Journal articles on the topic 'Residential real estate Australia'
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Ratchatakulpat, Thanakon, Peter Miller, and Teresa Marchant. "International Real Estate Review." International Real Estate Review 12, no. 3 (December 31, 2009): 273–94. http://dx.doi.org/10.53383/100115.
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This study investigates the factors that prospective buyers consider when purchasing residential property in Queensland, Australia. A drop-off survey is used, with 376 property buyers and a response rate of 62.7 percent. Affordability, maintenance and interior design, and a good neighbourhood are considered as most important. Of least importance are the affluence and quality of the area, water, views and roads, and features, such as a pool or air-conditioning. Therefore, location is important in the sense of neighbourhood and community, rather than prestige. Affordability should receive more attention in the literature and real estate marketing. Different market segments consider a number of factors when purchasing residential property. Since the factors vary according to the purpose (live in or investment) and the property type (house or unit), these variables provide a basis for identifying market segments. Agents can use the findings to better understand buyers. Researchers can further analyse buyer considerations and property characteristics to condense a large number of factors into a small number of coherent dimensions. The study may be limited by its focus on a geographical section of the Australian real estate market and some difficulties in identifying and operationalising property characteristics.
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Mintah, Kwabena. "International Real Estate Review." International Real Estate Review 21, no. 4 (December 31, 2018): 473–520. http://dx.doi.org/10.53383/100270.
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Studies have demonstrated the potential of real options analysis (ROA) in property development decision-making. However, practitioners have yet to accept, adopt and integrate ROA in property development decision-making in Australia. This paper therefore investigates how Australian residential property developers manage uncertainties and risks, examines flexibility as a risk management tool, and evaluates the receptiveness and acceptance of ROA for decision making. Data are collected through face-to-face semi-structured interviews with twelve participants, and analysed by using thematic analysis. The results indicate that a discount rate is insufficient for managing uncertainties and risks; rather, contingency is used. Receptiveness and acceptance of the RO theory are mixed due to lack of unanimity among responses. Some participants are positive about flexibility, while others are dismissive. Beyond quantitative ROA models, the findings suggest that practitioners are receptive to ROA, but concerns remain over adoption. Flexibility cases executed by some participants in practice indicate that practitioners are subconsciously using ROA. Therefore, it is possible that acceptance and adoption could be achieved in the future. Evidence of the use of contingency as a risk management tool challenges the long-held notions of risk-return relationships in property development and investment. This is initial evidence of qualitative research on ROA in practice within Australian property developments.
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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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Ma, Xiao, Zhe Zhang, Yan Han, and Xiao-Guang Yue. "Sustainable Policy Dynamics—A Study on the Recent “Bust” of Foreign Residential Real Estate Investment in Sydney." Sustainability 11, no. 20 (October 22, 2019): 5856. http://dx.doi.org/10.3390/su11205856.
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We undertook an autopsy of the drivers of individual foreign real estate investment ‘bust’ in Australia through a new theoretical lens of ‘habitus’. Our autopsy data drew contours around the individual foreign real estate capital ‘boom and bust’ cycle, as well as the long-term commitment of professionals in the real estate sector to Australia’s real estate market. More specifically, we showed that the foreign capital ‘boom and bust’ cycle began in earnest in about 2010 (starting at A$8.7 billion), grew to A$72.4 billion in 2016–2017, and then declined to A$12.5 billion in 2017–2018. This decline in foreign capital into Australian real estate occurred within a domestic real estate market in Sydney that also started to slow in 2017. Based on 20 semi-structured interviews with real estate professionals in Sydney and public material culture data, we found out that the off-the-plan apartment sales and global policy landscape changes contributed to the decline of foreign real estate investment in Australia. The three possible implications for Sydney’s future residential real estate development: (1) The loss of investors, (2) the evolution of the labor force, and (3) the diversification of housing products, have been raised as part of a future research road map.
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Brown, Rayna M., Gregory Schwann, and Callum Scott. "Personal Residential Real Estate Investment in Australia: Investor Characteristics and Investment Parameters." Real Estate Economics 36, no. 1 (March 2008): 139–73. http://dx.doi.org/10.1111/j.1540-6229.2008.00210.x.
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Gholipour, Hassan F., Hooi Hooi Lean, Reza Tajaddini, and Anh Khoi Pham. "Foreign investment in Australian residential properties." International Journal of Housing Markets and Analysis 12, no. 2 (April 1, 2019): 166–80. http://dx.doi.org/10.1108/ijhma-05-2018-0030.
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Purpose The purpose of this study is to examine the impact that foreign investment in existing houses and new housing development has on residential house prices and the growth of the housing construction sector. Design/methodology/approach The analysis is based on a panel cointegration method, estimated using annual data for all Australian states and territories spanning the period of 1990-2013. Findings The results indicate that increases in foreign investment in existing houses do not significantly lead to increases in house prices. On the other hand, a 10 per cent increase in foreign investment for housing development decreases house prices by 1.95 per cent. We also find that foreign real estate investments have a positive impact on housing construction activities in the long run. Originality/value Existing studies used aggregate foreign real estate investment in their analyses. As foreign investment in existing houses and foreign investment for housing development have different impacts on the demand and supply sides of housing market, it is crucial that the analysis of the effects of foreign investment in residential properties on real estate market is conducted for each type differently.
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Wu, Po-Jui, and Athena Ying Chen. "THE MOTIVATIONS OF CHINESE INDIVIDUAL FOREIGN INVESTORS IN THE AUSTRALIAN RESIDENTIAL REAL ESTATE MARKET." International Journal of Strategic Property Management 26, no. 3 (July 13, 2022): 215–29. http://dx.doi.org/10.3846/ijspm.2022.17154.
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There is an increasing number of Chinese individual foreign investors (IFIs) in Australian residential real estate markets, but few studies specifically focus on Chinese IFIs and comprehensively analyse these investors’ motivations in the Australian real estate market. This paper examines the motivations of IFIs in the Australian residential real estate markets. A qualitative historical research approach was employed to examine the topic. By using semi-structured interviews of Chinese individual investors (consisting of Chinese temporary residents and Chinese nonresidents) and Australian agents in Australian residential real estate from 2014 to 2015, the paper finds four common motivations (good living environment, stable political environment, cost efficiency and profit returns) and three distinct motivations (education, immigration and bandwagon effects) of Chinese IFIs. It was found that cost efficiency, profit returns, education investment and immigration tend to be articulated differently between Chinese temporary residents and Chinese nonresidents, although these four motivations were expressed by both. Chinese nonresidents consider cost efficiency and profit returns as their major motivations. In contrast to Chinese nonresidents, education, and immigration are the most important motivations instead of some traditional motivations such as profit returns or cost efficiency for Chinese temporary residents.
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Wadley, David, Jung Hoon Han, and Peter Elliott. "Regarding high voltage overhead transmission lines (HVOTLs)." Property Management 37, no. 2 (April 15, 2019): 178–96. http://dx.doi.org/10.1108/pm-04-2018-0024.
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Purpose Professionals’ market knowledge and business experience can facilitate transactions of residential property potentially impacted by stigmatised installations, such as large-scale public infrastructure. The purpose of this paper is to explore perceptions and assessments among homeowners, valuers (appraisers) and real estate agents (realtors) regarding infrastructure in general and high voltage overhead transmission lines (HVOTLs) in particular. Design/methodology/approach Informed by a literature review, separate surveys in Queensland, Australia, analyse via non-parametric and parametric means informational and perceptual variables concerning HVOTLs among 600 homeowners, 90 valuers and 90 real estate agents. Findings The findings reveal statistically significant differences in risk and valuation perceptions of homeowners, valuers and real estate agents relating to the placement of major linear forms of infrastructure. Research limitations/implications This study adds to a now-solid body of literature pertaining to property effects of HVOTLs. It extends the analysis among classes of real estate professionals and provides new comparisons for further analysis and commentary. Practical implications The results speak to property professionals, land use planning and electricity authorities. Prior research can be triangulated with that obtained here from valuers and real estate agents who act as informants, gatekeepers and confidants in the market place. Various hypotheses address specific points of professional practice. Social implications This study shows that property professionals’ disposition to HVOTLs and other large-scale infrastructure is likely to be a good deal more measured than that of homeowners, so that valuers and real estate agents might exercise a mediating influence in placement and installations decisions. Originality/value This research raises understanding of differences in market knowledge and perception of essential infrastructure among clients and property agents. As a point of difference, it concentrates on examining empirically what texts refer to as “information asymmetry” in residential real estate markets.
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Kupke, Valerie, Peter Rossini, and Paul Kershaw. "Bait pricing: evaluating the success of regulatory reform in advertising." International Journal of Housing Markets and Analysis 7, no. 3 (July 29, 2014): 333–45. http://dx.doi.org/10.1108/ijhma-02-2013-0016.
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Purpose – The purpose of this paper is to evaluate the effectiveness of this legislative reform in the state of South Australia (SA) through an examination of the relationship between listed or advertised price and transaction prices before and after the changes in regulation. Between 2000 and 2008, legislative changes took place throughout Australia to make real-estate transactions more transparent and to deal with misleading conduct by real-estate agents. The practice of “charm” or “bait” pricing was targeted. This denotes the under-quoting of estimated selling prices in real-estate sale advertisements which can be considered deceptive or even fraudulent. Design/methodology/approach – The study area is Adelaide, the state capital of SA and includes analysis of first and last advertised prices and eventual selling price for > 120,000 residential sales transactions over a nine-year period between 2003 and 2011. The analysis to test these hypotheses included, first, a descriptive evaluation of the percentage price difference over time and a spatial breakdown of mean percentage price difference before and after legislation. Second, for each hypothesis, the change was tested by measuring the variance of the percentage change, with significance established through the Levene and Brown–Forsythe tests, rather than by the mean percentage change. Findings – The results, both descriptive and statistical, support the effectiveness of the reform in legislation. Research limitations/implications – The study has application in terms of agents as social gatekeepers and confirms the role of regulation to ensure market values are achieved and consumers not disadvantaged. With friction in the market, imperfect information and the possible behavioural responses of land agents, there may be incomplete market correction of underpricing strategies. This paper confirms the effectiveness of one such market intervention. Social implications – Some half a million dwellings are purchased in Australia every year. Annually, in the state of SA, some 53,000 dwellings are financed to be purchased or built. These levels of purchase reflect national home ownership rates of about 69 per cent, with some 33 per cent of Australians owning their houses outright and a growing number, some 36 per cent, owners with a mortgage. Australian households also move house relatively frequently. In 2008, 43 per cent of Australians reported moving in the previous 5 years, 15 per cent had moved 3 or more times. The most common reasons for moving were twofold, either to buy a house or to buy a bigger house. These levels of purchase, home ownership and mobility underpin the importance and viability of some 10,000 real-estate services businesses in Australia; a sector which, up to 2,000, was largely self-regulated. Originality/value – This paper is one of the first in Australia to effectively quantify the success of legislative reform on residential agency behaviour.
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Mintah, Kwabena, David Higgins, and Judith Callanan. "A real option approach for the valuation of switching output flexibility in residential property investment." Journal of Financial Management of Property and Construction 23, no. 2 (August 6, 2018): 133–51. http://dx.doi.org/10.1108/jfmpc-05-2017-0017.
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Purpose Uncertainties in residential property investment performance require that real estate assets are designed in a flexible manner to respond to impacts of market dynamics. Though estimating the cost of flexibility is straightforward, assessing the economic value of flexibility is not. The purpose of this study is to explore the potential practical application of real option analysis to determine the economic value of a switching output flexibility embedded in a residential property investment in Australia. The study involves the exploration of an optimal strategy for investment in a residential development through real option analysis and valuation of a mixed use investment. Design/methodology/approach The real option valuation model developed by McDonald and Siegel (1986) is adopted for the evaluation because the switching output flexibility is likened to a perpetual American call option with dividend payout. Findings Through real option analysis, the economic value of switching output flexibility of the mixed use building was determined to be higher than the initial upfront costs. Moreover, a payoff of about $4million was determined to be the value of the switching output flexibility, therefore justifying upfront investments in flexibility as an uncertainty and risk management tool. Practical implications This application is an important demonstration of the practical use of options pricing techniques (real options analysis) and delivers further evidence needed to support the adoption of real option valuation in practice. Flexibility can also enhance risks and uncertainty management in residential property investment better than the adjustment of discount rates. Originality/value There is limited evidence on the use of real options techniques for the valuation of switching output flexibility in practice, and this comes as an original application; both the case study and data are all initial applications of switching flexibility in the Australian property market.
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Lu, Qiang (Steven), and Yupin Yang. "A longitudinal study of the impact of the Sydney Olympics on real estate markets." International Journal of Event and Festival Management 6, no. 1 (March 16, 2015): 4–17. http://dx.doi.org/10.1108/ijefm-02-2014-0007.
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Purpose – The purpose of this paper is to examine the impact of the Sydney 2000 Olympic Games on the residential real estate markets of the host city during the bidding, pre-Olympic and post-Olympic periods. Design/methodology/approach – This study uses a difference-in-differences model to analyze the transaction prices for all properties in New South Wales, Australia for the period from 1980 to 2007. Findings – The paper finds that the impact on real estate markets varies across different suburbs in the host city and over time. The real estate markets of host suburbs experience substantially higher growth during the bidding and pre-Olympic periods but not during the post-Olympic period. However, the property prices in non-host suburbs in the host city increase at a higher rate during the pre- and post-Olympic periods but not during the bidding period. Originality/value – This study offers insights into the long-term impact of the Olympic Games on host suburbs and non-host suburbs in the host city during different periods by analyzing a large longitudinal data set over a period of 27 years.
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Ma, Le, Richard Reed, and Xiaohua Jin. "Identify the equilibrium of residential construction output." Engineering, Construction and Architectural Management 25, no. 1 (February 19, 2018): 21–38. http://dx.doi.org/10.1108/ecam-06-2016-0148.
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Purpose Due to the complicated nature of houses, the driving factors of the residential construction output can be investigated from different perspectives of interests. However, little research has provided an insight of the trend of the residential construction output from a cross-disciplinary perspective. The purpose of this paper is to identify the long-run equilibrium types of residential construction output, including external equilibrium, solo-market equilibrium and dual-market equilibrium. Design/methodology/approach A vector error correction model is applied into longitudinal data in the eight Australian states and territories to overview the regional variations of the residential construction output. Findings The empirical results show that the equilibrium of regional residential construction outputs in New South Wales and Victoria are determined by the external factors; the equilibrium in Western Australia is dominated by the construction market; and the equilibriums in the other five states and territories are influenced by both construction and house markets. Research limitations/implications The simplified approach may overlook the detailed explanation of the external factors, such as regional population, economy, policy and so forth. Given this limitation, future studies can introduce the correspondingly variables as per research interests. Originality/value Implementing the existing research into residential construction output and house supply, this research provides a simplified approach that demonstrates the linkage between construction and real estate sectors to identify the long-run equilibriums across regions. The underlying research sheds light in delivering inter-disciplinary research into the residential construction output.
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Wolski, Rafal. "Co-Integration Test of Selected Indexes on the Share Market and Index of Housing Real Estate Prices." Real Estate Management and Valuation 28, no. 1 (March 1, 2020): 100–111. http://dx.doi.org/10.1515/remav-2020-0009.
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AbstractThe integration of financial markets is an ongoing process throughout the world. Research shows that, from Australia through Europe to the United States, the capital and real estate markets are integrating, influencing each other. Although this process seems obvious, only research can show whether it actually occurs. Identifying these relationships is important for analyzing the entire market. Many methods, such as estimating the cost of equity, have been developed with the stock market in mind. Meanwhile, real estate valuation requires the cost of equity. Market integration is the rationale for using equity market methods on the real estate market.Aim of the work - the research is aimed at verifying whether there is cointegration between the secondary housing market and the stock market. A research hypothesis was put forward: the stock market and secondary housing market are integrated.Research methodology - the study used co-integration analysis using the Engle-Granger test. The study was conducted in the period from the third quarter of 2006 to the fourth quarter of 2018.Result - The tests carried out showed the existence of co-integration in one out of 36 cases for the explanatory variable - the delayed WIG index and the explained variable in the average price of residential real estate on the secondary market for the 7 largest Polish cities.Originality / Value - demonstrating the co-integration of markets justifies the use of analytical methods developed for stock markets on real estate markets. The research has no equivalent study on the Polish market. Similar analyses were carried out, but not for the stock and real estate market.
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Aluko, Bioye Tajudeen. "ACCURACY OF AUCTION SALE VALUATIONS IN DISTRESSED BANK LENDING DECISIONS IN NIGERIA." Journal of Business Economics and Management 8, no. 3 (September 30, 2007): 225–33. http://dx.doi.org/10.3846/16111699.2007.9636172.
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Of all the sub‐sectors of the national economy, the banking industry and the property market have arguably been most severely affected by the current recession. Thus, the prevailing credit crunch in real estate finance and market conditions have implication for disposal and valuations of real estate for mortgage purposes. The study examined whether forced sale valuations of mortgage properties were a good proxy for their auction sale prices. Relevant data involving 67 auction sales of foreclosed residential property transactions together with their contemporaneous forced sale valuations were pooled together in Lagos Metropolis during the period 1994 to 2003 from sample of estate surveying and valuation/auctioneering firms, the lending institutions and the Nigeria Deport Insurance Corporation. The data obtained were analyzed with the aid of frequency distributions and multiple regression models. The study revealed, amongst others, that forced sale values are not good proxies for auction sale prices as against the conclusions of previous studies on accuracy of open market valuations either in Nigeria or other countries like UK, USA and Australia. The implications of the foregoing conclusions on the lending decisions and valuation profession in the country were further examined in the paper.
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Hou, Huiying, and Hao Wu. "What influence domestic and overseas developers’ decisions?" Journal of Property Investment & Finance 37, no. 2 (March 4, 2019): 153–71. http://dx.doi.org/10.1108/jpif-12-2018-0092.
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PurposeForeign firms entering into the domestic real estate industry and foreign investment control are significant in global hot markets such as Australia. Despite their market impact and policy sensitivity, developer choice is rarely studied. The purpose of this paper is to study domestic and overseas property developers for their motive and preference in response to market growth and market barriers including regulatory constraint.Design/methodology/approachInternational trade theory suggests local and overseas firms can vary significantly for their risk profile when engaging in location-specific development opportunities. Using a comprehensive decision factor system for the residential development process, the authors conducted an experimental survey to collect the prime data to measure stated preference of domestic and overseas developers in the context of the Melbourne residential market.FindingsResults suggest high consistency between the samples of domestic and overseas developers. Possible explanations include vertical integration by innovative contracting, strict regulatory constraint dictates domestic and overseas firms’ preference or sample selection bias. This micro-analysis of developer stated preference highlights their entrepreneurial ability to combine substitution and integration for innovative contractual strategy. This ability to join asset holding and project management enables firm flexibility to mitigate business risk in rapidly globalising capital and factor markets.Practical implicationsThese insights of firm-level decision making contribute to the decision literature of real estate developers and are relevant to the broader literature of industrial economics and international trade. Government may evaluate policy strategies based on the explicit entrepreneur (e.g. developer) preference for their “comparative advantage”.Originality/valueThis paper highlights developer’s ability to jointly consider investment and project management for decision making. It found that other than political cost such as national interest and domestic interest group pressure, domestic and overseas developers in the Melbourne residential market actually think quite alike. It suggests that irrespective of property ownership conditions, market integration occurs in the Melbourne residential sector.
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Ma, Le, Henry Liu, and Michael Sing. "Responsiveness of residential construction-production progress to house price dynamics." International Journal of Housing Markets and Analysis 14, no. 4 (January 25, 2021): 796–814. http://dx.doi.org/10.1108/ijhma-05-2020-0052.
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Purpose This study aims to address the gap by empirically exploring how residential construction-production progress, which includes project commencement, under-construction and project completion, responds dynamically to fluctuations in house prices. Design/methodology/approach A vector autoregressive model and an impulse response function are applied to simulate and analyse the circle of the stage-responsiveness of residential construction to residential property price dynamics in the state of Victoria, Australia. The quarterly numbers of dwelling units commenced, under-construction and completed are used as the proxy for the residential construction activities at three stages over the construction progress. Findings The analysis indicates that the dynamics are essentially transmitted throughout the construction process and can substantially impact the pace of production progress. The findings from this study provide an empirical base that should be useful in developing price-elasticity and production theories applicable to the context of residential property construction. Research limitations/implications The findings described above have been generated basically by examining the case of Victoria, Australia at a macro level. The generalisation of the research output needs to be verified further by future researchers using data collected from other regions/countries. Nevertheless, the reliability of the conclusions with particular practical implications can be substantially improved by future researchers by analysing more markets and production proxies at the activity level. Practical implications Based on new empirical findings, this research argues that building activity (i.e. under construction) played as a gateway between the construction and housing sectors, via which the inter-responsiveness of the housing supply in terms of construction activities and housing prices are transmitted. Originality/value This research firstly attempts to explore the inter-responsiveness between the real estate and construction sectors. A simulated circle of the stage-responsiveness of residential construction to residential property price dynamics is proposed, which can serve as a significant foundation for developing the theory of construction production.
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Filippova, Olga, Jeremy Gabe, and Michael Rehm. "Pricing office rents in Sydney CBD: testing the water on automated rent reviews." Property Management 40, no. 2 (September 28, 2021): 230–46. http://dx.doi.org/10.1108/pm-10-2020-0070.
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PurposeAutomated valuation models (AVMs) are statistical asset pricing models omnipresent in residential real estate markets, where they inform property tax assessment, mortgage underwriting and marketing. Use of these asset pricing models outside of residential real estate is rare. The purpose of the paper is to explore key characteristics of commercial office lease contracts and test an application in estimating office market rental prices using an AVM.Design/methodology/approachThe authors apply a semi-log ordinary least squares hedonic regression approach to estimate either contract rent or the total costs of occupancy (TOC) (“grossed up” rent). Furthermore, the authors adopt a training/test split in the observed leasing data to evaluate the accuracy of using these pricing models for prediction. In the study, 80% of the samples are randomly selected to train the AVM and 20% was held back to test accuracy out of sample. A naive prediction model is used to establish accuracy prediction benchmarks for the AVM using the out-of-sample test data. To evaluate the performance of the AVM, the authors use a Monte Carlo simulation to run the selection process 100 times and calculate the test dataset's mean error (ME), mean absolute error (MAE), mean absolute percentage error (MAPE), median absolute percentage error (MdAPE), coefficient of dispersion (COD) and the training model's r-squared statistic (R2) for each run.FindingsUsing a sample of office lease transactions in Sydney CBD (Central Business District), Australia, the authors demonstrate accuracy statistics that are comparable to those used in residential valuation and outperform a naive model.Originality/valueAVMs in an office leasing context have significant implications for practice. First, an AVM can act as an impartial arbiter in market rent review disputes. Second, the technology may enable frequent market rent reviews as a lease negotiation strategy that allows tenants and property owners to share market risk by limiting concerns over high costs and adversarial litigation that can emerge in a market rent review dispute.
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Jenkin, Lance, Jeffrey Peng, and Jeffrey Parnell. "Variability of noise prediction models in catchments featuring significant barriers and noise-enhancing meteorological conditions." Journal of the Acoustical Society of America 152, no. 4 (October 2022): A129. http://dx.doi.org/10.1121/10.0015778.
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Accurate prediction of noise propagation from industrial sources forms a vital foundation from which to determine noise pollution levels on sensitive communities, as well as informing any mitigation measures required to address unacceptable impacts. A variety of sound propagation model options are available to practitioners in commercial software platforms such as SoundPLAN and CadnaA, and the ability to design effective noise barriers is contingent on the selection of a model that is suitable for the situation under consideration. This is particularly important in noise catchments that feature noise-enhancing meteorological conditions and where significant barriers exist, or are proposed between the industrial estate and potentially noise affected residential communities. In this work, sound levels computed using CONCAWE, ISO 9613-2, Nord2000 and CNOSSOS-EU sound propagation models for homogenous and favourable conditions are compared. The cross-sectional profile of the case study featured in this work is based on a real-world situation in the built-up suburban area of Sydney, Australia. Current findings highlight some key considerations, limitations, and pitfalls associated with older empirically derived sound propagation models.
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Lee, Henry Koon Nam. "International Real Estate Review." International Real Estate Review 24, no. 2 (June 30, 2021): 221–51. http://dx.doi.org/10.53383/100321.
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Using a non-causality approach based on the conventional approach of Fama and Schwert (1977), cointegration method in Johansen (1988), and autoregressive distributed lag (ARDL) cointegration technique in Pesaran et al. (2001) and Granger et al. (2000), this study examines the inflation hedging effectiveness of residential property in three of the largest emerging market (EM) economies: China, India and Russia. While the results of the Fama and Schwert (1977) regression indicate that residential properties in China and Russia provide a short-term hedge against expected inflation, this is not the case for those in India against both expected and unexpected inflation. Consistent with the results of the developed economies, the Johansen and ARDL cointegration results provide strong evidence to support the hypothesis that inflation and the residential properties in the three largest EM economies are cointegrated. This implies that the residential properties in these three countries provide a long-term hedge for inflation. In addition, the causality results show evidence that inflation has a lead effect on residential property prices in India over the long run. The empirical results of the cointegration tests confirm that residential properties could be considered as a reliable hedge against inflation for EMs in the long run and suggest that investors should overweigh their investment in residential property assets during periods of persistent inflation in EMs.
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Chang, Zheng. "International Real Estate Review." International Real Estate Review 21, no. 3 (September 30, 2018): 343–65. http://dx.doi.org/10.53383/100265.
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There are few empirical studies that study the effects of different housing search methods on housing outcomes. This paper addresses this research gap by surveying students from Mainland China in Hong Kong to measure residential satisfaction in the use of three different housing search strategies: social media, housing agents, and personal social networks (friends and relatives). We use a structural equation model (SEM) to analyze the results and find that students who use social networks to find houses have a significantly higher level of residential satisfaction than those who use social media as a search method. However, using a housing agent does not significantly affect residential satisfaction, although both the number of houses viewed and time spent during a search have small effects on increasing residential satisfaction.
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Lundgren, Berndt. "International Real Estate Review." International Real Estate Review 16, no. 1 (April 30, 2013): 1–27. http://dx.doi.org/10.53383/100162.
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This paper presents a new model by using a structural equation technique. This model integrates the productivity theory and customer-perceived value to identify key features that residential customers seek when making their decision to buy or rent a residential apartment. A theoretical structural equation model is confirmed by using a dataset based on 283 respondents, those who are potential tenants of an ongoing residential construction project in Sweden that consists of 402 rental apartments. The results show that expectations of being able to relax in the immediate neighborhood as well feeling safe in the neighborhood have a high impact on customer perceived value. Moreover, analysis of a two bedroom apartment, used as a show apartment, reveals that an apartment with plenty of natural daylight and a well proportional layout has the highest impact on customer perceived value. Professional developers and municipalities could use the proposed residential customer perceived value model (RCPV-model) to increase their understanding of customer-perceived values by verifying key drivers in successful residential projects and acting on them when planning new development projects.
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Stohs, Mark Hoven, and Yun W. Park. "International Real Estate Review." International Real Estate Review 10, no. 1 (June 30, 2007): 26–47. http://dx.doi.org/10.53383/100075.
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California’s Proposition 13, which limits the growth of property tax to 2 percent per year, provides homeowners an incentive to remain in their housing units and thus contributes to residential stability. Yet, with fast home price appreciation, new home buyers may purchase a home and then sell it again within a short period of time. Even though they incur transaction costs, they can gain by the appreciation. Under Proposition 13, faced with a disproportionately large property tax relative to those homeowners who purchased their homes a long time ago at a much lower price, the new homebuyers have an additional incentive to trade homes fast in an up market to avoid paying a high property tax. We call this short term residential trading ‘Proposition 13 risk arbitrage’ and predict that Proposition 13 induces additional short-term residential trading, which adds to the underlying residential market speculation. Cross-sectional variations of the residential holding periods over the 1993 to 2001 period in the five counties of Southern California are generally consistent with the predictions based on Proposition 13 induced trading: Households which face a higher property tax per square foot and those that experience larger capital gains show a shorter holding period. We also explain the time variation of the aggregate residential holding period using the Proposition 13 risk arbitrage argument.
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Reed, Richard. "The relationship between house prices and demographic variables." International Journal of Housing Markets and Analysis 9, no. 4 (October 3, 2016): 520–37. http://dx.doi.org/10.1108/ijhma-02-2016-0013.
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Purpose The process for examining the value of house prices in an urban city has given limited attention, if any, to demographic variables associated with urban geography. Although the disciplines of property/real estate and demography have moved closer, little progress has been made when modelling house prices using population-related data in the field of urban geography to explain the level of house prices. Design/methodology/approach This paper proposes an innovative model to examine the influence of population variables on the level of house prices. It used a two-stage approach as follows: principal components analysis (PCA) identified social dimensions from a range of demographic variables, which were then retained for further analysis. This information was sourced from two Australian Bureau of Statistics censuses undertaken involving all Melbourne residents during 1996, 2001, 2006 and 2011; multiple regression analysis examined the relationship between the retained factor scores from the PCA (as independent variables) and established residential house prices (as the dependent variable). Findings The findings confirm the demographic profile of each household, which is directly related to their decisions about housing location and house prices. Based on a case study of Melbourne, Victoria, it was demonstrated that households with specific demographic characteristics are closely related to a certain level of house prices at the suburban level. Originality/value This is an innovative study which has not been previously undertaken for an extended period of time to facilitate an analysis of change over time.
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Kluger, Brian D., and Norman G. Miller. "Measuring Residential Real Estate Liquidity." Real Estate Economics 18, no. 2 (June 1990): 145–59. http://dx.doi.org/10.1111/1540-6229.00514.
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Beracha, Eli, and Hilla Skiba. "Momentum in Residential Real Estate." Journal of Real Estate Finance and Economics 43, no. 3 (October 10, 2009): 299–320. http://dx.doi.org/10.1007/s11146-009-9210-2.
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Hui, Sam K., Alvin Cheung, and Jimmy Pang. "International Real Estate Review." International Real Estate Review 13, no. 1 (April 30, 2010): 1–29. http://dx.doi.org/10.53383/100117.
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We have developed a statistical method for the valuation of residential properties using a hierarchical Bayesian approach, which takes into consideration the unique structure of the Hong Kong property market. Our model is calibrated on a dataset that covers all residential real estate transactions in ten major Hong Kong residential complexes from February 2008 to February 2009. Although parsimonious, our model outperforms other valuation methods that are based on average price-per-square- feet or expert assessments. By providing our model-based valuations online without charge, we hope to improve transparency in the Hong Kong housing market, thus enabling consumers to make better investment decisions.
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Jackman, Mahalia. "International Real Estate Review." International Real Estate Review 13, no. 1 (April 30, 2010): 109–16. http://dx.doi.org/10.53383/100121.
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With the ongoing global financial crisis -which began with the collapse of the US sub-prime market in 2007 - the Barbadian economy is expected to contract in 2009. As a means of stimulating economic activity and providing job opportunities, the government has committed itself to completing 572 houses during the 2009/10 financial year. However, the arguments in favour of allocating more resources to residential construction have not been based on the existence of empirical analyses. This paper empirically investigates the relationship between residential construction and economic growth for Barbados. The historical data suggests that there is bi-directional causality between economic growth and residential construction. Hence, a policy that stimulates the housing market may boost economic activity.
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Ge, Xin J., and G. Runeson. "International Real Estate Review." International Real Estate Review 7, no. 1 (June 30, 2004): 121–38. http://dx.doi.org/10.53383/100056.
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This paper develops a forecasting model of residential property prices for Hong Kong using an artificial neural network approach. Quarterly time-series data are applied for testing and the empirical results suggest that property price index, lagged one period, rental index, and the number of agreements for sales and purchases of units are the major determinants of the residential property price performance in Hong Kong. The results also suggest that the neural network methodology has the ability to learn, generalize, and converge time series.
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Guo, Hong, and Min Fang Su. "Impact of Residential Real Estate Development on Green Construction." Applied Mechanics and Materials 275-277 (January 2013): 2756–60. http://dx.doi.org/10.4028/www.scientific.net/amm.275-277.2756.
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It discussed green construction practice in residential real estate development projects in China, analyzed problems met on the implementation of green construction in residential real estate development, on this basis several suggestions on how to promote green construction in residential real estate development were proposed. Policy support and government supervision play the role of lead, promotion and enforcement in the process of green construction in residential real estate development. Green construction plays an important role in promoting sustainable development of residential real estate development and construction industry.
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Jin, Changha, and Terry V. Grissom. "International Real Estate Review." International Real Estate Review 11, no. 2 (December 31, 2008): 105–25. http://dx.doi.org/10.53383/100099.
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This paper applies the Hodrck-Prescott (HP) filter to forecast short-term residential real estate prices under cyclical movements. We separate the trend component from the cyclical component. We show that each regional residential market reacts not only to previous price movements, but also that these regional markets react to previous shocks under Auto Regressive Integrated Moving Average (ARIMA) modeling. Using the S&P Case-Shiller Home Price Index, we compare our forecast to index values from the Chicago Mercantile Exchange (CME) Housing Futures and Options. Our study identifies possible systematic errors from the different price adjustments reflecting current market situations.
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Simons, Robert A., and Youngme Seo. "International Real Estate Review." International Real Estate Review 14, no. 3 (December 31, 2011): 330–53. http://dx.doi.org/10.53383/100145.
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Ten years ago, there was a controversial expansion of an Orthodox Jewish religious campus in the suburb of a large Midwestern US city. This research takes a before and after approach to addressing the effects of this project on residential property values, especially within walking distance of the campus. Separate regression analyses have been run for 1997 and 2006, and the findings indicate that the campus has increased property values and prompted additional building permits. The findings show that the completion of the Jewish Orthodox campus increases residential property values between 17 percent and 20 percent within a quarter mile in the city where the facility is located.
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Dogan, Can, and John Can Topuz. "Real effects of real estate: evidence from unemployment rates." Studies in Economics and Finance 37, no. 4 (June 10, 2020): 605–23. http://dx.doi.org/10.1108/sef-03-2019-0124.
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Purpose This paper aims to investigate the relationship between residential real estate prices and unemployment rates at the Metropolitan Statistical Area (MSA) level. Design/methodology/approach This paper uses a long time-series of MSA-level quarterly data from 1990 to 2018. It uses an instrumental variable approach to estimate the effects of residential real estate prices on unemployment rates using the geography-based land constraints measure of Saiz (2010) as the instrument. Findings The results show that changes in residential real estate prices do not have a causal effect on unemployment rates in the same quarter. However, it takes 9-12 months for an increase (decrease) in real estate prices to decrease (increase) unemployment rates. This effect is significant during both pre- and post-financial crisis periods and robust to control for the economic characteristics of MSAs. Research limitations/implications This paper contributes to the emerging literature that studies the real effects of real estate. Particularly, the methodology and the findings can be used to investigate causal relationships between housing prices and small business development or economic growth. The findings are also of interest to policymakers and practitioners as they illustrate how and when real estate price shocks propagate to the real economy through unemployment rates. Practical implications This study’s findings have important implications for academics, policymakers and investors as they provide evidence of a snowball effect associated with shocks to real estate prices: increasing (decreasing) unemployment rates following a decrease (increase) in real estate prices exacerbates the real estate price movements and their economic consequences. Originality/value This paper analyzes a significantly longer period, from 1990 to 2018, than the existing literature. Additionally, it uses the MSA-level land unavailability measure of Saiz (2010) as an instrument to explore the effects of residential real estate prices on unemployment rates and when those effects are observed in the real economy.
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Shteingauz, D. O. "The Conception of Development of Financial and Credit Instruments for the Functioning of the Residential Real Estate Market in Ukraine." Business Inform 1, no. 528 (2022): 357–65. http://dx.doi.org/10.32983/2222-4459-2022-1-357-365.
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The purpose of the article is to substantiate the conception of development of financial and credit instruments for the functioning of the residential real estate market in Ukraine, the implementation of which is aimed at improving the efficiency of the functioning of this market. As a result of the study, it is found out that the conception of developing financial and credit instruments for the functioning of the residential real estate market is an integral part of reforming the system of financing investments in residential real estate. The author’s own vision of the essence of the concepts of «system of financing the investments in residential real estate» and «model of financing of the residential real estate market» are proposed. The study of foreign experience allowed to distinguish two main models of financing the residential real estate market – depository and mortgage. The application of comparative analysis showed that the model of financing the residential real estate market in Ukraine is close to the deposit model. It is proposed to improve financing models in the residential real estate market of Ukraine, and to put upon financial institutions the role of escrow agents who will protect the interests of real estate buyers. A systematization is carried out and the conception of development of financial and credit instruments for the functioning of the residential real estate market in Ukraine with the distinguishing of its main elements is presented schematically. Further research will concern the substantiation of individual proposals aimed at the implementation of the tasks specified in the article of the conception of development of financial and credit instruments for the functioning of the residential real estate market in Ukraine.
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Ding, Ding, Xiaoyu Huang, Tao Jin, and W. Raphael Lam. "Assessing China's Residential Real Estate Market." IMF Working Papers 17, no. 248 (2017): 1. http://dx.doi.org/10.5089/9781484324813.001.
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Chivakul, Mali, Raphael Lam, Xiaoguang Liu, Wojciech Maliszewski, and Alfred Schipke. "Understanding Residential Real Estate in China." IMF Working Papers 15, no. 84 (2015): 1. http://dx.doi.org/10.5089/9781484337066.001.
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Poterba, James M. "Residential real estate and capital formation." Regional Science and Urban Economics 19, no. 2 (May 1989): 159–62. http://dx.doi.org/10.1016/0166-0462(89)90001-x.
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Aggarwal, Tanu, and Priya Solomon. "A study on the mediating effect of residential loans on total real estate loans of banks in India." Journal of Property Investment & Finance 37, no. 5 (August 5, 2019): 455–69. http://dx.doi.org/10.1108/jpif-03-2019-0034.
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Purpose The purpose of this paper is to examine the impact of residential and commercial loans on total real estate sector loans by using partial least square–structured equation modelling (PL–SEM) method. The residential loans as a mediator have been used to know the mediation effect between commercial and total real estate loans of banks in India. The residential loans as a mediator govern the relationship between commercial loans and total real estate loans in India. Real estate sector development is a lucrative opportunity for India. The real estate sector plays a major role in shaping economic conditions of the individuals, firms and family. Design/methodology/approach The research is descriptive in nature. The study on residential loans, commercial loans and total real estate loans has been taken into consideration, and on the other hand the measurement and structural model have been employed to the study the impact of residential loans and commercial loans on total real estate loans in India by using PL–SEM. The residential loans as a mediator have been taken to study the mediation effect of the relationship between commercial loans and total real estate loans in India. Findings The outcome of the structural model that is bootstrapping technique shows that there is an impact of residential and commercial loans by public and private sector banks on total real estate sector development in India. The residential loans show the full mediation effect between commercial loans and total real estate loans as the value of variation accounted for (VAF) is more than 1.93 which shows residential loans govern the nature of variable between commercial loans and total real estate loans. Practical implications The public and private sector banks are contributing to the real estate sector development in India which increases the economic growth of the country. The mediation analysis shows that residential loans are an important aspect between commercial and total real estate loans in India as the demand for residential housing is more in India. The increasing role of banks in the real estate sector strengthens the financial capability in the real estate sector market, and the property buyers will able to purchase more property which leads to increasing demand for real estate sector. Originality/value The research paper is original, and PL–SEM has been used to find the results.
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Wilkinson, Sara Jane, and Sarah Sayce. "Decarbonising real estate." Journal of European Real Estate Research 13, no. 3 (April 6, 2020): 387–408. http://dx.doi.org/10.1108/jerer-11-2019-0045.
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Purpose About 27 per cent of the total UK carbon emissions are attributed to residential buildings; therefore, improvements to the energy efficiency of the stock offers great potential. There are three main ways to achieve this. First is a mandatory approach, minimum energy efficiency standards are set and applied to new and existing buildings. Option 2 is voluntary, using energy ratings that classify performance to stimulate awareness and action. Third, financial measures, incentives and taxes, are applied to “nudge” behaviours. Most westernised countries have adopted a combination of Options 2 and 3, with the belief that the market will incentivize efficient properties. The belief is voluntary measures will stimulate demand, leading to value premiums. This paper aims to seek a deeper understanding of the relationship between energy efficiency and the value of residential property in Europe and, by so doing, to determine whether stronger policies are required to realise decarbonisation. Design/methodology/approach This paper reviews the current academic literature and large-scale quantitative studies conducted in Europe, mostly using hedonic pricing analysis to seek a relationship between energy performance certificates (EPCs) and either capital or rental values. It compares these to the reported findings of three case study projects that take a variety of different research approaches, all of which have the ambition to understand market behaviours and stimulate occupier or/and owner demand for energy efficient buildings. Findings The large-scale academic study results generally show a positive relationship between observed market prices and EPCs, which are commonly taken as surrogates for efficiency; however, outcomes are variable. One large study found energy upgrades may increase value, but not to the point where costs outweigh the value gain. Other studies found high returns on investment in energy efficiency technologies. The case study projects, however, revealed a more nuanced set of arguments in terms of the relationship between energy efficiency and market behaviours. Whilst there is some evidence that energy efficiency is beginning to impact on value, it is small compared to other value drivers; other drivers, including health, well-being and private sector finance deals, may prove more powerful market drivers. Further, the empirical findings reported point towards the emergence of a “brown” discount being more likely to be the long-term trend than a green premium. It is concluded that the current levels of action are unlikely to deliver the levels of decarbonisation urgently needed. Research limitations/implications This is a desktop study of other European studies that may have collected data on slightly different variables. Practical implications This study shows that more action is required to realise decarbonisation in new and existing residential property in the European states considered. The sector offers potential for substantial reductions, and other mandatory approaches need to be considered. Originality/value This is a timely review of the current outcomes of European programmes (EPCs) adopted in several countries to increase energy efficiency in the residential sector through a voluntary mechanism. The results show that more action is needed.
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Cruz, Prince Christian. "International Real Estate Review." International Real Estate Review 11, no. 1 (June 30, 2008): 128–50. http://dx.doi.org/10.53383/100094.
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Asia is home to some of the fastest growing cities in the world. As urbanization increases, demand for housing also increases. Well functioning housing markets can minimize problems associated with rapid urbanization such as unaffordable housing and urban slums. This paper explores the different aspects of the residential property sales markets in Asian countries. Using data gathered by the Global Property Guide, transaction costs associated with residential property purchases are analyzed. Housing markets are also examined in terms of tenure, protection of property rights, and openness and transparency. Roundtrip transaction costs for buying properties are high, above 10% in several countries in Asia. High transaction costs and unaffordable housing combined with weak protection of property rights are seen to be conducive to the creation of urban slums.
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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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Weiser, Jay, and Ronald Neath. "International Real Estate Review." International Real Estate Review 19, no. 1 (March 31, 2016): 1–26. http://dx.doi.org/10.53383/100213.
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Residential community associations (common interest communities such as condominiums, cooperatives and planned unit developments, as well as properties subject to homeowners associations and architectural review boards) have become the dominant form of ownership for new United States single-family residential units. Community associations typically use covenants, conditions and restrictions (also known as CCRs, C&Rs, deed restrictions or covenants) to impose extensive private-ordered controls over unit owners. This empirical study uses regression analysis of a Web-based community association enforcement practices survey, concluding that more intense private-ordered enforcement is associated with increased unit value and decreased covenant violation levels. It also finds that judicial deference to private-ordered community association enforcement decisions is associated with higher value, and that some measures of social cohesion are associated with decreased covenant violation levels.
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Ng, Edward. "International Real Estate Review." International Real Estate Review 1, no. 1 (June 30, 1998): 45–63. http://dx.doi.org/10.53383/100003.
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Prices in the Asian residential property markets have skyrocketed over the past decade. A high rate of economic growth is one of the major reasons for the price spiral. Most Asian residential property markets are, however, concentrated and national in nature. Maintaining an artificially high price level through coordination amongst producers is not impossible and would be the natural choice of oligopolistic behavior (Scherer and Ross, 1990). This study examines price responses to changes in economic determinants in Singapore. The focus is on supply. Cointegration and error-correction techniques are employed to test if upward and downward adjustment speeds are similar. The results verify the impact of GDP growth, but also show that price response to the supply of housing units is significantly downward rigid. This is not inconsistent with the hypothesis of collusive price setting by property developers.
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RENIGIER-BILOZOR, Malgorzata, Radoslaw WISNIEWSKI, and Andrzej BILOZOR. "RATING ATTRIBUTES TOOLKIT FOR THE RESIDENTIAL PROPERTY MARKET." International Journal of Strategic Property Management 21, no. 3 (July 11, 2017): 307–17. http://dx.doi.org/10.3846/1648715x.2016.1270235.
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The growing significance of the real estate market prompts investors to search for factors and variables which support cohesive analyses of real estate markets, market comparisons based on diverse criteria and determination of market potential. The specificity of the real estate market is determined by the unique attributes of property. The authors assumed that developing real estate market ratings identifies the types of information and factors which affect decision-making on real estate markets. The main objective of real estate market ratings is to create a universal and standardized classification system for evaluating the real estate market. One from the most important problem in this area is collection of appropriate features of real estate market and development dataset. The main problem involves the selection and application of appropriate features, which would be relevant to the specificity of information related to the real estate market and create a kind of coherent system aiding the decision-making process. The main aim of this study is to elaboration set of variables (knowledge platform) that were used to elaborate the real estate market ratings. The results lead to obtain the necessary set of features that constitute essential information which describes the situation on the local real estate market.
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Fraser, Steve P., and Marcus T. Allen. "International Real Estate Review." International Real Estate Review 19, no. 2 (June 30, 2016): 249–64. http://dx.doi.org/10.53383/100222.
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Considerable prior research confirms the existence of real estate price premiums associated with golf course amenities in residential development projects. This study examines a unique residential development project in which membership in a golf club is appurtenant to the real estate: ownership of certain (but not all) dwellings in the project includes deeded membership in the project¡¦s golf club. In this development project, golf memberships can only be obtained or disposed of by acquiring or selling the associated dwelling, respectively. The results of this analysis indicates that price premiums associated with appurtenant golf memberships, after controlling for golf course view and other relevant property characteristics, are significantly positive. Furthermore, the results indicate that the magnitude of the price premium for appurtenant golf memberships varies across dwelling types (detached vs. attached) in this project. These findings may be important for housing developers, consumers, lenders, appraisers, and property and income tax authorities.
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Birkeland, Kristoffer B., Allan D. D’Silva, Roland Füss, and Are Oust. "International Real Estate Review." International Real Estate Review 24, no. 2 (June 30, 2021): 139–83. http://dx.doi.org/10.53383/100319.
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We develop an automated valuation model (AVM) for the residential real estate market by leveraging stacked generalization and a comparable market analysis. Specifically, we combine four novel ensemble learning methods with a repeat sales method and tailor the data selection for each value estimate. We calibrate and evaluate the model for the residential real estate market in Oslo by producing out-of-sample estimates for the value of 1,979 dwellings sold in the first quarter of 2018. Our novel approach of using stacked generalization achieves a median absolute percentage error of 5.4%, and more than 96% of the dwellings are estimated within 20% of their actual sales price. A comparison of the valuation accuracy of our AVM to that of the local estate agents in Oslo generally demonstrates its viability as a valuation tool. However, in stable market phases, the machine falls short of human capability.
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Bedin, Boris. "Possible Focus Areas of Government Regulation of the Real Estate Market." Известия Байкальского государственного университета 28, no. 3 (September 3, 2018): 508–16. http://dx.doi.org/10.17150/2500-2759.2018.28(3).508-516.
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The housing problem is relevant for many countries, including Russia. The solution of this problem is impossible without active and meaningful participation by the state. The residential real estate market has specific characteristics that significantly distinguish it from other markets. The article highlights the features of the residential real estate market as an object of government regulation. The author describes specific features of the government as a subject of management of the residential real estate market, substantiates rationale for the active participation of the state in the management of the real estate market, and outlines possible directions of government regulation of the residential real estate market. The author also describes the Russian experience of implementing certain measures in the framework of direct and indirect forms of government regulation of the residential real estate market as well as the results of such events.
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Mar Iman, Abdul Hamid, Fu Yek Pieng, and Christopher Gan. "International Real Estate Review." International Real Estate Review 15, no. 1 (April 30, 2012): 73–105. http://dx.doi.org/10.53383/100149.
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This study evaluates the preferences of middle-high income earners for newly designed high-cost residential property attributes in their purchase decision, by using the conjoint method, whereby the buyers¡¦ ¡¥trade-offs¡¦ of different product attributes are measured. The fractional factorial design is used to create eighteen sets of product profiles based on a combination of the six most important attributes that determine the purchase decision of buyers. The preference rating of the respondents is then decomposed to yield part-worth utility for each attribute level. A regression analysis shows that the most pertinent attributes of high-cost residential properties trade-off by the respondents, are type of property, design and features, price, built-up area, location, and reputation of the developer. Together, these attribute explain about 74% of the buyers' expressed utility of the product purchased. By using a hold-out sample of respondents, a conjoint analysis has predicted the buyers' expressed utility with a reasonable level of accuracy.
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Simons, Robert A., Jesse Saginor, Aly H. Karam, and Hlengani Baloyi. "International Real Estate Review." International Real Estate Review 11, no. 2 (December 31, 2008): 75–104. http://dx.doi.org/10.53383/100098.
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This study reports the results of a contingent valuation (CV) survey that was carried out in Johannesburg, South Africa. Students at Wits University conducted more than 300 face-to-face interviews with Africans living and/or working in Soweto, an African township located on the outskirts of Johannesburg, and nearby areas. The questions they asked were designed to determine the perceptions of risk regarding airborne mine dust and radon, a naturally occurring gas, and the effect that these perceptions had on the valuation of residential properties impacted by these substances. A probit model was used to evaluate the determinants of bidder behavior, using respondent demographics and other characteristics as independent variables. Residential property discounts for potentially contaminated housing sites by marginal bidders at the top of the market varied from -24% to -50%. Research issues in developing countries were addressed. Contingent valuation results in South Africa were compared to published results in the United States.
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Zhao, Qinna, Robert A. Simons, and Zhong Fen. "International Real Estate Review." International Real Estate Review 19, no. 4 (December 31, 2016): 515–46. http://dx.doi.org/10.53383/100231.
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Incineration plants and derelict industrial sites can have a number of adverse effects on the local environment and social welfare, including the diminution of property values. Although there are many incineration plants in China, there has been relatively little research done to quantify their negative externality effects. This study therefore considers the effects of three municipal incineration plants in Hangzhou city on residential property values. Hedonic pricing modeling of 2,200 residential transactions in over 70 multifamily buildings within ten kilometers of the incineration plants over a one year period including 2014 and 2015 is carried out. Generally, the results show that the neighboring properties show decreases in the initial listing price of up to 25%, declining until the effect is gone about three kilometers from the incinerator. The most consistent losses are approximately 10% between 1-2 kilometers from the nearest incinerator. These results are comparable to similar situations in the United States and Canada.
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Cheung, Simon K. C. "International Real Estate Review." International Real Estate Review 20, no. 2 (June 30, 2017): 221–50. http://dx.doi.org/10.53383/100242.
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A special type of spatial dependence model has been developed for the valuation of residential property by using a Bayesian approach which takes into account the unique attributes of Hong Kong property. Inspired by an approach that bases transactions on nearest neighbor estimation, the current model has fine-tuned the spatial dependence method of deriving value from the transactions of the real estate closest in proximity by factoring in differences in structural and auxiliary attributes for more precise property valuation. The model is established on a dataset that covers all residential real estate transactions in a new town in Hong Kong during a given period of time. This model excels other valuation methods with its unique reference to attribute differences, which may impact the valuation results of properties in close vicinity. With this calibration method, we hope to improve the accuracy of real estate appraisals, thus enabling potential homeowners, lenders and investors to make better informed decisions.