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1
Rinchumphu, Damrongsak, Chris Eves e Connie Susilawati. "International Real Estate Review". International Real Estate Review 16, n. 3 (31 dicembre 2013): 296–322. http://dx.doi.org/10.53383/100175.
Testo completoAbstract (sommario):
This paper aims to evaluate the brand value of property in subdivision developments in the Bangkok Metropolitan Region (BMR), Thailand. The result has been determined by the application of a hedonic price model. The development of the model is developed based on a sample of 1,755 property sales during the period of 1992-2010 in eight zones of the BMR. The results indicate that the use of a semi-logarithmic model has stronger explanatory power and is more reliable. Property price increases 12.90% from the branding. Meanwhile, the price annually increases 2.96%; lot size and dwelling area have positive impacts on the price. In contrast, duplexes and townhouses have a negative impact on the price compared to single detached houses. Moreover, the price of properties which are located outside the Bangkok inner city area is reduced by 21.26% to 43.19%. These findings also contribute towards a new understanding of the positive impact of branding on the property price in the BMR. The result is useful for setting selling prices for branded and unbranded properties, and the model could provide a reference for setting property prices in subdivision developments in the BMR.
2
Maleta, Monika. "Methods for Determining the Impact of the Temporal Trend in the Valuation of Land Property". Real Estate Management and Valuation 21, n. 2 (1 giugno 2013): 29–36. http://dx.doi.org/10.2478/remav-2013-0014.
Testo completoAbstract (sommario):
Abstract The presented case study is to provide various methods of determining the impact of the time trend on the changes in transaction prices of undeveloped land properties. The basis for each property valuation is an analysis of the local market, where the valued property is located. This analysis lies in the implementation of activities related to determining the trend of changes in the prices of real estate and their update on the valuation date, as well as in determining the impact of the various attributes of a property on the formation of a unit transaction price. The valuer making a valuation of a property is required to take into account the changes in price which occur as a result of the passage of time. The price adjustment is done properly if all the changes in price during a certain period of time are taken into consideration. In order to determine the trend of transaction prices, one can use: - a method of comparing property prices by similar pairs, - linear and nonlinear additive models, - nonlinear multiplicative models (e.g., in the form of a multiplicative exponential function, power). The choice of the right method of updating transaction prices depends on the sample size adopted for the analysis of the real estate market. It is also crucial to select the right representative real estate database that best reflects the tested reality. A practical and theoretical research method of the time trend was developed using undeveloped land property price data. An analysis of determining the impact of time on real estate prices has been presented using each of the above mentioned mathematical models. The object of the study was the local market of undeveloped land properties, including sale and purchase transactions conducted in Stoczek Łukowski. A merit analysis of the methods used and a comparison of the obtained results have also been provided.
3
Tse, Raymond Y. C. "Impact of Property Prices on Stock Prices in Hong Kong". Review of Pacific Basin Financial Markets and Policies 04, n. 01 (marzo 2001): 29–43. http://dx.doi.org/10.1142/s0219091501000309.
Testo completoAbstract (sommario):
This paper studies the extent to which real estate prices impact common stock prices in Hong Kong. Real estate-related firms account for over 30 percent of Hong Kong's stock market capitalization. The real estate markets are therefore major determinants of changes in common stock prices. This study, using data during the 1974-1998 period, not only supports empirically that both unexpected changes in residential and office property prices are important determinants of the change in stock prices for Hong Kong, it also finds that the property and stock price series are cointegrated. Impulse response function based on an error-correction VAR model is used to examine the dynamic relationships between real estate and common stock prices.
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Quigley, John M. "International Real Estate Review". International Real Estate Review 2, n. 1 (30 giugno 1999): 1–20. http://dx.doi.org/10.53383/100009.
Testo completoAbstract (sommario):
Studies of the linkages between real estate prices and general economic conditions have an extensive history, beginning with tabulations suggesting the ways in which long swings in construction and price development were synchronized with long swings in aggregate economic activity (Gottlieb, 1976). Recent studies have explored the implications of alternative representations of investor expectations upon real estate construction and the cyclical behavior of housing prices and the rents for non-residential properties. These models trace through the effects upon supplier and demander behavior of differing price expectations in the real estate market. The earliest models tease out the dynamic paths of housing prices and commercial rents which arise from exogenous expectations about the future course of prices. More sophisticated models assume that households and firms have adaptive expectations about the future, assuming, for example, myopic behavior on the part of economic actors (in which they forecast that current conditions or current rates of change will continue into the future). In the most modern formulation of market dynamics, actors are assumed to have rational expectations. That is, in response to unanticipated shocks in the housing or property market, economic actors, on average, are able to predict the market response correctly and are able to act upon that knowledge. Models such as these are able to generate patterns of price change over time in response to varying conditions in economic fundamentals and in economic shocks. (See, for example, DiPasquale and Wheaton, 1992, and Case and Shiller, 1988). There has, however, been little or no research on the opposite line of causation -- the effect of changes in property markets upon subsequent economic conditions. The first part of this paper is focused on the former question –- the linkages between economic “fundamentals” and property prices. It reports on new research evaluating empirically the effect of economic conditions upon property prices. In particular, this research includes a detailed comparison of the importance of “fundamentals” upon housing prices relative to the importance of “history” in affecting outcomes. The second part of the paper focuses on the latter question -– the potential for a causal role between outcomes in the property market and the subsequent health of the overall economy. This discussion is largely speculative and suggestive –- and not based upon any tight theoretical or empirical model. The first part of the discussion is based upon a detailed body of data from the U.S. The second part of the discussion may be relevant to the economic conditions which have faced many Asian economies during the last three years. Specialists in Asian property markets will have far better access to data and hypotheses about these specific markets than I. However, I will raise a few questions that deserve more research in the analysis of the current fiscal crises in many Asian countries.
5
Ge, Xin J., e G. Runeson. "International Real Estate Review". International Real Estate Review 7, n. 1 (30 giugno 2004): 121–38. http://dx.doi.org/10.53383/100056.
Testo completoAbstract (sommario):
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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No, Han-Jang, Dai-Won Kim e Jung-Suk Yu. "International Real Estate Review". International Real Estate Review 20, n. 1 (31 marzo 2017): 75–104. http://dx.doi.org/10.53383/100236.
Testo completoAbstract (sommario):
This study examines whether the reserve prices in court auctions of residential real estate in Seoul, Korea result in reference price effects by influencing the amount of the successful bid. We also explore whether the sensitivity of these reference price effects differ with housing size and assess whether the expected rate of the selling price can be predicted based on the different reserve price levels. The panel data estimates presented herein show that reserve prices positively influence the final property transfer prices; in other words, the reserve prices yield strong reference price effects. The results of the ordinary least square regressions show that the sensitivity of the reference price effects differs with housing size, albeit in an inconsistent manner. Finally, the response surface methodology analysis indicates * Corresponding author 76 No, Kim and Yu that different reserve prices lead to different reference price effects with locality across the Seoul metropolitan area. The study thus provides courts and bidders with the means to predict the potential rate of the selling price, which will be useful for decision making in auctions.
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Bao, Helen X. H., e Doris Ka Chuen Mok. "International Real Estate Review". International Real Estate Review 23, n. 3 (30 settembre 2020): 367–95. http://dx.doi.org/10.53383/100306.
Testo completoAbstract (sommario):
This study examines the impacts of the Guangzhou-Shenzhen-Hong Kong Express Rail Link on the residential property prices in West Kowloon, in which the terminus and only station of the Hong Kong section of the high-speed rail link is located. The express rail is characterised as being a link between Hong Kong and her motherland, China, which is a major source of buyers of property in Hong Kong. We investigate if there is an east-west connection premium introduced by the project by examining the spatial and temporal changes of property prices in the affected areas. Based on a sample of 282,131 transactions, this study uses the hedonic pricing and repeat sales models to examine whether property prices in West Kowloon have increased because of the development of the high-speed rail which signifies a link between Hong Kong and China and whether they have dropped because of the 2019 political movements which emphasize a decoupling. We find significant and consistent evidence to support these hypotheses from both the hedonic price and repeat sales models. The accessibility premium has been capitalised into property prices since the announcement of the project, and the size of the premium is the largest during the announcement period. However, the east-west connection premium is significantly offset by the recent events of political unrest, with properties that are located nearest the West Kowloon Station being the most affected. We derive policy implications regarding practical implications for the design and implementation of land value capture schemes and urban planning.
8
Chang, Hsiu-yun. "Home Bias and the Real Estate Prices". International Journal of Financial Research 8, n. 2 (28 febbraio 2017): 145. http://dx.doi.org/10.5430/ijfr.v8n2p145.
Testo completoAbstract (sommario):
This paper argues that the Home Bias phenomenon prevails in the real estate market, which is inferred from psychology, economic, and financial literature. Utilizing the trait of the Home bias behavior, which can reduce the risk of information asymmetry, I modify the classical pure trading model and employ the parameter of relative risk aversion as the proxy variable of Home Bias to translate the relationship among Home Bias phenomenon, the property prices, and the expected returns. The comparative static analyses indicate that Home Bias behavior is negatively related to the property prices and positively related to the property returns. The marginal effects on property prices are heightened in situations of high time preference and relative low Home Bias. Conversely, the marginal effects on property returns are larger if the time preference parameter is smaller. As a household buyer with high time preference is located far away from a property, his bargaining power is easily affected by home bias behavior. Further, this paper focuses on the home bias elasticity of property prices and returns for the sake of unit-free property. Inelastic coefficients of elasticity of prices and returns indicate that the capability of households to lower property overvalued prices (i.e. increase investment returns) from reducing information asymmetry by using Home Bias behavior is still limited.
9
Ng, Edward. "International Real Estate Review". International Real Estate Review 1, n. 1 (30 giugno 1998): 45–63. http://dx.doi.org/10.53383/100003.
Testo completoAbstract (sommario):
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.
10
Salvo, Francesca, Marina Ciuna e Manuela De Ruggiero. "Property prices index numbers and derived indices". Property Management 32, n. 2 (14 aprile 2014): 139–53. http://dx.doi.org/10.1108/pm-03-2013-0021.
Testo completoAbstract (sommario):
Purpose – A useful instrument to understand and examine the inner workings of the property trade is devising index numbers of property prices based on historical sequences of market prices. The present work aims at the definition of index numbers of property prices, proposing an innovative methodology compared with what usually recurs in literature. The purpose of this paper is to discuss these issues. Design/methodology/approach – The analysis proposed, based on the mechanisms of formation of stock indices, investigates the analogies between stock and property information, according to the peculiarities of the property trade, leading to a methodology approach, derived from Simple Price Index Method, able to consider possible anomalies in the collected sample of purchase prices, using weighting coefficients based on reliability coefficients of sale prices of properties. Findings – The novel approach proposed has led to the definition of a original methodology useful to appraise property price index numbers and other derived indicators, effective for interpreting and identifying real estate market dynamics in a given area of study, regarded as a standard estimating methodology applicable to any geographical context and kind of property. Practical implications – Methodology proposed in this work is useful to revalue real estate sales price and to consider presence of anomalous sales price in property samples. Originality/value – The calculation of index numbers of prices is usually based on Simple Price Index Methods. Literature shows large use of different methods, such as Repeat Sales Method, Hedonic Price Method, Repeat Value Model. The present work propose an innovative methodology able to detect the presence of possible anomalous market prices in the representative sample, using an appropriate vector of weights in order to take into account the level of reliability of market data.
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Siregar, Riska, Muslimin Muslimin e Muhammad Faisal. "PENGARUH ROE, EPS DANLEVERAGE TERHADAP HARGA SAHAM PADA INDUSTRI PROPERTI DAN REAL ESTATE DI BEI 2012-2016". Jurnal Ilmu Manajemen Universitas Tadulako (JIMUT) 5, n. 2 (18 agosto 2020): 150–59. http://dx.doi.org/10.22487/jimut.v5i2.148.
Testo completoAbstract (sommario):
This research is to find out and analyze: (1) the effect of Return On Equity, Earning Per Share and Leverage simultaneously affect the stock price in the property and real estate industries in the Indonesian stock exchange, (2) the positive and negative effects of Return On Equity are partially influential on stock prices in the property and real estate industries in the Indonesia Stock Exchange, (3) the positive and negative effects of Earning Per Share partially affect the stock price in the property and real estate industries on the Indonesia Stock Exchange, (4) positive and negative leverage partial effect on stock prices in the property and real estate industry on the Indonesia Stock Exchange. The type of research used is quantitative. The sampling technique in this study uses purposive sampling, with a sample of 21 companies. Analysis method using panel data regression analysis. The results showed that (1) the effect of Return On Equity, Earning Per Share and Leverage simultaneously on stock prices in the property and real estate industries on the Indonesia Stock Exchange, (2) There was a negative influence on Return On Equity on stock prices in the property industry and real estate on the Indonesia Stock Exchange, (3) There is an effect of Earning Per Share on stock prices on the property and real estate industries on the Indonesia Stock Exchange, (4) No leverage on stock prices in the property and real estate industries on the Indonesia Stock Exchange Penelitian ini untuk mengetahui dan menganalisa: (1) pengaruh Return On Equity, Earning Per Sharedan Leverage secara simultan berpengaruh terhadap harga saham pada industri property dan real estate di bursa efek Indonesia, (2) pengaruh positif dan negatif Return On Equitysecara parsial berpengaruh terhadap harga saham pada industri property dan real estate di Bursa Efek Indonesia, (3) pengaruh positif dan negatif Earning Per Share secara parsial berpengaruh terhadap harga saham pada industri property dan real estate di Bursa Efek Indonesia, (4) pengaruh positif dan negatif Leveragesecara parsial berpengaruh terhadap harga saham pada industri property dan real estate di Bursa Efek Indonesia. Jenis penelitian yang digunakan adalah kuantitatif.Teknik penarikan sampel dalam penelitian ini menggunakan purposive sampling, dengan jumlah sampel 21 perusahaan. Metode analisis menggunakan analisis regresi data panel. Hasil penelitian menunjukkan bahwa (1) pengaruh Return On Equity, Earning Per Share dan Leverage secara serempak terhadap harga saham pada industri property dan real estate di Bursa Efek Indonesia, (2) Terdapat pengaruh Return On Equity secara negatif terhadap harga saham pada industri property dan real estate di Bursa Efek Indonesia, (3) Terdapat pengaruh Earning Per Share terhadap harga saham pada industri property dan real estate di Bursa Efek Indonesia, (4) Tidak berpengaruh Leverage terhadap harga saham pada industri property dan real estate di Bursa Efek Indonesia
12
Kokot, Sebastian, e Marcin Bas. "The Comparative Analysis Of Asking And Traded Price Indices In Different Floor Area Subsegments Of The Residential Property Market". Real Estate Management and Valuation 23, n. 3 (1 settembre 2015): 14–25. http://dx.doi.org/10.1515/remav-2015-0021.
Testo completoAbstract (sommario):
Abstract There are several acknowledged methods for determining residential property price indices. However, all of them have their drawbacks and advantages and reflect the averaged real movements of prices with varying accuracy. The paper attempts to answer the question: How faithfully do indices based on asking prices reflect the movements of traded prices? As a result we will find out whether, in the situation when property price indices cannot be determined, asking price based indices can be used instead. The paper specifies theoretical and practical aspects of constructing residential property price indices on the basis of asking and traded prices. It also contains an empirical analysis of these two index types.
13
Ismail, Nur Hafizah, e Sabri Nayan. "A DYNAMIC RELATIONSHIP BETWEEN CONSUMER CONFIDENCE AND RESIDENTIAL PROPERTY PRICE: EMPIRICAL EVIDENCE FOR MALAYSIA". International Journal of Property Sciences 11, n. 1 (30 agosto 2021): 16–34. http://dx.doi.org/10.22452/ijps.vol11no1.2.
Testo completoAbstract (sommario):
In recent years, the real estate market has become a major interest for economists and researchers. In general, property prices are influenced by the supply and demand of the real estate market. In addition to the individual's positive expectation of the real estate market would raise the demand for housing and hence, house price indexes would increase. This study provides new knowledge on how consumer confidence in the housing industry affects residential property prices in Malaysia. Previous studies on the effect of consumer perception towards residential property in Malaysia are scarce. Therefore, the objective of this study is to determine how consumer confidence affect residential property price in Malaysia. Our study differs by focusing on the effect of consumer confidence on the housing industry and macroeconomic drivers toward residential property prices in Malaysia over the period 2004:Q1 to 2018:Q4. By using the autoregressive distributed lag (ARDL) test, the empirical results have shown the presence of long-run adjustment and indicate that consumer confidence towards the housing industry and many macroeconomic variables significantly affect residential property prices. From this finding, we have suggested that government and policymakers should be able to understand consumer confidence in the housing industry to increase consumer satisfaction and to improve consumer sentiment towards the residential property market in Malaysia.
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Lai, Rose, e Robert Van Order. "International Real Estate Review". International Real Estate Review 22, n. 3 (30 settembre 2019): 359–97. http://dx.doi.org/10.53383/100285.
Testo completoAbstract (sommario):
This paper studies the evolution of property values and the connections between shadow banking and property markets in China. We use Pooled Mean Group estimation to analyze Chinese house prices in 65 cities from 2007-2016, define the "fundamentals¨ of housing prices with the Gordon dividend discount model, and use lagged rents, prices, real and nominal interest rates, and shadow banking activity as short term explanatory factors. We find that the cities tend to share long run fundamentals and adjust relatively quickly to deviations from the fundamentals. We do not find bubbles; rather houses are like growth stocks with house prices rapidly chasing growing rents. More importantly, we find that house prices increase more quickly with the availability of shadow banking funds, which have grown rapidly.
15
Meirisa, Faradila, e Maria Meilita. "PENGARUH TINGKAT SUKU BUNGA, DIVIDEND PAYOUT RATIO, EARNING PER SHARE DAN PRICE TO BOOK VALUE TERHADAP HARGA SAHAM SEKTOR PROPERTI DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2013 – 2019". Jurnal Manajemen Bisnis Unbara 2, n. 2 (27 dicembre 2021): 94–104. http://dx.doi.org/10.54895/jmbu.v2i2.1023.
Testo completoAbstract (sommario):
This study aims to examine the efferct of Interest Rates, Dividend Payout Ratio, Earning Per Share and Price to Book Value on Stock Prices in Property and Real Estate companies listed on the Stock Exchange Indonesia Period 2013 – 2019. The population on this study amounted to 65 property and real estate companies listed on the Indonesia Stock Exchange period 2013 – 2019. The sample in this study amounted to 10 property and real estate companies using the purposive sampling method. This study uses multiple regression analysis techniques to test hypoytheses. The test result partialli show that Interest Rates and Dividend Payout Ratio variabel have no effect and have no significant on stock prices, while Earning Per Share and Price to Book Value have a significant positive effect on stock prices. Simultaneously the variable Interest Rates, Dividend Payout Ratio, Earning Per Share and Price to Book Value together have a significant effect on Stock Price.
16
Hou, Shangfa, Jiaying Wang e Degui Zhu. "Has the Newly Imposed Property Tax Controlled Housing Prices? An Analysis of China’s 2009–2020 Interprovincial Panel Data". Sustainability 14, n. 22 (10 novembre 2022): 14872. http://dx.doi.org/10.3390/su142214872.
Testo completoAbstract (sommario):
The stability of the real-estate market is crucial to China’s economic development and, in times of crisis, the economy will experience systemic adverse reactions that require appropriate regulation by the state using tax policy tools. Therefore, we analyzed the impact of real-property tax on house prices using panel data for 31 provinces in China from 2009 to 2020 using an empirical method, i.e., the instrumental variables approach. The empirical results show that each of the previous property-related taxes actually contributed to the increase in house prices and did not have a dampening effect. The newly introduced property tax will lead to a decline in house prices, which will help to alleviate the overheating of real-estate investment and mitigate the real-estate bubble crisis. A rational view of the impact of a property tax on housing prices needs to be taken in the context of factors such as income levels, consumer price levels, loan rates, and Chinese consumer culture. In order to achieve the goal of “no speculation in housing”, we also need to pay attention to the regulating effect of a property tax in combination with many other factors. This study is important for promoting property tax reform, curbing overheated real-estate investment, and promoting healthy economic development.
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Boitan, Iustina Alina. "Residential property prices’ modeling: evidence from selected European countries". Journal of European Real Estate Research 9, n. 3 (7 novembre 2016): 273–85. http://dx.doi.org/10.1108/jerer-01-2016-0001.
Testo completoAbstract (sommario):
Purpose The purpose of this study is to contribute to the relatively narrow existing residential real estate literature by developing and validating several univariate forecasting models, to reliably anticipate future house price dynamics across several European Union (EU) countries. Design/methodology/approach The research approach relies on the time series analysis, by using the Box–Jenkins autoregressive integrated moving average (ARIMA) methodology to explore the trends of residential property prices in selected EU countries and to obtain a snapshot of the potential signs of change to be witnessed by domestic residential markets on a short time-period. The analysis has been performed distinctly for each country in the sample, to account for country-specific past and future trends as well as similarities in their house price growth rate evolutions. The models were estimated for a broad sample of quarterly observations during 1990-2015, while the forecast horizon ranged between the third quarter of 2015 and the fourth quarter of 2016. Findings The findings suggested that residential property prices’ real growth rate can be modeled through the Box–Jenkins method for France, The Netherlands, Sweden and UK. The pattern of Italy’s residential property prices’ real growth rate cannot be explained by means of univariate ARIMA models, being more suited for multivariate models. Originality/value The article subscribes to the need for timely, high-frequency and quality data about house price trends in Europe, to increase the accuracy of forecasts and prevent the appearance of bubbles on real estate market. It compares residential property prices’ dynamics across European countries to identify housing markets with similar patterns of their prices.
18
Wong, Gary Wai Chung, e Lok Sang Ho. "International Real Estate Review". International Real Estate Review 20, n. 3 (30 settembre 2017): 375–96. http://dx.doi.org/10.53383/100247.
Testo completoAbstract (sommario):
This paper builds on the literature that shows policy often plays a key role in housing cycles. Using the cointegration approach which focuses on the supply and demand dynamics of the housing market, and with explicit consideration of housing price expectations proxied by the price-earning ratio in financial markets, this paper identifies two cointegrating relations: a long run demand-side relation that involves housing property price, interest rate, price expectation and income; and a supply-side relation that involves private housing completion, property price, interest rate, and building and land costs. Based on Hong Kong data from 1990 a£á¡§ 2012, which covers big cycles in the housing market, this paper suggests that policies to augment or restrain housing supply in the attempt to stabilize housing prices have been counterproductive.
19
Ushatova, D. "DISBALANCE BETWEEN TAX ASSESSMENTS AND MARKET PRICES OF REAL ESTATE". Trakia Journal of Sciences 17, Suppl.1 (2019): 115–24. http://dx.doi.org/10.15547/tjs.2019.s.01.020.
Testo completoAbstract (sommario):
The research aims to show some deficiencies in the legal framework including the formation and of property tax assessment and their deviation from the market values. Experimental results of price comparisons of market values in 1 BGN per 1 sq.m. are compared three groups of properties (apartment, house and plot) in selected settlements - district centers. Compare the prices of these properties advertised on a national real estate site and the average price of residential property, according to NSI data with the conditionally calculated value of a tax assessment for each type of property under review. Trends are established for the three-year period and general conclusions are established. Based on the results of the study, some key guidelines are proposed for the formulation of the tax assessment distribution, as well as a forecast / deficit-forecasting model that is formed in municipal budgets as a result of the disproportion between valuations and real prices.
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Leung, Charles Ka Yui, Youngman Chun Fai Leong e Ida Yin Sze Chan. "International Real Estate Review". International Real Estate Review 5, n. 1 (30 giugno 2002): 91–115. http://dx.doi.org/10.53383/100038.
Testo completoAbstract (sommario):
In an efficient market, differences in quality should be fully reflected in differences in price. This paper examines a highly active residential property market and verifies whether housing attributes can explain time on the market (TOM) in addition to prices. In contrast to the previous literature, only the price ratio and inflation factor are found to be critical in affecting TOM. An interpretation of the results is suggested, along with some directions for future research.
21
An, Hui, Qianmiao Zou e Ying Zhang. "International Real Estate Review". International Real Estate Review 22, n. 2 (30 giugno 2019): 197–229. http://dx.doi.org/10.53383/100280.
Testo completoAbstract (sommario):
In recent years, China has uniquely implemented various policies to control housing prices, particularly its property- purchasing limitation policy. This research proposes a vector autoregression (VAR) model with likelihood-ratio (LR) tests to examine the effects of such a policy on housing prices at the national, provincial and city levels in China, with the use of monthly data from 2002 to 2013. The results show that at the national level, the effect of the policy is very significant, and the impact on housing prices is far greater than monetary and credit policies. However, the policy is not applicable at the provincial level. The policy has a significant role at the city level in first-tier cities, but no significant effect in second- tier cities. Overall, property-purchasing limitations inhibit the growth of housing prices to some extent, and the effects show strong regional characteristics, especially at the city level. Policymakers should therefore take into account regional characteristics in the formulation and implementation of a property-purchasing limitation policy.
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Adiwidjaja, Sheila, e Sinta Boentoro. "IMPACT OF COMPANY FINANCIAL RATIO ON SHARE PRICE WITHIN THE PROPERTY AND REAL ESTATE INDUSTRY". Journal of Economics and Business 2, n. 1 (4 aprile 2018): 46–54. http://dx.doi.org/10.25170/jebi.v2i1.29.
Testo completoAbstract (sommario):
Movements in share prices are caused by several factors, both internal and external. The objective of this research is to observe the impact of company financial ratio on share prices within the property and real estate industry using GARCH model. The reason why we chose this industry is because this industry can still grow even when the economic condition is unstable. The research shows that current ratio, debt equity ratio inventory turnover, price earnings ratio and return on equality are jointly significant in predicting share prices. Partially, only price earnings ratio does not significantly impact the share price.
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Herlin Tunjung, Christina,. "Faktor Yang Mempengaruhi Harga Saham Perusahaan Property, Real Estate, Dan Konstruksi Bangunan". Jurnal Paradigma Akuntansi 1, n. 2 (30 luglio 2019): 273. http://dx.doi.org/10.24912/jpa.v1i2.4696.
Testo completoAbstract (sommario):
The purpose of this research is to analyse the effect of liquidity, solvability, activity, and profitability on stock prices on property, real estate, and building construction companies listed on Indonesian Stock Exchange in the period of 2015-2017.This observation is using purposive sampling technique. This research used 39 companies that used multiple linear regression analysis with the help of SPSS version 21.0 for the testing method.. The results of this research showed that solvability and profitability have a positive and significant effect on stock prices, activity has a negatif and significant effect on stock prices. In contrast, liquidity do not have an effect on stock price of property, real estate, and building construction companies.
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Tangngisalu, Jannati. "Current Ratio, Return on Asset, and Debt-to-Equity-Ratio on Stock-Price of Sector Property and Real Estate". Golden Ratio of Finance Management 2, n. 1 (12 marzo 2022): 01–14. http://dx.doi.org/10.52970/grfm.v2i1.97.
Testo completoAbstract (sommario):
The purposes of this study are: to analyze the current ratio (CR), return on assets (ROA), and debt to equity ratio (DER) both partially and simultaneously affect the stock price of companies listed on the Indonesia Stock Exchange (IDX) in the property sector and real estate. This study uses 31 companies to sample the 55 property and real estate sector from 2017-2021. The sampling technique was carried out using the purposive sampling method. The test used in this study was multiple regression analysis with t-test and f-test. The results show that the current ratio (CR) has a negative and insignificant effect on stock prices in property and real estate sector. In contrast, the debt-to-equity ratio (DER) has a positive but insignificant effect on stock prices in property and real estate sectors. At the same time, Return on Assets (ROA) positively affects stock prices in property and real estate companies. The management of the company is expected to observe the behavior of investors in the capital market, namely by understanding the motives of investors so that the administration can develop a company strategy to attract investors to understand their capital in the company.
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Panasolo, Alessandro, Franklin Galvão, Hermes Yukio Higachi, Edilson Batista de Oliveira, Fernando Campos de Oliveira, Carlos Augusto Wroblewski, Tatiana Maria Cecy Gadda e Camila Fossa Balbinot. "Urban green areas and real estate prices in Curitiba, Brazil". Revista Ibero-Americana de Ciências Ambientais 11, n. 6 (6 luglio 2020): 86–102. http://dx.doi.org/10.6008/cbpc2179-6858.2020.006.0008.
Testo completoAbstract (sommario):
We attempted to identify to which extent the implicit ecosystem service values of urban green areas impact real estate values in the city of Curitiba, Brazil. The study is based on spatial econometrics techniques and hedonic price theory applied to 43 urban green areas, highlighting three units: the Airumã Private Natural Heritage Reserve, the Teresa Urban Ecological Station, and the President Getulio Vargas Refinery. Information was obtained on the structural characteristics of more than 5,300 apartments and houses. The results of exploratory spatial data analysis (ESDA) and estimates from hedonic regression model parameters show that the presence of urban green areas contribute to the final property prices. The effects of proximity to urban green areas on the price of urban residential property are not homogeneous and stationary throughout urban spaces and can generate distinct spatial clusters of real estate prices: high-high and low-low. The used methodology proved to be efficient to assess the value of urban green areas with regard to the use of information, processing, data analysis, and results generated. Furthermore, it measured the impact of these areas on property prices and provided easily interpretable data that can be relevant for payments for ecosystem services policies at the local level.
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Hidayati, Laeli, e Rahman Amrullah Suwaidi. "Earning per share sebagai variabel intervening antara rasio keuangan terhadap harga saham pada perusahaan property dan real estate". Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan 5, n. 1 (25 agosto 2022): 74–85. http://dx.doi.org/10.32670/fairvalue.v5i1.1914.
Testo completoAbstract (sommario):
The Property and Real Estate sector has an important role in the economy. The financial ratio performance obtained is quite good, but not with the share price. The purpose of this study is to find out the effect of profitability and leverage on stock prices with EPS being the intervening variable for Property and Real Estate companies listed on the Indonesia Stock Exchange 2018-2020. The population is Property and Real Estate companies on the Indonesia Stock Exchange from 2018 to 2020 as many as 273 companies. The sample method is purposive sampling obtained as many as 150 companies in accordance with existing criteria. Analysis of the data used is path analysis. According to the results of research analysis, it is said that profitability and Earning Per Share contribute to changes in stock prices. Leverage does not contribute to changes in stock prices. Profitability contributes to changes in EPS. Leverage does not contribute to changes in Earning Per Share. Then according to the results of path analysis, it is said that Earning Per Share is able to become an intervening variable on profitability and leverage on share prices of companies in the Property and Real Estate sector.
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Iliychovski, Svetoslav, Teodora Filipova e Mariana Petrova. "Applied aspects of time series models for predicting residential property prices in Bulgaria". Problems and Perspectives in Management 20, n. 3 (4 ottobre 2022): 588–603. http://dx.doi.org/10.21511/ppm.20(3).2022.46.
Testo completoAbstract (sommario):
Accurate housing price forecasts play a critical role in balancing supply and demand in the residential real estate market, as well as in achieving the goals of various stakeholders – buyers, investors, construction contractors, public administration, real estate agencies, special investment purpose companies, etc. The present study aims to investigate the relationship between specific predictors and build a suitable model for forecasting housing prices in Bulgaria. In this regard, a study was conducted on transactions with residential real estate in the city of Sofia for the period from the first quarter of 2016 to the fourth quarter of 2021. The ARIMA model is used in the development to predict the values of the variables. Eight models are tested for the researched factors (24 in total). On this basis, the price per square meter of residential property was predicted, including estimated values from the ARIMA model for the parameters involved in the regression equation. The result showed that there is a strong relationship between the analyzed predictors and the studied variable – price per square meter of housing. The tested models are adequate and the statistical requirements for forecasting the prices of residential properties in Bulgaria are complied.
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Janaina, Nilna Nikmatul, e Deny Yudiantoro. "Pengaruh EPS, ROE Dan DER terhadap Harga Saham Properti dan Real Estate yang Terdaftar di JII70". Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah 5, n. 2 (10 agosto 2022): 762–71. http://dx.doi.org/10.47467/alkharaj.v5i2.1314.
Testo completoAbstract (sommario):
The property sector is one of the main sources for realizing investment, with the main sources coming from the industrial and housing sectors.the purpose of this study was to determine whether the variables EPS, ROE, and DER partially and simultaneosly affect the stock price variable. The study was conducted in property and real estate companies registered with JII70 for the period 2018-2020. The samples used were saturated samples taken from ten property and real estate. This research uses a type of quantitative approach. The data used is secondary data in the form of panel data obtained from the annual financial statements and closing stock prices of each company. The analysis method used is a regression analysis date panel eviews. The results showed partially that both EPS and DER variables had a positive effect on stock prices. While partially one variable that has no effect and negative to the stock price is ROE. Simultaneously the three variables EPS, ROE, dan DER have an effect on stock prices.
Keywords: EPS; ROE; DER; stock price
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Lin, Tsoyu Calvin, e Shih-Hsun Hsu. "International Real Estate Review". International Real Estate Review 23, n. 4 (31 dicembre 2020): 505–36. http://dx.doi.org/10.53383/100312.
Testo completoAbstract (sommario):
Taiwan launched the actual price registration system for real estate transactions in 2012. Real estate–related information, for e.g., prices, area and location, can be obtained through a search on this platform. Most market participants, including potential buyers and sellers, obtain property information before making their transaction decision. If the search behavior can be transferred into supply or demand action, then the number of visits to a website can be used as a leading indicator of price changes or transaction volume. This study has collected the number of visits to the actual price registration system in New Taipei City in Taiwan and other macro-economic variables from 2014 to 2019 and applied a model with vector auto-regression with exogenous variables (VARX) for empirical analysis. We find two important results in our analysis: 1. the transaction volume significantly leads house prices and the number of visits to this system in most districts, and 2. the number of visits leads transaction volume only in the district with a very good transportation system and infrastructures, and leads the house prices only in districts that have affordable house prices or deemed to be a “good value”. This is the first empirical study done after Taiwan launched the actual price registration system. Governments in other countries can launch similar systems and market participants can apply the findings of this study to their future policy and investment decision making process.
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LOCATELLI, RONALDO LAMOUNIER, HAROLDO MARCIO INÊS, JOSÉ EDSON LARA e FERNANDO TADEU PONGELUPE NOGUEIRA. "REAL ESTATE MARKET OF A BRAZILIAN METROPOLIS: SUSTAINED GROWTH OR SPECULATIVE BUBBLE?" RAM. Revista de Administração Mackenzie 18, n. 2 (aprile 2017): 211–36. http://dx.doi.org/10.1590/1678-69712016/administracao.v18n2p211-236.
Testo completoAbstract (sommario):
ABSTRACT Purpose: To analyze the real estate sector of a Brazilian metropolis in the recent period of great valuation of the asset in the country and to investigate if there are signs of a speculative bubble in this market. Originality/gap/relevance/implications: This article presents a version of the Case-Shiller Index, which describes the evolution of the relationship between house prices and rental prices and uses models in order to identify if the rise in property prices rests on good economic fundamentals. Key methodological aspects: The approach is quantitative and involves the construction of the price-rent index, unit root test with an instrument that allows structural break with trend (Innovation Outlier Model) and analysis of cointegration using estimates of a Vector Error Correction Model (VECM). Summary of the results: The results do not favor the interpretation that the real estate market rests on solid economic fundamentals. On the contrary, the evolution of the price-rent index and the lack of causal relationship of rents to prices towards long-term equilibrium are suggestive of the existence of a speculative bubble. Key considerations/conclusions: The results support authors who are critical to the efficient market hypothesis (EMH) and suggest that the relative increase in property prices stems only from the belief that their selling price will be higher in the future. It is therefore foreseeable a decrease of real prices of housings, with equity losses for the participants in that market.
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Ben-David, Itzhak. "Financial Constraints and Inflated Home Prices during the Real Estate Boom". American Economic Journal: Applied Economics 3, n. 3 (1 luglio 2011): 55–87. http://dx.doi.org/10.1257/app.3.3.55.
Testo completoAbstract (sommario):
During the housing boom, financially constrained home buyers artificially inflated transaction prices in order to draw larger mortgages. Using transaction data from Illinois that includes sellers' offers to inflate prices, I estimate that in 2005–2008, up to 16 percent of highly leveraged transactions had inflated prices of up to 9 percent. Inflated transactions were common in low-income neighborhoods and when intermediaries had a greater stake or an informational advantage. Borrowers who inflated prices were more likely to default, but their mortgage rates were not materially higher. Property prices in areas with a high rate of past price inflation exhibited momentum and high volatility. (JEL D14, E31, R31)
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Abidoye, Rotimi Boluwatife, e Albert P. C. Chan. "Achieving property valuation accuracy in developing countries: the implication of data source". International Journal of Housing Markets and Analysis 11, n. 3 (4 giugno 2018): 573–85. http://dx.doi.org/10.1108/ijhma-07-2017-0068.
Testo completoAbstract (sommario):
PurposeThe demand for accurate property value estimation by valuation report end users has led to a shift towards advanced property valuation modelling techniques in some property markets and these require a sizeable number of data set to function. In a situation where there is a lack of a centralised transaction data bank, scholars and practitioners usually collect data from different sources for analysis, which could affect the accuracy of property valuation estimates. This study aims to establish the suitability of different data sources that are reliable for estimating accurate property values.Design/methodology/approachThis study adopts the Lagos metropolis property market, Nigeria, as the study area. Transaction data of residential properties are collected from two sources, i.e. from real estate firms (selling price) and listing prices from an online real estate company. A portion of the collected data is fitted into the artificial neural network (ANN) model, which is used to predict the remaining property prices. The holdout sample data are predicted with the developed ANN models. Thereafter, the predicted prices and the actual prices are compared so as to establish which data set generates the most accurate property valuation estimates.FindingsIt is found that the listing data (listing prices) produced an encouraging mean absolute error (MAE), root mean square error (RMSE) and mean absolute percentage error (MAPE) values compared with the firms’ data (selling prices). An MAPE value of 26.93 and 29.96 per cent was generated from the listing and firms’ data, respectively. A larger proportion of the predicted listing prices had property valuation error of margin that is within the industry acceptable standard of between ±0 and 10 per cent, compared with the predicted selling prices. Also, a higher valuation accuracy was recorded in properties with lower values, compared with expensive properties.Practical implicationsThe opaqueness in real estate transactions consummated in developing nations could be attributed to why selling prices (data) could not produce more accurate valuation estimates in this study than listing prices. Despite the encouraging results produced using listing prices, there is still an urgent need to maintain a robust and quality property data bank in developing nations, as obtainable in most developed nations, so as to achieve a sustainable global property valuation practice.Originality/valueThis study does not investigate the relationship between listing prices and selling prices, which has been conducted in previous studies, but examines their suitability to improve property valuation accuracy in an emerging property market. The findings of this study would be useful in property markets where property transaction data bank is not available.
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Nizari, Yosi Nabila, e Solihin Sidik. "THE EFFECT OF PROFITABILITY AND CAPITAL STRUCTURE ON SHARE PRICES IN PROPERTY AND REAL ESTATE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE (IDX) PERIOD 2015-2018)". Jurnal Ekonomi Balance 16, n. 2 (26 dicembre 2020): 328–37. http://dx.doi.org/10.26618/jeb.v17i2.6476.
Testo completoAbstract (sommario):
The purpose of this research is to view, analyze and analyze the effects of partial and simultaneous profitability and equity structure. The independent variables used in this study are the profitability with the proxy return on equity (ROE) and the capital structure with the proxy debt-to-equity ratio (DER), while the dependent variable in this research is the stock price. The population in this study is stock prices. The population of this study is the real estate and real estate companies listed on the Indonesian stock exchange from 2015 to 2018. The sampling technique used is purposeful sampling. The methods used in this study are descriptive and confirmatory methods. The data analysis results based on empirical research are as follows: (1) Partially profitability has a significant positive effect in share prices in property and real estate companies in the study period, capital structure partially has a significant positive effect on stock prices of property and real estate companies in the study period. (2) Profitability (ROE) and Capital Structure (DER) have a positive and significant effect on share prices of property and real estate companies in the study period.
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Ratnawati, Dewi, e Rahman Amrullah Suwaidi. "PENGARUH LIKUIDITAS, LEVERAGE, PROFITABILITAS TERHADAP HARGA SAHAM PROPERTY REAL ESTATE DI BEI". REVITALISASI 10, n. 2 (25 novembre 2021): 233. http://dx.doi.org/10.32503/revitalisasi.v10i2.1929.
Testo completoAbstract (sommario):
This study aims to identify the effect of liquidity ratios, leverage, and profitability on stock prices of property and real estate companies listed on the Indonesia Stock Exchange. The results of the F test obtained the value of Sig. F- Calculate 0.002 < 0.05, which means that the variables Current Ratio (CR) (X1), Debt to Equity Ratio (DER) (X2), and Return On Assets (ROA) (X3) simultaneously affect stock prices. ( Y) Property and Real Estate company listed on the Indonesia Stock Exchange. On the other hand, the t test results show Sig. t-count, Current Ratio (CR) = 0.776> 0.05, Debt to Equity Ratio (DER) = 0.047 <0.05, and Return On Equity (ROE) = 0.003 < 0.05. From the partial calculation, the variable Debt to Equity Ratio (DER)(X2) and Return On Assets (ROA)(X3) have a significant influence on the Stock Price (Y) of the Property and Real Estate Industries listed on the Indonesia Stock Exchange. The Variable Current Ratio (CR) (X1) does not significantly affect the Stock Price (Y) of the Property and Real Estate Industries listed on the Indonesia Stock Exchange.
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Sehgal, Sanjay, Mridul Upreti, Piyush Pandey e Aakriti Bhatia. "International Real Estate Review". International Real Estate Review 18, n. 4 (31 dicembre 2015): 523–66. http://dx.doi.org/10.53383/100212.
Testo completoAbstract (sommario):
The paper studies the residential micromarket of the Gurgaon region of the Delhi National Capital Region in India, to identify the key determinants of real estate investment selection and perform empirical analysis of property prices. A primary survey suggests that the goodwill of the developer is the most important factor for investors in the case of residential properties that are under construction (forward projects). Other factors include location, amenities, project density and construction quality. These factors enjoy almost equal importance in selecting completed projects (spot projects). The factor information can be used to construct property quality rating classes. High risk adjusted returns are provided by high quality spot projects and low quality forward projects. A long run equilibrium relationship is observed between spot projects and forward prices with the former playing the lead role. Gross domestic product and non-food bank credit are the macroeconomic variables that can predict property prices. The highest pre-tax internal rate of return is observed for forward projects in the first quarter holding itself while for spot projects, it is around the eighth quarter. The research has implications for property developers, real estate investors and market regulators. The study contributes to the real estate investment literature on emerging markets.
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Henri Drouhin, Pierre-Arnaud, e Arnaud Simon. "Are property derivatives a leading indicator of the real estate market?" Journal of European Real Estate Research 7, n. 2 (29 luglio 2014): 158–80. http://dx.doi.org/10.1108/jerer-08-2013-0014.
Testo completoAbstract (sommario):
Purpose – This paper aims to analyze the statistical characteristics of changes in property forward prices. As highlighted in a survey conducted at the MIT Center for Real Estate in 2006, the relatively weak understanding in their prices is one of the most important barriers in their use. In this context, the analysis of the forward price term structure is essential. Do the short- and long-term forward prices behave similarly? Do property derivatives behave like other derivative assets or other related assets? This study also investigates the lead–lag relationship between spot and forward returns for different maturities. Design/methodology/approach – Using four years and nine months of data on the UK Investment Property Databank (IPD), all property total return swaps are examined. We strip the swaps into their forwards and study their statistical characteristics (the first four moments and their autocorrelation levels). The relationships among the forward contracts, the underlying asset (IPD index and IPD unsmoothed) and other assets (risk-free rate, listed real estate) are explored. Using the Yiu et al. (2005) methodology, the lead–lag relationship between the spot and the forwards is assessed. Findings – The index appears to be significantly less volatile and less efficient, in terms of correlation than its own derivative contracts. Moreover, changes in forward prices are leading indicators of the IPD index. Their risks tend to converge with the implied volatility of the REIT’s operating asset but without being affected by the general stock market risks. Regarding the forward price–discovery function, investors should collect information not only from the spot market but also, maybe primarily, from the derivative market. Originality/value – In this paper, we use a never-exploited database that is relative to the quotes of the UK IPD swaps. It is the first attempt to analyze the statistical characteristics of their changes. Our results show that these prices are clearly superior to the spot series, in terms of risks but without behaving affected by the tyranny of the past values. These findings may conduct to consider new methods to unsmooth current real estate indices. Characterized by a strong sensitivity to the changes in the information set, property derivative-based indicators should lead to increased efficiency in the spot market.
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Peng, Congmin. "Identifying Bubbles in China’s Property Market for Consumer Financial Well-Being". Journal of Financial Counseling and Planning 29, n. 2 (novembre 2018): 182–97. http://dx.doi.org/10.1891/1052-3073.29.2.182.
Testo completoAbstract (sommario):
A sharp increase in Chinese house prices combined with the extraordinary lending growth during the 2000 s has led to concerns of an emerging real estate bubble and impairment of consumer financial well-being. This article studies real house prices relative to fundamental house values. Housing constitutes a large fraction of most household portfolios therefore affect household well-being, and its characteristics are in contrast to what prevails in most financial markets as arbitrage is limited, and hence correction toward fundamental values can be a prolonged process. Using a time-varying present value approach, our findings suggest evidence of bubbles in the Chinese housing market nationally and in representative cities using real-term data. We also find that price dynamics have an important role to play in determining house prices. Moreover, the results reveal that the dominant driving force of house price deviations from fundamental values might be the less than fully rational behavior of investors rather than fundamental factors. This seems plausible in an emerging market such as China.
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Roubi, Sherif. "Towards a transaction-based hotel property price index for Europe". Journal of Property Investment & Finance 33, n. 3 (7 aprile 2015): 256–81. http://dx.doi.org/10.1108/jpif-09-2013-0053.
Testo completoAbstract (sommario):
Purpose – The purpose of this paper is to fill an existing gap in the field. A transaction-based hotel price index for Europe is constructed to provide a true measure for hotel real estate performance. The index will enable investors enhance investment decisions in many ways: to assess individual property performance; to make an objective decision about where to invest and in which property type; to assess the relative performance of hotel assets to all other sectors and consequently reach optimal funds allocation decisions. This will allow investors to time their acquisitions/disposals according to the hotel property cycle. Design/methodology/approach – Data include 495 hotel property transactions in Europe during the period between 2004 and 2013. Transaction prices and property characteristics were collected from a variety sources published by hotel agents and consultants, property magazines, newspapers, tourist board, individual property and hotel association registers and web sites. Data include property name, sale price, size, time of sale, location, buyers and sellers. A hedonic pricing model is developed where the transaction price is regressed on the different characteristics. The index is calculated by taking the anti-logs of regression coefficients of the year index. Findings – This paper claims that the hotel property price index (HPPI) portrays a more realistic picture of what happened to hotel property prices in 2008 showing a single digit negative growth vs the hotel valuation index which reports a double digit negative growth rate in European hotel prices during the same year. The real impact of recession showed on hotel property prices in 2009. HPPI shows a crash in hotel property prices by -23.7 per cent in 2009. The year 2011 was marked by more sales transacted through administrators and a looming double-dip recession. Unlike appraisal-based indices, HPPI does not suffer from sticky valuation issues and is not desensitise from distressed properties. Therefore, it was more volatile to distressed situations throughout the period between 2011 and 2013. Research limitations/implications – Results of this study should be considered with caution. There are limitations associated with transaction data including incompleteness or inaccuracies regarding price data, financing information for each deal, property tenure, and property characteristics. Practical implications – This work has successfully developed an HPPI for hotel property in Europe. This paper paves the way for transaction-based indices that are more volatile than existing appraisal-based indices. This represents a significant development in tracking price movements of hotel properties in Europe. The index has potential to support research and forecasting of the hotel property cycles. Originality/value – This paper fulfils an identified need to track hotel property prices and timing the hotel property cycle.
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Kokot, Sebastian. "The Analysis of Differences in Residential Property Price Indices". Real Estate Management and Valuation 22, n. 3 (1 ottobre 2014): 14–27. http://dx.doi.org/10.2478/remav-2014-0023.
Testo completoAbstract (sommario):
Abstract Residential property price indices can serve as a useful tool in the practice of real property market analysts, investment advisers, property developers, certified property appraisers, estate agents and managers. They can also be applied in property price valorization in specific legal positions. The Polish Act on Real Estate Management puts an obligation on the President of the Central Statistical Office to announce real property price indices, but the CSO fails to fulfill this obligation. The author’s rationale for this article is to contribute to works on rules of how to build property price indices. Presented within are the results of research on determining the price indices of such types of residential property as: a part of a building constituting a separate property and strata titles in housing cooperatives. The flats were divided into categories by floor area and by their location in 16 voivodeship capitals. The major purpose of the study is to prove that the prices of flats of different floor area change at different rates. Consequently, it seems worth considering whether a more detailed segmentation of the real estate market would be worthwhile for the sake of more accurate real property price indicators.
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Cellmer, Radosław. "The Use of the Geographically Weighted Regression for the Real Estate Market Analysis". Folia Oeconomica Stetinensia 11, n. 1 (1 gennaio 2012): 19–32. http://dx.doi.org/10.2478/v10031-012-0009-6.
Testo completoAbstract (sommario):
Abstract The article presents a method for developing geographically weighted regression models for analyzing real estate market transaction prices and evaluating the effect of selected property attributes on the prices and value of real estate. The property attributes were evaluated on a grading scale to determine the relative (percentage) indicators characterizing the relationships on the real estate market. The market data were analyzed to evaluate the influence of infrastructure availability on the prices of land in Olsztyn. The results were used to assess the effect of every utility service on the property transaction prices.
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Mustikowati, Rita Indah, e Sri Wilujeng. "Macroeconomic Changes And Prices Stock In Real Estate And Property Firm". Jurnal Studi Manajemen dan Bisnis 7, n. 1 (1 luglio 2020): InPress. http://dx.doi.org/10.21107/jsmb.v7i1.7979.
Testo completoAbstract (sommario):
This research was conducted to examine changes in macroeconomic conditions on stock prices in real estate and property companies. The aim of this research is to explain the changes in macroeconomic conditions on the stock prices of real estate and property companies. The sampling technique used was purposive sampling with a sample of 14 companies from 48 real estate and property companies listed on the JSX. The analysis technique used is multiple regression. Based on the results of the analysis, it was found that changes in macroeconomic conditions, namely inflation, had no positive effect on the stock prices of real estate and property companies. This is because the amount of demand for real estate and property will increase in accordance with population growth. Other findings show that the interest rate proxied from the BI Rate has a negative effect on the stock prices of real estate and property companies. Increased interest rates from the BI Rate will cause investors to be no longer interested in investing in the money market because it is considered more profitable to invest with high interest rates.
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Anggadini, Sri Dewi, Surtikanti Surtikanti, Adhe Puspa Andriyani Erik e Sari Damayanti. "DETERMINATION OF PROFITABILITY AND LIQUIDITY ON STOCK PRICE". Jurnal Riset Akuntansi 14, n. 2 (28 settembre 2022): 159–67. http://dx.doi.org/10.34010/jra.v14i2.5119.
Testo completoAbstract (sommario):
The purpose of the study is to determine the magnitude of the effect of Profitability on stock prices and the amount of liquidity influence on stock prices in property companies. Real estate stock price fluctuations were caused by negative sentiment, rising interest rates, low demand for stock prices, and the fall in the rupiah exchange rate against the UNITED STATES dollar, so that real estate, property, and building construction sub-sector companies experienced a decline in the company's performance. The research method used is a verificative descriptive analysis method. The population, namely sub-sector companies such as real estate, property, and building construction recorded on the IDX for the 2016-2018 period, includes 11 companies using samples in the form of purpose sampling. The sample in the form of financial statements in the company's quarter was 45 samples of financial statements for 3 periods from 2016-2018. The dependent variables are stock prices, while the independent variables in this study are ROA (Return On Asset) and CR (Current Ratio). The technical data analysis used is multiple linear regression analysis and is assisted by the SPSS version 20 application program. The results showed that Return On Asset (ROA) had a significant effect on stock prices with a positive relationship and Current Ratio (CR) had a significant effect on stock prices with a positive relationship.
Keywords: Return On Asset, Current Ratio, Stock Price
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Trofimov, Ivan D., Nazaria Md Aris e Dickson C. D. Xuan. "Macroeconomic and Demographic Determinants of Residential Property Prices in Malaysia". Zagreb International Review of Economics and Business 21, n. 2 (1 novembre 2018): 71–96. http://dx.doi.org/10.2478/zireb-2018-0015.
Testo completoAbstract (sommario):
Abstract This paper studies the relationship between residential property prices and macroeconomic and demographic determinants in Malaysia. In the years following the Asian financial crisis, property prices in Malaysia rose substantially, resulting in an affordability crisis and ultimately policy responses to the problem. Using unit root, Johansen-Juselius cointegration, VECM-based Granger causality tests and variance decomposition, and considering quarterly data that covers 2000-2015 period, we established that residential property price growth is principally driven by strong demographic performance and population growth and is backed by the low interest rate environment and rising consumer prices. Household income and level of GDP do not appear to contribute to property price growth. Certain distortions and asymmetries in the Malaysian real estate markets are documented: oversupply in the higher price segment of the market coupled with the lack of affordable housing in the lower price segment; household income growth lagging behind GDP and property price growth, thereby dampening housing demand; growing rental markets in major urban areas as a result of the affordability crisis; and a quality mismatch between buyers’ preferences and housing supply.
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Lisi, Gaetano. "International Real Estate Review". International Real Estate Review 17, n. 1 (30 aprile 2014): 47–62. http://dx.doi.org/10.53383/100179.
Testo completoAbstract (sommario):
The housing market matching model in this paper considers two types of home-seekers: people who search for a house both in the rental and the homeownership markets, and people who only search in the homeownership market. The house-search process leads to several types of matching and in turn, this implies different prices of equilibrium. Also, the house-search process connects the rental market with the homeownership market. This model is thus able to explain both the relationship between the rental and the selling prices and the price dispersion which exists in the housing market. Furthermore, this theoretical model can be used to study the impact of taxation in the two markets. Precisely, it is straightforward for showing the effects of two different taxes: tax on property sales and tax on rental income.
45
Ong, Seow Eng. "International Real Estate Review". International Real Estate Review 3, n. 1 (30 giugno 2000): 49–64. http://dx.doi.org/10.53383/100021.
Testo completoAbstract (sommario):
This paper examines the ability of buyers to afford and upgrade to private housing using the experience in land scarce Singapore as a case study. The concepts of the “threshold buyer?and “threshold upgrader?are introduced to construct an operational inter-temporal model of affordability and upward mobility, taking into consideration income, mortgage rates, prices of public housing flats and the legislative/financing framework in Singapore. The theoretical private property price computed by the upward mobility model is the lower bound dictated by affordability and cash outlay considerations such that the buyer/upgrader is no better or worse off arising from changes in the relevant factors over time. The model is empirically tested to evaluate the theoretical underpinnings as well as the ability of the model to predict private property price. Finally, the paper examines the implications for housing ownership policy in a wider context.
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Abidoye, Rotimi Boluwatife, Albert P. C. Chan, Funmilayo Adenike Abidoye e Olalekan Shamsideen Oshodi. "Predicting property price index using artificial intelligence techniques". International Journal of Housing Markets and Analysis 12, n. 6 (4 novembre 2019): 1072–92. http://dx.doi.org/10.1108/ijhma-11-2018-0095.
Testo completoAbstract (sommario):
Purpose Booms and bubbles are inevitable in the real estate industry. Loss of profits, bankruptcy and economic slowdown are indicators of the adverse effects of fluctuations in property prices. Models providing a reliable forecast of property prices are vital for mitigating the effects of these variations. Hence, this study aims to investigate the use of artificial intelligence (AI) for the prediction of property price index (PPI). Design/methodology/approach Information on the variables that influence property prices was collected from reliable sources in Hong Kong. The data were fitted to an autoregressive integrated moving average (ARIMA), artificial neural network (ANN) and support vector machine (SVM) models. Subsequently, the developed models were used to generate out-of-sample predictions of property prices. Findings Based on the prediction evaluation metrics, it was revealed that the ANN model outperformed the SVM and ARIMA models. It was also found that interest rate, unemployment rate and household size are the three most significant variables that could influence the prices of properties in the study area. Practical implications The findings of this study provide useful information to stakeholders for policy formation and strategies for real estate investments and sustained growth of the property market. Originality/value The application of the SVM model in the prediction of PPI in the study area is lacking. This study evaluates its performance in relation to ANN and ARIMA.
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Doszyń, Mariusz. "Econometric Models of Real Estate Prices with Prior Information. Mixed Estimation". Real Estate Management and Valuation 30, n. 3 (1 settembre 2022): 61–72. http://dx.doi.org/10.2478/remav-2022-0021.
Testo completoAbstract (sommario):
Abstract The purpose of this paper is to estimate econometric models with sample and prior information. Prices of land property for residential development in Szczecin are modeled (the price level was determined for 2018). Modeling property prices only based on sample data generates numerous problems. Transaction databases from local real estate markets often contain a small number of observations. Properties are frequently similar, which results in low variability of property characteristics, and thus – low efficiency of parameter estimators. In such a situation, the impact of some features cannot be estimated from the sample data. As a solution to this problem, the paper proposes econometric models that consider prior information. This information can be, for example, in the form of property feature weights proposed by experts. The prior information will be expressed in the form of stochastic restrictions imposed on the model parameters. In the simulation experiment, the predictive power of mixed estimation models is compared with two kind of models: OLS models and model with only prior information. It turned out that mixed estimation results are superior with regard to formal criteria and predictive abilities.
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Lo, Daniel, Kwong Wing Chau, Siu Kei Wong, Michael McCord e Martin Haran. "Factors Affecting Spatial Autocorrelation in Residential Property Prices". Land 11, n. 6 (17 giugno 2022): 931. http://dx.doi.org/10.3390/land11060931.
Testo completoAbstract (sommario):
Within housing literature, the presence of spatial autocorrelation (S.A.) in housing prices is typically examined horizontally in a two-dimensional setting. However, in the context of apartment buildings, there is also a vertical component of S.A. for housing units located on different floor levels. This paper therefore explores the determinants of both horizontal and vertical S.A. within residential property prices. First, we posit that S.A. in housing prices is a consequence of the price discovery process of real estate, in which property traders acquire price information from recent market transactions (i.e., comparables) to value a subject property. Furthermore, we contend that the extent to which property traders rely on comparables to determine housing prices is governed by the liquidity and volatility conditions of the market, which in turn affects the magnitude of the S.A. By developing and testing several spatial autoregressive hedonic models using open market transaction data for the Hong Kong residential property market, we find that market liquidity tends to increase both vertical and horizontal S.A., whilst market volatility is more prone to increase vertical S.A. but depress horizontal S.A.
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Sahbana, Agung, Galumbang Hutagalung e Nagian Toni. "The Effect of Return on Equity and Company Size on Stock Prices with Dividend Policy as an Intervening Variable in Property and Real Estate Companies Listed in Indonesia Stock Exchange 2015-2019 Period". International Journal of Research and Review 9, n. 3 (7 marzo 2022): 24–31. http://dx.doi.org/10.52403/ijrr.20220304.
Testo completoAbstract (sommario):
The purpose of this study is to test whether Return on Equity and company size affect stock prices with dividend policy as an intervening variable on property and real estate listed on the Indonesia Stock Exchange in 2015-2019 using Sobel test and path analysis. This research is a quantitative research. The total population of property and real estate companies listed on the BEI is 58 companies and the sample that meets the criteria according to purposive sampling is 14 companies. The results of this study indicate that Return on Equity has a positive influence on stock prices, company size does not affect stock prices, dividend policy does not affect stock prices, ROE does not affect dividend policy, company size does not affect dividend policy, while the indirect effect of ROE has no effect. on stock prices through dividend policy as well as company size does not affect stock prices through dividend policy. Keywords: Return on Equity, Company Size, Stock Price, Dividend Policy.
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Hannum, Christopher, Kerem Yavuz Arslanli e Ali Furkan Kalay. "Spatial analysis of Twitter sentiment and district-level housing prices". Journal of European Real Estate Research 12, n. 2 (8 agosto 2019): 173–89. http://dx.doi.org/10.1108/jerer-08-2018-0036.
Testo completoAbstract (sommario):
Purpose Studies have shown a correlation and predictive impact of sentiment on asset prices, including Twitter sentiment on markets and individual stocks. This paper aims to determine whether there exists such a correlation between Twitter sentiment and property prices. Design/methodology/approach The authors construct district-level sentiment indices for every district of Istanbul using a dictionary-based polarity scoring method applied to a data set of 1.7 million original tweets that mention one or more of those districts. The authors apply a spatial lag model to estimate the relationship between Twitter sentiment regarding a district and housing prices or housing price appreciation in that district. Findings The findings indicate a significant but negative correlation between Twitter sentiment and property prices and price appreciation. However, the percentage of check-in tweets is found to be positively correlated with prices and price appreciation. Research limitations/implications The analysis is cross-sectional, and therefore, unable to answer the question of whether Twitter can Granger-cause changes in housing markets. Future research should focus on creation of a property-focused lexicon and panel analysis over a longer time horizon. Practical implications The findings suggest a role for Twitter-derived sentiment in predictive models for local variation in property prices as it can be observed in real time. Originality/value This is the first study to analyze the link between sentiment measures derived from Twitter, rather than surveys or news media, on property prices.