Letteratura scientifica selezionata sul tema "Real estate"

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.

Abstract: Commercial real estate is the real estate primarily used for commercial. This paper proposes using the multi-attribute group decision method to identifying the risks of commercial real estate. By calculating the weight of each risk attributes to reflect the degree of influence of different decision makers and risks on the results,and to deduce the degree of similarity and diversity of each decision makers. It introduces the concept of entropy to calculate the weight of each risk attributes, infer the integrated decision-making value of very risk factors, and arrange every risk in order. Finally, it identifies the feasibility. Introduction Commercial real estates are real estates for commercial purposes classified according to use. They include retail shops, supermarkets, community business, commercial plazas, shopping malls and so on. Compared with residential real estate, commercial real estate has larger profits. However, high profits always accompanied with high risk. Developers can obtain the value of compensation and benefits after sold residential real estate, while the payback periods of commercial real estates are longer, even extended to the entire project duration, and are affected by various factors. The risks of commercial real estate including policy risk, funding risk, operational risk, urban planning risk, technology risk, natural risk, market supply and demand risk, capital risk and so on. Previous studies based mainly on qualitative research[1-3], but quantitative analysis of risk identification is less. Based on this, this paper proposes a method of multiple attribute group decision.

Traditional methods used for real estate project valuation, such as the static Net Present Value, have some limitations, as these methods do not consider the possibility of a change in the initial conditions of the project or during its development. On the other hand, the real options approach allows for flexibility in evaluating a real estate project, improving the decision-making process as it helps identify the optimal strategy and timing for the construction phases. The paper deals with evaluating an actual real estate project in La Rioja (Spain) using different options to estimate its final Net Present Value. The results show that the real estate project would be profitable under several scenarios, although the valuations can vary significantly among the different types of options. This is because some options add more value to the project than others, depending on their cost and the uncertainty they eliminate. In contrast, the results obtained using the traditional static method would have led a real estate developer to discard the project completely, as its Net Present Value would have been negative. This confirms that the introduction of flexibility in real estate developments creates additional value by allowing developers and investors to dynamically react to changes in the market, thus making better investment decisions and finding real estate investment opportunities that otherwise would not be considered at all.

The work deals with the analysis of the real estate market and the specificities of the formation of real estate prices in the Republic of Srpska. The specificity is reflected, among other things, in the definition of the market value of real estate if the prices are known from the sales contracts entered in the Real Estate Price Register (formed on the basis of supply and demand for apartments), the formation of value zones (location factor), the value tables (relational tables and value levels), the additional factors of influence (factor of the position of the apartment in the building) and equations for estimating the value of the real estate. The analysis was done using the CAMA algorithm. The research results show that real estate prices from the Real Estate Price Register and real estate prices calculated according to the CAMA algorithm are 70% accurate, i.e. they are within the permitted deviation interval of +,- 10 %, which means that the CAMA algorithm can also be used for real estates that have not been registered in the Real Estate Price Register yet.

Real estate assets are often considered as illiquid due to capital and transaction barriers. As a response, real estate tokenizing is a rising phenomenon. Real estate tokenizing combines the benefits from the private and the public real estate market, by creating a product with direct real estate commitment to low capital requirements and efficient transaction processes. The product is called real estate token, a digital share of an asset. Real estate tokens enable hypothetical fractionalization of properties with means of blockchain technology and smart contracts. This study investigate the pros and cons of real estate tokenizing as well as the financial performance of publicly traded US residential real estate tokens. The study states that fractionalization of properties increases access and customizability of real estate investments. Furthermore, the blockchain technology and the smart contracts enable automatization of transaction processes and asset management. Altogether, the benefits may result in a higher liquidity. However, the study also states several drawbacks with real estate tokenizing, such as lack of management and deeds, scalability problems and liquidity paradoxes. Furthermore, this study shows that US residential real estate tokens underperform both S&P 500 and housing index in terms of risk-adjusted return. Moreover, the real estate token market seems to correlate more with the S&P 500 than with the housing market. The study concludes that the cons with real estate tokenizing exceed the pros, although the phenomenon has great potential in a more mature market. However, real estate tokenizing will face implementation obstacles when converting the real estate industry to blockchain technology. As such, the success of real estate tokenizing is dependent on the global view of blockchain technology.
Fastigheter betraktas ofta som illikvida på grund av kapital- och transaktionsbarriärer. Som svar på den bristande likviditeten är blockchainteknologi inom fastigheter, även känt som ”real estate tokenizing”, ett växande fenomen. Real estate tokenizing ämnar till att kombinera fördelarna från den privata och den publika fastighetsmarknaden genom att skapa en produkt med direkt fastighetsexponering till låga kapitalkrav och effektiva transaktionsprocesser. Produkten kallas ”real estate token”, en digital andel av en tillgång. Real estate tokens möjliggör hypotetisk fraktionering av fastigheter med hjälp av blockchainteknologi och smarta kontrakt. Denna studie undersöker för- och nackdelar med real estate tokenizing såväl som finansiell prestation av publikt handlade real estate tokens inom det amerikanska bostadssegmentet. Studien konstaterar att fraktionering av fastigheter ökar tillgängligheten och anpassningsbarheten i fastighetsinvesteringar. Vidare möjliggör blockchainteknologi och smarta kontrakt automatisering av transaktionsprocesser och förvaltning. Sammantaget kan fördelarna med real estate tokenizing leda till högre likviditet. Studien konstaterar emellertid också flera nackdelar med real estate tokenizing, såsom brist på management och panträtt, storskalbarhetsproblem och likviditetsparadoxer. Vidare visar studien på att publikt handlade real estate tokens inom det amerikanska bostadssegmentet underpresterar både S&P 500 och bostadsindex i termer av riskjusterad avkastning. Dessutom verkar marknaden för publikt handlade real estate tokens inom det amerikanska bostadssegmentet korrelera mer med S&P 500 än med bostadsmarknaden. Studien konkluderar att nackdelarna med real estate tokenizing överstiger fördelarna i dagsläget, även om fenomenet har stor potential på en mer mogen marknad. Real estate tokenizing riskerar dock att möta implementeringshinder när fastighetsbranschen ska konverteras till blockchainteknologi. Således är framgången för real estate tokenizing beroende av den globala synen på blockchainteknologi.

This is a doctoral dissertation presented to the FacultyBoard of the Royal Institute of Technology. The dissertationconsists of three self-contained essays on real option pricing.Essay I, written in Swedish, was presented at seminar andaccepted as fulfilling the requirement for a Licentiate Degreein Engineering thesis in 1995. Essay I: This essay studies the option to develop vacantland when the landowner simultaneously determines the optimaldensity and timing of a development. Williams (1991) andCapozza and Li (1994) have recently studied the landdevelopment decision from a realoptions perspective. Bothpapers assume that the production technology is of the commonlyused Cobb-Douglas type, but they use different assumptionsabout uncertainty over future rents and construction costs. Ananalysis of these models and their limitations is carried outand as a result valuation models based on other productiontechnologies than the Cobb-Douglas technology are derived. Essay II: McDonald and Siegel (1996) show that when thebenefit from an investment and the investment cost are assumedto follow correlated geometric Brownian motions, the optimalinvestment policy is given by a simple rule: Invest the firsttime the benefit-cost ratio reaches a certain level. In thisessay, which models the decision to change the use ofaproperty, the investment rule is found to be more complicated.Optimal redevelopment will take place for differentbenefit-cost ratios depending on the relative sizes of thevalue of the property in the different uses and the cost ofchanging the use. Also, for a given current benefit-cost ratiothe value of the option to change use will vary significantlydepending on the relative sizes of the state variables. Essay III: The relationship between the option to choose thecapacity of a real estate development and deliberateoverbuilding is studied in a simple model of investment underuncertainty. The model provides an intuitive measure ofdeliberate overbuilding: the difference between the number ofrental units the owner of an undeveloped site optimally choosesto produce and the number of units expected to be leased at thetime of the building's completion. Numerical simulations withreasonable parameter values show that in some economicenvironments, the optimal production strategy can be to producemore units than are expected to be leased at completion of thedevelopment.

QC 20100611

This dissertation consists of five papers addressing variousreal estate performance issues (see full titles in italicsbelow). The dissertation is empirical in nature and the dataused in most of the empirical sections consist of figures forincome-producing property returns. Paper 1 was presented atseminar and accepted as a Licentiate Degree in Engineeringthesis. Papers 2 to 5 were all written jointly with others (thenames of the co-authors appear later in the dissertation).Paper 3 has been published in theJournal of Real Estate Research, and Papers 2, 4, and 5,are also intended for publication in academic journals.

The objective of Paper 1, entitledCapital Recovery and Long-run Profitability, was to findempirical and scientific support for adopting measurements ofprofitability featuring stability, simplicity and reliability,that could easily be implemented into existing administrativeroutines, and which could also support effectivedecision-making. The model was empirically tested throughanalysing the profitability of individual properties andproperty portfolios. The portfolios studied were put togetherfeaturing variation in property location, usage and initialperformance expectations.

Paper 2, entitledAn Investigation of Property Price Studies, constitutesan untraditional literature review covering articles whereprice equations in the real estate market have been estimatedusing regression techniques. This paper examines the degree towhich these studies follow good scientific practice whenreporting on the econometric issues. It also presents adescriptive overview of the prevalence of these articles in theliterature, and the significance of the various topicsaddressed by these studies. This paper was prepared in 1996 andexamines 145 articles published between 1990 and 1995 from 12highly regarded (see later) research journals on real estate,housing and urban economics.

Paper 3,entitledProperty Cycles, Speculative Bubbles and the Gross IncomeMultiplier, addresses the issue of whether or not theoccurrence of significant price increases during the upturn ina property cycle can be attributed to a speculative bubble. Thefindings of this study indicate that a speculative bubble mayhave driven the Swedish income-producing real estate marketduring the 1980s. This conclusion is based on an analysis ofpanel data where the state of the property cycle has beenmirrored by the value of the Gross Income Multiplier (GIM).

In Paper 4, entitledAnalysing Performance in a Constant Sample of Mixed-useProperties, property performance was analysed using annualtotal rate of return (TRR) data for a sample of 138 mixed-useincome-producing properties from 1979 to 1997. The empiricalanalysis using panel data models involve three-step analyses.In step 1, various different TRR definitions were compared andfound to provide almost identical results at the portfoliolevel. In step 2, regression analyses were used to explain thevariation in the TRR. The percentage of commercial space inparticular was found to have an important and cycle-dependentimpact. Regression has also been used for explaining theindividual deviation from the mean TRR. In step 3, maintenancecosts and investments were found to have a significanteffect.

In Paper 5, entitledRent Determinant and Rent Drift in a Housing Market underRent Control, residential rent 1990− 1997, wasstudied from an investor’s point of view. Estimations wereconducted using rent equations to analyse whether or not rentlevels varied between locations while other rent-affectingvariables were held constant, and found evidence suggestingthat they did. Annual increases in the effective rent chargedfor privately owned residential properties were compared withthe official increases set via official negotiation formunicipality owned residential housing to see whether excessiverent increases (indicating rent drift) could be found. Evidencewas found to support the existence of rent drift, and also thatthis rent drift is partly explainable in terms of investmentand maintenance.

Keywords: Depreciation, gross income multiplier, netoperating income, property performance, real estateprofitability, profitability, residential rent, total rate ofreturn,

Tesis para optar al grado de Magíster en Administración
No trae autorizaciones, para ser publicada en el Portal de Tesis Electrónicas de la U. de Chile.
Luque Arancibia, Paula [Parte I Análisis estratégico y de mercado],Román Ureta, Gonzalo Andrés [Parte II Análisis organizativo-financiero]
rescon es una consultora pensada para evitar o solucionar problemas de propiedad común, que afecten a inmobiliarias, comunidades y gestores de negocios inmobiliarios, en un mercado donde hay clientes insatisfechos y empoderados para legalizar sus requerimientos, lo cual conlleva a los oferentes a proteger su marca, en una ciudad donde la escasez de espacio incrementa la cantidad de proyectos en comunidad (ver anexo n°17). Agregar valor a los activos de los clientes, disminuir costos ocultos, evitar compensaciones y mejorar la imagen de marca, son algunos de los beneficios que el grupo objetivo podrá obtener, mediante una propuesta fundamentada en compromiso y profesionalismo. Con experiencia y know-how, la empresa responderá a una nueva necesidad, siendo pioneros en un incipiente mercado estimado de MM$1.100, donde obtener una participación del 20% al quinto año en la Región Metropolitana es factible, ya que el servicio no existe y se trata de un sector específico con escasos profesionales. Para cumplir con los objetivos de la compañía, se ha diseñado un plan de marketing multisegmento para proyectos en gestación y en marcha, que ofrece rapidez y profesionalismo a un precio competitivo, a través de una fuerza de ventas cercana y especializada. El modelo contempla una estructura de costos basada en colaboradores externos en función de las ventas, con tecnologías de gestión de clientes, y un centro de operaciones con una ubicación estratégica, que permitirá entregar un servicio de calidad optimizando el tiempo. El capital humano, su formación continua, y las relaciones con las instituciones que validan la información de la industria, son los factores críticos para el éxito de un proyecto fundamentado en el conocimiento, la empatía de sus personas y la calidad de servicio. Evaluado a 8 años, para llevar a cabo el negocio se requiere una inversión inicial de MM$30, la cual se estima recuperar al cuarto año de operación. Con bajos costos fijos y bajas barreras de salida, los flujos del modelo arrojan una TIR de 34,3%, mientras que el VAN es de MM$28 con una tasa de descuento de un 17,9%.

Problem: Problemet som legat till grund för intresset och inriktningen med denna magisteruppsats är då tidigare kontorsfastigheten Skatteskrapan skulle byta ägare och användningsområde. En planerad ombyggnad ställde till problem med avseende på uppskattningen av ombyggnadskostnader. I slutändan handlar problemet om ett värderingsproblem. Detta problem tillsammans med andra ex-empel där fastigheter bytt användningsområden har väckt ett intresse att göra en ingående undersökning av det svenska fastighetsvärderingsområdet. Denna uppsats är indelad i fem olika delundersökningar. Initialt sker en presentation av svenska metoder för fastighetsvärdering. Vidare under-söks olika faktorer som har olika värdepåverkande effekter på fastighetsvärdet. Därefter genomförs en undersökning av hur nya användningssituationer kan vålla värderingsproblem samt hur ett värde fastställs i en sådan situation. Nästa steg består utav en undersökning av internationella värderingsmetoder. Studien avslutas sedan med en undersökning av nya trender som utvecklats inom fastighetsvärderingen.

Syfte: Syftet med denna magisteruppsats är att studera fenomenet fastighetsvärdering via svenska fastighetsvärderare för att erhålla en förståelse för hur de resonerar vid valet av värderingsmetod och bestämmer det slutliga värdet. Dessutom är syftet också att belysa relationen mellan svenska och internationella värderingsmetoder för att utröna likheter och skillnader.

Metod: Vi har valt en kvalitativ metod i form av åtta intervjuer. En förstudie, i form av en intervju, görs med professor Stellan Lundström, vilken ämnar till att ge en uppdaterad bild av forskningen inom området. Därefter hålls sju intervjuer med auktoriserade fastighetsvärderare. Värderarnas synpunkter analyseras sedan tillsammans med resultat från förstudien, teoretiskt ramverk samt tidigare studier. Analysen är baserad på en modifierad tankemodell som är skapad av forskaren Jan Matts-son. Genom denna modell har sedan fem viktiga nivåer, knutna till uppsatsens problemområde, analyserats.

Slutsats: Vi fann att de svenska värderingsmetoderna i stort sett utgörs av tre olika metoder. Dessa är avkastningsmetod, ortsprismetod samt produktionskostnadsmetod. De viktigaste värdepåverkande faktorerna var fastighetens läge samt dess skick och standard. Även hyreskontrakten och vakanser påverker till stor del. Beslut om ny användningssituation kan tas av olika anledningar. Det största problemet relaterat till denna förändring är uppskattningen av framtida kostnader, där ombyggnadskostnader utgör den största svårigheten. De internationella värderingsmetoderna är överlag de samma som de svenska. Kulturella skillnader föreligger i vilka metoder som används i olika situationer. De viktigaste nya trenderna är effekten av de internationella redovisningsstandarderna. En annan trend är det ökade användandet av automatiska analysverktyg.

Problem: The underlying problem within this Master of Science thesis is the emanating issues from the changed owner and usage situation of the former Tax Department. A planned reconstruction led to difficulties in estimating the reconstruction costs. In the end this problem is an appraisal issue. This problem led to an interest to make a thorough investigation of the area of Swedish real estate appraisal. The thesis is constituted by five different subinvestigations. Initially an exploration is made concerning Swedish real estate appraisal methods. Further, factors affecting the real estate value are examined. This is followed by an investigation of what appraisal issues that might occur in a new usage situation and how the value is estimated in such a situation. The relation between Swedish and International appraisal methods is then illuminated. The final investigation is concerning what new trends that have occurred on the Swedish real estate appraisal market.

Purpose: The purpose of this Master of Science thesis is to study the phenomenon real estate appraisal via Swedish real estate appraisers to gain an understanding of how they reason when choosing appraisal method and determine the real estate value. Additionally, the aim is also to highlight the relation between Swedish and International real estate methods to reveal differences and similarities.

Method: We have chosen a qualitative method taking the form of eight interviews. A total of eight interviews are performed. The study is offset by a pre-study with a professor at RIT, Stellan Lundström. The aim with this interview is to get an updated view of the latest research within real estate appraisal. This is followed by seven interviews with certified real estate appraisers. The results from the interviews with the appraisers are analysed together with the pre-study, theoretical framework and previous studies. The analysing process is based upon a modified thought model, originally developed by the researcher Jan Mattsson. The analysing process is presented in five steps that all are connected to the modified thought model and related to the problem area of this Master of Science thesis.

Conclusion: We found that the Swedish appraisal methods generally are constituted by three methods. These are the avkastnings method, the ortspris method and production cost method. The most influent factors on the real estate value are the location as well as the condition and standard. Also the rent contracts and vacancies to some extent affect the value. A rather large problem originates in the estimation of future costs, where the estimation of reconstruction costs is referred to as the largest issue. The international appraisal methods are equivalent to the Swedish methods. The largest differences are of cultural kind mostly caused by differences in legislation. New trends that are presented are the impact of the international accounting standards (IAS). Another significant trend is the increased use of automatic real estate analysis tools.

This thesis builds on the real estate lease model of Grenadier which consists of the Black Scholes PDE and an upper reflecting boundary condition. Extending the method of images of Buchen, a new technique was developed to solve this class of problems. Problems that previously required difficult integration can now be solved with algebra and simple integrals. In addition, the compound option in this framework is solved using this new technique. To the best of our knowledge the solution of the compound problem has not been published. An interesting symmetry between this class of problems and the lookback option was also discovered and described in this thesis. The extension of the method of images to include problems with the reflecting boundary condition in the context of real estate leases was presented at the Financial Integrity Research Network Doctoral Tutorials at the University of Technology, Sydney, in 2006. The presentation was awarded the ``FIRN Best Paper Award''. This paper has been submitted to the Journal of Financial Mathematics for publication. The solution to the compound problem in the context of the upward-only market review option is the subject of the next paper.

Doctor of Philosophy(PhD)
This thesis builds on the real estate lease model of Grenadier which consists of the Black Scholes PDE and an upper reflecting boundary condition. Extending the method of images of Buchen, a new technique was developed to solve this class of problems. Problems that previously required difficult integration can now be solved with algebra and simple integrals. In addition, the compound option in this framework is solved using this new technique. To the best of our knowledge the solution of the compound problem has not been published. An interesting symmetry between this class of problems and the lookback option was also discovered and described in this thesis. The extension of the method of images to include problems with the reflecting boundary condition in the context of real estate leases was presented at the Financial Integrity Research Network Doctoral Tutorials at the University of Technology, Sydney, in 2006. The presentation was awarded the ``FIRN Best Paper Award''. This paper has been submitted to the Journal of Financial Mathematics for publication. The solution to the compound problem in the context of the upward-only market review option is the subject of the next paper.