Subjects -> ESTATE, HOUSING AND URBAN PLANNING (Total: 304 journals)
    - CLEANING AND DYEING (1 journals)
    - ESTATE, HOUSING AND URBAN PLANNING (237 journals)
    - FIRE PREVENTION (13 journals)
    - HEATING, PLUMBING AND REFRIGERATION (6 journals)
    - HOME ECONOMICS (9 journals)
    - INTERIOR DESIGN AND DECORATION (21 journals)
    - REAL ESTATE (17 journals)

ESTATE, HOUSING AND URBAN PLANNING (237 journals)            First | 1 2     

Showing 201 - 97 of 97 Journals sorted alphabetically
Territorios     Open Access  
Territorios en formación     Open Access  
The Evolving Scholar     Open Access   (Followers: 1)
The Journal of Integrated Security and Safety Science (JISSS)     Open Access   (Followers: 2)
The Journal of Real Estate Finance and Economics     Hybrid Journal   (Followers: 18)
The Urban Review     Hybrid Journal   (Followers: 18)
Tidsskrift for boligforskning     Open Access  
Tidsskrift for Kortlægning og Arealforvaltning     Open Access  
Town and Regional Planning     Open Access   (Followers: 10)
Town Planning and Architecture     Open Access   (Followers: 10)
Town Planning Review     Hybrid Journal   (Followers: 7)
UPLanD - Journal of Urban Planning, Landscape & environmental Design     Open Access   (Followers: 4)
Urban     Open Access   (Followers: 3)
Urban Affairs Review     Hybrid Journal   (Followers: 18)
URBAN DESIGN International     Hybrid Journal   (Followers: 12)
Urban Ecosystems     Hybrid Journal   (Followers: 11)
Urban Forum     Hybrid Journal   (Followers: 5)
Urban Geography     Hybrid Journal   (Followers: 33)
Urban Governance     Open Access   (Followers: 1)
Urban Land     Free   (Followers: 2)
Urban Planning     Open Access   (Followers: 6)
Urban Planning and Design Research     Open Access   (Followers: 13)
Urban Policy and Research     Hybrid Journal   (Followers: 15)
Urban Science     Open Access  
Urban Studies     Hybrid Journal   (Followers: 68)
Urban Studies Research     Open Access   (Followers: 19)
Urban Transformations     Open Access  
Urban, Planning and Transport Research     Open Access   (Followers: 33)
Urbanisation     Hybrid Journal   (Followers: 1)
Urbano     Open Access  
Vitruvian     Open Access  
Vivienda y Ciudad     Open Access  
Yhdyskuntasuunnittelu     Open Access  
ZARCH : Journal of Interdisciplinary Studies in Architecture and Urbanism     Open Access  

  First | 1 2     

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The Journal of Real Estate Finance and Economics
Journal Prestige (SJR): 1.132
Citation Impact (citeScore): 1
Number of Followers: 18  
 
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1573-045X - ISSN (Online) 0895-5638
Published by Springer-Verlag Homepage  [2469 journals]
  • Irish Property Price Estimation Using A Flexible Geo-spatial Smoothing
           Approach: What is the Impact of an Address'

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      Abstract: Abstract Accurate and efficient valuation of property is of utmost importance in a variety of settings, such as when securing mortgage finance to purchase a property, or where residential property taxes are set as a percentage of a property’s resale value. Internationally, resale based property taxes are most common due to ease of implementation and the difficulty of establishing site values. In an Irish context, property valuations are currently based on comparison to recently sold neighbouring properties, however, this approach is limited by low property turnover. National property taxes based on property value, as opposed to site value, also act as a disincentive to improvement works due to the ensuing increased tax burden. In this article we develop a spatial hedonic regression model to separate the spatial and non-spatial contributions of property features to resale value. We mitigate the issue of low property turnover through geographic correlation, borrowing information across multiple property types and finishes. We investigate the impact of address mislabelling on predictive performance, where vendors erroneously supply a more affluent postcode, and evaluate the contribution of improvement works to increased values. Our flexible geo-spatial model outperforms all competitors across a number of different evaluation metrics, including the accuracy of both price prediction and associated uncertainty intervals. While our models are applied in an Irish context, the ability to accurately value properties in markets with low property turnover and to quantify the value contributions of specific property features has widespread application. The ability to separate spatial and non-spatial contributions to a property’s value also provides an avenue to site-value based property taxes.
      PubDate: 2022-05-05
       
  • REIT Debt Pricing and Ownership Structure

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      Abstract: Abstract We show that ownership by institutional investors with increased incentives to monitor decreases the cost of both public and private debt in the REIT industry. Our study focuses on four types of “incentivized” investors: long-horizon institutional investors, public pension funds, institutions with significant portfolio allocations to particular REITs (motivated institutional owners), and institutional investors that specialize in REITs. In addition, we confirm our findings using a composite index that incorporates only that part of incentivized ownership that is free from the effects of total institutional ownership. Finally, we provide evidence that some of the empirical relationships that we observe can be attributed to monitoring effects and cannot be entirely explained by the intentional selection of REITs with low agency risk into institutional portfolios.
      PubDate: 2022-05-01
       
  • Machine Learning Predictions of Housing Market Synchronization across US
           States: The Role of Uncertainty

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      Abstract: Abstract We analyze the role of macroeconomic uncertainty in predicting synchronization in housing price movements across all the United States (US) states plus District of Columbia (DC). We first use a Bayesian dynamic factor model to decompose the house price movements into a national, four regional (Northeast, South, Midwest, and West), and state-specific factors. We then study the ability of macroeconomic uncertainty in forecasting the comovements in housing prices, by controlling for a wide-array of predictors, such as factors derived from a large macroeconomic dataset, oil shocks, and financial market-related uncertainties. To accommodate for multiple predictors and nonlinearities, we take a machine learning approach of random forests. Our results provide strong evidence of forecastability of the national house price factor based on the information content of macroeconomic uncertainties over and above the other predictors. This result also carries over, albeit by a varying degree, to the factors associated with the four census regions, and the overall house price growth of the US economy. Moreover, macroeconomic uncertainty is found to have predictive content for (stochastic) volatility of the national factor and aggregate US house price. Our results have important implications for policymakers and investors.
      PubDate: 2022-05-01
       
  • Sex and Selling: Agent Gender and Bargaining Power in the Resale Housing
           Market

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      Abstract: Abstract This paper uses a search model with Nash bargaining to identify various channels through which agent gender affects selling price and selling time in the resale market for houses. The theory is used in conjunction with the empirical model to infer agent bargaining power when dealing with the same or opposite sex agents on the other side of the transaction. The results reveal that sellers set higher listing prices when working with male agents, a pattern consistent with sellers’ ex ante beliefs that male agents enjoy greater expected bargaining power. Ex post agent bargaining power varies by sex and their role in the transaction. Female agents assisting buyers have stronger bargaining power when facing male listing agents than when facing female agents in rising or falling markets. The ex post bargaining power of male selling agents assisting buyers appears to be generally weaker than that of female listing agents.
      PubDate: 2022-05-01
       
  • The Relationship Between School Quality and U.S. Multi-family Housing
           Rents

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      Abstract: Abstract Drawing on a sample, of U.S. multi-family apartment and school data from across 45 U.S. Core Based Statistical Areas, this paper examines the capitalization of school quality into apartment rents. It makes three contributions. First, in the context of the geographically diverse data, results tend to be consistent with individual market analyses in the extant literature though there is some important geographic variation. Second, capitalization patterns vary across measures of school quality and tend to consistent with observed patterns within the single-family oriented research including by region. Third, congruent with life cycle literature, multi-family renters appear, on average, to capitalize primary school quality to a greater extent than intermediate and secondary school levels. Results are robust when considering school choice and other inter-jurisdictional nuances or econometric techniques.
      PubDate: 2022-05-01
       
  • Betting Against the Sentiment in REIT NAV Premiums

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      Abstract: Abstract We dissect REIT NAV premiums and examine their relation to expected returns. More than half of the cross-sectional variation in NAV premiums can be explained by readily observable company characteristics, such as size, property type, location, leverage, and profitability. We empirically decompose NAV premiums into characteristics-driven (fitted) and sentiment-driven (orthogonalized) components. The transient, sentiment-driven component of NAV premiums is strongly negatively related to future returns, whereas the stable, characteristics-driven component is a very weak positive predictor of returns. A long-short investment strategy that purchases (sells short) REITs with the lowest (highest) sentiment- driven NAV premiums generates 9% per year, which is 3% per year more than a strategy based on the raw NAV premium. These results shed light on the role of investor sentiment in REIT pricing and have important implications for REIT active investment management.
      PubDate: 2022-05-01
       
  • How Much Are Borrowers Willing to Pay to Remove Uncertainty Surrounding
           Mortgage Defaults'

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      Abstract: Abstract Using a large, non-student sample, we assess and differentiate between borrowers’ Risk Aversion and Ambiguity Aversion levels and their willingness to pay to resolve a mortgage default settlement negotiation. Ambiguity Aversion is found to be negatively associated with willingness to pay for borrowers with high financial literacy in both the gain and loss domains, whereas personality traits matter more for borrowers with low financial literacy. This finding is important to policymakers in that they should adopt differential resolution strategies for defaulting borrowers based on these intervening variables.
      PubDate: 2022-05-01
       
  • Relative Value vs Absolute Value: Housing Wealth and Labor Supply

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      Abstract: Abstract Whether household wealth affects labor market behavior is an important empirical question in economics. As the literature only discusses the effect of the absolute value of housing wealth on homeowners’ labor supply, this paper studies how a homeowner’s relative housing wealth—i.e., perceived housing wealth gain compared with their reference group-affects labor market behavior. Using China’s housing boom as a natural experiment, we first construct homeowners’ reference housing wealth using the hedonic method and then estimate the effect of homeowners’ relative housing wealth on labor supply. Subsequently, we identify a causal effect of relative housing wealth on homeowners’ labor supply using an instrumental variable approach and find that an appreciation in relative housing wealth does not significantly influence homeowners’ employment, but significantly reduces their working hours. Our results show that this reduction in working hours is mainly driven by female homeowners. Our results also suggest that the effects of relative housing wealth vary across educational backgrounds, marital statuses, and locations. We find that the effect is more pronounced for female homeowners who are less educated, married, and living in rural areas. Moreover, a set of robustness checks corroborates the validity of our identification strategies and tests the sensitivity of the results.
      PubDate: 2022-04-29
       
  • (A)Synchronous Housing Markets of Global Cities

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      Abstract: Abstract In this paper we examine house price synchronization in 15 global cities using real house price data from 1995:Q1-2020:Q2. We find that although there is evidence for bilateral positive phase synchronization, there is no evidence for an integrated global housing market for our sample of cities. Using a hierarchical clustering approach, we identify three clusters of cities with similar housing price cycles that are not solely determined by geographic proximity. We interpret this finding as suggestive of a rather segmented housing market for the global cities in our sample. Using a dynamic factor model with time-varying stochastic volatility, we decompose a city’s real housing price growth into a global component, a cluster-based component, and an idiosyncratic component. For most cities in our sample, the global component plays a minor role, whereas the cluster-based factor explains a large fraction of the observed variation in real house price growth, with its contribution peaking during the Great Recession of 2007-09.
      PubDate: 2022-04-28
       
  • Long-Run Renewal of REIT Property Portfolio Through Strategic Divestment

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      Abstract: Abstract Real Estate Investment Trusts (REITs) renew and recycle their property portfolios through divestment of inefficient assets and new acquisitions. Most previous literature focuses on the wealth effect of acquisition on REIT-level performance, while the property-level renewal process of REIT portfolios (especially divestments) remains unclear. Using a unique property-level dataset of Japanese REITs, we fill this gap by investigating the determinants of property divestment and the management strategy leading up to the divestments. We find that REITs strategically choose properties designated for divestment. The criteria include: (i) economic obsolescence that is captured through relatively large operating expense and/or a high rental yield within the REIT portfolio, (ii) mismatch in the geographical focus of the REIT, and (iii) a significant change in the capital value since acquisition. Especially during the periods of REIT growth, most of the above criteria apply, suggesting that the long-run renewal of a portfolio leads to its efficient asset allocation. We also provide evidence of property-level earnings management by REITs: the size of the capital expenditure is reduced just before the divestment to increase the net cash flows to appeal to potential buyers.
      PubDate: 2022-04-27
       
  • A Sentiment Index of the Housing Market in China: Text Mining of
           Narratives on Social Media

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      Abstract: Abstract Many efforts have been made to investigate the sentiment in financial and commercial real estate markets, but only a few studies focus on residential markets because of the lack of appropriate sentiment measuring approaches. In this study, we utilize social media narratives to build sentiment indexes for the housing market in China, where house-price-related narratives are abundantly documented on social media. With the help of the latest text analysis technologies from the deep learning and natural language processing fields, our indexes are built on a solid basis for understanding the semantic meanings of textual data. Highlighting the semantic temporality of text, we build separate future and past sentiment indexes to capture people’s prior beliefs and posterior feelings about price movements, respectively. The future sentiment index could serve as an alternative to survey-based expectations, measure the impacts of policies on people’s beliefs, and have remarkable power in predicting the future movements of both listed developers’ stock prices and house prices.
      PubDate: 2022-04-25
       
  • REITs’ Stock Return Volatility: Property Market Risk Versus Equity
           Market Risk

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      Abstract: Abstract This study addresses how and why the stock return volatility of REITs changes over time and identifies which mechanisms influence it at a firm level. Using U.S. equity REIT data from 1997 to 2018, we provide evidence that systematic risk and the underlying market for a REIT’s properties affect their stock return volatility. The results suggest that both equity and property markets can contribute to an increase in REITs’ stock return volatility. Portfolio diversification can reduce their sensitivity to property market risk. REITs with more asymmetric information and financial constraints are more vulnerable to property market risk.
      PubDate: 2022-04-15
       
  • A Machine Learning Approach to Price Indices: Applications in Commercial
           Real Estate

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      Abstract: Abstract This article presents a model agnostic methodology for producing property price indices. The motivation to develop this methodology is to include non-linear and non-parametric models, such as Machine Learning (ML), in the pool of algorithms to produce price indices. The key innovation is the use of individual out-of-time prediction errors to measure price changes. The data used in this study consist of 29,998 commercial real estate transactions in New York, in the period 2000–2019. The results indicate that the prediction accuracy is higher for the ML models compared to linear models. On the other hand, ML algorithms depend more on the data used for calibration; they produce less stable results when applied to small samples and may exhibit estimation bias. Hence, measures to reduce or eliminate bias need to be implemented, taking into consideration the bias and variance trade-off.
      PubDate: 2022-04-09
       
  • Geographically Overlapping Real Estate Assets, Liquidity Spillovers, and
           Liquidity Multiplier Effects

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      Abstract: Abstract When liquidity providers for one asset obtain information from other asset prices, this may magnify the (upward or downward) comovement of asset liquidity. It also may yield an illiquidity multiplier (Cespa and Foucault, Review of Financial Studies, 27(6), 1615–1660, 2014). We empirically test the magnitude of this illiquidity multiplier for a sample of U.S. equity real estate investment trusts (REITs) using spatial autoregressive models (Zhu and Milcheva, Journal of Real Estate Finance and Economics, 61(3), 443–475, 2018). We find significant liquidity spillovers among REITs with geographically overlapping real estate holdings. Our findings suggest that the multiplier effect impacts neighboring REITs through cross-asset learning about firm fundamentals. This effect is stronger during market turmoil, after the Decimalization (a source of exogenous variation), and for REITs headquartered in MSAs with less information asymmetry.
      PubDate: 2022-04-08
       
  • On the Strategic Timing of Sales by Real Estate Developers: To Wait or To
           Presell'

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      Abstract: Abstract In timing property listings, real estate developers can exercise the “option to wait” or “option to presell” to mitigate price uncertainty risk. In this study, we study the effectiveness of both strategies under a unified framework. We test our hypotheses using residential development data from Hong Kong between 1995 and 2015. Empirical evidence shows that when the presale option is unavailable, developers tend to adopt the waiting strategy when facing price uncertainty risk. Conversely, when a presale option is available, developers will accelerate sales when price volatility is high. Moreover, the effectiveness of the presale option depends substantially on government restrictions. Our approach facilitates the identification of the net effect of either tool and provides an opportunity to unify conflicting findings in the literature.
      PubDate: 2022-04-02
       
  • The Impact of Measurement and Pricing Cost on Rental Transaction Prices
           – Evidence from the Institutional Rental Housing Market in Beijing

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      Abstract: Abstract Transaction cost is high in the housing rental market due to heterogeneity of the housing units and associated quality of services provided by the landlord. The two main types of transaction cost are search and information cost. Previous studies often do not differentiate their impact on rental prices. We show that the former has a positive while the latter has a negative impact on rental prices. This paper focus on the latter to explain the emergence of Institutional Rental Market in China. We conjecture that the Institutional Rental Market in China is an institutional arrangement that emerge to reduce information cost and thus rent dissipation. In this market, the real estate agents also act as intermediate landlords. They capture part of the dissipated rent by reducing information cost with their established brand name and standardized renovation to the housing units they rented from individual owners before subletting them out to tenants. The empirical results from a unique dataset from Beijing are consistent with our conjecture.
      PubDate: 2022-04-01
       
  • The Dynamics of Liquidity in Commercial Property Markets: Revisiting
           Supply and Demand Indexes in Real Estate

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      Abstract: Abstract A common definition of liquidity in real estate investment is the ability to sell property assets quickly at full value, as reflected by transaction volume. The present paper makes methodological and conceptual contributions in the study and understanding of liquidity. First, we extend the Fisher et al. (Real Estate Economics, 31(2), 269–303, 2003) Fisher et al. (The Journal of Real Estate Finance and Economics, 34(1), 5–33, 2007) methodology for the separate tracking of changes in reservation prices on the demand (potential buyers) and supply (potential sellers) sides of the asset market. We show how to apply the methodology to a repeat sales indexing framework, allowing application to typical commercial property transaction price datasets, which lack appraisal valuations or complete data regarding property characteristics. We also use a Bayesian, structural time series approach to estimate the indexes. These methodological enhancements enable much more granular supply and demand index estimation, including at the metropolitan level. Second, we propose a Liquidity Metric based on the indexes, and show that the normal liquidity dynamic in commercial property asset markets is “pro-cyclical”, that is, price and trading volume tend to move together, with demand tending to lead supply. Additionally, we observe an “anomalous” dynamic that occurs about 25 percent of the time, in which the Liquidity Metric declines while consummated prices are rising. This anomalous dynamic is often associated with the end of a period of rapid price growth.
      PubDate: 2022-04-01
      DOI: 10.1007/s11146-020-09782-5
       
  • Economic Fundamentals, Capital Expenditures and Asset Dispositions

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      Abstract: Abstract The real estate literature recognizes the real option to invest in capital expenditures (CAPEX) or sell a property but treats these options as independent. We show that these real options are interconnected. We provide empirical evidence that, consistent with the real option framework, CAPEX increases in income growth expectations but declines in their volatility; that CAPEX are partially capitalized into property market values; and that CAPEX significantly reduce the subsequent likelihood of sale. We also present evidence that, controlling for market timing, past property performance influences CAPEX but not disposition choices, consistent with a value-add investment strategy.
      PubDate: 2022-04-01
      DOI: 10.1007/s11146-019-09698-9
       
  • Housing Prices, Yields and Credit Conditions in Dublin since 1945

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      Abstract: Abstract Housing is central to the broader economy, as highlighted by the Great Recession of 2007–2009, yet few reliable long-run series exist for sale and rental prices of housing. Using hedonic methods, frequency conversion techniques, and a detailed dataset of over one million sale and rental listings from newspapers and online, we construct new indices of sale and rental prices from 1945 for Dublin, Ireland as a whole and for six sub-markets within the city. Sale prices rose by an average of 8.4% per year between 1945 and 2018, compared to an increase in general consumer prices of 5%. Market rents are estimated to have increase by 6.3% per year, well above prior estimates (4.4%), a finding with implications for accurately measuring living costs and living standards in Ireland since World War II. There is some evidence of rents converging across markets within the city but sale prices have diverged over the same period. Adjusting for inflation, there have been four major housing market cycles since 1945, with peaks in the late 1940s, the early 1970s, the early 1980s and the mid-2000s. The presence of both sale and rental information allows the calculation of the ratio of sale to rental prices for housing, the housing price ratio, a fundamental barometer of housing market health. We identify three phases in the gross yield on Irish housing since 1945, with downward shifts in the yield in the early 1970s and mid-1990s. An error-correction econometric analysis confirms the predictions of economic theory, that credit conditions in the credit market and user cost drive changes in the yield over time.
      PubDate: 2022-04-01
      DOI: 10.1007/s11146-020-09788-z
       
  • 2018 Real Estate Finance & Investment Symposium

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      Abstract: Abstract In October 2018, the Real Estate Finance & Investment Symposium, sponsored and organized by the University of Cambridge, the University of Florida, and the National University of Singapore, was held in Gainesville, Florida. Ten papers on various research topics were presented over the day and one-half symposium. Each presentation was followed by remarks from a discussant as well as general discussion from the audience. This short editorial discusses the five papers from the symposium that are included in this special issue.
      PubDate: 2022-01-19
      DOI: 10.1007/s11146-022-09887-z
       
 
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