The changing nature of real estate research

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Graeme Newell
Keyword(s):  
Real Estate ◽  
Next Generation ◽  
Content Type ◽  
The Real Estate ◽  
Research Journal ◽  
Challenges And Opportunities ◽  
Key Drivers ◽  
Real Estate Research ◽  
Personal Understanding ◽  
Practical Implications

PurposeWith the Journal of Property Investment and Finance (JPIF) being 40 years old, this paper reflects on the changes in real estate research over the last 40 years, the drivers behind these changes and how JPIF has evolved over these 40 years to retain its position as a leading real estate research journal. Challenges and opportunities are also identified for the next generation of real estate researchers to continue to develop the real estate research agenda.Design/methodology/approachThis paper is presented as a reflective article, drawing on a deep personal understanding of real estate research, how it has evolved over the last 40 years, key drivers of these changes and the challenges going forward.FindingsFundamental changes in real estate research over the last 40 years and drivers behind these changes are articulated. A pathway forward for real estate research is identified, as well as how JPIF fits into the mix.Practical implicationsWith real estate research being increasingly important in real estate academics' careers, this article provides a practical roadmap for how real estate research has changed, why it has changed and future opportunities for the next generation of real estate researchers.Originality/valueThis is the first paper to reflect on these key changes and drivers behind these changes in real estate research, as well as the opportunities for the next generation of real estate researchers.

The role of investment property appraisal in European real estate companies

2020 ◽  
Vol 13 (1) ◽  
pp. 105-122
Author(s):  
Juha Mäki
Keyword(s):  
European Union ◽  
Real Estate ◽  
Design Methodology ◽  
Annual Reports ◽  
Real Estate Industry ◽  
Publicly Traded ◽  
Content Type ◽  
The Real Estate ◽  
Practical Implications

Purpose This paper aims to examine the connection between appraisals of investment properties and earnings properties in companies from two perspectives: what kinds of companies employ the most reputable appraisers and how appraisers produce estimations. Design/methodology/approach The research uses annual reports of European Union (EU) publicly traded real estate companies and examines the period 2007-2016. Findings The contribution of this study lies in establishing that some indicators and features of real estate companies affect the choice of appraiser and also in illustrating differences in the results of property valuations. In short, smaller companies with weaker performance are less willing to use external valuation, and external appraisers produce more conservative estimations for investment properties. Practical implications The research produces beneficial information for investors and other stakeholders interested in the real estate industry. Originality/value This is the first novel study to examine the link between appraisals of investment properties and earnings properties in companies in detail.

Integrity as performance-increasing factor within the real estate industry

2019 ◽  
Vol 37 (1) ◽  
pp. 38-51
Author(s):  
Daniel Piazolo ◽  
Gerhard Förster
Keyword(s):  
Real Estate ◽  
Educational Institutions ◽  
Ethical Standards ◽  
Real Estate Industry ◽  
Content Type ◽  
Performance Effect ◽  
The Real ◽  
The Real Estate ◽  
Dynamic Setting ◽  
Practical Implications

Purpose The purpose of this paper is to examine how the strengthening of integrity within the real estate industry can lead to higher performance. Sticking to restricting ethical standards might be seen as reducing the range of options and consequently performance. However, in a dynamic setting of interactions there is a different outcome due to the performance effect of integrity. This is due to new opportunities that would not exist without integrity. Design/methodology/approach A literature review of ethics and the economics of trust is presented along with an analysis why real estate is an industry linked with corruption scandals. Findings Fostering integrity has an embedded challenge: integrity is invisible. Most capabilities and skills can be learnt through observation and imitation. However, what you cannot see, you cannot imitate. Consequently, education is central to address this issue and to increase awareness and understanding. Professional bodies have to support life-long education to ensure its members’ integrity. Practical implications This paper emphasizes the importance of fostering integrity through higher education and professional bodies within the real estate industry. Social implications Integrity is a performance-increasing factor—also in the real estate industry. Thus, the stakeholders forming the real estate industry, including educational institutions and professional bodies, are called upon to examine how they can address this issue. Originality/value This contribution is the first paper to link the performance effect of integrity with the real estate industry.

scholarly journals The performance of a blended real estate portfolio for UK DC investors

2015 ◽  
Vol 33 (2) ◽  
pp. 156-168 ◽  
Author(s):  
Alex Moss ◽  
Kieran Farrelly
Keyword(s):  
Real Estate ◽  
Pension Fund ◽  
Content Type ◽  
The Real Estate ◽  
Specific Investment ◽  
Risk Return ◽  
The Uk ◽  
The Impact ◽  
Investment Requirement ◽  
Practical Implications

Purpose – The purpose of this paper is to provide a better understanding of the performance implications for UK DC pension fund investors who choose to combine global listed and UK unlisted real estate in a blended allocation relative to a pure unlisted solution. Design/methodology/approach – Blended listed and unlisted real estate portfolios are constructed. Investor risk and returns are then studied over the full 15 year sample horizon and distinct cyclical phases over this period using a number of risk-return metrics. Performance is then contrasted with that of a pure unlisted solution, as well as UK equity market and bond total returns over the same period. Findings – A UK DC pension fund investor choosing to construct a blended global listed and UK unlisted real estate portfolio would have experienced material return enhancement relative to a pure unlisted solution. The “price” of this enhanced performance and improved liquidity profile is, unsurprisingly, higher portfolio volatility. However, because of the improved returns, the impact upon measured risk adjusted returns is less significant. Practical implications – Relatively liquid blended listed and unlisted real estate portfolios create efficient risk and return outcomes for investors. Originality/value – This study uses actual fund rather than index data (i.e. measures delivered returns to investors), has chosen a global rather than single country listed real estate allocation and is focused on providing clarity around the real estate exposure for a specific investment requirement, the UK DC pension fund market.

Legal challenges and opportunities of blockchain technology in the real estate sector

2020 ◽  
Vol 12 (2) ◽  
pp. 129-145 ◽  
Author(s):  
Rosa M. Garcia-Teruel
Keyword(s):  
Real Estate ◽  
Smart Contracts ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Blockchain Technology ◽  
Real Estate Sector ◽  
Challenges And Opportunities ◽  
The One ◽  
Legal Methodology

Purpose Blockchain, which was originally created to enable peer-to-peer digital payment systems (bitcoin), is considered to have several benefits for different sectors, such as the real estate one. In a standard European-wide real estate transaction, several intermediaries are involved. As a consequence, these agreements are usually time-consuming and involve extra difficulties to cross-border operations. As blockchain, combined with smart contracts, may have an important role in these transactions, this paper aims to explore its prospective challenges, limitations and opportunities in the real estate sector and discover how the traditional intermediaries have to face a possible implementation of this technology. Design/methodology/approach This paper analyses the current intermediaries in the real estate sector in European Union (EU), their functions and how can blockchain strengthen the security of these transactions while reducing their time. The author uses a legal methodology to approach it. Findings Blockchain, combined with smart contracts, has both challenges and opportunities for the real estate sector. On the one hand, it may improve procedures, allow EU transactions and the interconnection between public administration. However, to not reduce parties rights, this blockchain should have some special features, such as the possibility of being amended. Originality/value This paper provides a valuable overview of all the intermediaries that could be affected by blockchain protocols. It is of interest of blockchain developers, public administrations and researchers who are working on blockchain and property conveyancing.

Entropy – what kind of bet is real estate – really?

2017 ◽  
Vol 35 (3) ◽  
pp. 341-351
Author(s):  
Roger J. Brown
Keyword(s):  
Data Collection ◽  
Real Estate ◽  
Information Entropy ◽  
Design Methodology ◽  
Content Type ◽  
Real Estate Research ◽  
Practical Implications ◽  
The Way

Purpose The purpose of this paper is to describe the way real estate data collection and dissemination can be improved. Design/methodology/approach The paper investigates that how information entropy fits into real estate research and data using Kelly betting as a framework. Findings Availability of real estate data is constrained by a host of impediments, paywalls and other archaic practices that limit the way it can be used to make worthwhile progress in the field. Practical implications Real-estate data will become available. Those who try to keep data close and restrict their common use will become irrelevant. Originality/value Entropy indicates uncertainty and chaos. Using this highly developed and respected area of science as context one can see how real estate research suffers from its present mindset.

Preferences among real estate journals: perceptions vs reality

2017 ◽  
Vol 35 (4) ◽  
pp. 414-432
Author(s):  
Douw Gert Brand Boshoff ◽  
David Parker
Keyword(s):  
Real Estate ◽  
Design Methodology ◽  
High Impact ◽  
Journal Ranking ◽  
Hard Copy ◽  
Content Type ◽  
The Real Estate ◽  
Performance Statistics ◽  
Using Data ◽  
Practical Implications

Purpose The purpose of this paper is to examine the real estate journal ranking by comparing journal performance statistics to researcher preferences. Design/methodology/approach The study is based on a survey of members of the International Real Estate Society and sister societies with comparison to impact statistics for real estate journals which are analysed using data from Google Scholar. Findings The findings show a high correlation between researcher preferences and the empirical results, supporting the findings of previous research in this area. However, while most previous studies were conducted on high-impact US journals only, these are still found to be amongst the highest ranked overall even with inclusion of other international journals. There are, however, some differences found, such as the perception of researchers on electronic vs hard copy journals, which were found to be moving more towards the former. Practical implications The results provide a ranking of various real estate journals, especially with regard to other international journals not included in the previous studies that are dominated by high-impact US journals, providing a guideline on where to publish. The paper also shows the methodology used in order to determine how the journals are ranked, which could be applied to other journals not included in this study in order for researchers to make informed decisions concerning publication choices. Originality/value This paper extends the research on this topic by analysing the preferences and statistics of a broader international sample of journals and compares researcher preferences to empirical analysis.

Performance drivers of German institutional property funds

2014 ◽  
Vol 32 (2) ◽  
pp. 154-167 ◽  
Author(s):  
Tom van den Heuvel ◽  
Jaroslaw Morawski
Keyword(s):  
Real Estate ◽  
Negative Impact ◽  
Practical Importance ◽  
Content Type ◽  
The Real Estate ◽  
Fund Managers ◽  
Negative Effect ◽  
Performance Drivers ◽  
Improved Performance ◽  
Practical Implications

Purpose – The aim of this paper is to improve the understanding of what drives the performance of non-listed real estate funds. Design/methodology/approach – The authors performed a panel regression analysis on the basis of an extensive sample from Investment Property Databank (IPD) covering returns and selected characteristics of German Spezialfonds over a period of five years from 2006 until 2010. The analysis was performed for the whole sample as well as separately for three distinctively different subperiods: the boom of 2006-2007, the downturn of 2008-2009 and the recovery of 2010. Findings – The analysis uncovered significant differences in the drivers across the cyclical phases. During the boom phase, leverage and global portfolio allocation positively affected returns, while allocation to Germany had a negative effect. In contrast, fund volume, management costs and allocation to offices led to underperformance. Finally, in the recovery of 2010, leverage, allocation to Germany and diversification across property types improved performance, while higher liquidity and focus on retail had a negative impact. Practical implications – In addition to providing extensive and unique insights into the determinants of performance of the German Spezialfonds, the results should be of interest to fund managers looking for advice on the optimal positioning of their funds in response to changing economic environments. Originality/value – Despite the significant practical importance of the topic for the real estate fund industry, it has been addressed by few researchers so far.

The practical implications of the unification of the real estate registration system in Korea

2014 ◽  
Vol 7 (2) ◽  
pp. 254-265 ◽  
Author(s):  
Zonghie Han
Keyword(s):  
Real Estate ◽  
Cost Benefit ◽  
Social Institutions ◽  
Registration System ◽  
Content Type ◽  
Korean Society ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Register ◽  
Practical Implications

Purpose – This paper aims to show the practical conditions of the unification of real estate register system in Korea. Design/methodology/approach – Literature research. Findings – Although some information improvements and benefits in transaction can be expected through the elimination of discordances between dualized registry/registration books, the unification process should consider some legal and institutional factors which have been stabilized in the Korean society. Research limitations/implications – The socioeconomic effect of unification of real estate register system, such as cost-benefit consideration, is not included in this study. As for methodology, the conceptional framework is not based on an established theory, but on the simple thumb rule. Practical implications – The unification of registry and registration system of real estate in Korea could be implemented in a way of mild delegation of tasks, without a radical restructuring of the system. The practical guideline could be found in the system of family registry. Originality/value – The possibility of implementation of unification of the real estate register system is analyzed in aspects of social institutions and legal considerations.

scholarly journals Advancing futures thinking in the real estate field

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Saija Toivonen
Keyword(s):  
Real Estate ◽  
Master's Level ◽  
User Experiences ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Education Levels ◽  
Published Paper ◽  
Practical Implications

Purpose The purpose of this paper is to study the user experiences of the futures wheel method to investigate its suitability to advance futures thinking in the real estate field. Design/methodology/approach The user experiences of the futures wheel method are investigated through questionnaire answers of 114 master’s level students and real estate experts taking part in future wheel workshops. Findings The futures wheel method could enhance future-oriented thinking and decision-making in the real estate field. The respondents see futures thinking as an important skill and recognize several advantages concerning the method. Practical implications The futures wheel method bears great potential to be used in the real estate sector and it could be a fruitful addition to the curriculums at different education levels in real estate studies. Social implications Futures thinking is essential when aiming for sustainable decisions in the real estate field which again would benefit the whole surrounding society. Originality/value This paper is the first published paper concentrating on the user experiences of the future wheel method in the real estate sector. The benefits and the disadvantages of the method are investigated but also the attitudes indicating the potential of the method to be successfully adopted in the field are analyzed.

Innovation in urban real estate: the role of sustainability

2019 ◽  
Vol 37 (2) ◽  
pp. 197-214 ◽  
Author(s):  
Tom Kauko
Keyword(s):  
Real Estate ◽  
Design Methodology ◽  
Economies Of Scale ◽  
Practical Implication ◽  
Real Estate Industry ◽  
Content Type ◽  
The Real Estate ◽  
Practical Implications ◽  
Critical Literature

PurposeThe sustainability agenda has already become widely recognised in real estate analysis. However, two challenges are to overcome before sustainability issues are brought fully into the professional and academic mainstream: first, the provision of sustainability enhancing qualities; and second, to overcome deep-rooted scepticism towards the higher cost element of such qualities (i.e. creating economies of scale). Another potentially related issue is that the notion of innovation is gaining popularity in this field. Innovation-driven change is cyclical and unpredictable, which in turn calls for an explicit evolutionary and complexity perspective. The paper aims to discuss these issues.Design/methodology/approachCritical literature review. The author’s own experience as participant of the discussions and debates is also used.FindingsThe conclusions suggest that, in line with evolutionary and complexity principles, innovations exist and emerge within the real estate industry itself, and in fields related to it – and this includes various aspects of promoting sustainability thinking.Research limitations/implicationsThis contribution uses valuation automata as an example of this argumentation.Practical implicationsThe concept of complexity refers to emerging qualities found in the evolution of the development of an industry; the practical implication of complexity concerns the capability of managers to react competently in unfamiliar circumstances.Social implicationsThus, innovation in real estate is both economic and socio-cultural.Originality/valueNo similar (i.e. theoretically informed) papers on innovation or sustainability in real estate analysis have been written to the best of the author’s knowledge.

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