Subjects -> BUILDING AND CONSTRUCTION (Total: 146 journals)
    - BUILDING AND CONSTRUCTION (138 journals)
    - CARPENTRY AND WOODWORK (8 journals)

BUILDING AND CONSTRUCTION (138 journals)                     

Showing 1 - 35 of 35 Journals sorted alphabetically
A+BE : Architecture and the Built Environment     Open Access   (Followers: 34)
Academia : Architecture and Construction     Open Access   (Followers: 2)
Advances in Building Education     Open Access   (Followers: 8)
Advances in Building Energy Research     Hybrid Journal   (Followers: 13)
Ambiente Construído     Open Access   (Followers: 1)
Anales de Edificación     Open Access   (Followers: 1)
Asian Journal of Civil Engineering     Hybrid Journal   (Followers: 1)
Australasian Journal of Construction Economics and Building     Open Access   (Followers: 10)
Australasian Journal of Construction Economics and Building - Conference Series     Open Access   (Followers: 1)
Baltic Journal of Real Estate Economics and Construction Management     Open Access   (Followers: 3)
Baurechtliche Blätter : bbl     Hybrid Journal  
Bautechnik     Hybrid Journal   (Followers: 3)
BER : Architects and Quantity Surveyors' Survey     Full-text available via subscription   (Followers: 6)
BER : Building and Construction : Full Survey     Full-text available via subscription   (Followers: 12)
BER : Building Contractors' Survey     Full-text available via subscription   (Followers: 2)
BER : Building Sub-Contractors' Survey     Full-text available via subscription   (Followers: 2)
BER : Capital Goods Industries Survey     Full-text available via subscription  
BER : Survey of Business Conditions in Building and Construction : An Executive Summary     Full-text available via subscription   (Followers: 3)
Beton- und Stahlbetonbau     Hybrid Journal   (Followers: 2)
Building & Management     Open Access   (Followers: 3)
Building Acoustics     Hybrid Journal   (Followers: 4)
Building Research Journal     Open Access   (Followers: 4)
Building Services Engineering Research & Technology     Hybrid Journal   (Followers: 3)
Buildings     Open Access   (Followers: 8)
BUILT : International Journal of Building, Urban, Interior and Landscape Technology     Open Access   (Followers: 1)
Built Environment Inquiry Journal     Open Access  
Built Environment Project and Asset Management     Hybrid Journal   (Followers: 16)
Built-Environment Sri Lanka     Full-text available via subscription  
Case Studies in Construction Materials     Open Access   (Followers: 10)
Cement and Concrete Composites     Hybrid Journal   (Followers: 22)
Cement and Concrete Research     Hybrid Journal   (Followers: 22)
Challenge Journal of Concrete Research Letters     Open Access   (Followers: 7)
Challenge Journal of Concrete Research Letters     Open Access   (Followers: 6)
Change Over Time     Full-text available via subscription   (Followers: 3)
City, Culture and Society     Hybrid Journal   (Followers: 26)
Civil Engineering = Siviele Ingenieurswese     Full-text available via subscription   (Followers: 4)
Clay Technology     Full-text available via subscription  
Concreto y cemento. Investigación y desarrollo     Open Access   (Followers: 1)
Construction Economics and Building     Open Access   (Followers: 4)
Construction Engineering     Open Access   (Followers: 11)
Construction Management and Economics     Hybrid Journal   (Followers: 23)
Construction Research and Innovation     Hybrid Journal   (Followers: 4)
Construction Robotics     Hybrid Journal   (Followers: 3)
Corporate Real Estate Journal     Full-text available via subscription   (Followers: 6)
Dams and Reservoirs     Hybrid Journal   (Followers: 4)
Developments in the Built Environment     Open Access   (Followers: 1)
Energy and Built Environment     Open Access   (Followers: 1)
Engineering Project Organization Journal     Hybrid Journal   (Followers: 8)
Engineering, Construction and Architectural Management     Hybrid Journal   (Followers: 10)
Environment and Urbanization Asia     Hybrid Journal   (Followers: 4)
Facilities     Hybrid Journal   (Followers: 4)
Frontiers in Built Environment     Open Access   (Followers: 1)
FUTY Journal of the Environment     Full-text available via subscription   (Followers: 1)
Gaceta Técnica     Open Access  
GISAP : Technical Sciences, Construction and Architecture     Open Access  
Glass Structures & Engineering     Hybrid Journal  
Handbook of Adhesives and Sealants     Full-text available via subscription   (Followers: 2)
HBRC Journal     Open Access   (Followers: 2)
Heritage Matters : The Magazine for New Zealanders Restoring, Preserving and Enjoying Our Heritage     Full-text available via subscription   (Followers: 2)
Housing and Society     Hybrid Journal   (Followers: 6)
HVAC&R Research     Hybrid Journal  
Indoor and Built Environment     Hybrid Journal   (Followers: 3)
Informes de la Construcción     Open Access  
Intelligent Buildings International     Hybrid Journal   (Followers: 1)
International Journal of Advanced Structural Engineering     Open Access   (Followers: 25)
International Journal of Air-Conditioning and Refrigeration     Hybrid Journal   (Followers: 17)
International Journal of Architectural Computing     Full-text available via subscription   (Followers: 7)
International Journal of Built Environment and Sustainability     Open Access   (Followers: 8)
International Journal of Concrete Structures and Materials     Open Access   (Followers: 16)
International Journal of Construction Engineering and Management     Open Access   (Followers: 11)
International Journal of Construction Management     Hybrid Journal   (Followers: 4)
International Journal of Disaster Resilience in the Built Environment     Hybrid Journal   (Followers: 7)
International Journal of Housing Markets and Analysis     Hybrid Journal   (Followers: 10)
International Journal of Masonry Research and Innovation     Hybrid Journal   (Followers: 1)
International Journal of Protective Structures     Hybrid Journal   (Followers: 6)
International Journal of River Basin Management     Hybrid Journal   (Followers: 1)
International Journal of Structural Stability and Dynamics     Hybrid Journal   (Followers: 7)
International Journal of Sustainable Building Technology and Urban Development     Hybrid Journal   (Followers: 13)
International Journal of Sustainable Built Environment     Open Access   (Followers: 7)
International Journal of Sustainable Construction Engineering and Technology     Open Access   (Followers: 9)
International Journal of Sustainable Real Estate and Construction Economics     Hybrid Journal   (Followers: 2)
International Journal of the Built Environment and Asset Management     Hybrid Journal   (Followers: 5)
International Journal of Ventilation     Full-text available via subscription   (Followers: 1)
International Journal Sustainable Construction & Design     Open Access   (Followers: 4)
Journal for Education in the Built Environment     Open Access   (Followers: 3)
Journal of Aging and Environment     Hybrid Journal   (Followers: 6)
Journal of Architecture, Planning and Construction Management     Open Access   (Followers: 11)
Journal of Asian Architecture and Building Engineering     Open Access  
Journal of Building Construction and Planning Research     Open Access   (Followers: 11)
Journal of Building Engineering     Hybrid Journal   (Followers: 4)
Journal of Building Materials and Structures     Open Access   (Followers: 3)
Journal of Building Pathology and Rehabilitation     Hybrid Journal  
Journal of Building Performance Simulation     Hybrid Journal   (Followers: 8)
Journal of Civil Engineering and Construction Technology     Open Access   (Followers: 16)
Journal of Civil Engineering and Management     Open Access   (Followers: 9)
Journal of Computational Acoustics     Hybrid Journal   (Followers: 6)
Journal of Computing in Civil Engineering     Full-text available via subscription   (Followers: 22)
Journal of Construction Engineering     Open Access   (Followers: 9)
Journal of Construction Engineering, Technology & Management     Full-text available via subscription   (Followers: 6)
Journal of Construction Project Management and Innovation     Full-text available via subscription   (Followers: 8)
Journal of Facilities Management     Hybrid Journal   (Followers: 6)
Journal of Green Building     Full-text available via subscription   (Followers: 12)
Journal of Legal Affairs and Dispute Resolution in Engineering and Construction     Full-text available via subscription   (Followers: 5)
Journal of Property, Planning and Environmental Law     Hybrid Journal   (Followers: 4)
Journal of Structural Fire Engineering     Full-text available via subscription   (Followers: 6)
Journal of Sustainable Cement-Based Materials     Hybrid Journal  
Journal of Sustainable Design and Applied Research in Innovative Engineering of the Built Environment     Open Access   (Followers: 2)
Journal of the South African Institution of Civil Engineering     Open Access   (Followers: 2)
Journal of Transport and Land Use     Open Access   (Followers: 26)
Landscape History     Hybrid Journal   (Followers: 14)
Materiales de Construcción     Open Access   (Followers: 2)
Mauerwerk     Hybrid Journal  
Modular and Offsite Construction (MOC) Summit Proceedings |     Open Access   (Followers: 4)
Naval Engineers Journal     Hybrid Journal   (Followers: 2)
Open Construction & Building Technology Journal     Open Access  
Organization, Technology and Management in Construction     Open Access  
PARC Pesquisa em Arquitetura e Construção     Open Access  
Proceedings of the Institution of Civil Engineers - Forensic Engineering     Hybrid Journal  
Proceedings of the Institution of Civil Engineers - Urban Design and Planning     Hybrid Journal   (Followers: 13)
Revista ALCONPAT     Open Access   (Followers: 2)
Revista de la Construcción     Open Access  
Revista de Urbanismo     Open Access   (Followers: 2)
Revista Hábitat Sustenable     Open Access   (Followers: 1)
Revista IBRACON de Estruturas e Materiais     Open Access   (Followers: 1)
Revista Ingenieria de Construcción     Open Access   (Followers: 1)
Revista INVI     Open Access  
RILEM Technical Letters     Open Access  
Room One Thousand     Open Access  
Ruang-Space: Jurnal Lingkungan Binaan (Journal of The Built Environment)     Open Access  
Russian Journal of Construction Science and Technology     Open Access  
Science and Engineering of Composite Materials     Open Access   (Followers: 62)
Science and Technology for the Built Environment     Hybrid Journal   (Followers: 1)
Smart and Sustainable Built Environment     Hybrid Journal   (Followers: 8)
Steel Construction - Design and Research     Hybrid Journal   (Followers: 5)
Stroitel’stvo : Nauka i Obrazovanie     Open Access  
Structural Concrete     Hybrid Journal   (Followers: 10)
Structural Mechanics of Engineering Constructions and Buildings     Open Access   (Followers: 2)
Sustainable Buildings     Open Access   (Followers: 2)
Sustainable Cities and Society     Hybrid Journal   (Followers: 26)
Technology|Architecture + Design     Hybrid Journal  
Terrain.org : A Journal of the Built & Natural Environments     Free   (Followers: 3)
The Historic Environment : Policy & Practice     Hybrid Journal   (Followers: 6)
The IES Journal Part A: Civil & Structural Engineering     Hybrid Journal   (Followers: 6)
Tidsskrift for boligforskning     Open Access  
YBL Journal of Built Environment     Open Access  
Zeitschrift für Miet- und Raumrecht     Hybrid Journal  

           

Similar Journals
Journal Cover
International Journal of Housing Markets and Analysis
Journal Prestige (SJR): 0.211
Citation Impact (citeScore): 1
Number of Followers: 10  
 
Hybrid Journal Hybrid journal   * Containing 2 Open Access Open Access article(s) in this issue *
ISSN (Print) 1753-8270 - ISSN (Online) 1753-8289
Published by Emerald Homepage  [362 journals]
  • A housing price index with the improvement-value adjusted repeated sales
           (IVARS) method
    • Authors: Chung Yim Edward Yiu, Ka Shing Cheung
      Abstract: The repeat sales house price index (HPI) has been widely used to measure house price movements on the assumption that the quality of properties does not change over time. This study aims to develop a novel improvement-value adjusted repeat sales (IVARS) HPI to remedy the bias owing to the constant-quality assumption. This study compares the performance of the IVARS model with the traditional hedonic price model and the repeat sales model by using half a million repeated sales pairs of housing transactions in the Auckland Region of New Zealand, and by a simulation approach. The results demonstrate that using the information on improvement values from mass appraisal can significantly mitigate the time-varying attribute bias. Simulation analysis further reveals that if the improvement work done is not considered, the repeat sales HPI may be overestimated by 2.7% per annum. The more quality enhancement a property has, the more likely it is that the property will be resold. This novel index may have the potential to enable the inclusion of home condition reporting in property value assessments prior to listing open market sales. The novel IVARS index can help gauge house price movements with housing quality changes.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-05-06
      DOI: 10.1108/IJHMA-01-2021-0005
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • The role of the banking sector in financing the real estate and
           contracting sector in the Palestinian territories
    • Authors: Mohammad Kamal Abuamsha
      Abstract: The study aims to identify the reality of the role of the banking sector in financing the Palestinian real estate and construction sector. The study demonstrated the importance of this issue by highlighting the role that Palestinian banks play in treating the problem of the increasing demand for housing because of the natural increase in population numbers and their various needs, and through knowledge of historical development for banks and the facilities they provided, especially to the real estate and construction sector. This study carried out data from (2000–2019). The descriptive analytical method and regression method was used for analyzing the measurement model. Holt’s method was used to estimate the size of housing units needed in the Palestinian territories over the next seven years. The study concluded that there is a need to build about (200,000) residential units in the next seven years, and the study recommended the necessity of increasing the pooled contribution of banks and directing part of it to the real estate and construction sector, amending legislative laws for the real estate market and construction, reducing taxes on building supplies and encouraging the private sector with stimulus policies or share. The study provided results and data regarding the state of the housing sector and how its financed by Palestinian banks; it clarified the limitations and difficulties that face this sector and provides a clear path for what needs to be done to develop this sector and overcome its barriers. This current study contributes to focusing on the reality of the banking sector and its role in financing the real estate and construction sector, in addition to the appropriate period of time for the study, which ranges between 2000 and 2019, which is a period sufficient to identify the reality of Palestinian real estate and construction and banks and the relationship between them. The researcher believes that the study differed from its predecessors through an in-depth analysis of the existing relationship between cash assets and real assets, given that the priority of real assets over cash assets, as cash assets are considered as real over cash assets, but they do not constitute a substitute for them in economic development, the study contains a vision that recommends linking the activities of the banking sector with economic and social problems and the national issue, i.e. independence and self-determination.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-05-06
      DOI: 10.1108/IJHMA-11-2020-0135
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Housing policy research in India: a scoping review and thematic analysis
    • Authors: Manav K., Nagaraj Muniappa
      Abstract: In India – the largest democracy and second most populated country globally – the housing research domain is relatively under-researched and under-theorized. To support and advance research in this domain, this study aims to form and organize the repository of extant academic knowledge in the subject matter of housing research in India. This study uses a scoping review methodology and a thematic analysis method. All the articles analyzed in this study were systematically searched by following the scoping review approach proposed by Arksey and O’Malley (2005). An initial search found 365 articles and finally, 108 articles that met the inclusion criteria were analyzed using the thematic analysis method. The data extracted from these 108 articles were analyzed using thematic analysis to arrive at four thematic areas, namely, housing policy, slum housing, housing finance and affordable housing. These thematic areas and 11 sub-themes present under them were used to present a thematic map of housing policy research in India. This paper contributes to presenting an up-to-date literature review of the housing policy research in India. To the best of our knowledge, this scoping review focused on housing research in India is the first of its kind. We hope that this study provides a repository of extant research on housing research in India to help current and future researchers.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-05-06
      DOI: 10.1108/IJHMA-12-2020-0143
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Forecasting the Finnish house price returns and volatility: a comparison
           of time series models

         This is an Open Access Article Open Access Article

    • Authors: Josephine Dufitinema
      Abstract: The purpose of this paper is to compare different models’ performance in modelling and forecasting the Finnish house price returns and volatility. The competing models are the autoregressive moving average (ARMA) model and autoregressive fractional integrated moving average (ARFIMA) model for house price returns. For house price volatility, the exponential generalized autoregressive conditional heteroscedasticity (EGARCH) model is competing with the fractional integrated GARCH (FIGARCH) and component GARCH (CGARCH) models. Results reveal that, for modelling Finnish house price returns, the data set under study drives the performance of ARMA or ARFIMA model. The EGARCH model stands as the leading model for Finnish house price volatility modelling. The long memory models (ARFIMA, CGARCH and FIGARCH) provide superior out-of-sample forecasts for house price returns and volatility; they outperform their short memory counterparts in most regions. Additionally, the models’ in-sample fit performances vary from region to region, while in some areas, the models manifest a geographical pattern in their out-of-sample forecasting performances. The research results have vital implications, namely, portfolio allocation, investment risk assessment and decision-making. To the best of the author’s knowledge, for Finland, there has yet to be empirical forecasting of either house price returns or/and volatility. Therefore, this study aims to bridge that gap by comparing different models’ performance in modelling, as well as forecasting the house price returns and volatility of the studied market.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-04-11
      DOI: 10.1108/IJHMA-12-2020-0145
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Brokers’ list price setting in an auction context
         This is an Open Access Article Open Access Article

    • Authors: Rosane Hungria-Gunnelin, Fredrik Kopsch, Carl Johan Enegren
      Abstract: The role of list price is often discussed in a narrative describing sellers’ preferences or sellers’ price expectations. This paper aims to investigate a set of list price strategies that real estate brokers have available to influence the outcome of the sale, which may be many times self-serving. By analyzing real estate brokers’ arguments on the choice of the list price level, a couple of hypotheses are formulated with regard to different expected outcomes that depend on the list price. This study empirically tests two hypotheses for the underlying incentives in the choice of list price from the real estate broker’s perspective: lower list price compared to market value leads to the higher sales price, lower list price compared to market value leads to a quicker sale. To investigate the two hypotheses, this paper adopts different methodological frameworks: H1 is tested by running a classical hedonic model, while H2 is tested through a duration model. This study further tests the hypotheses by splitting the full sample into two different price segments: above and below the median list price. The results show that H1 is rejected for the full sample and for the two sub-samples. That is, contrary to the common narrative among brokers that underpricing leads to a higher sales price, underpricing lower sales price. H2, however, receives support for the full sample and for the two sub-samples. The latter result points to that brokers may be tempted to recommend a list price significantly below the expected selling price to minimize their effort while showing a high turnover of apartments. Although there are a large number of previous studies analyzing list price strategies in the housing market, this paper is one of the few empirical studies that address the effect of list price choice level on auction outcomes of non-distressed housing sales.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-04-09
      DOI: 10.1108/IJHMA-04-2020-0034
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Rent or buy, what are the odds' Analysing the price-to-rent ratio for
           housing types within the Northern Ireland housing market
    • Authors: Daniel Lo, Michael James McCord, John McCord, Peadar Thomas Davis, Martin Haran
      Abstract: The price-to-rent ratio is often regarded as an important indicator for measuring housing market imbalance and inefficiency. A central question is the extent to which house prices and rents form part of the same market and thus whether they respond similarly to parallel stimulus. If they are close proxies dynamically, then this provides valuable market intelligence, particularly where causal relationships are evident. Therefore, this paper aims to examine the relationship between market and rental pricing to uncover the price switching dynamics of residential real estate property types and whether the deviation between market rents and prices are integrated over both the long- and short-term. This paper uses cointegration, Wald exogeneity tests and Granger causality models to determine the existence, if any, of cointegration and lead-lag relationships between prices and rents within the Belfast property market, as well as the price-to-rent ratios amongst its five main property sub-markets over the time period M4, 2014 to M12 2018. The findings provide some novel insights in relation to the pricing dynamics within Belfast. Housing and rental prices are cointegrated suggesting that they tend to move in tandem in the long run. It is further evident that in the short-run, the price series Granger-causes that of rents inferring that sales price information unidirectionally diffuse to the rental market. Further, the findings on price-to-rent ratios reveal that the detached sector appears to Granger-cause those of other property types except apartments in both the short- and long-term, suggesting possible spill-over of pricing signals from the top-end to the lower strata of the market. The importance of understanding the relationship between house prices and rental market performance has gathered momentum. Although the house price-rent ratio is widely used as an indicator of over and undervaluation in the housing market, surprisingly little is known about the theoretical relationship between the price-rent ratio across property types and their respective inter-relationships.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-04-09
      DOI: 10.1108/IJHMA-08-2020-0103
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • On the link between policy uncertainty and housing permits: asymmetric
           evidence from state-level data in the USA
    • Authors: Mohsen Bahaman-Oskooee, Hesam Ghodsi, Muris Hadzic
      Abstract: The purpose of this study is to assess the symmetric and asymmetric impact of a measure of policy uncertainty on house permits issued in each state of the USA. To assess the symmetric effects, the authors use Pesaran et al.’s (2001) linear autoregressive distributed lag (ARDL) approach to error-correction modeling. To assess the asymmetric effects, they rely upon Shin et al.’s (2014) nonlinear ARDL approach to error-correction modeling. Both approaches have the advantage of producing short-run and long-run effects in one step. The authors find short-run symmetric effects of policy uncertainty on house permits issued in 22 states that lasted into the long run in three states only. However, the numbers were much higher when they estimated the possibility of asymmetric effects of policy uncertainty. Indeed, they found short-run asymmetric effects in 38 states and long-run asymmetric effects in 18 states. Some previous studies assessed the effects of a measure of policy uncertainty on house prices. In this paper, the authors extend the same analysis to the supply side of the housing market by assessing the effects of policy uncertainty on house permits in each state of the USA.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-04-02
      DOI: 10.1108/IJHMA-07-2020-0090
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Affordable housing policies in a post-COVID aftermath
    • Authors: Mario Andres Fernandez, Shane L. Martin
      Abstract: The purpose of this paper is to assess the outcomes of a suite of affordability policies in Auckland, New Zealand, in the face of a post-COVID aftermath. Improving the access to homeownership while preserving the competitive nature of the housing market will remain a critical goal for New Zealand. This paper develops a spatially delineated one-to-one matching model to assess affordable housing policies such as the targeting of houses to target population groups, a shared ownership/equity scheme and the cascading (or release) of the developed affordable houses into the broader market. Results show that a targeting programme with an income threshold set between $120,000 and $150,000 maximises house sales, but a threshold set at $96,000 maximises the number of moderate-income households becoming homeowners. Several parameterisations of the model demonstrate the potential contradictions (or overlaps) between policy goals. The contribution of this paper is a deeper understanding of the market outcomes of affordability policies, and inputs to design strategies that balance market efficiency and fairness. Also, this paper shows that stronger integration across governments (central and local) and actors of the housing market.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-04-02
      DOI: 10.1108/IJHMA-11-2020-0137
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • A hedonic assessment of the relative importance of structural, locational
           and neighbourhood factors on advertised rents in Malta
    • Authors: Brian Micallef, Reuben Ellul, Nathaniel Debono
      Abstract: The private rental market in Malta has expanded significantly in recent years, but as at 2020, no official rent index is yet published. This paper aims to construct such an index and explores the relative importance of structural, locational and neighbourhood factors to advertised rents. The authors compile hedonic indices for advertised rents in Malta collected from publicly available sources using webscraping techniques. The database comprises more than 25,000 listings with information on various property attributes. Hedonic regressions are estimated using ordinary least squares and rent indices are computed using three alternative methods: the time dummy method, the rolling time dummy method and the average characteristics method. For the latter, indices are computed using the Laspeyres, Paasche and Fisher methods. The results from the hedonic indices indicate that the annual growth rate in advertised rents was slowing down during 2019, albeit still remaining relatively high, while in 2020, advertised rents contracted sharply, amplified by the effects of COVID-19. The findings also reveal that advertised rental prices are significantly influenced by various structural, locational and neighbourhood factors. This paper introduces the first rent index in Malta that will be used to monitor developments in the rental segment of the housing market and for financial stability purposes given the share of buy-to-let properties. It also provides various elasticities on the impact of property attributes on advertised rents in Malta. Finally, the study contributes to the literature on the effect of foreign-born residents on advertised rents.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-04-02
      DOI: 10.1108/IJHMA-11-2020-0141
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Towards a well-informed rental housing policy in Ghana: differentiating
           between critics and non-critics of the rent advance system
    • Authors: Richmond Juvenile Ehwi, Lewis Abedi Asante, Emmanuel Kofi Gavu
      Abstract: In Ghana, the practice of landlords demanding that renters pay rent advance (RA) of between six months and five years is well noted. Surprisingly, renters appear divided into the benefits and drawbacks of the rent advance payment. Ahead of the 2020 general elections, the two leading political parties in Ghana promised to establish a rent assistance scheme to help renters working in the formal and informal sectors and earning regular incomes to pay their RA. This paper aims to scrutinize the differences in the demographic, employment and housing characteristics between the critics and non-critics of the RA payment in Ghana and the factors that predict the likelihood of being a critic of the RA system. The study is exploratory and draws empirical data from surveys administered to 327 graduate renters from 13 regions in Ghana. It uses non-parametric and parametric tests, namely, Chi-square goodness-of-fit and T-test to explore these differences between both critics and non-critics of the RA. There are statistically significant differences between critics and non-critics in terms of the association between their educational attainment on the one hand and their marital status, employment status and employment sector on the other hand. The research also reveals that monthly expenditures, number of bedrooms and RA period significantly predict the likelihood of being a critic of the RA payment or otherwise. The study provides evidence which policymakers can draw upon to inform housing policy. The study is the first to study the housing characteristics of graduate renters and to quantitatively distinguish between critics and non-critics of RA payment in Ghana.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-04-02
      DOI: 10.1108/IJHMA-12-2020-0146
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Housing price volatility: uncertainty, an asymmetric econometric analysis
           - some European country experiences
    • Authors: Sudeshna Ghosh
      Abstract: The purpose of this paper is to examine the asymmetric impact of economic policy uncertainty (EPU) on the volatility of the housing price index (RP) based on quarterly observations from major European countries, namely, France, Germany, Sweden, Greece Italy and the UK. The nonlinear autoregressive distributed lag model method is used to investigate the asymmetric impact of EPU on RP. In addition to considering EPU as the explanatory variable, industrial production (IP) (as a proxy for economic growth), interest rate (I), inflationary tendency (Consumer Price Index) and share prices (S) are included as major control variables. The period of the observations runs from 1996Q1 to 2019Q1. The Wald test confirms the long-run asymmetric relationship for all countries. The alternative specification of the data sets reconfirms the asymmetric impact on RP in the long run, thereby verifying the robustness of the study. The study has implications for investors seeking to incorporate housing price behaviour within their portfolio structure. The analysis and findings are constrained by the availability of data. This is one of the few studies on housing price dynamics related to the major economies of the European region that explore asymmetries. Additionally, it is the first to explore the asymmetry dynamics using the EPU variable.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-03-22
      DOI: 10.1108/IJHMA-08-2020-0091
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Housing market heterogeneity and cluster formation: evidence from Poland
    • Authors: Mateusz Tomal
      Abstract: This study aims to identify clusters amongst the county housing markets in Poland, taking into account the criteria of size and quality of the housing stock, as well as price level. In addition, this work is intended to detect the socio-economic factors driving the cluster formation. To group the studied housing markets into homogeneous clusters, this analysis uses a proprietary algorithm based on taxonomic and k-means++ methods. In turn, the generalised ordered logit (gologit) model was used to explore factors influencing the cluster formation. The results obtained revealed that Polish county housing markets can be classified into three or four homogeneous clusters in terms of the size and quality of the housing stock and price level. Furthermore, the results of the estimation of the gologit models indicated that population density, number of business entities and the level of crime mainly determine the membership of a given housing market in a given cluster. In contrast to previous studies, this is the first to examine the existence of homogeneous clusters amongst the county housing markets in Poland, taking into account the criteria of size and quality of the housing stock, as well as price level simultaneously. Moreover, this work is the first to identify the driving forces behind the formation of clusters amongst the surveyed housing markets.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-03-22
      DOI: 10.1108/IJHMA-09-2020-0114
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Factors affecting decision-making in land valuation process using AHP: a
           case in the Philippines
    • Authors: Jannet C. Bencure, Nitin K. Tripathi, Hiroyuki Miyazaki, Sarawut Ninsawat, Sohee Minsun Kim
      Abstract: The research aims to establish importance scheme of geospatial factors for land valuation activities that may serve as an eye-opener and aid the concerned government agencies in drafting land valuation policies and guidelines to achieve a sound land governance and administration. It specifically identifies and weighs geospatial valuation factors to establish their importance. The research involves discussions and survey questionnaires given to land experts (i.e. appraisers, environmental planners, land economist, geodetic engineers and assessors) who indicated their opinions on influence of geospatial factors on land value. The analytic hierarchy process (AHP) is then used to weigh the factors in terms of its importance. The result was then compared with the multiple regression analysis (MRA) taking into consideration the standardized regression coefficient of the 15 factors. The AHP method found out the major road accessibility and slope direction as the most and least influential factors, respectively, while surprisingly MRA found major road accessibility not significant at p < 0.05 level of significance. The research generally reflects the sub-urban type of study area; hence, inclusion of other road types such as express ways and subways and performing sensitivity analysis of AHP are suggested in future studies. The findings of the study will provide information of concerned government agencies in improving valuation activities, as well as to update values regularly based on the geospatial factors. To the best of the authors’ knowledge, this study is the first effort to rank geospatial factors with analytic hierarchy analytic process that further considered both their negative and positive influences on land value. The approach surmounts the flaw and shortcomings of empirical methods of identifying importance of factors.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-03-22
      DOI: 10.1108/IJHMA-11-2020-0136
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Insurance losses caused by residential housing flood events
    • Authors: Billie Ann Brotman
      Abstract: The purpose of this research study is to determine whether flood-damaged residences located in the USA are remaining unrepaired because of the lack of flood insurance coverage. Unrepaired flooded dwellings are subsequently being foreclosed with mortgage-insurance claims being paid to lenders. This paper aims to examine if weather events that cause flooding impact the losses suffered by mortgage insurers and homeowners. Two fully modified least squares regression models are done using losses experienced by two mortgage insurance companies. The AM Best insurance rating information for a 16-year period or years 2002–2017 is used to study whether the loss ratios experienced by two companies underwriting private mortgage insurance (PMI) are statistically correlated to National Flood Insurance Program (NFIP) claim levels. The assumption is that higher flood insurance claims are a proxy for more severe weather events during a particular year which results in flooding that damage residences. The NFIP claims coefficient is positive and significant for both companies being examined. This indicates that the more serious the flooding event during a specific year, the higher the losses experienced by the private mortgage insurer. The R2 results for the regression models were 0.673–0.695. The income variable has a negative coefficient which was significant. It indicates that falling income lead to rising mortgage insurer losses. The NFIP variable was significant with a positive coefficient. The mortgage insurance industry is dominated by several companies at any point in time. During the 16-year study period, some companies have become insolvent, merged with other companies or recently started underwriting mortgage insurance. One company was diversified writing multiple lines of property insurance. There were only two insurers with complete financial information for the specified study period. There are currently five mortgage insurers operating in the USA. A serious flood event could cause the insolvency of some of these companies. This would reduce the competition existing in the default insurance market. The financial markets for real estate loans price mortgages based on the availability and the ability to secure mortgage insurance for high loan-to-value properties. There is federal mortgage insurance available for certain types of residential loans. There are a limited number of insurers writing flood insurance. These companies can pick or reject dwellings and/or commercial properties to underwrite for insurance. The goal of phasing out insurance through the NFIP may prove impossible to achieve. A flood event without insurance would cause serious financial consequences to property owners, loan delinquencies and could depress the local economy for years. Competition from private mortgage insurers may intensify the adverse selection already being experienced by the NFIP. Private insurers would select the lower risk flood applications leaving the more risky insurance to be covered by the NFIP. Prior research focused on financial variables impacting PMI and weather factors affecting flood insurance claims. Financial ratios published in the AM Best rating guide for the USA and Canada were used to examine whether or not PMI losses are indirectly affected by flooding events as measured by NFIP variable. Comparing two separate lines of insurance and their impact on each other has not been studied by prior researchers.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-03-22
      DOI: 10.1108/IJHMA-12-2020-0149
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Dynamic co-movement and interdependency among real estate index in China:
           a multi-scale multiple correlation analysis
    • Authors: Rabeh Khalfaoui, Aviral Kumar Tiwari, Faisal Alqahtani, Shawkat Hammoudeh, Suleman Sarwar
      Abstract: This study aims to investigate the dynamic co-movement and interconnection among 69 security investment indices in China using the multi-time scale framework. The authors first use the multiple coherence analysis method to exhibit the degree of relationships among the variables under study. In addition, the wavelet multiple correlation and wavelet multiple cross-correlation analyses are used to examine the time-frequency synchronization interdependence structure among the variables. From the empirical findings, one may infer less opportunity for portfolio diversification at higher time scales. Obviously, at these scales, the authors find that the 69 Chinese investment indices generate a simple security investment class, as indicated by higher interconnection between the indices. Further research can increase the sample size to re-investigate the empirical relationship for security investment indices. In the nutshell, the results demonstrate the potential for Chinese investors to invest in security investment indices to earn from portfolio diversification at lower time frequencies. The Chinese investment market indices under study yield further opportunities of portfolio diversification toward the short-term investors than the long-term investors. To the best of the authors’ knowledge, this is the first paper to examine the dynamic co-movement and interconnection for security investment indices in China.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-03-19
      DOI: 10.1108/IJHMA-06-2020-0069
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Factors affecting housing prices in Izmir, Turkey: a quantile regression
           approach
    • Authors: Onur Özsoy, Hasan Şahin
      Abstract: The purpose of this paper is to investigate empirically the main factors that affect the house prices in Izmir, Turkey using the quantile regression and ordinary least square approaches. Sample data about the housing market for Izmir collected from the web pages of various real estate agencies during June 2018. Following this, the quantile regression method is used to estimate all possible effects of variables on each interested quantile to determine the factors that affect house prices to guide the potential consumers, house developers, city planners and the policymakers in Izmir, Turkey. Results show that the age of the house, central heating and parking have no significant effect on prices. The size of the house, the existence of an elevator, fire and security have a positive and significant effect on prices. The number of rooms has lower values for high-priced houses, while the floor, the number of balconies, air conditioning, proximity to schools have a higher value for high-priced houses. The number of toilets, the number of bathrooms and the distance to the hospital have a lower value on the high-priced housing. The value of the distance from the city center and the shopping center is almost uniform in all quantiles and lowers the value of the higher-priced houses. With the exception of the value of the houses in the 10th percentile in Balcova district, the value of the houses in Konak, Balcova and Narlidere is lower prices in Karsiyaka. This is the first comprehensive research to determine the major factors that affect house prices in Izmir. The second contribution of this paper is that it includes all possible variables and accordingly derives adequate policy implications, which could be used both by the public housing authority and private housing constructing companies in designing and implementing effective housing policies.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-03-18
      DOI: 10.1108/IJHMA-11-2020-0133
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Modelling the affecting factors of housing price using GMDH-type
           artificial neural networks in Isfahan city of Iran
    • Authors: Behrooz Nazemi, Mohsen Rafiean
      Abstract: The purpose of this paper is to use Group Method of Data Handling (GMDH)-type artificial neural network to model the affecting factors of housing price in Isfahan city housing market. This paper presents an accurate model based on GMDH approach to describing connection between housing price and considered affecting factors in case study of Isfahan city based on trusted data that have been collected from 1995 to 2017 for every six months. The accuracy of the model has been evaluated by mean absolute percentage error (MAPE), root mean square error (RMSE) and mean absolute error (MAE) in this case. Due to the obtained value of MAPE, RMSE and MAE and also their interpretation, accuracy of modelling the factors affecting housing price in Isfahan city housing market using GMDH-type artificial neural network that has been conducted in this paper, is acceptable. Due to limitation of reliable data availability about affecting factors, selected period is from 1995 to 2017. Accessing to longer periods of reliable data can improve the accuracy of the model. The key point of this research is reaching to a mathematical formula that accurately shows the relationships between housing price in Isfahan city and effective factors. The simplified formula can help users to use it easily for analysing and describing the status of housing market in Isfahan city of Iran.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-03-08
      DOI: 10.1108/IJHMA-08-2020-0095
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Factors influencing property developers’ minimal participation in
           student housing provision in Gaborone
    • Authors: Johnson Kampamba, Simon Kachepa, Kefilwe Omphemetse Seketeme
      Abstract: Student housing (SH) is very critical in the learning process of students, as it can affect their academic performance. It has been noted that tertiary institutions in Botswana are failing to provide adequate accommodation to cater the growing student population. Despite the shortage of housing, private property developers are not keen on participating in SH provision. The purpose of this study is to therefore assess the factors influencing minimum participation of property developers in SH provision in Gaborone, Botswana. Data for this study was collected from both primary and secondary sources. Primary data was collected from property developers in Gaborone through the use of a questionnaire. Secondary data on the other hand was collected from books, reports and journal articles. Data was analysed by using Statistical Package for Social Sciences and Microsoft Excel. The findings from the study revealed that the factors that affect property developers participation in SH provision are low income derived from SH, limitations in multi sectoral approach, poor site location, lack of partnerships between developers and universities, high maintenance and renovation costs and lack of policies and legislation regarding SH. The factors that highly had an impact on property developers are financial factors, followed by institutional factors, demographic factors, physical factors and, finally, human factors. A private–public partnerships model aimed at enhancing developers’ participation in SH provision was developed in the study. The small sample size used has had a negative impact on the results, as no factors were identified as limiting property developers’ participation in SH. This paper extends the knowledge on factors influencing property developers’ minimal participation in SH provision by coming up with a model that could enhance their participation in SH provision.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-03-04
      DOI: 10.1108/IJHMA-06-2020-0074
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • An analysis of the distribution and price determinants of Airbnb rentals
           in Malta
    • Authors: Rafael Fearne
      Abstract: The purpose of this paper is twofold: to explore the distribution and pricing characteristics of Airbnb listings in Malta as at May 2019; and to develop a pricing model to determine the factors which have a statistically significant impact on price per night of listings. A descriptive analysis of location and pricing of listings was undertaken via heat mapping techniques. A cross-sectional ordinary least squares (OLS) regression was run to determine the statistically significant variables. Listings tend to cluster around not only in traditional tourist towns but also in rural areas which opens up new opportunities for tourist lodging. The Southern Harbour region was found to be the most expensive with the Gozo and Comino region being the least expensive. The coefficients of the pricing regression model were in line with a priori expectations. The study is based on a cross-sectional data set and thus fails to account for seasonal changes in prices. Likewise, the use of an OLS regression without incorporating quantile regression methods or spatial autocorrelation econometric techniques is another limitation of this study. The paper is one of the few related to sharing economy rental platforms, particularly in Malta. It is also the first study in Malta to develop a comprehensive pricing model to determine what affects a listing’s price per night and the extent to which certain factors do so.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-03-04
      DOI: 10.1108/IJHMA-12-2020-0147
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • An examination of house price bubble in the real estate sector: the case
           of a small island economy – Fiji
    • Authors: Mohsin Khan, Rup Singh, Arvind Patel, Devendra Kumar Jain
      Abstract: This paper aims to assess the equilibrium house price in the city of Suva (Fiji) and to analyse the house price bubble in the Fiji housing market. This paper adopts a time series approach to determine the presence of house price bubbles in Fiji over the period from 1988 to 2018. The findings suggest that real income, land cost, building material price, inflation rate, volatility, household size and wealth have a positive impact on house prices, whereas user cost of capital and political disturbances have a negative impact. The findings further indicate that the Fijis’ housing market does not constitute any house price bubble. This paper draws policy implications for a small developing state (Fiji) and other similar economies. The price bubble in the Fiji housing market is analysed for the first time. This paper develops a comprehensive empirical approach to assess the equilibrium-housing price in Fiji.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-02-25
      DOI: 10.1108/IJHMA-05-2020-0056
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Student loan debt and first-time home buying in USA
    • Authors: Robert H. Scott III, Steven Bloom
      Abstract: This paper aims to examine the relationship between student loan debt and first-time home buying among college graduates aged 23 to 40 years old in the USA. The authors use the Federal Reserve’s 2019 Survey of Consumer Finances data on American households to present descriptive statistics and run logistic regressions that measure the effects of student loan debt on first-time home buying. The authors also present original survey data of mortgage lenders that provides an industry-level perspective. The authors find that having student loan debt does not by itself prohibit first-time home buyers. On the contrary, having student loan debt increases the likelihood of homeownership by 15.1%. People with student loan debt, however, buy homes that are 39.2% less expensive and have 58% less home equity compared to first-time home buyers without student loans. In addition, it is found that the amount of student loan debt is important. People with student loan debt above the median amount among people with student loan debt ($35,000) are 27% less likely to be first-time home buyers. This paper provides public policy analysts and other researchers a different perspective on the correlation between student loan debt and home buying. This study focuses narrowly on first-time home buyers who are college graduates between 23 and 40 years. Thus, capturing the youngest cohort of first-time home buyers and examine the primary factors that influence their home buying decisions. First-time homebuyers are historically the largest segment of home buyers making them an important subcategory to study. The rise in student loan debt is posited to explain declining homeownership among younger people. The current literature on student loan debt and home buying often studies samples that are too heterogeneous resulting in mixed findings. This paper adds to the existing literature by filtering the sample to study the effects of student loan debt and first-time home buying among people with at least a college degree who are between 23 and 40 years.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-02-25
      DOI: 10.1108/IJHMA-09-2020-0118
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • What influences real estate volatility in Hong Kong' An ARMA-GARCH
           approach
    • Authors: Shizhen Wang, David Hartzell
      Abstract: This paper aims to examine real estate price volatility in Hong Kong. Monthly data on housing, offices, retail and factories in Hong Kong were analyzed from February 1993 to February 2019 to test whether volatility clusters are present in the real estate market. Real estate price determinants were also investigated. Autoregressive conditional heteroscedasticity–Lagrange multiplier test is used to examine the volatility clustering effects in these four kinds of real estate. An autoregressive and moving average model–generalized auto regressive conditional heteroskedasticity (GARCH) model was used to identify real estate price volatility determinants in Hong Kong. There was volatility clustering in all four kinds of real estate. Determinants of price volatility vary among different types of real estate. In general, housing volatility in Hong Kong is influenced primarily by the foreign exchange rate (both RMB and USD), whereas commercial real estate is largely influenced by unemployment. The results of the exponential GARCH model show that there were no asymmetric effects in the Hong Kong real estate market. This volatility pattern has important implications for investors and policymakers. Residential and commercial real estate have different volatility determinants; investors may benefit from this when building a portfolio. The analysis and results are limited by the lack of data on real estate price determinants. To the best of the authors’ knowledge, this paper is the first study that evaluates volatility in the Hong Kong real estate market using the GARCH class model. Also, this paper is the first to investigate commercial real estate price determinants.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-02-17
      DOI: 10.1108/IJHMA-08-2020-0099
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Is HOA capitalized in housing price' Evidence from Chongqing, China
    • Authors: Feng Deng
      Abstract: International research has found that Homeowners Association (HOA) is capitalized in housing price in the West. Is that result applicable in Chinese cities' In China there is also widespread applause for HOA. Will that leave trail in the housing market' This paper aims to answers these questions by presenting empirical evidence from 113 private gated communities in Chongqing, China. The data set comes from three different sources including a telephone survey. The research methodology includes hedonic models with an endogenous dummy variable of the presence of HOA in a community. HOA is not capitalized in housing price. The empirical finding helps to explain why about 80% of private communities in big Chinese cities have not formed an HOA. This is the first empirical study on HOA capitalization in housing price in China.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-02-15
      DOI: 10.1108/IJHMA-10-2020-0125
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • The external impacts of historic landmarks and buildings on townhouse
           prices in Vietnam
    • Authors: Doan Nguyen, Thu Hong Thi Nguyen
      Abstract: This paper aims to explore the external spillover effects of landmarks and buildings with historic preservation designation in Vietnam, a country marked with a unique property right regime and market transparency. The study contributes to the existing debate over the impact of distance to historic preservation sites and landmarks and property prices. The study examines property data of 274 attached townhouses in Ho Chi Minh City, Vietnam and estimates the spillover effects of historic preservation on property prices collected during 2018–2019. The authors test for spatial autocorrelation by using the Global Moran’s I and Lagrange Multiplier diagnostics and deploy different spatial regression models including SAR, SEM and SDM. The authors find that there is a premium on the prices of townhouses near formally designated landmarks and buildings. This premium decreases monotonically away from the historic sites. However, this paper also demonstrates that there is a non-linear (U-shape) relationship between housing premium and the distance to the nearest historic building. This study is the first to take advantage of the surveyed property data to study the external impacts of historic preservation designation on housing prices in Vietnam. The study also contributes to the ongoing scholarly debate over the direction of the impacts. The study suggests that similar to other amenities, the price effect of designation tends to fade away after a certain distance.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-02-09
      DOI: 10.1108/IJHMA-08-2020-0104
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Bubble economics: how big a shock to China’s real estate sector will
           throw the country into recession, and why does it matter'
    • Authors: Bryane Michael, Simon Zhao
      Abstract: By modelling China’s property price changes and their effect on GDP, this study aims to develop a more general model of the costs and benefits driving price bubbles. The authors develop a five-sector dynamic model (using data from China and seven other comparator jurisdictions), resulting in a bubble risk factor. The authors then correlate this risk factor with changes in property prices and resulting changes in GDP. The authors find that economic structures (the way GDP, property prices and other variables change relative to each other) can change during/after a financial crisis. The authors also find that price disequilibria can help predict the risk of a property price fall – which thus reverberates into GDP change. To the best of the authors’ knowledge, no dynamic models of price bubbles exist (though many exist of financial bubbles). The authors provide both theoretical novelties (such as providing a model of risk using non-linear differential equations) and practical ones (showing when we can expect Chinese GDP to fall).
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-02-08
      DOI: 10.1108/IJHMA-01-2020-0003
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Applying data mining algorithms to real estate appraisals: a comparative
           study
    • Authors: Thiago Cesar de Oliveira, Lúcio de Medeiros, Daniel Henrique Marco Detzel
      Abstract: Real estate appraisals are becoming an increasingly important means of backing up financial operations based on the values of these kinds of assets. However, in very large databases, there is a reduction in the predictive capacity when traditional methods, such as multiple linear regression (MLR), are used. This paper aims to determine whether in these cases the application of data mining algorithms can achieve superior statistical results. First, real estate appraisal databases from five towns and cities in the State of Paraná, Brazil, were obtained from Caixa Econômica Federal bank. After initial validations, additional databases were generated with both real, transformed and nominal values, in clean and raw data. Each was assisted by the application of a wide range of data mining algorithms (multilayer perceptron, support vector regression, K-star, M5Rules and random forest), either isolated or combined (regression by discretization – logistic, bagging and stacking), with the use of 10-fold cross-validation in Weka software. The results showed more varied incremental statistical results with the use of algorithms than those obtained by MLR, especially when combined algorithms were used. The largest increments were obtained in databases with a large amount of data and in those where minor initial data cleaning was carried out. The paper also conducts a further analysis, including an algorithmic ranking based on the number of significant results obtained. The authors did not find similar studies or research studies conducted in Brazil.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-02-08
      DOI: 10.1108/IJHMA-07-2020-0080
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Investigating the causes of increasing consumer demand for real estate
           housing in Bangladesh
    • Authors: Mazed Parvez, Sohel Rana
      Abstract: The purpose of this paper is to find out the causes of increasing population in the real estate area. The demographic in information of the respondents and the level of satisfaction was also carried out for this study. The authors use both primary and secondary data. Total 329 respondents were surveyed at the real estate area after completing sample size determination. Secondary data was collected from journals, real estate offices and papers. After that, using regression and correlation analysis, the data was analyzed and finalized. This study identified migration as the most critical variable. The study determined ten hypotheses and only accepted two. By that, this study finds out the causes of the increasing demand of plots and flats in real estate. This study will work as a baseline study for the real estate sector in Bangladesh. Most of the research on Bangladesh’s real estate is done mainly on real estate market assessment and consumer satisfaction. Nevertheless, this study will find out the causes of the increasing population in real estate.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-02-08
      DOI: 10.1108/IJHMA-09-2020-0111
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • A bibliometric analysis of property valuation research
    • Authors: B .V Binoy, M. A Naseer, P.P Anil Kumar, Nina Lazar
      Abstract: Real estate valuation studies gained popularity with the availability of large-scale property transaction data in the latter part of the twentieth century. Hedonic price modeling (HPM) was the most popular method in the initial years until it was taken over by advanced modeling methods in the twenty-first century. Even though there exist a few literature reviews on this topic, no comprehensive bibliometric analysis is conducted in this area. In view of gaining a better understanding of the dynamics of property valuation studies, this paper aims to conduct a bibliometric analysis. A comprehensive search in the Scopus database, followed by detailed screening resulted in 1,400 articles. The identified research articles spanning over five decades (1964–2019) are analyzed using the open-source R package “bibliometrix.” The study found the USA to be the most productive country in various aspects, such as number of publications, number of authors and publication hotspots. The findings also demonstrate assessments on the publication trends, journals, citations, keywords, co-citation and collaboration networks. It was observed that there exists an upsurge in the number of publications after the year 2000 owing to improved data availability and better modeling techniques. This study is significant in understanding the major research areas and modeling techniques used in property valuation. Future studies can incorporate multiple database sources and include more articles. The current study is one of the first bibliometric studies on property valuation. Previous studies have not explored the possibilities of geographic information system in bibliometric research. Spatial mapping and analysis of publications provide a geographical perspective of valuation research.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-02-08
      DOI: 10.1108/IJHMA-09-2020-0115
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • House price index (HPI) and Covid-19 pandemic shocks: evidence from Turkey
           and Kazakhstan
    • Authors: Yeşim Aliefendioğlu, Harun Tanrivermis, Monsurat Ayojimi Salami
      Abstract: This paper aims to investigate asymmetric pricing behaviour and impact of coronavirus (Covid-19) pandemic shocks on house price index (HPI) of Turkey and Kazakhstan. Monthly HPIs and consumer price index (CPI) data ranges from 2010M1 to 2020M5 are used. This study uses a nonlinear autoregressive distributed lag model for empirical analysis. The findings of this study reveal that the Covid-19 pandemic exerted both long-run and short-run asymmetric relationship on HPI of Turkey while in Kazakhstan, the long-run impact of Covid-19 pandemic shock is symmetrical long-run positive effect is similar in both HPI markets. The main limitations of this study are the study scope and data set due to data constraint. Several other macroeconomic variables may affect housing prices; however, variables used in this study satisfy the focus of this study in the presence of data constraint. HPI and CPI variables were made available on monthly basis for a considerably longer period which guaranteed the ranges of data set used in this study. Despite the limitation, this study provides necessary information for authorities and prospective investors in HPI to make a sound investment decision. This is the first study that rigorously and simultaneously examines the pricing behaviour of Turkey and Kazakhstan HPIs in relation to the Covid-19 pandemic shocks at the regional level. HPI of Kazakhstan is recognized in the global real estate transparency index but the study is rare. The study contributes to regional studies on housing price by bridging this gap in the real estate literature.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-02-04
      DOI: 10.1108/IJHMA-10-2020-0126
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • A hedonic model of the association between grocery brand provision and
           residential rental prices in England
    • Authors: Stephen Clark, Nick Hood, Mark Birkin
      Abstract: This study aims to measure the association between local retail grocery provision and private residential rental prices in England. Renting is an important sector of the housing market in England and local grocery provision is an important aspect of service provision and consumers are known to be highly sensitive to the branding of this type of retailing. This research uses a novel data source from a property rental Web platform to estimate a hedonic model for the rental market. These models incorporate information on the nature of the properties and their neighbourhoods, with an emphasis on how different retail brands are associated with rental prices. This retail brand is captured on two scales: the provision of local branded convenience stores and the provision of larger stores. The study finds clear differentials in how the local grocery brand is associated with rental prices. When controlling for commonly explored confounding factors, “Luxury” retailers such as Waitrose and Marks and Spencer are associated with higher rental prices, while “Discounter” retailers are associated with lower rental prices. This finding has many implications, particularly in relation to potential price changes in an already challenging housing market for many people. This is an observational study and as such only associations (not causation) can be implied by these findings. The focus of this research is on the private residential property market, an important market in England but one that has enjoyed less scrutiny than the sales or socially rented markets. Rather than using general accessibility to retail, this research has differentiated the association by the retail brand and store size, two very important aspects of consumer choice.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-01-29
      DOI: 10.1108/IJHMA-05-2020-0062
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Responsiveness of residential construction-production progress to house
           price dynamics
    • Authors: Le Ma, Henry Liu, Michael Sing
      Abstract: This study aims to address the gap by empirically exploring how residential construction-production progress, which includes project commencement, under-construction and project completion, responds dynamically to fluctuations in house prices. A vector autoregressive model and an impulse response function are applied to simulate and analyse the circle of the stage-responsiveness of residential construction to residential property price dynamics in the state of Victoria, Australia. The quarterly numbers of dwelling units commenced, under-construction and completed are used as the proxy for the residential construction activities at three stages over the construction progress. The analysis indicates that the dynamics are essentially transmitted throughout the construction process and can substantially impact the pace of production progress. The findings from this study provide an empirical base that should be useful in developing price-elasticity and production theories applicable to the context of residential property construction. The findings described above have been generated basically by examining the case of Victoria, Australia at a macro level. The generalisation of the research output needs to be verified further by future researchers using data collected from other regions/countries. Nevertheless, the reliability of the conclusions with particular practical implications can be substantially improved by future researchers by analysing more markets and production proxies at the activity level. Based on new empirical findings, this research argues that building activity (i.e. under construction) played as a gateway between the construction and housing sectors, via which the inter-responsiveness of the housing supply in terms of construction activities and housing prices are transmitted. This research firstly attempts to explore the inter-responsiveness between the real estate and construction sectors. A simulated circle of the stage-responsiveness of residential construction to residential property price dynamics is proposed, which can serve as a significant foundation for developing the theory of construction production.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-01-25
      DOI: 10.1108/IJHMA-05-2020-0052
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Foreign capital inflows and housing market in Pakistan
    • Authors: Rafiq Ahmed, Syed Tehseen Jawaid, Samina Khalil
      Abstract: Housing prices have been increasing tremendously in Pakistan, there should be many reasons but the haphazard urbanization and rapidly growing population. To find out the causes of this price rise, this study aims to assess the impact of the foreign capital inflow and some domestic factors on housing prices. To get the benefits of high-frequency data, it has been converted into a monthly, quarterly and yearly basis. The unit root is performed to see the stationarity, Johansen test is used for cointegration and coefficients are obtained through the ordinary least squares technique. The robustness of the results is checked with dynamic ordinary least squares and the Chow breakpoint test is used to detect structural breaks. The housing prices have increased over time; this has been reflected in all the data sets under observation. The country has observed a rapid growth in population and urbanization that has badly affected almost every activity of city life. The impact of foreign capital inflow is positive on the house price appreciation. There is a dire need to divert such foreign funds in the housing sector so that it cannot create an artificial price hike. The government should regularly publish a housing policy for the guidance of investors and the public at large. Also, public authorities should provide housing finance facility. This is a novel work to the best of the authors’ knowledge because no one has studied the impact of foreign capital inflow on the housing market for the economy of Pakistan. Furthermore, this study is different in the sense that it has disaggregated annual data into a monthly and quarterly basis to get the benefits of high-frequency data.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-01-19
      DOI: 10.1108/IJHMA-07-2020-0089
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Hedonic housing prices and environmental quality in Lebanon
    • Authors: Walid Marrouch, Nagham Sayour
      Abstract: This study aims to examine the impact of local air pollution on housing prices in Lebanon. The authors apply a hedonic pricing approach using a unique data set from Lebanon. To account for non-linearities in pricing, the authors use three different functional regression forms for the hedonic model approach. The authors also deal with potential omitted variable bias by estimating a hedonic frontier specification. The authors find that, in all specifications, air pollution negatively and significantly affects housing prices. The estimated marginal willingness to pay for a one microgram per cubic meter change in particulate matter (PM10) concentration ranges between 2.88% and 3.18% of mean housing prices. The authors also provide evidence of a negative pricing gradient away from the city center, landing support for the monocentric urban development hypothesis. Given the lack of a data set linking household socioeconomic characteristics with housing data, the authors only consider the first-stage hedonic model. The proposed hedonic pricing regression approximates a housing pricing equation that can be used by policymakers. The findings suggest that pollution is a significant factor in household behavior in Lebanon. This paper adds to the scant literature studying the effects of air pollution on housing prices in developing countries. To the best of the authors’ knowledge, this is the first paper to study the impact of pollution on housing prices in a country in the Middle East and North Africa Region.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-01-11
      DOI: 10.1108/IJHMA-08-2020-0100
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Ethics in real estate: agency practices in Istanbul
    • Authors: Ilkim Markoc, Fusun Cizmeci
      Abstract: This paper aims to discuss unethical behaviors that small real estate agencies encounter in real estate brokerage practices, the factors that give rise to a trust issue and the potential of legal arrangements for offering a solution. Small real estate agencies, almost the only actor in the real estate brokerage industry until the late twentieth century, still strive to survive despite the globalized market, large corporations increasingly dominating the market, the increasing informality and the real estate portals offering certain brokerage services online. While all these developments put pressure on small real estate agencies, the industry’s unethical behaviors diminish their reliability. Despite the efforts to overcome this issue through legal arrangements, the extent to which these regulations will be successful is still a matter of intense debate. In total, 85 small real estate agencies operating in Istanbul, Turkey, were posed semi-structured open-ended questions and asked to provide an opinion about the unethical behaviors they face and the potential of a legal arrangement to solve those problems. In the second stage, three focus group interviews were held with representatives from large real estate brokerage companies to make a comparison and they were also posed similar questions. The answers were evaluated using content analysis. It was found that the unethical behaviors in the real estate industry could mainly be evaluated in two categories, i.e. those stemming from structural problems of the industry and those stemming from problems related to service delivery and that a legal arrangement could only solve the first category. The research is limited to small real estate agencies that operate in Istanbul, the heart of the Turkish economy and the biggest city of the country where intensive efforts are spent to integrate into the global order. It is considered that categorization of the causes of problems encountered by the numerous small real estate agencies that struggle to survive in the market and an analysis of the root causes of unethical behaviors in the industry and a discussion on potential solutions that may be brought bylaws will contribute to the literature.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-01-05
      DOI: 10.1108/IJHMA-10-2020-0119
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Enhancing social and individual sustainability in urban co-living
    • Authors: Christin Mellner, Maria Niemi, Elin Pollanen, Walter Osika
      Abstract: Urbanisation is trending globally, leading to population densification and housing shortage and people living increasingly in isolation. This entails challenges to sustainable development including ecological, social and well-being issues. This paper aims to evaluate the effects of a six-month onboarding self-leadership programme including exercises in mindfulness and acceptance and commitment therapy, amongst residents in a co-living space (n = 24) and a waiting list (n = 21). At baseline and post-intervention, participants filled out questionnaires and two waves of in-depth interviews (n = 24) were conducted. Repeated measures one-way analysis of variance and thematic text analyses were performed. Participation in the programme significantly (all ps < 0.000 to 0.050) improved relationship quality and communication about one’s needs regarding work-non-work boundaries, especially amongst residents at the co-living space. Moreover, programme participation significantly increased perceived work-non-work boundary control, work-life balance, psychological well-being, psychological flexibility and self-compassion, with effect sizes (hp2) in the medium to the large range (0.14 to 0.39). Qualitative findings suggested that increased psychological flexibility and self-compassion encouraged co-living residents to be more vulnerable and trusting, which enabled communication regarding one’s needs and enhanced mutual social support and relationship quality. This, in turn, improved overall boundary management, work-life balance and well-being. Co-living settings – while contributing to overall sustainable development through more efficient use of space and resources – can also contribute to societal and individual sustainability. However, to ensure this contribution, the physical environment including private areas and common and semi-public areas, as well as the socio-emotional environment need to be considered.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-01-04
      DOI: 10.1108/IJHMA-09-2020-0117
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Editorial
    • Editorial
      Richard Reed
      International Journal of Housing Markets and Analysis, Vol. 14, No. 2, pp.257-259International Journal of Housing Markets and Analysis2021-04-01
      DOI: 10.1108/IJHMA-04-2021-150
      Issue No: Vol. 14, No. 2 (2021)
       
  • Close enough: housing price effects of urban parks, reserves and volcanic
           parks in Auckland, New Zealand
    • Authors: Lydia Cheung, Mario Andres Fernandez
      Abstract: This study aims to test whether the size of and distance to the nearest green space has any effects on residential property transaction prices in Auckland, New Zealand. This paper divides all green spaces in Auckland into three categories, namely, urban parks, regional reserves and volcanic parks (a unique feature in Auckland, New Zealand). This study uses six years of residential property transaction data to estimate hedonic price regressions. For each property, this paper calculates the size of and distance to the nearest park in each category. The logged sizes of the nearest regional reserve and volcanic park have positive effects on property prices. The logged distances to the nearest urban park and volcanic park are insignificant, while the logged distance to the nearest regional reserve is positively significant. In other words, homebuyers prefer larger regional reserves and volcanic parks and prefer to be further away. Auckland is ranked as a top-five city in the world in terms of the proportion of public green space, trailing four European cities. However, because of Auckland’s much younger age, it presents a very different urban form. The study shows that the distribution of green space (not only its total amount) can bring negative capitalization on property prices.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-12-28
      DOI: 10.1108/IJHMA-05-2020-0064
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • The capitalization of spatial healthcare accessibility into house prices
           in Taiwan: an application of spatial quantile regression
    • Authors: Ti-Ching Peng
      Abstract: Population ageing is fast becoming a major social concern across the globe. This ageing trend unavoidably fuels elders’ demand for healthcare services. As the main users of health care service, whether the healthcare is geographically approachable in local areas is more imperative to senior residents with restricted mobility. This paper proposes to examine the effect of elders’ healthcare accessibility on property prices of Taipei Metropolis, Taiwan. Luo and Qi’s (2009) enhanced two-step floating catchment area method – taking both healthcare demand and supply into account – was used to measure three types of healthcare services: “physician-to-elder ratio”, “hospital bed-to-elder ratio” and “ambulance-to-elder ratio”. Spatial quantile regression (SQR) model was then used to examine the spatial effect of healthcare accessibility on different property price ranges. The “physician-to-elder ratio” and “hospital bed-to-elder ratio” demonstrated expected consistent positive effects across all quantiles of property prices (p < 0.01) in SQR, and its effects aggravated as the quantiles of property prices rose. The “ambulance-to-elder ratio” demonstrated a non-linear influence on property prices (i.e. a negative effect on lowest quantile prices but a positive on higher quantile prices) possibly due to the semi-obnoxious characteristic of the ambulance. That is, residents living in lower priced neighbourhoods may dislike ambulances’ annoying sound of sirens (i.e. ambulances’ disamenity), while residents living in higher valued neighbourhoods may on the contrary appreciate ambulances’ healthcare services (i.e. amenity). These findings are expected to offer some insights for government’s policies in providing elders in their later years with good residential quality and easy access to healthcare resource. This paper is one of the few studies that consider the capitalization of the spatial healthcare accessibility to elders into property prices. In this ageing trend across the globe, although all the accessibility to medical resources should be equally critical, the application of spatial quantile regression revealed residents’ inconsistent tendency against semi-obnoxious ambulances. It provides a different perspective in defining the importance of healthcare accessibility in neighbourhoods.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-12-07
      DOI: 10.1108/IJHMA-06-2020-0076
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Economic policy uncertainty and house prices in Germany: evidence from
           GSADF and wavelet coherence techniques
    • Authors: Dervis Kirikkaleli, Korhan Gokmenoglu, Siamand Hesami
      Abstract: This study aims to answer the following questions which have not been investigated in the literature to the best knowledge: Is there any bubble in the German housing sector between 2005–2009 and 2012–2017' and Is there any linkage between economic policy uncertainty and the housing sector price index' This study aims to shed some light on the German’s housing sector by investigating the housing sector bubble and the causal link between the housing sector index and economic policy uncertainty in Germany, using GSADF, Granger causality, Toda Yamamoto causality and wavelet coherence tests. The findings reveal that there are some bubbles in the housing sector in Germany for the periods investigated, there is a positive correlation between economic policy uncertainty and housing sector price index at different frequencies and different periods and between 2008 and 2009 and between 2011 and 2013, economic policy uncertainty leads housing sector price index. The consistency of the findings from wavelet coherence is confirmed by the outcomes of Granger causality and Toda Yamamoto causality tests. To the best knowledge, this is the first study that empirically investigates the relationship between the housing sector and EPU using a novel wavelet econometric method. In addition, this paper extends the research focused on the associations between the housing sector and EPU, by checking the bubbles in the market in different time horizons by using the longest available data span. Furthermore, the consistency of the findings from wavelet causality is confirmed by the outcomes of Granger causality and Toda Yamamoto causality tests. Finally, compared to the previous literature on the relationship between housing and EPU, the study uses a hedonic index for housing for the first time in the case of Germany.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-11-27
      DOI: 10.1108/IJHMA-07-2020-0084
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Exploring preferences for affordable housing criteria importance among EWS
           in India
    • Authors: Pavan Namdeo Ghumare, Krupesh A. Chauhan, Sanjaykumar M. Yadav
      Abstract: The purpose of this paper is to provide affordable housing to economically weaker section (EWS). The enormity of India’s housing affordability problem has led the authors to study and analyze the criteria delaying an affordable housing for EWS. The issues affecting supply and demand for affordable housing in Indian urban areas for EWS are analyzed. The judgment sampling is used among housing and planning experts working in five different sectors, including local authorities, housing developers, housing sectors, town planning and property/affordable housing consultants. The study has established the problem and acknowledged 30 factors behind it. A total of 349 questionnaires were administered among the housing experts in 4 states of India. Descriptive statistical method was used to determine the significance of criteria. A complete structure of criteria signifying housing affordability, established by the authors, is validated and analyzed in this paper. The questionnaire surveys were conducted with housing and planning experts across the four states of India to determine household perceptions on the criteria contributing to housing affordability and to rank these criteria according to their importance. The study establishes that the experts’ views on this issue differ insignificantly across different states of India, while they differ in certain levels depending on the urban area. To build successful societies for the future, the authors wish to draw closer on affordability issues for EWS. The suggestions prominent information to investors, and real estate firms, which could assistance ecological growth of housing projects that are affordable. Based on the examination of the ranking and greatness of housing criteria, this paper further suggests possible developments for EWS in India.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-11-09
      DOI: 10.1108/IJHMA-06-2020-0073
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Does concentration of social housing influence house prices' Evidence
           from New Zealand
    • Authors: Vernon Sequeira, Olga Filippova
      Abstract: Housing affordability in New Zealand is placing significant pressure on the country’s social housing sector with increased demand for public sector accommodation. A common belief suggests that social housing has a negative effect on nearby residential property values. This study aims to develop proximity and concentration measures of social housing to determine if their spatial distribution affects property values. Using over 32,000 residential sales transactions from Auckland (New Zealand) during a three-year period (2014–2016), this study applies standard hedonic OLS framework with the addition of spatial autoregressive model and spatiotemporal autoregressive model to test if proximity and concentration of social housing influence residential property values. The research found that private houses that share boundaries with public housing are discounted by 1.7%–3.3% depending on the socio-economic status of the submarket. The authors find that wealthier submarkets are better equipped to absorbing negative externalities attached to social housing. Proximity measures tend to peak at 250 m, with houses discounted up to 5% within that distance. Concentration levels of social housing had a greater influence on the private residential market. At low levels of concentration, houses in areas of high and low socio-economic levels were discounted by approximately 6.5%. The discount does not remain uniform and the gap between the two areas is apparent at medium and high concentration levels. The negative effect was the highest − 23% – in the neighbourhoods that were socially and economically deprived. The study’s findings can assist policymakers in informing strategies on the future social housing initiatives. The findings suggest that a dispersed development strategy that incorporates a balanced mix of tenure and socio-economic groups should be preferred over a high-density social housing concentrated in already deprived neighbourhoods.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-11-06
      DOI: 10.1108/IJHMA-04-2020-0032
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Young adults’ socialization in housing and real estate purchase
           decisions in India
    • Authors: Sijo Saju John, Chaitali Balapure, Benny J. Godwin
      Abstract: The purpose of this paper is to understand the influence of young adults’ socialization and product involvement on family housing and real estate purchase decision-making process. While previous studies have used these constructs in the fast-moving commercial goods category, this paper is considering the real estate family purchase decision as the core point of research and analysis. Data were collected from 429 young working adults across various sectors in India. The proposed conceptual framework is tested using structural equation modeling. The findings suggest that the teenagers with high social life have a better say in the decision-making process. It was also found that the young adults’ product involvement (measured in terms of gratification and symbol) construct shows how involved they are with the final decision-making in a family. The results suggested that the more young adult socializes, the more voice he has in the family housing and real estate decision-making process. This paper is the first to analyze the role of teenage socialization and product involvement on family housing and real estate purchase decision-making process. This paper will be practicable to all the stakeholders of the housing industry as a whole.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-11-05
      DOI: 10.1108/IJHMA-04-2020-0042
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Time-frequency linkages of international housing markets and macroeconomic
           drivers
    • Authors: Hardik Marfatia
      Abstract: The studies on international housing markets have not modeled frequency domain and focused only on the time domain. The purpose of the present research is to fill this gap by using the state-of-the-art econometric technique of wavelets to understand how differences in the horizon of analysis across time impact international housing markets’ relationship with some of the key macroeconomic variables. The purpose is to also analyze the direction of causation in the relationships. The author uses the novel time–frequency analysis of international housing markets’ linkages to the macroeconomic drivers. Unlike conventional approaches that do not distinguish between time and frequency domain, the author uses wavelets to study house prices’ relationship with its drivers in the time–frequency space. The novelty of the approach also allows gaining insights into the debates that deal with the direction of causation between house price changes and macroeconomic variables. Results show that the relationship between house prices and key macroeconomic indicators varies significantly across countries, time, frequencies and the direction of causation. House prices are most related to interest rates at the higher frequencies (short-run) and per capita income growth at the lower frequencies (long-run). The role of industrial production and income growth has switched over time at lower frequencies, particularly, in Finland, France, Sweden and Japan. The stock market’s nexus with the housing market is significant mainly at high to medium frequencies around the recent financial crisis. The present research implies that in contrast to the existing approaches that are limited to the only time domain, the frequency considerations are equally, if not more, important. Results show that interested researchers and analysts of international housing markets need to account for the both horizon and time under consideration. Because the factors that drive high-frequency movements in housing market are very different from low-frequency movements. Furthermore, these roles vary over time. The insights from the present study suggest policymakers interested in bringing social change in the housing markets need to account for the time–frequency dynamics found in this study. The paper is novel on at least two dimensions. First, to the best of the author’s knowledge, this study is the first to propose the use of a time–frequency approach in modeling international housing market dynamics. Second, unlike present studies, it is the first to uncover the direction of causation between house prices and economic variables for each frequency at every point of time.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-11-05
      DOI: 10.1108/IJHMA-05-2020-0055
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Key determinants of time on the market: an analysis of residential housing
           market in Sri Lanka
    • Authors: Nishani Champika Wickramaarachchi, Seetha Kusum Chandani, Malka Thilini
      Abstract: Developing residential units is crucial in the socio-economic development of a country. The investor faces not only uncertain transaction price (price risk), but also uncertainties about the marketing period risk. Predicting when the incurred money is being realized is difficult because of the imperfect nature of the real estate market. Thus, the purpose of this study is to analyze the variables that explain the time on the market (TOM) of housing units, identifying the relationships in-between and the effects on TOM of residential properties. Following a multi-stage sampling process, a random sample of 120 housing units was selected. Data were collected using a self-administered questionnaire. The questionnaire contained 57 variables that can affect TOM. Semi-structured interviews were conducted to confirm some of the data and information on residential units from the developers. Direct observations were conducted to verify certain physical attributes and, finally, they were comprehensively analyzed using quantitative analysis techniques in SPSS 16.0 Statistical package. Results confirmed that lesser advertising prices, attractive environment, proximity to the city center and proper shape of lands reduce the TOM. Similarly, higher prices, longer distance to the city center and irregular shape of land increase the TOM. The results strengthen the necessity of a comfortable environment appropriate to live, probably with greenery or water bodies, which is a key influential factor that reduces the TOM in Sri Lanka. wIn the Sri Lankan context, there are few contributions to the real estate literature in this regard. Many scholars have concentrated on physical and economic characteristics, whereas this research adds the environmental factors. Therefore, this research makes a significant contribution to the body of knowledge in this area, as it puts more attention on including several variables, as well as newly introduced variables as determinants. Consumers can apply the research findings to assess the relative importance of housing attributes and services which they perceive most valuable, and then to make their purchase decisions. The findings also contribute to the investigations of the behavior of housing attributes and enable knowing as to what factors are to be promoted and what to be omitted to gain a shorter TOM.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-11-05
      DOI: 10.1108/IJHMA-06-2020-0071
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • House prices and bank credit in China: analysis of first- and second-tier
           cities
    • Authors: Lee Chin, Xiaoran Li
      Abstract: Housing prices in China have increased rapidly over the past decade. Motivated by the fact that the real estate market and bank credit scale are vastly different in Chinese cities, the purpose of this paper is to compare the impact of bank credit on house prices in first- and second-tier cities in China. In this study, a panel data method was used to investigate 19 first-tier cities and 30 second-tier cities between the period 2003 and 2018. The empirical analysis undertaken in this study found that bank credit was relevant to house prices but varied in different cities in which house prices in second-tier cities tended to be more affected by bank credit compared to those in first-tier cities. In contrast, population was found to be a dominant factor that influenced house prices in first-tier cities. Likewise, the factors, per capita and gross domestic product, were found to exert a significant influence on house prices in first- and second-tier cities. This paper provided numerous policies to control the price of housing in first- and second-tier cities. The housing prices, bank credit scale and population distribution are vastly different in different cities in China. This research considers these differences while examining the dominant factors that affect house prices in first- and second-tier cities in China.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-10-23
      DOI: 10.1108/IJHMA-05-2020-0061
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Estimating the price of apartments in Tehran using extracted compound
           variables
    • Authors: Javad Koohpayma, Meysam Argany
      Abstract: Housing price is a barometer of a national economy. In recent years, Iran experienced high inflation in its economy, which affects everything, including housing. The purpose of this study is the estimation of the value of residential apartments of Tehran using ordinary least square (OLS) and geographically weighted regression (GWR) methods. This paper proposed a method for determining the compound variables and used them to estimate and evaluate the prices in the district six of Tehran city. Also, this paper compared the GWR and OLS methods with different types of factors and their influences in house price estimations. During the high inflation period of the study period, the age of buildings, inflation, parking, storage room and their locations are the most critical factors that affect the price of apartments in district six of Tehran. Besides, compound variables have the most influence on the prediction of the prices. The exact location of the apartments in the study area were unknown. Therefore, the positions are extracted from their addresses. The uncertainty of location forced us to ignore the neighborhood terms in the hedonic method. The exact locations of the apartments in the study area were unknown. Therefore, the positions are extracted from their addresses. The uncertainty of location forced us to ignore the neighborhood terms in the hedonic method. The originality of the proposed method is that it used a different approach to determine the valid variables of the apartment prices. Also, the evaluation of the method showed that the proposed variables are significantly useful.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-10-19
      DOI: 10.1108/IJHMA-05-2020-0050
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Effective strategies for developing retirement village public –
           private partnership
    • Authors: Robert Osei-Kyei, Vivian Tam, Mingxue Ma
      Abstract: The growth in ageing population globally has led to the increase in demand for retirement or aged care homes. Adopting public–private partnership (PPP) in the global retirement village market has become the new approach to address some of the emerging challenges. This paper aims to explore and analyse the critical success factors (CSFs) for the adoption of PPP in the global retirement village market. An empirical questionnaire survey was conducted with experienced practitioners in the global PPP and retirement village markets. Mean score analysis, normalization range method, Kendall’s coefficient of concordance and factor analysis were used for analysis. Results show that out of the 27 CSFs identified, the most significant ones in developing PPP retirement village projects are “the age-friendly design of villages”, “appropriate location of PPP retirement village”, “reliable and accessible health and physical facilities” and “effective social inclusion and integration in villages”. Further analysis shows that the 27 CSFs can be grouped into 7 major factor groupings, namely, “effective project monitoring”, “financial support”, “social integration”, “effective contractual arrangement between parties”, “government commitment and support”, “sustainable design of village” and “effective payment structure”. The outputs of this study will adequately inform retirement village developers, retirement village stakeholders and local government authorities of the best practices they should put in place to ensure the sustainable growth of the global retirement village market.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-10-01
      DOI: 10.1108/IJHMA-08-2020-0092
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Tax deed sales and land banking to reuse vacant and abandoned properties
    • Authors: Yasuyuki Fujii
      Abstract: Tax sales intersect with the market, housing policy and socioeconomic matters, but the topic in this context is understudied. The purpose of this paper is to investigate whether and how land banking is more effective in fostering positive property outcomes than tax lien sales and what market-based measures can be combined with land banking to reuse tax delinquent, vacant and abandoned properties. This paper analyzes the consequences of tax lien sales and land banking in Indianapolis, Indiana, the USA. Various local data sources are used. This paper finds that land banking, when compared to tax lien sales, results in less tax delinquency, less vacancy and abandonment, more increase in assessed value and fewer ownership changes after sales. Also, this paper shows the contributions of non-profit and for-profit developers as business partners to land banks. This paper demonstrates the utility of the land banks that have become prevalent in some states in the USA over the past 20 years. The results of this paper recommend the realistic approach of combining government intervention and market forces. This paper sheds light on the US practice of tax lien sales. It goes largely unnoticed, but malpractice risks harming the vulnerable members of community. Housing policy needs to find common ground with the market. It is a dilemma, more or less, for every country. The results of this paper suggest a harmonized public policy approach that includes land banking and the market can be effective in combatting with troubled properties.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-09-03
      DOI: 10.1108/IJHMA-05-2020-0054
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • The potential impact of Covid-19 on the Irish housing sector
    • Authors: Matthew Allen-Coghlan, Kieran Michael McQuinn
      Abstract: This paper aims to examine the implications for the Irish housing market of the economic slowdown due to the Covid-19 virus. In this paper, an inverted demand function for housing is augmented to include a residential market activity variable and estimate the impact on house prices of the decline in economic activity due to the virus-related measures. The likely future path of house prices based on two different recovery scenarios is also examined. Under both scenarios house prices are forecast to decline in the near term. The scenario analysis presented here indicates that Irish house prices are set to fall over the next 18 months as a result of the Covid-19 downturn. This contraction in prices is due to the decline in household disposable income and the sharp fall-off in mortgage market activity, which will inevitably result from the administrative closedown implemented by the Irish authorities. As such the approach builds on several studies which have examined both house price movements in general and the relationship between house prices and mortgage credit availability. The paper also draws on the latest analysis of the implications for the Irish economy of Covid-19 and the related administrative closure methods introduced by the public authorities.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-08-26
      DOI: 10.1108/IJHMA-05-2020-0065
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • The UK private housebuilding sector: social media perspectives
    • Authors: Nigel Craig, Nick Pilcher, Rebecca MacKenzie, Chris Boothman
      Abstract: The UK private housebuilding sector is the key supplier of new-build homes for customers, constituting a fifth of the entire UK construction industry. Yet, despite the high average cost of houses, and official reports advocating improvement, the sector remains blighted by criticism and a negative image of its quality. However, social media now offers customers new sources of advice and information. In this context, the purpose of this paper is to analyse social media forum posts from new-build homebuyers to reveal perceptions of the industry and illustrate the value of such data for others. This paper presents and thematically analyses 147 comment posts from nine online Facebook forums under the themes of safety; standards; quality; workmanship; customer service; finance and money; advice; National House Building Council; ombudsman; and page closures. Customers express frustration, anger, feelings of neglect and of an abdication of responsibility by the sector. Fundamentally, change is suggested at a systemic level, and it is urged this occurs through powerful and independent bodies. To date, social media data has not been analysed in the context of the housebuilding sector. Yet, such data is key not only for its open and wide-reaching nature but also because it can be incorporated into government reports. It is hoped such data will be used by the new home ombudsman the UK Government hopes to establish in 2020 and help rectify many of the performance issues experienced and protect homebuyers.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-08-24
      DOI: 10.1108/IJHMA-05-2020-0051
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Forecasting house prices in Iran using GMDH
    • Authors: Behrooz Nazemi, Mohsen Rafiean
      Abstract: An accurate predictive model for forecasting urban housing price in Isfahan can be useful for sellers and owners to take more appropriate actions about housing supplying. Also, it can help urban housing planners and policymakers in managing of the housing market and preventing an urban housing crisis in Isfahan. The purpose of this paper is forecasting housing price in Isfahan city of Iran until 2022 using group method of data handling (GMDH). This paper presents an accurate predictive model by applying the GMDH algorithm by using GMDH-Shell software for forecasting housing price in municipal boroughs of Isfahan city till the second half of 2022 based on creating time series and existing data. Alongside housing price, some other affecting factors have been also considered to control the forecasting process and make it more accurate. Furthermore, this research shows the housing price changes of boroughs on map using ArcMap. Based on forecasting results, the housing price will increase at all boroughs of Isfahan till second half of the year 2022. Amongst them, Borough 15 will have the highest percentage of the price increasing (28.27%) to year 2022 and Borough 6 will have the lowest percentage of the price increasing (8.34%) to the year 2022. About ranking of the boroughs in terms of housing price, Borough number 6 and 3 will keep their current position at the top and Borough number 15 will stay at the bottom. In this research, just few factors have been selected alongside housing price to control the forecasting process owing to limitation of reliable data availability about affecting factors. The most remarkable point of this paper is reaching to a mathematical formula that can accurately forecast housing price in Isfahan city which has been rarely investigated in former studies, especially in simplified form. The technique used in this paper to forecast housing price in Isfahan city of Iran can be useful for other cities too.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-08-12
      DOI: 10.1108/IJHMA-05-2020-0067
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Questioning stereotypes about US site-based subsidized housing
    • Authors: Robert Mark Silverman, Kelly L. Patterson, Chihuangji Wang
      Abstract: There is a dearth of basic analysis about how the demographics of residents living in the US Department of Housing and Urban Development (HUD) subsidized properties relate to the quality of housing. This research vacuum is often filled by popular stereotypes. This study aims to address this gap by examining the relationship between the demographics of residents and inspection scores. Two data sources are drawn from the analysis: the 2018 HUD Picture of Subsidized Households database and HUD’s 2018 REAC Public and Multi-Family Housing Inspection Scores. Linear and logistic regression analysis were conducted, and selected data were mapped using GIS software. The analysis examines the demographics of site-based subsidized properties in relation to inspection scores. In 2018, HUD identified 31,225 traditional public housing and other site-based multi-family properties in its Picture of Subsidized Households database. Residents living in these properties are often stereotyped as a homogeneous group that is predominantly composed of single, minority women with children who are welfare dependent. Similarly, properties are often portrayed as dilapidated, high-rise projects in segregated urban communities. The results from the analysis do not support these stereotypes about HUD-subsidized multi-family properties. By contrast, the results indicate that a diverse group of households lives in HUD-subsidized multi-family properties. There is a need for scholars, advocates and practitioners to more aggressively challenge the popular stereotypes about site-based subsidized housing. In particular, there is a need for enhanced public scholarship focused on the dissemination of evidence-based research.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-08-10
      DOI: 10.1108/IJHMA-05-2020-0057
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • The effects of political, economic and financial components of country
           risk on housing prices in South Africa
    • Authors: Paul-Francois Muzindutsi, Sanelisiwe Jamile, Nqubeko Zibani, Adefemi A. Obalade
      Abstract: The housing market in South Africa has the potential to drive economic growth and attract foreign investment, but it can be affected by various risk factors. This paper aims to conduct an empirical analysis of the effect of country risk components on the housing market in South Africa. Linear and nonlinear autoregressive distributed lag (ARDL) models were used to evaluate the effects of the economic, financial and political risk factors of country risk on the prices of different segments of houses based on 276 monthly time-series data from January1995 to December 2015. First, the results established that the three housing indices were more sensitive to political risk in the long run. Second, short run results showed that the three housing indices were largely influenced by their own preceding adjustments in the short run albeit minimal influences from political risk. Third, large housing segments indicated a higher magnitude of the country risk effect in South Africa. This paper concluded that the response of housing prices to changes in the country risk components differed across the three segments of the housing market in South Africa. Consequently, this study presented the first comparison of the reactions of different housing segments to different components country risk.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-08-03
      DOI: 10.1108/IJHMA-05-2020-0060
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Measuring homeownership affordability in emergent market context: an
           exploratory analysis for Turkey
    • Authors: Yener Coskun
      Abstract: This paper aims to offer an extensive empirical case study analysis by investigating housing affordability in Turkey as a whole, and in Istanbul, Ankara and Izmir over the period of 2006 and 2017 and its sub-periods. This paper develops a theoretically informed model to assess affordability using complementary methodologies in quantitative analysis. This study seeks to help outline the nature of the problem in aggregate level and in the cities; it also seeks to offer lessons about how to address measurement and modelling challenges in emergent market contexts by constructing aggregate-/city-level housing cost-to-income (HCI) ratio, adjusted HCI (AHCI) ratio, housing affordability index (HAI) and effective HAI sensitive to multiple calculation methodologies and alternative data set involving income distribution and poverty tranches. HCI, AHCI, HAI and EHAI models generally suggest the parallel results: housing is not affordable in Turkey and in Istanbul, Ankara and Izmir except for the highest income groups. The evidence implies that besides macroeconomic instabilities, distorted interest rates and short average mortgage maturity, poverty and unequal income/wealth distributions are the main reasons of the Turkish housing affordability crisis specifically heightened in metropolitan areas such as in Istanbul. The evidence provides an insight on housing affordability problems in Turkey. However, small sample size and short observation period create a limit for generalisation of the findings. Further analysis would be required to illustrate how housing affordability changes in different cities of Turkey in a longer period. By using empirical approaches, this paper helps to understand how serious housing affordability problems of Turkey in aggregate and urban levels. This evidence helps to explain declining ownership ratio in low-income groups and in urban areas. Reliable explanations on existing housing crisis of Turkey also help to develop affordable housing policies. Declining housing affordability and homeownership ratio may translate as the rising housing inequality and insecurity among Turkish households. Moreover, better affordability values of higher income groups suggest that existing inequality, economic/social segmentation, and hence social tension between high and low income groups, may further increase. In this respect, the authors suggest socially important policies such as reducing income/wealth inequalities and increasing affordable housing supply. This study offers a detailed empirical case study analysis that can be used as an exemplar of how to overcome data constraints in other evolving housing market contexts. This study sets out an approach overcoming the challenges of measurement. This study also combines existing methodological approaches with the modified variables to provide a more realistic aggregate-/urban-level housing affordability picture. The authors calculated some parts of housing affordability ratio and index series using discretionary income, minimum wage and effective minimum wage to show the variations of different measurement approaches. Some constructed series are also sensitive to income distribution and poverty thresholds. Collectively, this empirical approach, developed by using emerging market data, provides a contribution to the literature.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-07-31
      DOI: 10.1108/IJHMA-04-2020-0033
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Mitigating housing glut: an application to the Malaysian housing market
    • Authors: Chee Yin Yip, Abdelhak Senadjki, Hui Nee Au Yong, Azira Abdul Adzis
      Abstract: This paper aims to construct a model procedure to mitigate housing glut by using both qualitative and quantitative approach. The model applied in the Malaysian context analyzes the following: information contained in media articles and reports issued by Bank Negara Malaysia (BNM) on the housing market to extract the true picture of the housing glut issue; the relative impact (effectiveness) of housing affordability, housing prices and economic growth in influencing housing glut, and how it can be overcome so that appropriate preferential policies can be taken to mitigate the problem. This study uses quarterly data from 2000 to 2017 to conduct economic analysis, economic theory analysis and cointegrating regression, whereas information from media-published housing articles and reports issued by BNM are examined and interpreted to draw the true picture of housing glut. The results obtained from quantitative analysis show that housing affordability exerts very mild relative effect (0.0097) negatively on housing glut, whereas economic growth and housing price produce a relatively mild positive impact of (0.020) and (0.022), respectively, conflicting to the common consensus that the two factors have a significant effect on housing glut. Qualitatively, the results of this study show that housing glut seems to be relatively larger for affordable housing, which is contrary to the quantitative results, pointing to the existence of other influencing factors. There is an imperative need for a third-party survey to gain a comprehensive understanding of the market conditions and buyers’ sentiment and preference. This study compares both quantitative and qualitative results with expected housing market movements and responses based on conventional wisdom.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-07-29
      DOI: 10.1108/IJHMA-04-2020-0037
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • How global is the affordable housing crisis'
    • Authors: Tom Coupe
      Abstract: This paper aims to determine to what extent the housing affordability crisis is a “global” crisis and to what extent there is a variation across countries and over time, in who is concerned about housing affordability. The author analyses data from about 500,000 respondents from over 140 countries and uses both descriptive statistics as well as regression analysis (using a random effects within between model [Bell et al., 2019]). The findings show that concerns about housing affordability are widespread both within and across countries but the extent of these concerns depends greatly on the country, the subgroup and the indicator analysed. Moreover, in many countries, more people worry about other aspects of life than about housing affordability. The global diversity in the housing affordability crisis suggests that one should be cautious when extrapolating research findings for a given country to other countries or when proposing housing policy transfer across countries. The specific nature of the housing affordability crisis varies substantially across countries. Policymakers thus should be aware that there is no guarantee that a housing affordability policy that was effective in one country will also be effective in another country. This paper is original in its use of the Gallup World poll, a unique survey, which is done world-wide and hence is ideally suited for the purpose of this paper, providing a much more detailed picture of the global housing crisis than so far available in the literature.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-07-29
      DOI: 10.1108/IJHMA-04-2020-0040
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2020)
       
  • Feedback trading strategies in international real estate markets
    • Authors: Chrysanthi Balomenou, Vassilios Babalos, Dimitrios Vortelinos, Athanasios Koulakiotis
      Abstract: Motivated by recent evidence that securitized real estate returns exhibit higher levels of predictability than stock market returns and that feedback trading (FT) can induce returns autocorrelation and market volatility, the purpose of this study is to examine the impact of FT strategies on long-term market volatility of eight international real estate markets (UK, Germany, France, Italy, Sweden, Australia, Japan and Hong Kong). Assuming that the return autocorrelation may vary over time and the impact of positive feedback trading (PFT) or negative feedback trading (NFT) could be a function of return volatility, the authors use a combination of a FT model and a fractionally integrated Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) model. The results are mixed, revealing that both PFT and NFT strategies persist. Specifically, the authors detect PFT in the real estate markets of France, Hong Kong and Italy as opposed to the real estate markets of Australia, Germany, Japan and Sweden where NFT was present. A noteworthy exception is the UK real estate market, with important and rational FT strategies to sustain. With respect to the long-term volatility persistence, this seems to capture the mean reversion of real estate returns in the UK and Hong Kong markets. In general, the results are not consistent with those reported in previous studies because NFT dominates PFT in the majority of real estate markets under consideration. The main contribution of this study is the investigation of the link between short-term PFT or NFT and long-term volatility in eight international real estate markets, symmetrically. Particular attention has been given to the link between short-term FT and long-term volatility, by means of a fractionally integrated GARCH approach, a symmetric one. Moreover, investigating the relationship between returns’ volatility and investors’ strategies based on FT entails significant implications because real estate assets offer a good alternative investment for many investors and speculators.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-07-17
      DOI: 10.1108/IJHMA-04-2020-0041
      Issue No: Vol. 14, No. 2 (2020)
       
  • Delivery mechanism on homeownership education among millennials in Kuala
           Lumpur
    • Authors: Zafirah Al Sadat Zyed, Chooi Sien Low, Peter Aning Tedong
      Abstract: Millennials are considered the best group to intervene in terms of homeownership education as they are of working age and can earn monthly income. However, there is a concern about the affordability of millennials to purchase a house that will influence their decision in terms of purchasing a house. Further understanding of the home-buying process allows millennials to avoid dishonest and irresponsible sellers, as purchasing a house involves a large sum of money. The purpose of this study is to suggest a suitable delivery mechanism to increase awareness of the home-buying process among millennials in Kuala Lumpur. This study adopts a quantitative method to analyse sets of questionnaire survey that were distributed at purposive random sampling in Kuala Lumpur. This study approached respondents with pre-set criteria, which include the respondents to be between 18 and 38 years old, interested to purchase a house and to have at least an initiatory understanding of the home-buying process. The findings suggested that there is considerably low awareness of the home-buying process among millennials. However, it is important to note that among the home-buying process, millennials are most aware in the preliminary phase, which is information gathering. Based on these findings, the best delivery mechanism to increase awareness is through online games and training courses, followed by home counselling at a local housing agency. This study contributes to government agencies and policymakers to interact with society, as education is one of the best methods. It will further enhance their efforts to ensure that the society is well equipped with useful knowledge to avoid the rueful decision of purchasing their first house. This paper highlights homeownership education by tackling the issue of extensive knowledge of the home-buying process. This is crucial to the foundation of homeownership education, as it reflects the efforts of government agencies and policymakers to ensure homebuyers’ rights are protected in the housing market. This paper will benefit not only policymakers and decision-makers but also first time homebuyers.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-07-10
      DOI: 10.1108/IJHMA-02-2020-0009
      Issue No: Vol. 14, No. 2 (2020)
       
  • Young adults and homeownership in Jakarta, Indonesia
    • Authors: Rotimi Boluwatife Abidoye, Gitta Puspitasari, Riza Sunindijo, Michael Adabre
      Abstract: Homeownership, especially for young adults, is a significant challenge in nearly every country and Indonesia, the fourth most populous country in the world, is not exempted. Its capital city, Jakarta, has the lowest homeownership rate when compared with other cities and if this challenge remains unresolved, it could lead to more social and economic issues in the country. Hence, this study aims to investigate the homeownership of young adults in Jakarta, focussing on young adults’ opinions, perceptions and experiences regarding homeownership opportunities. A questionnaire survey was conducted to collect data from young adults in the study area. The collected data were analysed using the statistical package for the social sciences 24.0 software. Descriptive analysis, Cronbach’s alpha test, Pearson’s correlation test and mean score ranking were adopted to analyse the collected data. The result shows that homeownership is driven by factors that are more functional and realistic (in terms of a place to live, marriage and parenthood) rather than those related to pride or social status representation (as a personal or career accomplishment). Unaffordability and insufficient income were ranked as crucial barriers to homeownership. Increasing the supply of affordable housing, controlling housing prices through government’s intervention and reducing mortgage interests are potential solutions to address this issue. The result of this research would be useful to young adults who are the participants of this study, property developers, lending institutions and the government concerning homeownership policy formulation, loan provision, affordable housing supply, etc. Specific studies that focussed on the young adults’ homeownership in Jakarta, Indonesia is limited, therefore, this research provides an insight into the issue of young adults’ homeownership in the country. Also, the findings could be applicable in other developing countries that have similar characteristics to Indonesia.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-07-08
      DOI: 10.1108/IJHMA-03-2020-0030
      Issue No: Vol. 14, No. 2 (2020)
       
  • Measuring social housing dimensions: a case study of urban areas in
           Algeria
    • Authors: Riadh Djafri, Mariana Mohamed Osman
      Abstract: The purpose of this study is to develop a measurement model and measure the dimensions of Residential Quality and Housing Adequacy (RQHA), Social Housing Provision (SHP) and Residents’ Quality of Life (RQOL) by social housing residents in Batna city, Algeria. This study used a quantitative approach through the distribution of a self-administered questionnaire. A total of 373 useable questionnaires were collected from social housing residents in Batna city and used for the analysis. The data were analysed using descriptive statistics, exploratory factor analysis with principal component analysis through SPSS and confirmatory factor analysis using AMOS. The measurement model revealed good fit of indices indicating that RQHA is presented by three sub-constructs, namely satisfaction with housing adequacy, satisfaction with current neighbourhood and satisfaction with housing design. In addition, the constructs of SHP and RQOL were measured by seven items each. The measurement model provides empirical evidence of the correlation between RQHA, SHP and RQOL constructs. The findings of this study contribute significantly to government, housing stakeholders, architects, project managers and urban planners in the context of social housing policymakers, design, planning and construction. The finding would be helpful to ameliorate housing quality, adequacy, provision and RQOL in terms of social housing scheme. This study identifies the correlation between constructs (RQHA, SHP and RQOL) and their dimensions in the context of social housing in Batna city by validating a measurement model using CFA.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-07-08
      DOI: 10.1108/IJHMA-03-2020-0028
      Issue No: Vol. 14, No. 2 (2020)
       
  • The supply side of product differentiation in the Italian mortgage market
    • Authors: Silvia Del Prete, Cristina Demma, Paola Rossi
      Abstract: This paper aims to propose a new indicator of product differentiation in the mortgage market and use it to examine how the double crisis, local market competition and bank-specific characteristics have influenced the supply of non-conventional mortgages in Italy. This paper uses a special Bank of Italy’s survey on 400 Italian banks over the period 2006–2013, to compute a new indicator for product differentiation in the mortgage market. This paper considers mortgage with non-conventional characteristics: loan-to-value ratio greater than 80%; duration longer than 30 years or with a flexible maturity. This paper estimates probit and ordinary least squares (OLS) models using panel data at bank-time level. The findings suggest that during the double crisis that hit the Italian economy between 2008 and 2013, the diversification process in the Italian household mortgage market slowed down. Controlling for banks’ and local markets’ this study finds that larger, less risky banks and those that have adopted scoring systems are more likely to offer non-conventional mortgages; moreover, banks operating in more competitive markets and in markets where other banks offer non-conventional loans tend to diversify their supply more. Most of these indications are confirmed by analyzing the quantities actually granted. These results suggest that the structure of the local markets does matter, and that there could be a non-price competition effect among banks in providing differentiated mortgage contracts. The indicator, computed using data at bank level drawn from a special Bank of Italy’s survey, goes beyond the standard approach on product differentiation followed in the empirical literature, mainly base on the dichotomy between fixed and variable lending rates. Furthermore, to best of the authors’ knowledge, so far there is no empirical evidence on the supply-side factors that influenced the diversification of mortgages’ contractual terms during the crisis; particularly, there is no evidence on the role of local market competition and bank-specific features. This paper contributes to fill this gap in the literature.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-07-08
      DOI: 10.1108/IJHMA-02-2020-0015
      Issue No: Vol. 14, No. 2 (2020)
       
  • Neighborhood effects of housing program using Jeonse in Korea
    • Authors: Sungjin Yun
      Abstract: This study aims to introduce the Youth Jeonse Rental Housing Program using the unique characteristics of the Korean housing market to explain its theoretical value in the current theoretical landscape of public housing and to identify the effect of the program on the regional housing price. This study uses three hedonic price models on the basis of Korea’s housing market, namely, own, jeonse and rent models. Moreover, it uses the hierarchical linear model to include both house- and region-level variables. Analysis shows that youth rental housing has no effect on falling prices in the region unlike long-term rental housing. Thus, the policies using regional tenure system are more effective in the social mix than existing public housing policies. This study introduces the program using Korea’s unique tenure system called jeonse, arguing its advantages for the supplier, recipients and regional neighborhoods. Suppliers can easily provide affordable housing at a low economic and administrative cost, whereas recipients can easily mix socially, have broad housing choices and a fighting chance for a stable life. Additionally, this policy has a low negative impact on the region. Furthermore, this study theoretically presents the potential for mixed paths other than demand or supply policies. It introduces and analyzes special policy objectives for youth housing problems.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-07-06
      DOI: 10.1108/IJHMA-03-2020-0025
      Issue No: Vol. 14, No. 2 (2020)
       
  • Resilient homeownership: how partnership-based finance would have
           prevented the 2008 US mortgage crisis
    • Authors: Mejda Bahlous-Boldi
      Abstract: The purpose of this study is to demonstrate that the conventional mortgage system is not appropriate for household finance because it encourages equity extraction and excessive leverage during housing boom and leads to negative equity during a housing bust, a situation that translates into mortgage defaults and foreclosures. Home financing could alternatively be structured as a diminishing partnership preventing the homeowner from ever having negative equity. Using Johansen’s cointegration test, the authors provide evidence of a long-run relationship between the delinquency rates, volume of refinancing and the change in house price index (HPI) during the 1994–2019 period. To unravel the short run dynamics between these variables, the authors used a Granger causality test that concludes that the volume of refinancing and the change in the HPI Granger cause default rates. The authors provide evidence that under the current conventional mortgage system, excessive refinancing opportunities and equity extraction that are the main factors determining delinquency rates leading to a non-sustainable homeownership. If mortgages were such that they do not incentivize defaults and foreclosures during a housing downturn, the recovery of the housing market always leads to capital gains. Therefore, disincentivizing refinancing and equity extraction would lead to a more sustainable homeownership. Households would be encouraged to pursue sustainable homeownership through a partnership-based model with long-term wealth accumulation for themselves and their heirs rather than short-term home ownership through the conventional mortgage system, leading to negative equity and defaults when the housing market slumps. Policymakers ought to rethink the mortgage design by promoting partnership-based finance to protect the equity a household accumulates over a lifetime and thereby enhancing stable and sustainable homeownership.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-07-02
      DOI: 10.1108/IJHMA-04-2020-0045
      Issue No: Vol. 14, No. 2 (2020)
       
  • Hot and cold seasons in Texas housing markets
    • Authors: Mustafa Hattapoglu, Indrit Hoxha
      Abstract: This paper aims to use statistical analyses to understand the trends on housing liquidity and pricing by accounting for macroeconomic factors that vary at national level and at metropolitan statistical area level for all metropolitan statistical areas in Texas. In addition, the authors test for seasonality in all the metropolitan statistical areas in Texas. Using publicly available data from Zillow a listing website, the authors conduct an analysis of all housing markets at metropolitan statistical area level in Texas to understand the factors that drive the liquidity and pricing. The authors use two measures for liquidity, namely, time to sell the house and sales to list ratio. The authors also try to understand the decision to lower the price of the listed houses. In addition, the authors conduct a test for seasonality within the year in these housing markets. The analyses conclude that there is a significant impact of listing prices, unemployment rates, 30-year mortgage rates, consumer sentiment and oil price changes on the liquidity of the housing markets and decisions of sellers to adjust the prices down. In addition, the authors provide evidence of the existence of seasonality in most metropolitan statistical areas in Texas both for pricing and volume of transactions. This is the first study to look at housing liquidity and pricing trends for about 25 markets in Texas. In addition, the authors provide evidence of the importance of oil prices for the housing markets in Texas metropolitan statistical areas.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-07-02
      DOI: 10.1108/IJHMA-02-2020-0017
      Issue No: Vol. 14, No. 2 (2020)
       
  • Las Cruces housing price fluctuations
    • Authors: Steven L. Fullerton, James H. Holcomb, Thomas M. Fullerton Jr
      Abstract: This paper aims to analyze the median price for existing single-family housing units in Las Cruces, New Mexico. The proposed theoretical model accounts for the interplay between supply and demand sides of a metropolitan housing market. This study analyzes the median price for existing single-family housing units in Las Cruces, New Mexico. The proposed theoretical model accounts for the interplay between supply and demand sides of a metropolitan housing market. Explanatory variables used in the analysis are real per capita income, the housing stock, real mortgage rates, real apartment rents and the median real price of single-family units in the USA. Annual frequency data are collected for a 1971–2017 sample period. Parameter estimation is completed using two-stage generalized least squares. Empirical results confirm several, but not all, of the hypotheses associated with the underlying analytical model. In particular, Las Cruces housing prices are found to be reliably correlated with local income and national housing prices. Empirical results confirm several of the hypotheses associated with the underlying analytical model. In particular, Las Cruces housing prices are found to be reliably correlated with local income and national housing prices. Results obtained support only a subset of the hypothetical relationships associated with the theoretical model. Additional testing for other small and/or medium sized is required to clarify whether these outcomes are unique to Las Cruces. Local income fluctuations and national housing price fluctuations appear to be reliably related to housing price fluctuations for this metropolitan economy. Comparatively little housing market research has been conducted for small and medium size urban economies. There is no guarantee that results obtained for large metropolitan housing markets are representative of smaller regional housing markets. The model developed has fairly moderate data requirements and may be applicable to other small and medium size economies such as Las Cruces.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-06-30
      DOI: 10.1108/IJHMA-04-2020-0038
      Issue No: Vol. 14, No. 2 (2020)
       
  • Structuring fund for affordable housing investment in Malaysia: an
           exploratory research
    • Authors: Mohd Ariff Mohd Daud, Saiful Azhar Rosly, Zulkarnain Muhamad Sori
      Abstract: The purpose of this study is to explore potential fund-raising option that can be developed to attract investment in affordable housing initiatives in Malaysia. In doing so, the study undertakes to discuss the viability of the property trust fund structure as an investment vehicle. The study uses a qualitative design that involves the use of semi-structured questionnaires as a data collection strategy. A total number of ten experts were selected for the interview using critical case sampling scheme based on the purposive sampling strategy. The study discovers that a dynamic fund structure – one that allows for the fund to evolve with changing circumstances and needs – can be adopted. This fund structure comprises a fund that can be initially established as a closed-ended fund. Then, with sufficient track record, the fund can be transformed into a public real estate investment trust, with the prospect of tapping into capital market via issuance of sukuk in the future. The fund can also adopt mezzanine structure of funding, which may reduce investors’ risks with minimal government intervention. The findings of this study illustrate the potential of fund-raising options from the perspective of institutional investors and regulators. Future research could explore government’s view and focus on the policy options. The findings may provide valuable insight into alternative fund-raising options for affordable housing projects for policymakers and investment banks. The fund-raising options incorporate minimal government participation yet pose low risks to investors, creating a low-risk asset suitable for social investment. This study outlines the mechanism to increase affordable housing supply in the market, by attracting institutional investors to invest in this dynamic fund structure initiative. As there are limited discussions on attracting funding for affordable housing developments, it is hoped that this paper will spark further debate and discussion among the academicians and policymakers.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2020-06-19
      DOI: 10.1108/IJHMA-03-2020-0024
      Issue No: Vol. 14, No. 2 (2020)
       
  • International Journal of Housing Markets and Analysis
    •  
 
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