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)

REAL ESTATE (17 journals)

Showing 1 - 22 of 22 Journals sorted alphabetically
Briefings in Real Estate Finance     Hybrid Journal   (Followers: 7)
Corporate Real Estate Journal     Full-text available via subscription   (Followers: 7)
International Journal of Sustainable Real Estate and Construction Economics     Hybrid Journal   (Followers: 2)
Journal of African Real Estate Research     Open Access   (Followers: 6)
Journal of Building Survey, Appraisal & Valuation     Full-text available via subscription   (Followers: 4)
Journal of Corporate Real Estate     Hybrid Journal   (Followers: 5)
Journal of European Real Estate Research     Hybrid Journal   (Followers: 5)
Journal of Housing Research     Hybrid Journal   (Followers: 13)
Journal of Property Investment & Finance     Hybrid Journal   (Followers: 4)
Journal of Real Estate Literature     Hybrid Journal   (Followers: 7)
Journal of Real Estate Portfolio Management     Hybrid Journal   (Followers: 4)
Journal of Real Estate Practice and Education     Full-text available via subscription   (Followers: 4)
Journal of Real Estate Research     Full-text available via subscription   (Followers: 6)
Journal of Sustainable Real Estate     Open Access   (Followers: 3)
Nonlinear Analysis: Real World Applications     Hybrid Journal   (Followers: 2)
Pacific Rim Property Research Journal     Hybrid Journal  
Property Management     Hybrid Journal   (Followers: 3)
Real Estate Economics     Hybrid Journal   (Followers: 12)
Real Estate Management and Valuation     Open Access   (Followers: 5)
Sri Lanka Journal of Real Estate     Open Access  
Tidsskrift for eiendomsrett     Full-text available via subscription  
Zeitschrift für Immobilienökonomie : German Journal of Real Estate Research     Open Access  
Similar Journals
Journal Cover
Journal of Property Investment & Finance
Journal Prestige (SJR): 0.297
Citation Impact (citeScore): 1
Number of Followers: 4  
 
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1463-578X - ISSN (Online) 1470-2002
Published by Emerald Homepage  [362 journals]
  • Real Estate InsightsCompensation for compulsory acquisition – value
           vs worth

    • Free pre-print version: Loading...

      Authors: David Parker
      Abstract: To explore value vs worth in the context of compulsory acquisition. Analysis of statutory environment within the context of valuation theory. Value and worth could be reconciled by redefining special value in Act. Public policy amendment. Public policy amendment. Facilitate just compensation. Topical issue in New South Wales, where massive compulsory acquisition programme underway to facilitate infrastructure development.
      Citation: Journal of Property Investment & Finance
      PubDate: 2024-02-20
      DOI: 10.1108/JPIF-12-2023-0107
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
       
  • What are tenants demanding the most' A machine learning approach for the
           prediction of time on market

    • Free pre-print version: Loading...

      Authors: Marcelo Cajias, Anna Freudenreich
      Abstract: This is the first article to apply a machine learning approach to the analysis of time on market on real estate markets. The random survival forest approach is introduced to the real estate market. The most important predictors of time on market are revealed and it is analyzed how the survival probability of residential rental apartments responds to these major characteristics. Results show that price, living area, construction year, year of listing and the distances to the next hairdresser, bakery and city center have the greatest impact on the marketing time of residential apartments. The time on market for an apartment in Munich is lowest at a price of 750 € per month, an area of 60 m2, built in 1985 and is in a range of 200–400 meters from the important amenities. The findings might be interesting for private and institutional investors to derive real estate investment decisions and implications for portfolio management strategies and ultimately to minimize cash-flow failure. Although machine learning algorithms have been applied frequently on the real estate market for the analysis of prices, its application for examining time on market is completely novel. This is the first paper to apply a machine learning approach to survival analysis on the real estate market.
      Citation: Journal of Property Investment & Finance
      PubDate: 2024-02-13
      DOI: 10.1108/JPIF-09-2023-0083
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
       
  • The price of clean air – quantifying air pollution exposure in real
           estate decisions

    • Free pre-print version: Loading...

      Authors: Rebecca Restle, Marcelo Cajias, Anna Knoppik
      Abstract: The purpose of this paper is to explore the significance impact of air quality as a contributing factor on residential property rents by applying geo-informatics to economic issues. Since air pollution poses a severe health threat, city residents should have a right to know about the (invisible) hazards they are exposed to. Within spatial-temporal modeling of air pollutants in Berlin, Germany, three interpolation techniques are tested. The most suitable one is selected to create seasonal maps for 2018 and 2021 with pollution concentrations for particulate matter values and nitrogen dioxide for each 1,000 m2 cell within the administrative boundaries. Based on the evaluated pollution particulate matter values, which are used as additional variables for semi-parametric regressions the impact of the air quality on rents is estimated. The findings reveal a compelling association between air quality and the economic aspect of the residential real estate market, with noteworthy implications for both tenants and property investors. The relationship between air pollution variables and rents is statistically significant. However, there is only a “willingness-to- pay” for low particulate matter values, but not for nitrogen dioxide concentrations. With good air quality, residents in Berlin are willing to pay a higher rent (3%). These results suggest that a “marginal willingness-to-pay” occurs in a German city. The research underscores the multifaceted impact of air quality on the residential rental market in Berlin. The evidence supports the notion that a cleaner environment not only benefits human health and the planet but also contributes significantly to the economic bottom line of property investors. The paper has a unique data engineering approach. It collects spatiotemporal data from network of state-certified measuring sites to create an index of air pollution. This spatial information is merged with residential listings. Afterward non-linear regression models are estimated.
      Citation: Journal of Property Investment & Finance
      PubDate: 2024-01-30
      DOI: 10.1108/JPIF-10-2023-0095
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
       
  • Property valuations decided through the court system in family law
           separation in Australia

    • Free pre-print version: Loading...

      Authors: Deborah Leshinsky, Stanley McGreal, Paloma Taltavull, Anthony McGough
      Abstract: In Family Law Court decisions in Australia, following divorce, the female party is frequently disadvantaged financially in the long term. This paper provides a critical assessment of valuation evidence as a data source in research and discusses valuation accuracy, valuation variation and valuation bias, as well as the Australian family court system and the role of valuers as expert witnesses. In particular, valuation in family law, as it relates to gender inequality, is discussed. The study aims to determine whether the current system of valuation in the Family Law Courts disadvantages women. This paper was important to reveal information that stakeholders in family law cases use on a day-to-day basis. A database of 658 cases was developed and analysed to examine the influence of valuations of the matrimonial home provided by both the male and female parties on the final decision of the court. Findings showed that valuations from the female party had marginally more influence on the outcome. However, financial disadvantages for the female party persist despite this. This raises several questions for future research, regarding reasons for this persistent disadvantage. Research limitations included a time-consuming process. Further researchers can use the findings from this paper to further research. Social implications include the ability of the research to impact on society. In this regard, it was the matrimonial home in relation to divorce proceedings. The originality of this paper stems from the analysis of a database that was created from a large number of cases from Austlii database family law cases.
      Citation: Journal of Property Investment & Finance
      PubDate: 2024-01-26
      DOI: 10.1108/JPIF-05-2023-0046
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
       
  • Real Estate Insights: Individuals, beliefs and decision-making in
           commercial real estate markets: some reflections from the past

    • Free pre-print version: Loading...

      Authors: Colin Lizieri
      Abstract: The aim of this Real Estate Insight is to comment upon commercial real estate research. Much of the current research on commercial real estate sits in academic silos, constrained by disciplinary boundaries and rejecting insights from other areas. This can lead to an impoverished understanding of the processes and practices that drive market behaviour. This Real Estate Insight, through the lens of history, draws on insights from a century earlier and, in particular, from the work of Frank Ramsey; the paper argues that market behaviour is shaped by the role of key actors and persistent beliefs which need to be accounted for in our models of market practice. The paper argues that current research paradigms need to accommodate agency explicitly into existing models and that real estate research will benefit immensely if researcher were more open in seeking ideas from outside the real estate field and to be more open to external ideas and concepts. The paper suggests that property research needs to be more embracing of other academic disciplines to develop a full understanding of the numerous and various drivers within commercial real estate markets. This is a review of how beliefs impact upon commercial real estate markets. As with many things, history can help researchers today get a broader and more appropriate perspective on market drivers and how they affect decision-making.
      Citation: Journal of Property Investment & Finance
      PubDate: 2024-01-26
      DOI: 10.1108/JPIF-12-2023-0108
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
       
  • Is there a green discount in commercial real estate lending'

    • Free pre-print version: Loading...

      Authors: Sebastian Leutner, Benedikt Gloria, Sven Bienert
      Abstract: This study examines whether green buildings enjoy more favorable financing terms compared to their non-green counterparts, exploring the presence of a green discount in commercial real estate lending. Despite the extensive research on green premiums on the equity side, lending has received limited attention in the existing literature, even as regulations have increased and ambitious net-zero targets have been set in the banking sector. In this study, the authors leverage a unique dataset comprising European commercial loan data spanning from 2018 to 2023, with a total loan value exceeding €30 billion. Hedonic regression analysis is used to isolate a potential green discount. Specifically, the authors rely on property assessments conducted by lenders to investigate whether green properties exhibit lower interest rate spreads and higher loan-to-value (LTV) ratios. The findings reveal the existence of a green discount in European commercial real estate lending, with green buildings enjoying a 5.35% lower contracted loan spread and a 3.92% lower target spread compared to their non-green counterparts. However, this analysis does not indicate any distinct advantage in terms of LTV ratios for green buildings. This research contributes to a deeper understanding of the interaction between green properties and commercial real estate lending, offering valuable insights for both lenders and investors. This study, to the best of the authors’ knowledge, represents the first of its kind in a European context and provides empirical evidence for the presence of a green discount.
      Citation: Journal of Property Investment & Finance
      PubDate: 2024-01-23
      DOI: 10.1108/JPIF-11-2023-0102
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
       
  • Determinants of office rents: the role of physical and locational
           characteristics in Colombo

    • Free pre-print version: Loading...

      Authors: Raveena Marasinghe, Susantha Amarawickrama
      Abstract: This paper examines rent determinants and their relationship with commercial office property rents. The method adopted in this study differs from that of previous studies on this topic. Firstly, based on the survey of the viewpoints of experts, Relative Importance Index (RII) analysis was used to identify rent determinants and to rank and ensure their relevance and validity in the Sri Lankan context. Secondly, sampling of data related to 115 office properties collected from property tenants and landlords located within the central built-up area of Colombo City was conducted using a multi-methods approach to carry out an objective hedonic analysis of office rents. This research utilizes RII and hedonic models to provide insights into determinants and relationships. Both analyses confirm that the three top drivers of commercial office rent are distance from the major town center, availability of parking space and the condition of the property. In addition to these three factors, hedonic models reveal that the age of the property and the availability of a conference hall also play a relevant role in explaining office rents. Given the disparities in the findings of the two methods, further examination was able to confirm that factors such as distance from the major town center, parking availability, age of the property, presence of a conference hall, building condition, floor size, business type and type of building are likely to influence commercial office rent. These findings reflect elements such as the quality, newness and better facilities of different office properties. This systematic study and analysis of office rent for the guidance of real estate investors can support sound investment decisions, potentially leading to more financially sound property development, reduced public debt levels and improved public-private financing. Further, the research findings offer valuable insights to real estate investors, developers and planners regarding location decisions for office development quality enhancements in future office developments. This research provides fresh insights into the local scale office market, an area where limited evidence currently exists. Further, the methodology adopted provides evidence that hedonic analysis, supported by a multi-method approach, can mitigate the subjective judgments made by professionals.
      Citation: Journal of Property Investment & Finance
      PubDate: 2024-01-19
      DOI: 10.1108/JPIF-11-2022-0080
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
       
  • Modelling the effect of macroeconomic factors on residential real estate
           investment returns in Abuja and Lagos, Nigeria

    • Free pre-print version: Loading...

      Authors: Halim Yusuf Agava, Faoziah Afolashade Gamu
      Abstract: This study evaluated the effect of macroeconomic factors on residential real estate (RE) investment returns in the cities of Abuja and Lagos, Nigeria, with a view to guiding RE investors and researchers. A survey research design was employed using a questionnaire to collect RE transaction data from 2008 to 2022 from estate surveying and valuation firms in the study areas. Rental and capital value data collected were used to construct rental and capital value indices and total returns on investment. The macroeconomic data used were retrieved from the archives of the Central Bank of Nigeria (CBN). Granger causality (GC) and multiple regression models were adopted to evaluate the effect of selected macroeconomic variables on residential RE investment returns in the study areas. The study found a progressive upward movement in rental and capital values of residential RE investment in the study areas within the study period. Total and risk-adjusted returns on investment were equally positive within the study period. Only the inflation rate, unemployment rate and real gross domestic product (GDP) per capita were found to be the major determinants of residential RE investment returns in the study areas within the study period. The secrecy associated with property transaction information/data by RE practitioners in the study areas posed a challenge. Property transaction data were not adequately kept in a way for easier access and retrieval in many of the estate firms and agent offices. Consequently, there was a lack of data that spanned the study period in some of the sampled estate firms or agent offices. This data collection challenge was, however, overcome by the excess time spent retrieving the required data for this study to ensure that the findings appropriately answer the research questions. Inflation and GDP per capita have been found to be significant factors that influence residential RE investment performance in the study areas. Therefore, investors should pay attention to these identified macroeconomic factors for residential RE investment in the study areas whilst making investment decisions in order to mitigate a possible loss of income or return. The government should formulate and implement economic policies that would address the current high unemployment and inflation rates in Nigeria at large. This study has extended and further enriched the existing body of knowledge in the field of RE investment analysis in Nigeria. To the best of the authors' knowledge, this study is the first to adopt the Cornish Fisher value-at-risk and modified Sharpe ratio models to analyse risk and risk-adjusted returns on residential RE investment, respectively, in Nigeria. It has therefore redirected the focus of RE researchers and practitioners to a more objective approach to RE investment performance analysis in Nigeria.
      Citation: Journal of Property Investment & Finance
      PubDate: 2024-01-03
      DOI: 10.1108/JPIF-10-2023-0091
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
       
  • Editorial: Issues, challenges and unknowns of Artificial Intelligence in
           the world of real estate

    • Free pre-print version: Loading...

      Authors: Nick French
      Abstract: Editorial: Issues, challenges and unknowns of Artificial Intelligence in the world of real estate
      Citation: Journal of Property Investment & Finance
      PubDate: 2024-02-06
      DOI: 10.1108/JPIF-02-2024-218
      Issue No: Vol. 42, No. 1 (2024)
       
  • Another look at data challenges in property valuation practice: a case of
           Lagos property market

    • Free pre-print version: Loading...

      Authors: Sunday Olarinre Oladokun, Manya Mainza Mooya
      Abstract: Challenges of property data in developing markets have been reported by several authors. However, a deep understanding of the actual nature of this phenomenon in developing markets is largely lacking as in-depth studies into the actual nature of data challenge in such markets are scarce in literature. Specifically, the available literature lacks clarity about the actual nature of data challenges that developing markets pose to valuers and how this affects valuation practice. This study provides this understanding with focus on the Lagos property market. This study utilises a qualitative research approach. A total of 24 valuers were selected using snowballing sampling technique, and in-depth semi-structured interviews were conducted. Data collected were analysed using thematic analysis with the aid of NVivo 12 software. The study finds that the main data-related challenge in the Lagos property market is the lack of database of market property transactions and not the lack or absence of transaction data as it has been emphasised in previous studies. Other data-related challenges identified include weak property rights institution with attendant transaction costs, underhand dealings among professionals, undocumented charges, undisclosed information, scarcity of data relating to specialised assets and limited access to the subject property and required documents during valuation. Also, the study unbundles the factors responsible for these challenges and how they affect valuation practice. The study has implication for practice in the sense that the deeper knowledge of data challenges could provide insight into strategy to tackle the challenges. This study contributes to the body of knowledge by offering a fresh and in-depth perspective to the issue of data challenges in developing markets and how the peculiar nature of the real estate market affects the nature of data challenges. The qualitative approach adopted in this study allowed for a deep enquiry into the phenomenon and resulted into an extended insight into the peculiar nature of data challenges in a typical developing property market.
      Citation: Journal of Property Investment & Finance
      PubDate: 2023-12-19
      DOI: 10.1108/JPIF-07-2023-0069
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
       
  • Client influence in property valuation in Nigeria: a valuer-banker
           perspective and fuzzy DEMATEL study

    • Free pre-print version: Loading...

      Authors: Chibuikem Michael Adilieme, Rotimi Boluwatife Abidoye, Chyi Lin Lee
      Abstract: Given the significant role played by valuers and the evidence of a lack of independence in some property valuation industries, particularly in emerging markets, this study analyses the issue of client influence in property valuation by providing a valuer-client perspective and measuring the interrelationships between the clients' influence factors to identify causal factors of prominence, which can assist in developing solutions to address the clients' influence issue. The study used a mixed-method approach. Firstly, interviews were conducted with ten property valuers and five financial institution staff in Nigeria, and the data were subject to thematic analysis using Nvivo 12 software. A matrix questionnaire survey was administered to the valuers, and the responses were analysed using the fuzzy Decision-Making Trial and Evaluation Laboratory (DEMATEL) method. The results indicate that institutional clients, loan-seeking customers, property valuers and the perception of corruption within the Nigerian environment fuelled the issue of clients' influence. Based on the measurement of the interrelationship between the 14 identified client influence factors, the type of company, perception the public has of the industry, size of the firm, relationship with the client, type of client and regulatory framework were the factors of prominence. The findings of this study bear huge implications for Nigeria and other similar structured property markets facing the issue of clients' influence in property valuation. With the prominent factors bearing root in a mix of client, valuer and environmental factors such as the valuation structure, process and public perception, there is a need for solutions that level the playing field between institutional clients and valuers, reinforce transparency and establish excellent regulatory standards to address the issue of clients' influence. This study is the first to measure the interrelationships between the clients' influence factors to identify the prominent causal factors. Accordingly, considering the multi-factors, the research is novel as it focusses on those factors that would likely lead to other factors, thereby providing opportunities to develop solutions that focus on those factors of prominence. Secondly, the study deviates from the narrative on clients' influence in property valuation, which pits it as solely a client or valuer factor, by showing how the interplay of the stakeholders' interests and the environment promotes the issue in a non-transparent property market.
      Citation: Journal of Property Investment & Finance
      PubDate: 2023-12-12
      DOI: 10.1108/JPIF-08-2023-0077
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
       
  • Optimisation of the investment strategy of the Norwegian Sovereign Wealth
           Fund by adjusting the real estate quota

    • Free pre-print version: Loading...

      Authors: Sven Rehers, Jon Lekander, Ansgar Bernhard Bendiek
      Abstract: This paper compares the benefits of direct international real estate investments in a mixed asset portfolio from the perspective of a passive investor with high and low bond allocation. Due to high data availability and its professionalism, the Norwegian sovereign wealth fund was used as a representative example. Real estate indices from 8 countries were used for the portfolio analysis. The data were desmoothed according to Geltners’s 1993 approach. The optimal real estate ratio in the present case is around 20–55%. However, this is strongly dependent on the bond ratio of the multi-asset portfolio. Portfolios with a high equity ratio benefit more from the additional direct real estate investments than portfolios with high bond ratios. A rebalancing of individual stocks and bonds was not analysed. Only indexes from MSCI (Morgan Stanley Capital International) were available. Concludes that the weighting of stocks and bonds has a strong influence on the optimal real estate ratio and therefore structural changes that affect this weighting. The originality of the paper lies in the analysis with different weights of stocks and bonds, the consideration of 8 real estate markets and the observation period. The results of the work highlight areas of interest for further research.
      Citation: Journal of Property Investment & Finance
      PubDate: 2023-12-08
      DOI: 10.1108/JPIF-07-2023-0065
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
       
  • Economic uncertainty and direct property performance: a systematic review
           using the SPAR-4-SLR protocol

    • Free pre-print version: Loading...

      Authors: Albert Agbeko Ahiadu, Rotimi Boluwatife Abidoye
      Abstract: This study systematically reviewed existing literature on the impact of economic uncertainty on property performance to highlight focus areas and spur future research amid unprecedented global uncertainty levels. Conceptually, uncertainty levels and environmental dynamism are related to investors' risk judgement and decision-making. Peer-reviewed journal articles published from 2007 to 2022 were assembled and arranged through the Scientific Procedures and Rationales for Systematic Literature Reviews (SPAR-4-SLR) protocol. The initial search produced 2,028 results from the Web of Science and Scopus databases, which were rigorously purified for a final dataset of 70 articles. These records were subsequently assessed through content analysis, bibliographic modelling, topic modelling and thematic analysis. Recurring themes were visualised using the VOSviewer software. The existing literature suggests that economic uncertainty negatively impacts investment volumes, returns and performance. Research has also increased since 2018, with a strong emphasis on the housing sector and developed property markets. Commercial property and emerging markets account for only 10 and 8% of previous research, respectively. These findings highlight the negative impact of economic uncertainties on property performance and investment volumes, which necessitate careful risk assessment. Given the high susceptibility of emerging and commercial property markets to uncertainty, these markets warrant further research amid ongoing uncertainty concerns across the globe. Given current unprecedented levels of global uncertainty, the effects of economic uncertainty have received renewed interest. This study synthesised the current understanding of how different property markets respond to increased uncertainty and outlined future research directions to enhance understanding. Themes and relationships were also integrated into a conceptual map summarising the reported effects of economic uncertainty on housing, commercial property, investment and behaviour in the property market.
      Citation: Journal of Property Investment & Finance
      PubDate: 2023-12-04
      DOI: 10.1108/JPIF-08-2023-0073
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
       
  • Navigating the future of property professionals: an AI-enabled paradigm

    • Free pre-print version: Loading...

      Authors: David Dyason, Graham Squires
      Abstract: The technological disruption from artificial intelligence (AI) within the economy requires intelligent property professionals for tomorrow. This paper proposes that the direction of interaction between AI and tomorrow's property professional, the property graduate, should be AI-empowered rather than AI-directed. The paper reflects on the growing influence of AI in property combined with literature on technological adoption in the workplace. It proposes a way forward in navigating future decision-making. An AI-empowered paradigm promotes the importance of industry-specific knowledge to determine factual information in decision-making. In contrast, an AI-directed paradigm leads to over-dominance of the user on pre-specified knowledge available through AI tools that could lead to AI-directed output that carries significant risk for the property industry. Navigating the future requires a paradigm that moves from a computational focus driven predominantly by technological tools to one where tomorrow's professionals have a cognitive focus that leads to AI-enabled property graduates that can apply the correct tools in the right circumstances. This paper reflects on the increasing role that technology and AI have within the property profession and brings to light the importance of learning through experience and the transparent use of AI tools in property.
      Citation: Journal of Property Investment & Finance
      PubDate: 2023-11-23
      DOI: 10.1108/JPIF-10-2023-0097
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
       
  • Client influence or the valuer's behavior' An empirical study of listed
           companies' valuation in Taiwan

    • Free pre-print version: Loading...

      Authors: Fong-Yao Chen, Michael Y. Mak
      Abstract: Valuers should independently assess market value. The purpose of this article is to analyze whether the valuation behavior remains independent when commissioned by publicly listed companies in Taiwan. This study used both quantitative and qualitative methods. Quantitative data analysis was used to examine the estimated premium ratio and estimated divergent ratio with the independent sample t test and Wilcoxon-Mann-Whitney test. To complement and validate the quantitative analysis, open-ended questionnaires were conducted, providing additional insights into the research findings. The results showed that there is a significant difference in estimated valuations commissioned by representatives of buyers and sellers, and the estimated premium ratios commissioned by representatives of buyers were higher than those of sellers. Furthermore, the open-ended questionnaires results indicate that these findings may be influenced by clients for less experienced appraisers. However, for senior appraisers, this is seen as an action to gain a better understanding of the valuation purpose and always within a reasonable price range. In addition, client influence is not a static factor; it may transform into the valuer's behavior as the appraiser's experience grows and deepens. It is difficult to obtain valuation reports commissioned by representatives of both buyers and sellers for the same property transactions. In this study, data were obtained from the Market Observation Post-System (MOPS) in Taiwan. As valuation reports could not be obtained, estimated valuations and transaction prices are used to calculate estimated premium ratio and estimated divergent ratios. Previous investigations of the client effect have been conducted using qualitative methods including questionnaire surveys, in-depth interviews and experimental design. However, these studies are subject to moral hazard. This study may be the first study that has access to data on valuations for both buyers and sellers in such a formal setting.
      Citation: Journal of Property Investment & Finance
      PubDate: 2023-11-14
      DOI: 10.1108/JPIF-10-2022-0069
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
       
  • The influence mechanism of real estate enterprises' status on debt default
           risk

    • Free pre-print version: Loading...

      Authors: Guangping Liu, Kexin Zhou, Xiangzheng Sun
      Abstract: The aim of this study is to analyze the influence mechanism of real estate enterprises' status on debt default risk and explore the heterogeneity effect of the characteristics of enterprises. Against the background of the “three red lines” regulation of the financing of real estate enterprises and the COVID-19 pandemic, the authors select 123 real estate enterprises listed on China's Shanghai and Shenzhen A-shares markets from the first quarter of 2021 to the second quarter of 2022 as a research sample. The social network analysis method and Z-score financial risk early warning model are used to measure real estate enterprises' status and debt default risk. The authors construct a panel regression model to analyze how the status of real estate enterprises influences their debt default risk. The results show that the status of real estate enterprises negatively and significantly affects their debt default risk. Economic policy uncertainty and financing constraints play negative moderating and mediating roles, respectively. Further research has found that the effect of real estate enterprises' status on debt default risk is characterized by heterogeneity in equity characteristics, i.e. it is significant in the sample of nonstate-owned enterprises but not in the sample of state-owned enterprises. It is helpful for real estate enterprises to attach importance to the value of social networks, and the authors provide policy suggestions for real estate enterprises to constantly improve their risk management systems. Using economic policy uncertainty as the moderating variable and financing constraints as the mediating variable, the authors analyze how the status of real estate enterprises influences debt default risk, which contributes to a better understanding of the formation of the debt default risk of real estate enterprises.
      Citation: Journal of Property Investment & Finance
      PubDate: 2023-10-10
      DOI: 10.1108/JPIF-05-2023-0048
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
       
  • Exploring the predictive power of ANN and traditional regression models in
           real estate pricing: evidence from Prishtina

    • Free pre-print version: Loading...

      Authors: Visar Hoxha
      Abstract: The purpose of the study is to examine the efficiency of linear, nonlinear and artificial neural networks (ANNs), in predicting property prices. The present study uses a dataset of 1,468 real estate transactions from 2020 to 2022, obtained from the Department of Property Taxes of Republic of Kosovo. Beginning with a fundamental linear regression model, the study tackles the question of overlooked nonlinearity, employing a similar strategy like Peterson and Flanagan (2009) and McCluskey et al. (2012), whereby ANN's predictions are incorporated as an additional regressor within the ordinary least squares (OLS) model. The research findings underscore the superior fit of semi-log and double-log models over the OLS model, while the ANN model shows moderate performance, contrary to the conventional conviction of ANN's superior predictive power. This is notably divergent from the prevailing belief about ANN's superior predictive power, shedding light on the potential overestimation of ANN's efficacy. The study accentuates the importance of embracing diverse models in property price prediction, debunking the notion of the ubiquitous applicability of ANN models. The research outcomes carry substantial ramifications for both scholars and professionals engaged in property valuation. Distinctively, this research pioneers the comparative analysis of diverse models, including ANN, in the setting of a developing country's capital, hence providing a fresh perspective to their effectiveness in property price prediction.
      Citation: Journal of Property Investment & Finance
      PubDate: 2023-10-10
      DOI: 10.1108/JPIF-06-2023-0051
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
       
  • Real Estate Insights Back to the basics of sustainability

    • Free pre-print version: Loading...

      Authors: Larry Wofford
      Abstract: Starting with the notion that each building has an overall life cycle, the paper uses building-based and investment-based life cycles to identify likely decision points for renovations, including sustainability enhancements, and identifies patterns in sustainability decisions. This real estate insights paper considers how commercial real estate and the built environment it creates, owns and manages impacts the sustainability of urban areas and the globe. By combining building-based and investment-based life cycles, it is possible to develop a unique “sustainability enhancement quotient” for individual buildings and the built environment for an urban area over a given time interval. Using two life cycles allows the identification and likelihood of sustainability decision points. The same life cycles and decision points are used to consider the likely extent of such renovations. This is in addition to continuous consideration of renovations producing economic benefits in the form of lower operating costs and quick return of capital. Useful for investment decision-making and policy design and implementation. This is a useful tool for public and private decision making. It is suggested that the sustainability enhancement quotient may be used to design and implement policies and decisions maximising the likelihood of sustainability enhancement in an urban area's built environment. Provides a framework for more effective sustainability decisions and public policy. The public-private interplay inherent in every building is emphasised throughout. Original combination of existing tools.
      Citation: Journal of Property Investment & Finance
      PubDate: 2023-09-27
      DOI: 10.1108/JPIF-08-2023-0076
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
       
  • The role of multi-family properties in hedging pension liability risk:
           long-run evidence

    • Free pre-print version: Loading...

      Authors: Martin Hoesli, Louis Johner, Jon Lekander
      Abstract: Using data spanning 145 years for Sweden, the authors investigate the benefits of holding multi-family properties for investors who aim to hedge wage growth. The authors assess the risk-adjusted excess return that results from adding multi-family properties to a mixed-asset portfolio that aims to track wage growth. The authors also analyse the macroeconomic determinants of asset returns. Finally, the authors test whether a causal relationship exists between the growth rate of real wages and that of real net operating income. The benefits from holding multi-family properties are the greatest for low-risk allocation approaches. For more risky strategies, the role of real estate is more muted, and it varies greatly over time. Holding real estate was most beneficial during the first two decades of the 21st century. Multi-family properties are found to be the only asset class to be positively related to wage growth. The authors show that the net operating income acts as the transmission channel between wages and property returns. The paper assesses whether the growing interest of pension funds for multi-family properties is warranted in the context of a portfolio that aims to track wage growth. Using long term data makes it possible to use a rolling windows approach and hence to consider multiple outcomes for an allocation strategy over a typical investment horizon. This permits to assess the dispersion of performance across several periods rather than just one as is commonly done in the literature. The results show that the conclusions that would be drawn from looking at the past two or three decades of data differ substantially from those for earlier time periods.
      Citation: Journal of Property Investment & Finance
      PubDate: 2023-09-14
      DOI: 10.1108/JPIF-04-2023-0035
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
       
  • Real Estate Insights Unleashing the potential of ChatGPT in property
           valuation reports: the “Red Book” compliance Chain-of-thought (CoT)
           prompt engineering

    • Free pre-print version: Loading...

      Authors: Ka Shing Cheung
      Abstract: This viewpoint article explores the transformative capabilities of large language models (LLMs) like the Chat Generative Pre-training Transformer (ChatGPT) within the property valuation industry. It particularly accentuates the pivotal role of prompt engineering in facilitating valuation reporting and advocates for adopting the “Red Book” compliance Chain-of-thought (COT) prompt engineering as a gold standard for generating AI-facilitated valuation reports. The article offers a high-level examination of the application of LLMs in real estate research, highlighting the essential role of prompt engineering for future advancements in generative AI. It explores the collaborative dynamic between valuers and AI advancements, emphasising the importance of precise instructions and contextual cues in directing LLMs to generate accurate and reproducible valuation outcomes. Integrating LLMs into property valuation processes paves the way for efficiency improvements and task automation, such as generating reports and drafting contracts. AI-facilitated reports offer unprecedented transparency and elevate client experiences. The fusion of valuer expertise with prompt engineering ensures the reliability and interpretability of valuation reports. Delineating the types and versions of LLMs used in AI-generated valuation reports encourage the adoption of transparency best practices within the industry. Valuers, as expert prompt engineers, can harness the potential of AI to enhance efficiency, accuracy and transparency in the valuation process, delivering significant benefits to a broad array of stakeholders. The article elucidates the substantial impact of prompt engineering in leveraging LLMs within the property industry. It underscores the importance of valuers training their unique GPT models, enabling customisation and reproducibility of valuation outputs. The symbiotic relationship between valuers and LLMs is identified as a key driver shaping the future of property valuations.
      Citation: Journal of Property Investment & Finance
      PubDate: 2023-07-12
      DOI: 10.1108/JPIF-06-2023-0053
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
       
  • Real Estate Insights: Is the AI revolution a real estate
           boon or bane'

    • Free pre-print version: Loading...

      Authors: Philip Seagraves
      Abstract: The paper aims to provide a comprehensive analysis of artificial intelligence’s (AI) transformative impact on the real estate industry. By examining various AI applications, from property recommendations to compliance automation, this study highlights potential benefits such as increased accuracy and efficiency. At the same time, this study critically discusses potential drawbacks, like privacy concerns and job displacement. The paper's goal is to offer valuable insights to industry professionals and policy makers, aiding strategic decision-making as AI continues to reshape the landscape of the real estate sector. This paper employs an extensive literature review, combined with a qualitative analysis of case studies. Various AI applications in the real estate industry are examined, including machine learning for property recommendations and valuation, VR/AR property tours, AI automation for contract and regulatory compliance, and chatbots for customer service. The study also delves into the optimisation potential of AI in building management, lead generation, and risk assessment, whilst critically discussing potential challenges such as data privacy, algorithmic bias, and job displacement. The outcomes aim to inform strategic decisions for industry professionals and policy makers. The study finds that AI has significant potential to revolutionise the real estate industry through enhanced accuracy in property valuation, efficient automation and immersive AR/VR experiences. AI-driven chatbots and optimisation in building management also hold promise. However, this study also uncovers potential challenges, including data privacy issues, algorithmic biases, and possible job displacement due to increased automation. The insights gleaned from this study underscore the importance of strategic decision-making in harnessing the benefits of AI while mitigating potential drawbacks in the real estate sector. The paper's practical implications extend to industry professionals, policy makers, and technology developers. Professionals gain insights into how AI can enhance efficiency and accuracy in the real estate sector, guiding strategic decision-making. For policy makers, understanding potential challenges like data privacy and job displacement informs regulatory measures. Technology developers can also benefit from understanding the sector-specific applications and concerns raised. Additionally, highlighting the need for addressing algorithmic bias and privacy concerns in AI systems may foster better design practices. Therefore, the paper's findings could significantly shape the future trajectory of AI integration in real estate. The paper provides original value by offering a comprehensive analysis of the transformative impact of AI in the real estate industry. Its multi-faceted examination of AI applications, coupled with a critical discussion on potential challenges, provides a balanced perspective. The paper's focus on informing strategic decisions for professionals and policy makers makes it a valuable resource. Moreover, by considering both benefits and drawbacks, this study contributes to the discourse on AI's broader societal implications. In the context of rapid technological change, such comprehensive studies are rare, adding to the paper's originality.
      Citation: Journal of Property Investment & Finance
      PubDate: 2023-07-05
      DOI: 10.1108/JPIF-05-2023-0045
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
       
 
JournalTOCs
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
Email: journaltocs@hw.ac.uk
Tel: +00 44 (0)131 4513762
 


Your IP address: 44.222.218.145
 
Home (Search)
API
About JournalTOCs
News (blog, publications)
JournalTOCs on Twitter   JournalTOCs on Facebook

JournalTOCs © 2009-
JournalTOCs
 
 
  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)

REAL ESTATE (17 journals)

Showing 1 - 22 of 22 Journals sorted alphabetically
Briefings in Real Estate Finance     Hybrid Journal   (Followers: 7)
Corporate Real Estate Journal     Full-text available via subscription   (Followers: 7)
International Journal of Sustainable Real Estate and Construction Economics     Hybrid Journal   (Followers: 2)
Journal of African Real Estate Research     Open Access   (Followers: 6)
Journal of Building Survey, Appraisal & Valuation     Full-text available via subscription   (Followers: 4)
Journal of Corporate Real Estate     Hybrid Journal   (Followers: 5)
Journal of European Real Estate Research     Hybrid Journal   (Followers: 5)
Journal of Housing Research     Hybrid Journal   (Followers: 13)
Journal of Property Investment & Finance     Hybrid Journal   (Followers: 4)
Journal of Real Estate Literature     Hybrid Journal   (Followers: 7)
Journal of Real Estate Portfolio Management     Hybrid Journal   (Followers: 4)
Journal of Real Estate Practice and Education     Full-text available via subscription   (Followers: 4)
Journal of Real Estate Research     Full-text available via subscription   (Followers: 6)
Journal of Sustainable Real Estate     Open Access   (Followers: 3)
Nonlinear Analysis: Real World Applications     Hybrid Journal   (Followers: 2)
Pacific Rim Property Research Journal     Hybrid Journal  
Property Management     Hybrid Journal   (Followers: 3)
Real Estate Economics     Hybrid Journal   (Followers: 12)
Real Estate Management and Valuation     Open Access   (Followers: 5)
Sri Lanka Journal of Real Estate     Open Access  
Tidsskrift for eiendomsrett     Full-text available via subscription  
Zeitschrift für Immobilienökonomie : German Journal of Real Estate Research     Open Access  
Similar Journals
Similar Journals
HOME > Browse the 73 Subjects covered by JournalTOCs  
SubjectTotal Journals
 
 
JournalTOCs
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
Email: journaltocs@hw.ac.uk
Tel: +00 44 (0)131 4513762
 


Your IP address: 44.222.218.145
 
Home (Search)
API
About JournalTOCs
News (blog, publications)
JournalTOCs on Twitter   JournalTOCs on Facebook

JournalTOCs © 2009-