understanding of the processes taking place in the market, and adjust the main directions of the state’s housing policy. This is an opportunity for the construction business and residential rental sector to implement their offers with a clear focus on the target audience, taking into account the specificity of the local market.
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Brill, Frances, and Daniel Durrant. "The emergence of a Build to Rent model: The role of narratives and discourses." Environment and Planning A: Economy and Space 53, no. 5 (January 17, 2021): 1140–57. http://dx.doi.org/10.1177/0308518x20969417.
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This paper analyses ‘Build to Rent’ (BTR), a new form of tenure in London’s housing market. We examine the ways in which private and public sector actors have shaped the context of BTR’s emergence, and developed a model for delivery in London. We argue they relied on and constructed narratives of negativity about the private rental sector, which were juxtaposed with their product to position BTR as a solution to part of London’s housing crisis. Building on this, and leveraging an emerging but supportive institutional context, real estate professionals have adapted a US model to the UK. We argue that both the narrative-generating activities and the model development reveal tensions, which help theorise the ways new models of financing housing emerge.
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Nguyen Minh, Ngoc. "Decision-Making Factors in the Housing Market for Vietnamese Immigrants in Poland." DEMIS. Demographic Research 2, no. 1 (March 23, 2022): 151–0. http://dx.doi.org/10.19181/demis.2022.2.1.12.
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The Vietnamese community currently living and working in Eastern European countries is a large community. For the host countries, this is a closed community with many mysteries about how to behave in life and work. Although 100% of these communities have to rent or buy houses to live in Europe, there is no research on issues related to this behavior. Factors influencing this behavior from a real estate market perspective are of interest to local businesses and indigenous people. The article uses the method of practical experience, expert interviews, and a review of scientific documents with three impacts: behavioral psychology, the migration policy of the Republic of Poland, and security factors. These are the most obvious impacts on this community’s decision to rent and buy a house. From the research results, the author has proposed solutions for stakeholders who are real estate investment and business enterprises, legislators, and social managers to better solve the relationship of housing for Vietnamese households’ community in Poland in particular, and in the world in general. In which, the most important issues are traditionally security, social and psychological harmony. The limitation of the article is that three factors are selected according to the author’s subjective will with many years of experience as a housing broker in Warsaw.
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Uwayezu, Ernest, and Walter T. de Vries. "Access to Affordable Houses for the Low-Income Urban Dwellers in Kigali: Analysis Based on Sale Prices." Land 9, no. 3 (March 16, 2020): 85. http://dx.doi.org/10.3390/land9030085.
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The government of Rwanda recently passed housing development regulations and funding schemes which aim at promoting access to affordable houses for the low- and middle-income Kigali city inhabitants. The existing studies on housing affordability in this city did not yet discuss whether this government-supported programme is likely to promote access to housing for these target beneficiaries. This study applies the price-to-income ratio (PIR) approach and the 30-percent of household income standard through the bank loan to assess whether housing units developed in the framework of affordable housing schemes are, for the target recipients, affordable at all. It relies mainly on housing prices schemes held by real estate developers, data on households’ incomes collected through the household survey and a review of the existing studies and socio-economic censuses reports. Findings reveal that the developed housing units are seriously and severely unaffordable for most of the target beneficiaries, especially the lowest-income urban dwellers, due to the high costs of housing development, combined with the high profits expected by real estate developers. The study suggests policy and practical options for promoting inclusive urban (re)development and housing affordability for various categories of Kigali city inhabitants. These options include upgrading the existing informal settlements, combined with their conversion into shared apartments through the collaboration between property owners and real estate developers, the development of affordable rental housing for the low-income tenants, tax exemption on construction materials, progressive housing ownership through a rent-to-own approach, and incremental self-help housing development using the low-cost local materials.
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Yang, Cheng-Hong, Borcy Lee, and Yu-Da Lin. "Effect of Money Supply, Population, and Rent on Real Estate: A Clustering Analysis in Taiwan." Mathematics 10, no. 7 (April 2, 2022): 1155. http://dx.doi.org/10.3390/math10071155.
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Real estate is a complex and unpredictable industry because of the many factors that influence it, and conducting a thorough analysis of these factors is challenging. This study explores why house prices have continued to increase over the last 10 years in Taiwan. A clustering analysis based on a double-bottom map particle swarm optimization algorithm was applied to cluster real estate–related data collected from public websites. We report key findings from the clustering results and identify three essential variables that could affect trends in real estate prices: money supply, population, and rent. Mortgages are issued more frequently as additional real estate is created, increasing the money supply. The relationship between real estate and money supply can provide the government with baseline data for managing the real estate market and avoiding unlimited growth. The government can use sociodemographic data to predict population trends to in turn prevent real estate bubbles and maintain a steady economic growth. Renting and using social housing is common among the younger generation in Taiwan. The results of this study could, therefore, assist the government in managing the relationship between the rental and real estate markets.
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Zhou, Xiaolu, Weitian Tong, and Dongying Li. "Modeling Housing Rent in the Atlanta Metropolitan Area Using Textual Information and Deep Learning." ISPRS International Journal of Geo-Information 8, no. 8 (August 2, 2019): 349. http://dx.doi.org/10.3390/ijgi8080349.
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The rental housing market plays a critical role in the United States real estate market. In addition, rent changes are also indicators of urban transformation and social phenomena. However, traditional data sources for market rent prediction are often inaccurate or inadequate at covering large geographies. With the development of housing information exchange platforms such as Craigslist, user-generated rental listings now provide big data that cover wide geographies and are rich in textual information. Given the importance of rent prediction in urban studies, this study aims to develop and evaluate models of rental market dynamics using deep learning approaches on spatial and textual data from Craigslist rental listings. We tested a number of machine learning and deep learning models (e.g., convolutional neural network, recurrent neural network) for the prediction of rental prices based on data collected from Atlanta, GA, USA. With textual information alone, deep learning models achieved an average root mean square error (RMSE) of 288.4 and mean absolute error (MAE) of 196.8. When combining textual information with location and housing attributes, the integrated model achieved an average RMSE of 227.9 and MAE of 145.4. These approaches can be applied to assess the market value of rental properties, and the prediction results can be used as indicators of a variety of urban phenomena and provide practical references for home owners and renters.
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Urrestarazu Capellán, Ricardo, José Luis Sánchez Ollero, and Alejandro García Pozo. "Social Perception of the Influence of Public Policies on the Residential Rental and Holiday Tourism Rental Markets." African Journal of Hospitality, Tourism and Leisure 10(4), no. 10(4) (August 31, 2021): 1182–99. http://dx.doi.org/10.46222/ajhtl.19770720-156.
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This work assesses the influence of generic public housing policies in Spain and specific public policies relating to vacation rental housing on residential rental costs in recent years from the perspective of people linked to residential housing rental and vacation rental housing. We used partial least squares structural equation modelling on the data obtained in a survey of 413 individuals with direct links to the fields of tourism and real estate. The results obtained by the model confirm the influence of the growth in holiday tourist housing and the implementation of public housing policies on rises in residential rent. These conclusions can inform public policy measures in the general area of housing and, specifically, in the area of holiday homes, toward reducing the impacts of certain factors on access to housing in the province of Málaga. The main contribution of this work is the direct collection of the opinions of people related to residential and tourist housing on the Costa del Sol.
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Chou, Ying Mei, and Chu Tsen Liao. "A Study on the Availability of Taipei Social Rented Housing Policy - Examining the Taipei Social Rented Housing Policy from the Public Housing Policy in Taiwan." Advanced Materials Research 831 (December 2013): 241–44. http://dx.doi.org/10.4028/www.scientific.net/amr.831.241.
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The legislation of public housing policy in Taiwan was in the 1949 after the Nationalist Government moved to Taiwan from China. Since 1949, Taiwan faced several difficult situations, for example the oil crisis period and the real estate economy took off. In 2000, government decided to stop this policy, and didn't offer any appropriate social housing policy. However, Taipei is the most densely-populated city in Taiwan. People could not buy their own private house for the high price. Its showed us a great deal of the need of housing rental. With this matter, Taipei City Government began to offer the public housing in 2012. This syudy compares the Taiwan national public housing policy and the Taipei local social housing overall policy planning. The purpose of this study is to examine if the Taipei social housing policy suits the rent market or not. We discussed the advantages and disadvantages of Taipei policy planning, analyzed the need of improvement on Taipei social housing policy.
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Lo, Daniel, Yung Yau, Michael McCord, and Martin Haran. "Dynamics between Direct Industrial Real Estate and the Macroeconomy: An Empirical Study of Hong Kong." Land 11, no. 10 (September 28, 2022): 1675. http://dx.doi.org/10.3390/land11101675.
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Pricing of direct industrial real estate (DIRE) has long been under-researched due to the paucity of analysable data. Compared to other types of real estate, DIRE has often been regarded as more inefficient because of information asymmetry amongst market players stemming from a lack of market transparency. Therefore, pricing of DIRE usually does not follow a random walk and should be more predictable than other types of real estate. Along this line of reasoning, this study empirically investigates the causal relationships between the price-to-rent ratio of DIRE and macroeconomic attributes using cointegration and causality techniques. More specifically, we employ data on the market of Hong Kong to investigate the lead-lag relationships between the price-to-rent ratio of DIRE and a wide spectrum of macroeconomic and financial indicators, including inflation, money supply, national income, exchange rates, performance of housing market and other economic indicators specific to the industrial sector. The results of our statistical tests reveal significant evidence that DIRE is generally moving in syncs with other segments of the economy over time in terms of long-term cointegration. Further, DIRE tends to lag behind the overall macroeconomy in terms of Granger causation with the price-to-rent ratio exhibiting varying lengths of time lag with the macroeconomic determinants. The findings of the study carry important implications for informing property valuation practices and industrial land policy, particularly in designing urban revitalization programmes aimed at optimising industrial land use.
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Semenenko, Igor, and Jun Wook Yoo. "HOUSING FINANCE: IMPACT OF HEAVY INTEREST INCOME TAX." International Journal of Accounting & Finance Review 6, no. 2 (April 21, 2021): 102–24. http://dx.doi.org/10.46281/ijafr.v6i2.1092.
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Heavy taxation of interest income becomes a structural driver of property prices in a low-interest-rate environment. Inflation-adjusted price appreciation in 1996-2017 is approximately 200 basis points higher in 14 countries allowing no exemptions on interest income than in 37 countries that tax interest income at favorable rates or provide exemptions. Results for average returns over long-term periods are confirmed in models with annual frequencies, city-level data, and in a sample of 39 OECD countries for which price/rent ratios are available. It appears that investors view direct real estate, a heavily tax-favored asset, as an inflation hedge and/or alternative to fixed income asset. Higher interest income taxation may be fueling demand for direct real estate investments by retail investors. Separately, my empirical findings suggest that easy monetary policy effects can be magnified through the housing channel in countries that do not allow exemptions on interest income. Consequently, we should expect larger investment misallocations due to asset prices departure from fundamentals in some geographies.
JEL Classification Codes: E3, E4, F3, G1, G5, H2.
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Yamazaki, Fukuju, and Taisuke Sadayuki:. "International Real Estate Review." International Real Estate Review 20, no. 4 (December 31, 2017): 493–523. http://dx.doi.org/10.53383/100251.
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Condominium reconstruction involves a difficult collective decision-making process among owners, which prevents older condominiums from being redeveloped efficiently. This paper aims to examine whether this type of collective action cost exists for Japanese condominiums. First, we discuss in the literature review and an empirical analysis that the number of units in a condominium complex is an appropriate proxy for the collective action problem. Then, by using the rent in the price function to control for housing characteristics, we show that the number of units has a negative impact on condominium price. Furthermore, the price function for condominiums is compared with that for single-owner rental apartments that are free from the collective action problem. The estimation results show that the number of units only negatively affects the price of condominiums and that the depreciation rate for the condominium price is greater than that for single-owner apartments. This finding is consistent with the hypothesis that a significant cost is associated with collective action problems in condominium reconstruction. Lastly, we conduct a comparative examination of condominiums in Japan and the United States, and the result suggests that revising the current Japanese condominium law could induce more efficient redevelopment of old condominiums.
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Lisi, Gaetano. "The search and matching process in the housing market." Journal of European Real Estate Research 12, no. 3 (November 4, 2019): 392–404. http://dx.doi.org/10.1108/jerer-05-2019-0016.
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Purpose This paper aims to study the relationship between the rental and selling prices, a very important topic that forms the fundamentals of real estate markets. Design/methodology/approach This theoretical paper makes use of a search and matching model of the housing market. The search and matching models are the benchmark models of the “matching” markets, such as the labour market and the housing market, where trade is a decentralised, uncoordinated and time-consuming economic activity. Findings Unlike the previous related literature, where this relation is usually analysed in the context of the present value equation, this paper shows the existence of a “dual” relation between rental and selling prices as follows: one in the homeownership market and another one in the rental market. This “dual” relation connects the rental and homeownership markets and allows to get equilibrium in both markets with positive house prices. Research limitations/implications Several topics could be deepened for making the paper richer and more interesting, although at the cost of much more mathematics. First of all, the introduction of specific functional forms for both the rent function and the sale price function, so as to calculate both the elasticity of rent with respect to sale price and the elasticity of sale price with respect to rent. In this way, it would be possible to understand how each market (rental and homeownership) reacts to shock and policies that affect the other market. Practical implications In general, this framework could help policymakers to design housing policy reforms that take into consideration the effects on both markets. Indeed, some policies could have positive effects on rental markets but perverse effects on homeownership markets and vice versa. Originality/value None of the existing and related works of research have considered how to take advantage of the search and matching approach to derive both a “rent function” and a “sale price function” that connect closely the rental and homeownership markets.
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Cannaos, Cristian. "Urban development and negative differential rent [Lo sviluppo urbano e la rendita differenziale negativa]." Valori e Valutazioni 27 (December 2020): 111–20. http://dx.doi.org/10.48264/vvsiev-20202711.
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The growth of building land does not always produce a positive differential rent on the existing building stock. The essay aims to discuss the case where urban expansion has negative effects on the rent of existing building plots and constructions. In other words, the differential rent assumes negative values that increase over time, lowering the value of existing properties. This occurs when the expansion of the city does not correspond to a real need for new housing. Generally, it happens in the presence of urban centres already in an advanced phase of demographic contraction, when the existing building stock would be sufficient to satisfy the real estate demand. This expansion (sometimes achieved through urban plans or building programs, others in the total absence of plans) is a phenomenon that, since the 1960s, has affected (and still affects) many smaller towns in Italy. While in the cities that attract population, urban expansion led to the creation of a positive and growing rent (absolute and differential), in the centres suffering from depopulation the same type of expansion had adverse effects on the existing building stock.
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Napoli, Grazia, Maria Rosa Trovato, and Simona Barbaro. "Social Housing and Affordable Rent: The Effectiveness of Legal Thresholds of Rents in Two Italian Metropolitan Cities." Sustainability 14, no. 12 (June 11, 2022): 7172. http://dx.doi.org/10.3390/su14127172.
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Social housing is an instrument of housing policies to support those groups of people who are disadvantaged due to particular economic weaknesses and/or social relational fragility. Consequently, to achieve the objective of social sustainability, the rents of social housing must be below the market rents and low enough to be affordable. Italian law has set several rent thresholds which are based on local territorial agreements between landlords and renters associations. This article aims to examine whether these thresholds generate social fairness and housing affordability within each city and between different cities, or instead inequalities and spatial asymmetries. A cluster analysis is applied to study whether the goal of fairness is achieved, while the effectiveness of providing housing affordability is assessed by comparing the benchmarked rents with those of the national ministerial Real Estate Market Observatory. Two metropolitan cities—one in the north and another in the south of Italy—with different social and economic characteristics were chosen as case studies. The results show that variations in rents, location, and housing quality are fairly consistent within urban areas and cities. However, the benchmarked rents are not consistently related to the market rents and are often higher than the latter, failing to meet the provision of affordable housing that was the primary goal of the law.
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Dub, A. R. "Prospects for the Transformation of Real Estate into a Source of Increasing the Financial Capacity of Territorial Communities." Business Inform 6, no. 521 (2021): 137–44. http://dx.doi.org/10.32983/2222-4459-2021-6-137-144.
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Real estate is one of the basic assets of functioning of the territorial community. However, due to improper activity or inaction of local self-government bodies, it remains only a nominal asset of the administrative-territorial unit and does not contribute to increasing the financial capacity of the territorial community. The article is aimed at identifying and suggesting possible ways to transform real estate into a source of increasing the financial capacity of the territorial community. In the course of the study, the extant obstacles were highlighted, including corruption schemes that cause local budgets to lose revenues from rent and alienation of communal property. It is noted the need to intensify the activities of local self-government bodies in the direction of inventory of all communal real estate, to establish its market value and increase the transparency of operations for the provision of communal real estate for rent. The possibility of development of municipal rental housing in large cities is considered. Special attention is paid to the real estate, which is privately owned as a quasi-asset of the territorial community, which ensures revenues to the local budget in the form of the tax on a real estate other than the land plot. The analysis of changes in the situation of the real estate market in 2020-2021, which indirectly affect the filling of local budgets with proceeds from the tax on a real estate other than the land plot, was carried out. The possible ways to increase the financial capacity of territorial communities by strengthening the role of communal and private real estate within the assets of the territorial community are identified, suggested, and substantiated.