scholarly journals Assessment and improvement of the Moscow residential real estate market's environmental friendliness by sharing economy principles

2020 ◽  
Vol 210 ◽  
pp. 13040
Author(s):  
Anna Schmeleva
Keyword(s):  
Real Estate ◽  
Large Scale ◽  
Sharing Economy ◽  
Real Estate Market ◽  
Environmental Risks ◽  
Economic Systems ◽  
Distributed Resources ◽  
Environmental Friendliness ◽  
The Public ◽  
Production And Consumption

Sharing economy platforms transform traditional production and consumption systems in cities around the world. While the sharing economy aims to increase the resilience of different economic systems, its actual economic, social, and environmental effects remain under-researched. During the pandemic of Covid-19, economic and environmental crises, and growing uncertainty, it becomes essential to promote sustainable and promising forms of shared (distributed) resources. Ways to benefit from the sharing economy's advantages, despite the significant number of Russian and foreign publications, are still poorly understood. At present, it is crucial to explore the roles, perspectives, and effects of both resource owners and users and Russian interaction platforms. Let us look at this sharing economy's development aspect on the example of the Moscow real estate market, taking into account the environmental impact of the large-scale housing renovation program. There have been identified some digital environmental IT platforms aimed at improving the efficiency of transfer and use of information resources (the main principle of sharing – to improve the efficiency of resources and information, in this case - environmental) on the environmental situation in Moscow and the region to inform the public about the opportunities and the primary environmental risks in housing purchase or construction.

scholarly journals International Real Estate Review

2016 ◽  
Vol 19 (1) ◽  
pp. 27-49
Author(s):  
William Mingyan Cheung ◽  
◽  
James Chicheong Lei ◽  
Desmond Tsang ◽  
◽  
...  
Keyword(s):  
Real Estate ◽  
Price Discovery ◽  
Common Factor ◽  
Significant Proportion ◽  
Real Estate Market ◽  
Reverse Causality ◽  
Public And Private ◽  
Real Estate Markets ◽  
The Public ◽  
Private Real Estate

This study examines whether property transaction affects the price discovery process in real estate markets. Prior literature shows that price discovery generally first takes place in the securitized public real estate investment trust (REIT) market. We conjecture that property transaction provides novel information to the direct real estate market and can change the dynamics between public and private real estate returns. We employ a unique dataset of property transactions to construct "transaction windows¨ and specifically examine the causality between public and private real estate markets around these periods. We form firm-level pairs of public and private price series, and estimate the normalized common factor loadings per Gonzalo and Granger (1995) by using a vector error-correction model. Our findings show that a significant proportion of price discovery happens in the private market instead of the public REIT market. Our results are robust to investments of different property types and different lengths of transaction windows. Overall, the findings in this study imply that property acquisition and disposition provide crucial information to the private real estate market and induce a reverse causality between the public and private markets.

scholarly journals An Assessment of the Functioning of Shopping Centres in Central‑Eastern Europe on the Example of “Posnania Mall” in Poznań (Poland) and “Grand Mall” in Varna

2021 ◽  
Vol 15 (3) ◽  
pp. 99-113
Author(s):  
Sławomir Palicki ◽  
Stoyan Stoyanov ◽  
Ivo Kostov ◽  
Tsvetelina Atanasova ◽  
Patrycjusz Ostrowski
Keyword(s):  
Real Estate ◽  
Large Scale ◽  
Local Development ◽  
Real Estate Market ◽  
The European Union ◽  
Market Reactions ◽  
Shopping Centre ◽  
Shopping Centres ◽  
Central Eastern ◽  
The Impact

The article explores the issue of the function of shopping centres, in particular the analysis of the impact of their presence on society and the local development of cities and regions. Regarding the empirical aspect, the examples of Poznań (Poland) and Varna (Bulgaria) will be presented. As a result of similar socio‑economic conditions and joining the European Union at almost the same moment, all comparative studies reflecting preferences and market reactions seem both viable and interesting. In addition, the two cities chosen for the studies occupy a similar place in the hierarchy of the settlement network in their countries. They are large, well‑developed centres that attract the attention of investors from various segments of the real estate market. The research is part of the modelling of preferences of shopping centre customers areas, which in particular supports the investment decisions of developers operating in the analysed real estate market, and at the same time permits a diagnosis of social satisfaction. A derivative of the research is also the reconstruction of the effects of the functioning of large‑scale shopping malls in two Central‑Eastern European countries.

scholarly journals Cap rates and risk: a spatial analysis of commercial real estate

2018 ◽  
Vol 35 (1) ◽  
pp. 25-43
Author(s):  
Florian Unbehaun ◽  
Franz Fuerst
Keyword(s):  
Real Estate ◽  
Risk Perceptions ◽  
Large Scale ◽  
Risk Premia ◽  
Real Estate Market ◽  
Commercial Real Estate ◽  
Data Series ◽  
Large Set ◽  
Content Type ◽  
The Impact

Purpose This study aims to assess the impact of location on capitalization rates and risk premia. Design/methodology/approach Using a transaction-based data series for the five largest office markets in Germany from 2005 to 2015, regression analysis is performed to account for a large set of asset-level drivers such as location, age and size and time-varying macro-level drivers. Findings Location is found to be a key determinant of cap rates and risk premia. CBD locations are found to attract lower cap rates and lower risk premia in three of the five largest markets in Germany. Interestingly, this effect is not found in the non-CBD locations of these markets, suggesting that the lower perceived risk associated with these large markets is restricted to a relatively small area within these markets that are reputed to be safe investments. Research limitations/implications The findings imply that investors view properties in peripheral urban locations as imperfect substitutes for CBD properties. Further analysis also shows that these risk premia are not uniformly applied across real estate asset types. The CBD risk effect is particularly pronounced for office and retail assets, apparently considered “prime” investments within the central locations. Originality/value This is one of the first empirical studies of the risk implications of peripheral commercial real estate locations. It is also one of the first large-scale cap rate analyses of the German commercial real estate market. The results demonstrate that risk perceptions of investors have a distinct spatial dimension.

scholarly journals The Development of Housing Sector and Residential Real Estate Market After Economic Recession in Latvia

2015 ◽  
Vol 3 (1) ◽  
pp. 103-119 ◽  
Author(s):  
Sanda Geipele ◽  
Armands Auziņš
Keyword(s):  
Sustainable Development ◽  
Real Estate ◽  
Institutional Environment ◽  
Economic Recession ◽  
Real Estate Market ◽  
Housing Sector ◽  
Residential Real Estate ◽  
The Public ◽  
Efficient Management ◽  
Recession Period

Abstract The study is concerned with an examination of resource distribution in order to promote sustainable development of housing sector in the context of evolving residential real estate market after the economic recession period in Latvia. The statistical and comparative analysis methods have mainly been applied in the study, and the recommendations on the implementation of conceptual solutions for promoting the efficient management of housing sector according to the public needs have been provided. The findings of the study may significantly contribute when improving the housing policy and appropriate institutional environment in Latvia.

scholarly journals PALMAS EM TRÊS ATOS: projeto urbanístico, implantação e consolidação da capital do Tocantins

2018 ◽  
Vol 4 (2) ◽  
pp. 236
Author(s):  
Giuliano Orsi Marques de Carvalho ◽  
Olívia De Campos Maia Pereira ◽  
Marcos Antonio dos Santos
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Public Power ◽  
The Real Estate ◽  
The Public ◽  
Palabras Clave ◽  
Original Plan ◽  
The Real Estate Market ◽  
The City

O texto aborda a cidade de Palmas, a última capital brasileira construída no século XX, com sua divisão sócio-espacial explícita. Estruturado em três partes, o trabalho procura entender o papel da violência primeiramente no tocante ao projeto urbanístico de 1989, enfocando a contradição entre discurso e prática; em segundo lugar, o processo de produção da cidade planejada pelo poder público e toda uma sorte de ações, muitas vezes truculentas, visando a construção do projeto; e, em terceiro lugar, a relativa autonomia do mercado imobiliário frente às características do plano original. Num prisma teórico analítico da arquitetura e do urbanismo, o texto versa aspectos históricos da criação da cidade e a violência do processo de espacialização.   PALAVRAS-CHAVE: Palmas; violência; projeto urbanístico; cenarização; mercado imobiliário.   ABSTRACT The text is about the city of Palmas, the last Brazilian capital built in the 20th century with its explicit social-spatial division. This work, structured into three parts, intends to comprehend the role of the violence in relation to the city’s urbanistic plannig from 1989, trying to focus the contradiction between speech and practice; the second part focuses on the planned city process of production managed by the public power and all the whole sort of actions, sometimes in a savage way, aiming at the construction of the project; and, finally, the relative autonomy of the real estate market towards to the features of the original plan. In a theoretical and analytical view of the urbanism and architecture, the text deals with historical aspects of the city creation and the violence of the space process.   KEYWORDS: Palmas; violence; urban planning; scenery; real estate market.   RESUMEN El texto es sobre la ciudad de Palmas, la última capital brasileña construida en el siglo XX, con su división socio espacial explícita. Estructurado en tres partes, el trabajo busca entender el papel de la violencia primeramente en relación al proyecto urbanístico de 1989, enfocando la contradicción entre discurso y práctica; la segunda parte, el proceso de producción de la ciudad planeada por el poder público y toda una cantidad de acciones, muchas veces violentas, pretendiendo la construcción del proyecto; y finalmente, la relativa autonomía de los mercados inmobiliarios en dirección a las características del plano original. En un modo teórico analítico de la arquitectura y urbanismo, el texto discurre sobre los aspectos históricos de la creación de la ciudad e la violencia del proceso del espacio.   PALABRAS CLAVE:  Palmas; violencia; proyecto urbanístico; escenario; mercado inmobiliário.

scholarly journals Valuation methods for the housing market: Evidence from Budapest

2016 ◽  
Vol 66 (3) ◽  
pp. 527-546 ◽  
Author(s):  
Dávid Kutasi ◽  
Milán Csaba Badics
Keyword(s):  
Neural Network ◽  
Real Estate ◽  
Large Scale ◽  
Housing Prices ◽  
Market Price ◽  
Housing Price ◽  
Real Estate Market ◽  
Hedonic Regression ◽  
Valuation Methods ◽  
Valuation Method

Different valuation methods and determinants of housing prices in Budapest, Hungary are examined in this paper in order to describe price drivers by using an asking price dataset. The hedonic regression analysis and the valuation method of the artificial neural network are utilised and compared using both technical and spatial variables. In our analyses, we conclude that according to our sample from the Budapest real estate market, the Multi-Layer Preceptron (MLP) neural network is a better alternative for market price prediction than hedonic regression in all observed cases. To our knowledge, the estimation of housing price drivers based on a large-scale sample has never been explored before in Budapest or any other city in Hungary in detail; moreover, it is one of the first papers in this topic in the CEE region. The results of this paper lead to promising directions for the development of Hungarian real estate price statistics.

scholarly journals Interrelation of Large-Scale Property Development Project and the Local Real Estate Market. Evidence from Hungary

2019 ◽  
Vol 13 (1-2) ◽  
pp. 37-46
Author(s):  
Csaba Tóth
Keyword(s):  
Real Estate ◽  
Large Scale ◽  
Significant Degree ◽  
Real Estate Market ◽  
Development Project ◽  
Jel Classification ◽  
Residential Property ◽  
Property Market ◽  
Property Development ◽  
Building Project

The Hungarian real estate market has gone through a widely fluctuating phase in the new millennium, which has not missed periods of surge, crisis-driven gloom and recovery. Amidst these conditions, an international developer engaged in a large-scale, long-timeframe residential property building project (Sasad Liget Residential Complex) in District XI of the Hungarian capital. The article examines the exposures and impacts of the development project to the external factors. The deployed quantitative statistical methods reveal that despite the considerable weight of the project, the in-market performance of SLRC has been the function of the general swings of the sector. Further, although the project generated higher demand than the bulk of other properties in the vicinity, its weight has not been enough to impact the property market of District XI at a statistically significant degree. JEL Classification: E31, R31

scholarly journals The price bubble morphology

2013 ◽  
Vol 13 (1) ◽  
pp. 76-94 ◽  
Author(s):  
Waldemar Tyc
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
Economic System ◽  
Institutional Environment ◽  
Real Estate Market ◽  
Economic Systems ◽  
The Real Estate ◽  
Price Bubbles ◽  
Price Bubble ◽  
The Real Estate Market

Abstract The article presents a discourse on the mechanism by which price bubbles emerge and burst. For idealization purposes the author assumes that even though price bubbles emerge in various markets, their morphology differs from market to market, be it the hi-tech stock (or, more generally, the stock market), the real estate market (where land is of fixed supply) or the housing market. The sources of their diversification lie in the type and weight of the causes of their appearance, the differences between their causative and functional determinants and the market feedbacks. Any interpretation of the nomological diversification of price bubbles (in the sense of their categorisation) requires looking at the system pragmatics and the market in which they emerge. Thus the designations of economic systems and the specifics of markets constitute both the economic and the institutional environment of their origin. They also constitute the necessary context for their understanding and interpretation, as price bubbles rise and collapse within specific functional structures of an economic system.

scholarly journals Social Institutions Transformation as a Factor of the Social and Economic Development of Modern Russia

2020 ◽  
pp. 50-61
Author(s):  
Elena Loginova ◽  
Natalia Loseva ◽  
Aleksandr Polkovnikov
Keyword(s):  
Economic Development ◽  
Public Administration ◽  
Large Scale ◽  
Evolutionary Dynamics ◽  
Social Institutions ◽  
Economic Systems ◽  
Russian Society ◽  
The Public ◽  
The Social ◽  
Social And Economic Development

The systemic determinacy of modern Russian society in time and space coordinates allows us to conclude that it is at the process stage of the life cycle of the large-scale social and economic systems functioning within the stage of the digital age that is characterized by the features of environmental systems. It means that the logic of the social and economic development of modern Russia is to ensure the harmonization of the performance and state of all economic systems through communication and coordination, as well as creating conditions for transactions. Following this logic, the article proves the possibility of considering it as a factor providing conditions for socio-economic development using the example of the transformation of the public administration institution. The article defines the subject-object and structural content of the public administration institution. By using the matrix approach, the authors characterize the evolutionary dynamics of the public administration institution. It makes it possible to draw a conclusion about the formation within the local civilizational matrix of modern Russia of a new type of the institutional core – the intellectual one, in which basic and compensatory institutions of the market and distribution types are integrated. The article presents a methodology that allows determining the degree of the formation of public administration, as well as assessing its impact on the social and economic development ofmodern Russia.

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