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1
Wei, Tham Kuen, e Rosli Said. "NON-PERFORMING PROPERTY LOANS AND ITS ORIGINATION IN THE REAL ESTATE FINANCE SYSTEM: CASE STUDY OF MALAYSIA". International Journal of Property Sciences 11, n.º 1 (30 de agosto de 2021): 35–59. http://dx.doi.org/10.22452/ijps.vol11no1.3.
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A healthy real estate finance system is crucial for any economy to grow and thrive. However, in recent years, the sustainability and soundness of the Malaysian Real Estate Finance System had been in question as the number of non-performing property loans had been on the rise. This paper looks into how property NPLs originate within the real estate finance system in Malaysia and its current performance in Malaysia. A descriptive research design was conducted utilizing in-depth case studies of Malaysia to examine Malaysia’s real estate finance system consisting of loan originators in the primary market and the special purpose vehicle involved at the secondary mortgage market where it was found that the Malaysian Real Estate Finance System is efficiently developed and on par with other developed countries with a robust primary mortgage market, effective secondary mortgage market and a vibrant capital market. Further analysis found that there are a total of 57 financial institutions that are property loan originators in Malaysia that consists of 26 Commercial Banks, 16 Islamic Banks, 2 International Islamic Banks, 11 Investment Banks, and 2 Special Financial Institutions. In terms of NPLs in Malaysia, property loans are the largest component of total NPLs in the country, and subsequent analysis found that the number of property NPLs in the country had been rising since 2015, after a long decade decline. This study warrants further research into the causes of property NPLs in the country so that the causes of property NPLs can be monitored as part of the country's strategic monetary policy to control and reduce the number of property NPLs in the country. Ultimately, this also helps to contribute towards a sound and robust real estate finance system in Malaysia.
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Byrne, Michael. "Bouncing back: the political economy of crisis and recovery at the intersection of commercial real estate and global finance". Irish Geography 48, n.º 2 (19 de outubro de 2016): 78–98. http://dx.doi.org/10.55650/igj.2015.626.
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A growing literature demonstrates that the increasingly inter-dependent relationship between finance and real estate intensifies the boom-bust dynamics associated with property markets. Thus, the relationship between finance and real estate is frequently critiqued by examining how it produces crises with devastating impacts on societies, economies and cities. But despite the focus on property crises, much less attention is paid to the resolution of financial real estate crashes. How do bust property markets recover? And with what consequences? This paper responds to these questions by examining Dublin’s office real estate market. Dublin is a particularly suitable case as its booming property market collapsed in 2008 but recovered rapidly from 2013. Analysing the transition from crisis to recovery provides important insights at a number of levels. Firstly, just as credit is crucial to property booms, the relationships between finance and the built environment play a crucial role in shaping the recovery of Dublin’s office market. Secondly, state intervention in the financial system is crucial to this process. Finally, the dynamics associated with recovery work through the production of new circuits linking finance and commercial real estate.
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Nourse, Hugh. "Measuring Business Real Property Performance". Journal of Real Estate Research 9, n.º 4 (1 de janeiro de 1994): 431–44. http://dx.doi.org/10.1080/10835547.1994.12090764.
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Olaleye, Abel, e Benjamin Ekemode. "Integration between real estate equity and non-real estate equity". Journal of Property Investment & Finance 32, n.º 3 (1 de abril de 2014): 244–55. http://dx.doi.org/10.1108/jpif-10-2013-0063.
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Purpose – The paper examined the long-run relationship between real estate equity (property listed stock) and non-real estate equity (common stock) in the Nigerian capital market and established the integration between the investments. The paper aims to discuss these issues. Design/methodology/approach – The data collected comprised quarterly returns on property listed stock and All Share Index for the period of January 1999-December 2011. The calculated quarterly returns of the investments were subjected to the Philip-Person unit root test after which the integration between the investments was analysed using the Johansson integration test. Findings – The results showed that real estate equity performed better the non-real estate equity but with corresponding higher risk level. Also, real estate equity had a slightly lower performance when compared with non-real estate equity on return/risk ratio basis. The findings showed that property listed stock (real estate equity) was integrated with common stock or non-real estate equity and suggest that the Nigerian listed property stock, by nature, was similar to REITs. This result negates the belief that property listed stock's returns are integrated with direct real estate market and are often influenced by the returns of the underlying direct real estate assets. Practical implications – The paper implied that while investors could consider investing in real estate equity and earn better return than investing in common equity in the Nigerian capital market, the inclusion of both in a domestic portfolio could be expected to bring little or no diversification benefit. Originality/value – The paper is one of the few attempts at assessing the long-run relationship between property listed stock as a form of real estate equity and non-real estate equity and especially from African emerging market perspective.
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Corgel, John. "Property-by-Property Valuation of Publicly Traded Real Estate Firms". Journal of Real Estate Research 14, n.º 1 (1 de janeiro de 1997): 77–90. http://dx.doi.org/10.1080/10835547.1997.12090889.
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Liu, Xuefeng. "Analysis of the Impact of Property Tax on Property Wealth Effect". BCP Business & Management 44 (27 de abril de 2023): 512–19. http://dx.doi.org/10.54691/bcpbm.v44i.4862.
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Contemporarily, with the boosting value of China's real estate prices as well as the prospers of the market, family real estate wealth also increases. Based on the data of China Household Finance Survey (CHFS) in 2019, this paper investigates and discusses the impact of household property wealth on household consumption and the impact of property tax on the property wealth effect. Empirical research shows that real estate wealth has a significant positive impact on household consumption. In other words, the increase of it has a significant promoting effect on household consumption. The property tax has a significant restraining effect on the wealth effect of real estate. According to the analysis, a number of relevant policy suggestions are put forward to help accelerate economic development, promote consumer consumption, stabilize employment, and improve people's well-being. Overall, these results shed light on guiding further exploration of the impact of property taxes on household consumption.
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Rosiers, François Des. "Finance and property: The role of institutional property investment in British and Canadian real estate". Progress in Planning 28 (janeiro de 1987): 77–193. http://dx.doi.org/10.1016/0305-9006(87)90008-0.
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Webb, Robert I. "Transitory real-time property rights and exchange intellectual property". Journal of Futures Markets 23, n.º 9 (21 de julho de 2003): 891–913. http://dx.doi.org/10.1002/fut.10097.
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Ke, Qiulin, e Karen Sieracki. "Market maturity: China commercial real estate market". Journal of Property Investment & Finance 33, n.º 1 (2 de fevereiro de 2015): 4–18. http://dx.doi.org/10.1108/jpif-08-2013-0047.
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Purpose – The purpose of this paper is to explore the evolutionary path to market maturity that China property market has taken over the last few decades. The focus is on the commercial real estate markets in Beijing and Shanghai. It will help international investors understand the market environment, risk and market activity process. Design/methodology/approach – In this research, the authors apply the market maturity framework and its key determinants based on previous work undertaken by Keogh and D’Arcy (1994) and Chin et al. (2006) for the analysis of Chinese commercial property market. Particular focus is on Beijing and Shanghai. The questionnaire is designed to obtain fair and objective views from international property consultancy firms active in Beijing and Shanghai markets. There are not many of these international property consultancies. The reason why this type of business was selected was to insure that the business had an understanding of China’s place in the global commercial real estate market as this market matures from its emerging market status. Findings – The findings reveal that the respondents felt the commercial property markets in Shanghai and Beijing were now moderately mature. However, issues such as poorer level of standard market information, development instability, low transparency of the legal system, high taxes and high government invention still existed in China’s commercial property market, therefore hindering its progress towards greater market maturity. Research limitations/implications – The small same size of the survey is the major limitation of the research. Practical implications – International investors and analysts can benefit from the research findings through a better understanding of the behaviour and trends in this unique market which will be reflected in their decision-making process. Originality/value – An explorative approach was used due to the lack of data to examine the perception of China’s commercial property market’s evolution and maturity. The findings can then be placed in the context of other Southeast Asian cities. The evolutionary process of China’s property market is rarely examined in previous studies of China property market due to the lack of data and transparency.
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McDonald, John F., e Yuliya Yurova. "Property taxation and selling prices of industrial real estate". Review of Accounting and Finance 6, n.º 3 (14 de agosto de 2007): 273–84. http://dx.doi.org/10.1108/14757700710778018.
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Taylor, Zac J. "The real estate risk fix: Residential insurance-linked securitization in the Florida metropolis". Environment and Planning A: Economy and Space 52, n.º 6 (5 de janeiro de 2020): 1131–49. http://dx.doi.org/10.1177/0308518x19896579.
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Insurance-linked securitization (ILS) plays an increasingly important role in the protection of valuable real estate markets from devaluation due to climate risk. This paper critically investigates ILS in the Florida context, where billions of dollars of residential hurricane wind exposure are securitized on behalf of re/insurers and institutional investors each year. Building on Harvey’s seminal concept of the spatial fix, it is argued that ILS represents a real estate risk fix. ILS transforms uncertain property catastrophe exposures into a liquid asset class, and in doing so turns institutional investor funds into re/insurance capacity for capital-hungry ‘peak peril’ re/insurers. Securitization helps to sustain the circulation of capital through risky built environments by absorbing the catastrophe exposures of mortgages and other forms of property-linked finance. In this way, ILS provides a fix for the Harveyian spatial fix, one which momentarily offsets growing environmental barriers to property-led accumulation. The paper shows how specific modes of urbanization and property finance, waves of ‘natural’ catastrophe, patterns of public and private institutional intervention, transnational flows of risk capital, and the creation of new market-making devices have constituted ILS as a provisional (if extractive) fix. To this end, the paper furthers our conceptual and empirical understandings of the operation of ILS and re/insurance at specific urban conjunctures, while also highlighting key dilemmas associated with securing the real estate-finance system from climate risk.
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Wang, Peijie. "International Real Estate Review". International Real Estate Review 6, n.º 1 (30 de junho de 2003): 22–42. http://dx.doi.org/10.53383/100044.
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This paper examines cycles and common cycles in the property market and the economy. While focusing on common cycles, the study also incorporates common trends in the meantime, so it covers the whole spectrum of dynamic analysis. It has been found that property shares common cycles, particularly with those sectors that are the user markets of property. The mechanisms of common cycles and the relative magnitudes of cycles of the sectors related to property are discussed to shed light on property market behavior.
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Demirci, Irem, Umit G. Gurun e Erkan Yönder. "Shuffling through the Bargain Bin: Real-Estate Holdings of Public Firms*". Review of Finance 24, n.º 3 (21 de junho de 2019): 647–75. http://dx.doi.org/10.1093/rof/rfz010.
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Abstract Constructing a novel database on the real-estate holdings of public firms, we show that distressed firms sell their real-estate assets at a discount relative to healthy firms. We find that distress discount in real-estate assets is less pronounced for sellers with less liquidity-constrained industry peers and in machinery-heavy industries. We also document that asset redeployability and the availability of potential buyers are two important property-specific determinants of the distress discount. Additionally, firms’ property portfolios that are less redeployable with less potential buyers exacerbate the negative impact of financial distress on the cost of borrowing.
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Koynja, Johannes Johny. "Jaminan Kerahasiaan Informasi Pajak Atas Harta Benda Wajib Pajak Dalam Pemeriksaan Pengelolaan dan Tanggung Jawab Keuangan Negara Yang Dijalankan Badan Pemeriksa Keuangan". JATISWARA 31, n.º 2 (13 de outubro de 2017): 287–301. http://dx.doi.org/10.29303/jtsw.v31i2.50.
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This study departs from the legal issues that were born from the conflict of two interests are equally protected by the constitution, namely: First, the interest in the form of the constitutional rights of the taxpayer on his property, in this case the guarantee of confidentiality is protected by law on all the information that has been given to the state (tax authorities) in respect of its obligations to pay taxes according to the principle of self-assessment; Secondly, the benefit in the form of constitutional authority of Audit Board of the Republic of Indonesia (BPK) to audit state finances freely and independently. There are two questions of urgency in the research related to the conflict norm constitutional authority of Audit Board of the Republic of Indonesia (BPK) to information on property tax taxpayer, namely: First, where was the norm conflicts related to the constitutional authority of the Supreme Audit Agency (BPK) to get property tax on the Taxpayer? Second, how real implementation Taxpayer confidentiality to information on property tax Taxpayer with the implementation of self assessment system in the Indonesian tax system? egislation governing state finances, namely the Act Number 17 of 2003 on State Finance and the Act Number 15 of 2004 concerning Management and Accountability of State Finance, and the Act Number 15 of 2006 regarding the Supreme Audit Agency (BPK) has placed the Supreme Audit Agency (BPK) as a body that tends to monopoly the inspections on state finances, in addition to creating instability in the taxation sector.
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Rabianski, Joseph, e Roy Black. "Real Property Brokerage Education and License Law". Journal of Real Estate Practice and Education 1, n.º 1 (1 de janeiro de 1998): 21–37. http://dx.doi.org/10.1080/10835547.1998.12091558.
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Blake, Andrea, Lucy Cradduck, Kristy Richardson e Chris Eves. "Real Property Law: Its Place in Australian Undergraduate Real Estate Programs". Journal of Real Estate Practice and Education 13, n.º 2 (1 de janeiro de 2010): 141–58. http://dx.doi.org/10.1080/10835547.2010.12091677.
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Hu, Yuqing, e Piyush Tiwari. "International Real Estate Review". International Real Estate Review 24, n.º 2 (30 de junho de 2021): 293–322. http://dx.doi.org/10.53383/100323.
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This paper identifies the impact of macroeconomic determinants of commercial property investment and development markets in Australia. A Hodrick-Prescott (HP) filter is used to filter the cyclical components of commercial property investment and development time series. In order to identify the long-run relationships and short-run dynamics, coupled with causality between these factors and property cycles, the investment and development property cycles are analyed with respect to the movement of nine macroeconomic factors by using time series data from 1987 to 2016. The empirical results suggest that the Australian commercial property market is often in an overdemand situation rather than oversupply, which can be explained by the different patterns of the property cycles on the demand and supply sides. Property investment cycles are shorter and more volatile than development cycles at around 8-10 years and more than 20 years, respectively, since there is a larger elasticity of the macroeconomic factors that underlie the investment market with short-term dynamics, while the development cycle is mainly affected by such factors moderately in the long run. Both the investment and development markets are intensively affected by financing related variables rather than market-sentiment and economic-cycle related variables.
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Cruz, Prince Christian. "International Real Estate Review". International Real Estate Review 11, n.º 1 (30 de junho de 2008): 128–50. http://dx.doi.org/10.53383/100094.
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Asia is home to some of the fastest growing cities in the world. As urbanization increases, demand for housing also increases. Well functioning housing markets can minimize problems associated with rapid urbanization such as unaffordable housing and urban slums. This paper explores the different aspects of the residential property sales markets in Asian countries. Using data gathered by the Global Property Guide, transaction costs associated with residential property purchases are analyzed. Housing markets are also examined in terms of tenure, protection of property rights, and openness and transparency. Roundtrip transaction costs for buying properties are high, above 10% in several countries in Asia. High transaction costs and unaffordable housing combined with weak protection of property rights are seen to be conducive to the creation of urban slums.
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McDonald, John F. "Property Taxation and Optimal Capital Structure in Real Estate Investment". Review of Accounting and Finance 1, n.º 2 (fevereiro de 2002): 5–21. http://dx.doi.org/10.1108/eb026982.
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Baldi, Francesco. "Valuing a greenfield real estate property development project: a real options approach". Journal of European Real Estate Research 6, n.º 2 (2 de agosto de 2013): 186–217. http://dx.doi.org/10.1108/jerer-06-2012-0018.
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Chen, Jian, e David H. Downs. "International Real Estate Review". International Real Estate Review 16, n.º 3 (31 de dezembro de 2013): 323–43. http://dx.doi.org/10.53383/100176.
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This paper examines real property tax as a determinant of tenure choice. The analysis is conducted in two stages. First, parameter estimates for a reduced-form homeownership model are obtained through multivariate logistic regression on data drawn from the U.S. Survey of Income and Program Participation (SIPP). Second, data from the Chinese Household Income Project (CHIP) is used to obtain predicted homeownership for China by using the SIPP-based model. Actual and predicted values of homeownership in China are presented, and the marginal effect of property tax is computed. Overall, we find that tenure choice is significantly influenced by property tax, even after controlling for a wide range of supply and demand considerations. Furthermore, and in the case of China, we show that the negative impact of property tax on homeownership may be mitigated by corresponding ownership incentives (e.g., tax policy). To the best of our knowledge, this is the first paper to explicitly analyze property tax in this regard. Implications based on the empirical analysis are applicable to the evolution of property tax policy in China.
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Ratchatakulpat, Thanakon, Peter Miller e Teresa Marchant. "International Real Estate Review". International Real Estate Review 12, n.º 3 (31 de dezembro de 2009): 273–94. http://dx.doi.org/10.53383/100115.
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This study investigates the factors that prospective buyers consider when purchasing residential property in Queensland, Australia. A drop-off survey is used, with 376 property buyers and a response rate of 62.7 percent. Affordability, maintenance and interior design, and a good neighbourhood are considered as most important. Of least importance are the affluence and quality of the area, water, views and roads, and features, such as a pool or air-conditioning. Therefore, location is important in the sense of neighbourhood and community, rather than prestige. Affordability should receive more attention in the literature and real estate marketing. Different market segments consider a number of factors when purchasing residential property. Since the factors vary according to the purpose (live in or investment) and the property type (house or unit), these variables provide a basis for identifying market segments. Agents can use the findings to better understand buyers. Researchers can further analyse buyer considerations and property characteristics to condense a large number of factors into a small number of coherent dimensions. The study may be limited by its focus on a geographical section of the Australian real estate market and some difficulties in identifying and operationalising property characteristics.
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SIRMANS, G. STACY, BARRY A. DISKIN e H. SWINT FRIDAY. "VERTICAL INEQUITY IN THE TAXATION OF REAL PROPERTY". National Tax Journal 48, n.º 1 (1 de março de 1995): 71–84. http://dx.doi.org/10.1086/ntj41789124.
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Mintah, Kwabena, Woon-Weng Wong e Peng Yew Wong. "International Real Estate Review". International Real Estate Review 23, n.º 2 (30 de junho de 2020): 211–34. http://dx.doi.org/10.53383/100300.
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The purpose of this study is to evaluate the impact of cross border real estate investments on the performance of the direct commercial property market in Australia. Using an autoregressive distributed lag (ARDL) model, factors including volume of cross border real estate investments, real gross domestic product (RGDP), office stock, and vacancy and net absorption rates are examined for their impact on total returns. The results indicate that traditionally established long-term drivers, including RGDP, office stock, and vacancy and net absorption rates, are still relevant. It is found that cross border real estate investments have impact on the performance of the direct commercial office property market in Australia. The results and findings would help property investors, developers, policymakers, and stakeholders in decision making around property investments. This research is an initial study that focuses on the impact that cross border real estate investments have on the performance of the direct commercial/office property market in Australia.
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Pivo, Gary, e Paul McNamara. "International Real Estate Review". International Real Estate Review 8, n.º 1 (30 de junho de 2005): 128–43. http://dx.doi.org/10.53383/100064.
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This paper was written for the principles for responsible investment project of the United Nations Environment Programme Finance Initiative (UNEP FI). The UNEP FI is a global partnership between UNEP and the financial sector to understand the impacts of environmental and social considerations on financial performance. As recommended in this paper, the UNEP FI is organizing a Property Working Group (PWG) to further examine the issues discussed here. Information about the PWG can be obtained from the authors. Responsible property investing (RPI) means maximizing the positive and minimizing the negative social and environmental effects of property investing, consistent with fiduciary responsibilities. Our understanding of these issues has progressed a good deal over the decades due to work by the United Nations and others. Property markets are inextricably linked to urban problems and better management of both new and existing properties is needed to resolve them. The perception that RPI necessarily dilutes investment returns should be challenged. There is mounting evidence that RPI can be financially sound and socially beneficial. Leaders have emerged that are demonstrating its feasibility. Their activity should be considered as a basis for best practice guidelines. There is a need to develop metrics for comparing progress on RPI. We recommend: 1) establishing an RPI working group, 2) summarizing prior reports on urban issues, 3) identifying investment strategies that are profitable and responsive to the issues, 4) clarifying the financial effects of different responses and improving our means of measuring them, 5) identifying best practices, 6) adopting a rating system, 7) supporting RPI investment funds, and 8) recognizing leaders in the field.
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Liao, Hsien-hsing, e Jianping (J P. ). Mei. "International Real Estate Review". International Real Estate Review 2, n.º 1 (30 de junho de 1999): 21–34. http://dx.doi.org/10.53383/100010.
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This study provides an empirical study on the relationship between institutional factors and real estate returns. Using data from both developed and emerging market countries, our empirical results show that institutional factors do influence real estate returns and these factors may not be fully priced. We find that when controlling return volatility and level of economic growth, a higher property return is expected in countries where the economy is more efficient and has more economic freedom. Our results support the view that the combination of "lumpiness" of real estate investment and the volatile nature of international capital flows may expose property investors to extra investment risk, which needs to be compensated. Our results also indicate that an improvement in a country's economic efficiency and economic freedom may reduce property variance risk thus enhancing property returns.
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Simons, Robert A., e Jesse Saginor. "International Real Estate Review". International Real Estate Review 13, n.º 2 (31 de agosto de 2010): 134–56. http://dx.doi.org/10.53383/100123.
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This research evaluates the effect of leaking underground storage tanks (LUSTs) from gas stations on nearby commercial property when the existing data is incomplete or imperfect. While methodologies such as hedonic regression may be preferred for evaluating the effects of LUSTs on property values, the rigorous data requirements of these methodologies often cannot be met. Contingent valuation analysis is one method that enables estimation of losses when the data available is incomplete. A contingent valuation analysis of real estate professionals in South Carolina and Ohio provides estimates of commercial property losses, which ranges from 0-40%, depending on environmental conditions and proximity to the source. This research has developed a methodology for estimating real estate property value losses when data requirements cannot be fulfilled based on the best available data.
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Chan, Su Han, Ko Wang e Jing Yang. "International Real Estate Review". International Real Estate Review 6, n.º 1 (30 de junho de 2003): 102–20. http://dx.doi.org/10.53383/100048.
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Conventional wisdom tells us that the price level of properties should be supported by the rent they receive. This paper examines the pricing factors of properties by analyzing how individuals allocate their income to housing consumption and other goods, which in turn become the rent (or implicit rent) to support property values. Our model’s results can explain several puzzling observations in property markets, including why the variance of property appreciation rates is much higher than that of income growth rates in the same area.
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Ge, Xin J., e G. Runeson. "International Real Estate Review". International Real Estate Review 7, n.º 1 (30 de junho de 2004): 121–38. http://dx.doi.org/10.53383/100056.
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This paper develops a forecasting model of residential property prices for Hong Kong using an artificial neural network approach. Quarterly time-series data are applied for testing and the empirical results suggest that property price index, lagged one period, rental index, and the number of agreements for sales and purchases of units are the major determinants of the residential property price performance in Hong Kong. The results also suggest that the neural network methodology has the ability to learn, generalize, and converge time series.
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Cheung, William Mingyan, James Chicheong Lei e Desmond Tsang. "International Real Estate Review". International Real Estate Review 19, n.º 1 (31 de março de 2016): 27–49. http://dx.doi.org/10.53383/100214.
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This study examines whether property transaction affects the price discovery process in real estate markets. Prior literature shows that price discovery generally first takes place in the securitized public real estate investment trust (REIT) market. We conjecture that property transaction provides novel information to the direct real estate market and can change the dynamics between public and private real estate returns. We employ a unique dataset of property transactions to construct "transaction windows¨ and specifically examine the causality between public and private real estate markets around these periods. We form firm-level pairs of public and private price series, and estimate the normalized common factor loadings per Gonzalo and Granger (1995) by using a vector error-correction model. Our findings show that a significant proportion of price discovery happens in the private market instead of the public REIT market. Our results are robust to investments of different property types and different lengths of transaction windows. Overall, the findings in this study imply that property acquisition and disposition provide crucial information to the private real estate market and induce a reverse causality between the public and private markets.
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Rinchumphu, Damrongsak, Chris Eves e Connie Susilawati. "International Real Estate Review". International Real Estate Review 16, n.º 3 (31 de dezembro de 2013): 296–322. http://dx.doi.org/10.53383/100175.
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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.
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Ti, Edward. "Property Values as a Function of Law and Policy". International Real Estate Review 1, n.º 1 (30 de junho de 1998): 127–42. http://dx.doi.org/10.53383/100359.
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Real estate values can be viewed as a function of law and policy. Using case law references, Hansard records, statutory instruments, and secondary literature, this paper articulates how the legal system impacts property values, in both expected and unexpected ways. While valuation is often viewed through the prism of real estate economics and finance, this paper highlights the reality that a more extended interpretation of understanding property valuation can be obtained by recognising that legal rules often impact asset values, sometimes in a surprising fashion. Recognising the links among law, policy, and property values is relevant to practitioners and policymakers alike.
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Li, Xinyi, Yuhong Zhang, Xing Zhang e Runtang Gu. "Analyzing the Relationship between the Features of Direct Real Estate Assets and Their Corresponding Australian—REITs". International Journal of Financial Studies 11, n.º 1 (1 de fevereiro de 2023): 29. http://dx.doi.org/10.3390/ijfs11010029.
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This study investigated the relationship between a sector-specific Australian Real Estate Investment Trust (A-REITs) and the underlying property assets in its property portfolio. The existing studies have assessed the connectedness/correlation between the A-REITs market and a variety of other asset markets, including the overall stock, bond, and direct real estate markets. This study applied regression analysis methods and discovered that there exists a certain degree of linear correlation between the underlying property assets and the return of the subject A-REITs. The most significant variable is the occupancy of the offices. The higher the occupancy is, the better the dividend can be. Features of the A-REITs also affect the dividend outcomes, specifically, the total portfolio market value and the capitalization rate. This suggests that the annual valuation outcomes show a positive relation with the performance of the A-REITs.
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Saull, Andrew, Andrew Baum e Fabian Braesemann. "Can digital technologies speed up real estate transactions?" Journal of Property Investment & Finance 38, n.º 4 (19 de maio de 2020): 349–61. http://dx.doi.org/10.1108/jpif-09-2019-0131.
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PurposeThis study presents a structured investigation of the most important causes for delay in commercial real estate transactions. It assesses the potential of digital technologies such as “Blockchain”, “Property Passports” or “Automated Valuation Models” to make transactions faster and cheaper.Design/methodology/approachThe authors conduct a focus group interview to identify the individual steps and the parties involved in real estate transactions. Subsequently, the authors discuss the prospects of digital technologies based on semi-structured interviews with real estate professionals and PropTech executives, and a comprehensive screening of technological solutions offered by PropTech firms.FindingsThe lack of an up-to-date, single pool of standardised property information turns out to be the most critical cause for delay in real estate transactions. However, the most promising technologies to mitigate this problem, in particular digital property passports summarising all relevant building information, face substantial barriers to adoption. The real estate industry has so far not been willing to more openly share data, which is a pre-requiste for the successful introduction of property passports. In addition, the principle of caveat emptor makes a lengthy due diligence process essential for buyers.Practical implicationsThe authors conclude that industry-wide collaborations are necessary to help major efficiency gaining technologies to break through. Insurance products should accompany property data log books to guarantee the quality of data provided.Originality/valueThis study considers the potential impact of technologies in the wider context of the complete real estate transaction process. It identifies the major phases of that process and the associated bottlenecks. The authors gather evidence both from industry experts and PropTech executives and contrast their views regarding the potential of digital technologies to remove those bottlenecks.
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Simons, Robert A., e Ron Throupe. "International Real Estate Review". International Real Estate Review 15, n.º 2 (31 de agosto de 2012): 231–52. http://dx.doi.org/10.53383/100156.
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This paper examines the loss of control of the ability to time the sale or develop property as an intrinsic benefit of the bundle of ownership rights. This right, proxied by the real option to control property, can be hindered by the existence of contamination. An empirical analysis of a contaminated site is used to illustrate the cumulative effect of this sell option and a measurement of financial loss. The results of a survey are used to determine the likely value of the real estate option and its effect on the subject property as part of the overall value. The results suggest a value for the sell (call) option which is dependent on the time before expiration. For the case study and ten year time period used in this research, 27% to 40% of the property value is estimated as the value of the loss in ability to sell.
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d’Amato, Maurizio, e Paola Amoruso. "International Real Estate Review". International Real Estate Review 21, n.º 1 (31 de março de 2018): 113–43. http://dx.doi.org/10.53383/100257.
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Whilst the property market shows cyclical behaviours, opinions of value based on income approaches assume that there is stable or perpetually growing (or decreasing) income without considering the effects of the property market cycle on leasing contracts. The paper therefore focuses on the application of a valuation method for income producing properties which have a value that is affected by the upturns and downturns of property market cycles. Continuing from the previous works in this area (d¡¦Amato, 2003, d¡¦Amato, 2013; d¡¦Amato, 2015) the income approach method here is applied to the office market in four areas of London. In applying this valuation method, property valuation and time series analysis are integrated. The work provides a general introduction on cyclical capitalization as another family of valuation methodologies based on the income approach and then an application of cyclical capitalization to areas of London which highlight their strength and weakness.
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Mintah, Kwabena. "International Real Estate Review". International Real Estate Review 21, n.º 4 (31 de dezembro de 2018): 473–520. http://dx.doi.org/10.53383/100270.
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Studies have demonstrated the potential of real options analysis (ROA) in property development decision-making. However, practitioners have yet to accept, adopt and integrate ROA in property development decision-making in Australia. This paper therefore investigates how Australian residential property developers manage uncertainties and risks, examines flexibility as a risk management tool, and evaluates the receptiveness and acceptance of ROA for decision making. Data are collected through face-to-face semi-structured interviews with twelve participants, and analysed by using thematic analysis. The results indicate that a discount rate is insufficient for managing uncertainties and risks; rather, contingency is used. Receptiveness and acceptance of the RO theory are mixed due to lack of unanimity among responses. Some participants are positive about flexibility, while others are dismissive. Beyond quantitative ROA models, the findings suggest that practitioners are receptive to ROA, but concerns remain over adoption. Flexibility cases executed by some participants in practice indicate that practitioners are subconsciously using ROA. Therefore, it is possible that acceptance and adoption could be achieved in the future. Evidence of the use of contingency as a risk management tool challenges the long-held notions of risk-return relationships in property development and investment. This is initial evidence of qualitative research on ROA in practice within Australian property developments.
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Plaut1, Pnina O., e Steven E. Plaut. "International Real Estate Review". International Real Estate Review 16, n.º 1 (30 de abril de 2013): 119–33. http://dx.doi.org/10.53383/100166.
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The supply of rental housing is by and large provided by landlord households. Little is understood about the factors, beyond financial portfolio considerations, that affect the inclination of people or households to become landlords. Studies of the American rental market have pointed to differences across income, wealth, ethnicity, and education in the willingness to rent out residential property to others. Here, we examine the question for Israel. We find that income and wealth are positively associated with the inclination to be a landlord. Education has an effect in Israel in contrast to the US (and Australia). Human capital in Israel appears to complement with rental property capital, unlike the case for the US and Australia, where they appear to be substitutes. In most cases, rental property in Israel and housing capital in the landlord's primary residence appear to be complementary. Ethnic minorities and new immigrants are under-represented among landlords. For households who own rental property, the income from such rentals is empirically analyzed.
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Baranyai, Eszter. "Open-ended real estate funds: from flows to property". Journal of Property Investment & Finance 37, n.º 6 (2 de setembro de 2019): 555–69. http://dx.doi.org/10.1108/jpif-06-2019-0080.
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Purpose The purpose of this paper is to uncover the relationship between flows and real estate investment at open-ended real estate funds (OEREFs). Design/methodology/approach The study employs fixed-effects panel regressions, relying on data from the Hungarian fund managers’ trade association. First, the effect of lagged flows on allocation to real estate is assessed. Second, the paper studies how this relationship changes as the cyclical position of CRE market advances using two proxies. Findings Flows are found to affect funds’ real estate holdings if they occurred 12–18 months earlier. Inflows (outflows) in the preceding six months demonstrably lower (increase) funds’ real estate holdings ratio. Beyond this relationship, findings do not suggest that less funds are channelled to real estate as “CRE heat” intensifies. Practical implications In an environment marked by strong cash inflows, the investment lag can translate into a significant drop in funds’ exposure to real estate. The share of real estate at Hungarian funds in the sample, for example, fell from 79 to 50 per cent on average over the period of 2011–2017. Measures designed to limit inflows are in the interest of those existing investors who wish to avoid a dilution of the core investment strategy. Originality/value The paper adds to the literature on OEREFs which has been particularly scarce on liquidity transformation during non-crisis times and on non-German funds.
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d’Amato, Maurizio. "International Real Estate Review". International Real Estate Review 10, n.º 2 (31 de dezembro de 2007): 42–65. http://dx.doi.org/10.53383/100083.
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This paper focuses on the problem of applying rough set theory to mass appraisal. This methodology was first introduced by a Polish mathematician, and has been applied recently as an automated valuation methodology by the author. The method allows the appraiser to estimate a property without defining econometric modeling, although it does not give any quantitative estimation of marginal prices. In a previous paper by the author, data were organized into classes prior to the valuation process, allowing for the if-then, or right “rule” for each property class to be defined. In that work, the relationship between property and class of valued was said to be dichotomic.
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Berkman, Mark P., Kyle J. Hubbard e Timothy H. Savage. "International Real Estate Review". International Real Estate Review 15, n.º 2 (31 de agosto de 2012): 215–30. http://dx.doi.org/10.53383/100155.
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Recent litigation with regards to property damage associated with carbon black emissions provides an opportunity to measure the impact of particulate matter (PM), a Clean Air Act pollutant. By using property-specific PM concentrations, we estimate the impact of PM on residential property values, which accounts for relevant characteristics and multiple pollution sources. This study simultaneously incorporates all important econometric modeling features cited in the prior literature. We find that a 10-percent increase in PM concentration results in a statistically-significant 1.1-percent decrease in value. In 2007 dollars, a one-standard deviation increase in PM concentration results in a statistically-significant reduction of approximately $4,800.
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Simons, Robert A., e Youngme Seo. "International Real Estate Review". International Real Estate Review 14, n.º 3 (31 de dezembro de 2011): 330–53. http://dx.doi.org/10.53383/100145.
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Ten years ago, there was a controversial expansion of an Orthodox Jewish religious campus in the suburb of a large Midwestern US city. This research takes a before and after approach to addressing the effects of this project on residential property values, especially within walking distance of the campus. Separate regression analyses have been run for 1997 and 2006, and the findings indicate that the campus has increased property values and prompted additional building permits. The findings show that the completion of the Jewish Orthodox campus increases residential property values between 17 percent and 20 percent within a quarter mile in the city where the facility is located.
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Szumilo, Nikodem, Thomas Wiegelmann, Edyta Łaszkiewicz, Michal Bernard Pietrzak e Adam P. Balcerzak. "The real alternative? A comparison of German real estate returns with bonds and stocks". Journal of Property Investment & Finance 36, n.º 1 (5 de fevereiro de 2018): 19–31. http://dx.doi.org/10.1108/jpif-02-2017-0012.
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Purpose The purpose of this paper is to evaluate how real estate returns behaved over the last two decades in relation to the other two asset types. This allows a direct evaluation of how investors make allocation choices and perceive risks and rewards offered by properties in the context of changing market conditions. Design/methodology/approach A de-smoothed MSCI index is used to reflect direct property returns and control for both income and capital returns within it. Indirect property returns are approximated by the RX Real Estate index. By supplementing this data with an analysis of trends in both space and capital markets it is possible to relate investor behavior to events affecting other assets. Findings It is possible to identify three distinctive periods characterized by different correlation of returns and behavior of investors: before the crisis of 2008, the crisis period between 2008 and 2012 and recovery afterwards. These appear to have corresponded to different stages of the economic cycle. Interestingly, performance of asset classes has also differed over that period suggesting that at different points in the cycle asset allocation decisions may have been made differently. Practical implications It appears that as investments over the last 15 years real assets in Germany behaved similarly to bonds. It is possible that this phenomenon was driven by an aversion to the stock market and its associated risk which became a concern after the financial crisis of 2008. Over the downturn that followed the market shock investors appear to have turned to assets with simpler risk profiles like direct real estate and government debt. On the other hand, the correlation between direct property investment index and stock returns has been found to be small but negative. This shows not only that the two asset classes were often driven by different factors but also suggests that diversification was, at least theoretically, possible. Originality/value Direct real estate investment returns have repeatedly been found to exhibit characteristics similar to those found in bond as well as equity markets (Eichholtz and Hartzell, 1996; Clayton and MacKinnon, 2003) but little research examines the correlation between returns offered by those asset classes in a mature financial and property market. In addition, the recent financial crisis provided a dynamically changing investment which is ideal for investigating structural relationships between assets.
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Vellisyah Metta Pertiwi e Merry Susanti. "Analisis Faktor-Faktor Yang Mempengaruhi Struktur Modal Perusahaan Property Dan Real Estate". Jurnal Paradigma Akuntansi 4, n.º 2 (30 de abril de 2022): 710–19. http://dx.doi.org/10.24912/jpa.v4i2.19550.
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This research aims to test empirically the effect of firm size, growth, tangibility, liquidity, and profitability on the capital structure on property and real estate companies listed in the Indonesia Stock Exchange during 2017-2019. Sample was selected using purposive sampling method and the valid data was 40 companies. Data processing techniques using multiple regression analysis with Eviews statistical tool. The results showed that company size, growth, and liquidity had a negative effect on capital structure. Furthermore, tangibility and profitability did not have effect on capital structure. This research has important policy implications for the finance managers of property and real estate companies.
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Wong, Peng Yew, David Higgins e Ron Wakefield. "Foreign real estate investment, residential tourism and the Australian residential property market". International Journal of Housing Markets and Analysis 10, n.º 5 (20 de novembro de 2017): 586–606. http://dx.doi.org/10.1108/ijhma-01-2017-0007.
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Purpose This research aims to focus on the emerging determinants for the Australian residential property market subsequent to the Global Financial Crisis 2008. Design/methodology/approach Quantitative models built on secondary data were tested on three residential property markets comprising metropolitan Melbourne and two key suburbs in the state of Victoria. The relationship between the house price performances and various leading Australian economic indicators was assessed. Findings As a result of the increasing relevance of Asia Pacific private wealth in the Australian residential property market, non-traditional determinants such as residential tourism have emerged as significant in the Melbourne residential property market. Research limitations/implications The result of this study can provide a better understanding on the relationship between the Australian residential property market and both the existing and emerging leading economic indicators. Originality/value A better understanding of foreign investment activities will assist policymakers to effectively manage inflated Australian residential property market without compromising the steady flow of foreign real estate investment.
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Barkham, Richard, e Malcolm Frodsham. "Simulating the cyclically adjusted returns to UK property lending". Journal of Property Investment & Finance 33, n.º 1 (2 de fevereiro de 2015): 66–80. http://dx.doi.org/10.1108/jpif-06-2014-0045.
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Purpose – The purpose of this paper is to provide an indication of the returns to commercial property lending over the last 30 years in the UK. Design/methodology/approach – There is no long-term index of the returns to commercial property lending in the UK. This paper provides a partial solution by simulating the performance of bullet loans of various vintages, based on the value movements of the IPD index. Findings – On average over the long-term debt returns are higher than equity returns. However, in certain periods, the losses incurred by real estate lenders are very large. Research limitations/implications – No account taken of risk mitigation strategies used by lenders such as cross-collateralisation. Practical implications – Provides an alternative approach to that recommended by the recent IPF “Vision For Real Estate Finance” Document based on the use of ICR. Makes the case for a loan equivalent of the IPD index. Social implications – Reduced chance of resource misallocation and recession due to excess real estate lending. Originality/value – Very limited information on private real estate debt returns.
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Kaharti, Eni. "Perbandingan Pengaruh Komite Audit terhadap CSR di Perusahaan Publik". Fokus Bisnis Media Pengkajian Manajemen dan Akuntansi 21, n.º 2 (10 de dezembro de 2022): 180–87. http://dx.doi.org/10.32639/fokbis.v21i2.165.
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Penelitian ini bertujuan untuk membandingkan pengaruh komite audit terhadap CSR yang dilakukan oleh perusahaan public yang listing di bursa efek pada masa sebelum dan dalam masa pandemic cofid 19. Subsektor yang digunakan adalah bidang finance, makanan dan real estate. Data yang digunakan adalah data sekunder tahun 2019 daan Tahun 2020. Yang diujikan adalah pengaruh audit komite terhadap CSR perbandingan pada dua Negara yaitu Indonesia dan Malaysia pada tahun 2019 dan tahun 2020. Jumlah Data yang digunakan Negara Indonesia sector finance (198 perusahaan),makanan (46 perusahaan), dan property (92 perusahaan) jumlah total 336 perusahaan. Untuk Negara Malaysia sector finance (56 perusahaan),makanan (48 perusahaan), dan property 172 (perusahaan) jumlah total 276 perusahaan. Variabel X (Audit Komitee) Variabel Y (CSR), Variabel Kontrol yang digunakanan adalah profitabilitas dan likuiditas. Pada masa normal dan masa endemic cofid 19 komite adutit di Negara Indonedia dan Malaysia sama sama berpengaruh positif dan signifikan terhadap CSR. Penelitian hanya dilakukan pada perusahaan tertentu ( finance, makanan dan property saja tidak dilakukan ke seluruh perusahaan yang terdapat di Bursa Efek baik Indonesia dan Malaysia.
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Castleberry, Becca, e John Scott Greene. "Wind power and real estate prices in Oklahoma". International Journal of Housing Markets and Analysis 11, n.º 5 (1 de outubro de 2018): 808–27. http://dx.doi.org/10.1108/ijhma-02-2018-0010.
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PurposeOklahoma has seen rapid growth in the development of wind energy over the past decade. Residents are concerned about the negative impacts of turbines such as noise or their appearance. This has raised concerns about property values. Thus, this paper aims to examine and quantify the overall impact of wind turbines upon real estate prices in Western Oklahoma.Design/methodology/approachSales prices and the history of approximately 23,000 residential real estate records for both platted and unplatted properties in five counties were examined prior to the announcement of construction, after announcement and after construction. A hedonic analysis was undertaken to examine the real estate prices of the properties near wind farms.FindingsWhile there may be isolated instances of lower property values for homes near wind turbines, results show no significant decreases in property values over homes near wind farms in the study area. Similar results are found for the unplatted properties.Practical implicationsThis paper highlights that in spite of mixed attitudes toward wind farms and misconceptions regarding the link between turbines and property values, Oklahoma’s growing wind industry can continue to thrive without negatively impacting nearby home and land values and prices.Originality/valueAlthough there have been numerous studies examining the relationship between wind turbine locations and real estate prices, no study has combined the large quantity of records (over 23,000) as well as both platted and unplatted locations.
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Kim, Jinu. "International Real Estate Review". International Real Estate Review 1, n.º 1 (30 de junho de 1998): 150–60. http://dx.doi.org/10.53383/100008.
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This study aims to analyze the performance of industrial rents and land values in the Sydney property market. In the Sydney industrial property market, no growth of the rents and marginal growth of the land values in real terms has been seen between 1976 to 1996. It means that the overall return from an investment in industrial property is achieved largely from initial yield and current rental incomes, rather than rental growth and capital appreciation. The trends of real growth of industrial rents and land values have a similar cycle, but different magnitude (a or s) of fluctuation. It is concluded that industrial rent is determined more by demand than supply side factors, while land value is determined more by supply side factors than demand side factors.
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Korytárová, J., e V. Hromádka. "Assessment of the flood damages on the real estate property in the Czech Republic area". Agricultural Economics (Zemědělská ekonomika) 56, No. 7 (20 de julho de 2010): 317–24. http://dx.doi.org/10.17221/56/2010-agricecon.
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The problem of floods can be solved by investment activities in the form of the flood protection measures or by the potential liquidation of damages after the flood. In the frame of the solved grant projects, there was developed the basic methodology for the losses on the immovable property in the territory assessment and consequently the database of input data for its use. The output of the described methodology enables the comparison of the potential losses on immovable property with the investment costs for the flood protection measures. In order to be able to estimate the occurred losses, the own method has been developed by the members of the research team. This method consists of the specification of the territorial property valuation and the evaluation of the damage on the territorial property caused by floods. The basic quality of the Territorial Property Index is that it respects the generally defined structure of the real estate property in the given area. The Territorial Property Index is then calculated for the individual area categories. While evaluating the damage, first the measure of the damages of the property representatives depending on the hydrological situation defined in advance must be investigated. The damages are then estimated based on three defined primary parameters.