Spain

2017 ◽  
Author(s):  
Gabriel Moss QC ◽  
Bob Wessels ◽  
Matthias Haentjens
Keyword(s):  
Real Estate ◽  
Financial Sector ◽  
Real Estate Market ◽  
The Real Estate ◽  
Real Estate Bubble ◽  
International Financial Crisis ◽  
The Real Estate Market ◽  
The Moment ◽  
The Uk ◽  
The Cost

The consequences of the international financial crisis that started in 2007 unveiled a real estate bubble crisis in Spain that left the majority of its financial sector on the verge of insolvency. National financial institutions had been financing the over-development of the real estate market for years, borrowing abroad to lend locally at an unsustainable pace. The moment the international interbank market dried up, Spanish financial entities were unable to refinance their debts and stopped financing the development and retail acquisition of housing. This happened at a time when the international sovereign context was extremely troublesome. Greece, Portugal, and Ireland were undergoing a rescue process, and Spain and Italy started experiencing a sharp rise in the spread of their bonds vis-à-vis the German Bundesbond. Spain’s debt-to-GDP ratio then was still low (considerably lower than that of Germany, France, or the UK), and yet the cost of financing was soaring, threating the very solvency of the nation. The reason for this threat was the over-indebtedness of the private sector, with special intensity in the case of the financial sector. The Spanish government realized that a recapitalization of the troubled financial entities was a precondition of its own survival.

scholarly journals Does the real estate market behavior predict the trust crisis in the financial sector? The case of the ECB and the Euro

Equilibrium ◽  
2021 ◽  
Vol 16 (4) ◽  
pp. 711-740
Author(s):  
Maryna Brychko ◽  
Tetyana Vasilyeva ◽  
Zuzana Rowland ◽  
Serhiy Lyeonov
Keyword(s):  
Real Estate ◽  
Central Bank ◽  
European Central Bank ◽  
Financial Sector ◽  
Real Estate Market ◽  
Market Behavior ◽  
The Real Estate ◽  
European Central ◽  
The Real Estate Market ◽  
Primary Institutions

Research background: Based on the history of financial crises, real estate market behavior could be thought of as a key benchmark of trust shifts in the financial sector of the economy. Plunging real estate asset prices accompanied by the financial "bubbles" explosion could be viewed as the harbinger ? even the cause ? of the public trust crash in the financial sector. Purpose of the article: This study intends to assess the extent to which the real estate market behavior determinants, along with financial sector consumers' feelings, are able to predict trust crises in the financial sector, namely to its primary institutions ? European Central Bank and the Euro. Methods: In order to estimate the probability of a trust crisis in the financial sector, two logistic regression logit models were developed based on two types of dependent variables as they reflect trust violations in the financial system primary institutions ? net trust in European Central Bank (Model I) and net support for the Euro (Model II). The research was conducted on quarterly panel data of the EU countries from the euro area covering the period from 2000 to 2019. Logit regressions employed for data processing and analysis were performed in the computational system STATISTICA. Findings & value added: The logit-modeling results show that determinants of irrational real estate buyers' behavior are powerless in predicting the escalation of the trust crisis in the Euro. However, binary models of real estate market behavior could be successfully used to predict the probability of the trust crisis in the European Central Bank. The results show that real house price indices, price to income ratio, price to rent ratio, and rent prices accompanied by the financial sector consumers' feelings are statistically significant, providing the best distribution between the normal times and periods of trust crisis in the European Central Bank. Irrational real estate market behavior may indicate serious problems in the trust violations in the European Central Bank, and it should be a signal for policymakers to take actions towards more efficient financial and real estate market regulation following the behavioral approach.

INVESTMENT RISK MANAGEMENT ON THE MULTI-SCALE CHAIN MARKET

2018 ◽  
Vol 19 (4) ◽  
pp. 239-250
Author(s):  
Dariusz Stanisławski
Keyword(s):  
Risk Management ◽  
Real Estate ◽  
Real Estate Market ◽  
Rate Of Return ◽  
Investment Risk ◽  
The Real Estate ◽  
Multi Scale ◽  
The Real Estate Market ◽  
Property Owners ◽  
The Cost

The main goal of the article is to show the specificity of investment risk management in the multi-apartment tenement market. The study was divided into the theoretical and empirical part. The theoretical discussion characterizes risk management. The empirical part is the study of the expected rate of return carried out on the basis of Częstochowa multi-dwelling tenements. Investing in real estate is associated with high risk, therefore the investor expects a higher rate of return than on a safer market, eg deposits or bonds. The risk was, is and will be an inherent part of the business related to investing in the real estate market. The basis for risk management is to achieve in the cost sense the process of using risk management by effectively diagnosing the steps taken. Defining risk management is designed to predict potential problems. The collected data made it possible to assess the importance of risk management in investing in the multi-apartment tenement market in Częstochowa. Risk management is applicable in all cells also in investment in apartment buildings and it brings tangible benefits for property owners.

scholarly journals About new aspects of the development of the market of mini apartments in Ukraine

2020 ◽  
Vol 166 ◽  
pp. 09002 ◽  
Author(s):  
Sergiy Kobzan ◽  
Sergiy Nesterenko
Keyword(s):  
Real Estate ◽  
Urban Development ◽  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
World Market ◽  
Real Estate Market ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market ◽  
The Cost

The article discusses the issues of a new segment of the real estate market in urban development projects. The analysis of the world market of mini apartments is made. The questions of residence of various social groups in mini apartments are raised. The classification of mini apartments has been developed. The factors significantly affecting the cost of a mini apartment are investigated. The calculation of the analysis of benefits and costs for a mini apartment. Conclusions are drawn about the mini-apartment market in urban development. The research of mini-apartments’ market reflects changes in the development of the whole urban infrastructure. The market of mini-apartments influences on the real estate region’s market. The distinctive characteristics of mini-apartments in different regions are based on their classification. The mini-apartments’ market in different regions is analyzed. The authors constructed GIS-map. GIS analysis shows the dependence of the cost of mini apartments from the region of Ukraine. Calculation of the profitability of mini apartments was carried out using the method of market extraction (market sampling). Using the method of market extraction (market sampling), the income from mini apartments was calculated. Cost benefit analysis shows the aspects of the mini apartments’ market for the urban development.

scholarly journals CONSTRUCTION OF MARKET PRICING MODEL

2018 ◽  
pp. 15-20
Author(s):  
Iuliia Kalynichenko ◽  
Volodymyr Sobchuk
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
National Standards ◽  
Market Pricing ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market ◽  
The Cost ◽  
Conceptual Foundations ◽  
Practical Recommendations

Introduction. In the process of determining the value of real estate, the analysis of the real estate market is often purely formal. We have to admit the absence of a fully-fledged section on the analysis of the real estate market in the national standards, as well as the lack of awareness of many appraisers with the conceptual foundations of this methodology. Such situation caused the fact that the section of evaluation report on the market analysis is not organized as part of the research algorithm; consequently, it is not connected with other sections and the report in general. The cost is calculated by one or several standard approaches: cost, revenue, comparative. As a result of coordinating the evaluation results obtained by different methodological approaches, only one digital value is obtained. On its basis, it is necessary to draw conclusions about the value of the object of valuation in the market, its investment attractiveness, and the efficiency of its management system. Purpose. The article aims to develop theoretical and methodological provisions and practical recommendations for constructing a model of market pricing. Results. The differences between individual and mass valuation of real estate have been determined. The essence of the methodology of constructing a model of market pricing has been revealed. A complex algorithm for constructing a model of market pricing has been developed.

scholarly journals RESEARCH OF FEATURES OF RENT MARKET DEVELOPMENT

2021 ◽  
Vol 1 (161) ◽  
pp. 116-123
Author(s):  
S. Kobzan ◽  
A. Ivakhnenko ◽  
M. Tolsta
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
Real Estate Market ◽  
Residential Real Estate ◽  
The Real ◽  
The Real Estate ◽  
Rental Market ◽  
The Real Estate Market ◽  
The Cost ◽  
The City

The purpose of the article is to conduct a study of the rental market as a separate segment of the real estate market in urban development. A study of the rental market in Kharkiv was conducted. The relevance of the study is to determine the prospects for the development of modern urban economy, taking into account the development of the rental market. The question of the dependence of the rent on the cost of housing and the profitability of certain segments of the housing market is determined. An improved classification of different segments of housing in the modern city is given. An analysis of the cost of rent for each segment and depending on the location. Factors that significantly affect the cost of rent have been studied. Conclusions are made about the future development of the rental market in the municipal economy. In urban planning and urban planning it is extremely important to take into account the prospects and development of such a market segment as the rental market of residential real estate. The relevance of the study is to determine the prospects for the development of modern urban economy, taking into account the development of the rental market. The residential real estate rental market is a very important component for the development of the city in Kharkiv. The issue of researching the apartment rental market is relevant and will be deeply analyzed in the future. To achieve this goal, the following tasks are set in the work: Analyze the rental market. Develop an improved classification of segmentation in the residential real estate market. Conduct research on the factors that affect the cost of rent. Develop a GIS model of the impact of rental costs depending on the area of the city. Build a detailed table of the dependence of the cost of rent on the location. Investigate the interaction in the real estate rental market and sales within urban development. The rental price is influenced by the following factors: - trends of growth or decline of the general state of the real estate market as a whole; - seasonality; - the distance of the district from the city center; - the presence of a transport interchange; - ecology, in the area where the object is located; - developed infrastructure; - level of housing comfort; - the duration of the lease; - number of rooms; - the presence of repairs; - type and condition of the building in which the dwelling is located. The article examines the rental housing market. Defined rental rates: minimum, average and maximum cost. Charts of dependence of cost of rent on a segment and a location are constructed. The housing market is developing despite the unstable economic situation, the devaluation of the hryvnia and declining incomes. The cost of renting an apartment depends on the location, condition of the house, transport infrastructure and the condition of the real estate. The hotel rental market is developing very actively. In Kharkov, in most cases, buy small apartments and hotels for investment (income from further rent). With the help of GOOGLE MAP, a map of the dependence of the average cost of renting hotels and 1-bedroom, 2-bedroom, 3-bedroom apartments on the location in the areas of Kharkiv was developed.

scholarly journals RESEARCH OF THE MARKET OF MINI APARTMENT

2020 ◽  
Vol 4 (157) ◽  
pp. 79-85
Author(s):  
S. Kobzan
Keyword(s):  
Real Estate ◽  
Urban Development ◽  
Social Groups ◽  
Real Estate Market ◽  
The Real ◽  
The Real Estate ◽  
Large Cities ◽  
The Real Estate Market ◽  
The Cost

The purpose of the article is to investigate the development of a new segment of the real estate market in urban development projects. The definition of a mini apartment - the gostinka. The analysis of the world market of mini-apartments is carried out. There are questions of living of different social groups in society in mini-apartments. A classification of mini-apartments has been developed. Factors significantly affect the cost of a mini-apartment. Conclusions are made about the future market of mini-apartments in the city economy The development of the market of mini-apartments can be considered as a new social phenomenon. Many social groups have access to the purchase of a mini-apartment. The residential real estate market is in a difficult stage now. The economic crisis has had a strong impact on stakeholders. The market of mini-apartments in Ukraine is a new and currently unexplored social phenomenon. The market of mini-apartments is of great importance for urban development and has high uncertainty in further development. Therefore, the development of the market of mini-apartments poses many problems for urban development in the future Today in Ukraine in the real estate market of Kharkiv increased activity in such a segment of real estate as mini-apartments. The results of the research show that the cost range of 1 sq.m. for such objects is very large and ranges from 300 to 1000 US dollars. Which is 2 times lower than the average market prices for typical apartments. Let's analyze the primary and secondary markets of mini-apartments. The houses in which the mini-apartments are located can be characterized. Mini-apartments in reconstructed houses are of great interest to stakeholders. Here they are much lower than their cost. Mini-apartments are now actively bought by the following social groups and categories of people. Mini-apartments in reconstructed houses are of great interest to stakeholders. Here they are much lower than their cost. The classification of mini-apartments was carried out according to the parameters that significantly affect the prices in the studied segment. They can increase or decrease the market value of such real estate. The price is significantly affected by such a parameter as the ratio of total and living space. The author proposes factors that affect the cost of mini-apartments. Thus, in Ukraine, the market of mini-apartments (hotels) arose and developed due to the unstable economic situation, the devaluation of the hryvnia and declining incomes. Today, renting apartments is expensive, so mini-apartments are the best option for affordable housing. Many people buy mini-apartments as temporary housing. This segment of real estate has a fairly high profitability for investors. The cost of 1 sq m of mini apartments depends on the investment attractiveness of the regional center. Market research and excellent characteristics of mini-apartments. In large cities of Ukraine, especially in Kyiv and Kharkiv, the number of mini-apartments under construction is growing. The analysis of the market showed that such apartments are in demand among stakeholders today. Factors increasing demand for mini-apartments. Conclusions. 1. The researched market of small-sized housing can be considered as a new social phenomenon in large cities of Ukraine. The question of a new segment of the real estate market in urban development projects is highly relevant 2. In Ukraine, the market of mini-apartments (hotels) has emerged and is developing due to the unstable economic situation, the devaluation of the hryvnia and declining incomes. The cost of 1 square meter of mini-apartments depends on the investment attractiveness of the regional center. 3. The whole market of mini-apartments (hotels) in large cities of Ukraine is actively developing. In Kharkov, in most cases, buy small apartments for further rent. Keywords: real estate market, mini apartment, gostinka, studio, classification of mini apartments, social groups in society, factors influencing the value, municipal economy.

Peculiarities of the reflection of the cost in the accounts of the developer in the construction of health care facilities

2021 ◽  
pp. 22-31
Author(s):  
O.N. Tarasova ◽  
P.I. Bobrovsky
Keyword(s):  
Health Care ◽  
Real Estate ◽  
Real Estate Market ◽  
Health Care Facilities ◽  
Professional Judgment ◽  
Investment Activity ◽  
The Real Estate ◽  
The Real Estate Market ◽  
Care Facilities ◽  
The Cost

The modern tendencies of the real estate market and also the basic aspects of formation and reflection of the cost price of real estate objects sold in the field of medicine and health care on the accounts of bookkeeping are considered in the present work. The author raises the question of the accounting of the expenses accumulated when carrying out investment activity in construction and considers the order of their distribution on finished objects of real estate. The author also emphasizes the importance of the recognition of the cost of sales of the development company in the correct period and, guided by professional judgment, offers typical accounting entries for the reflection of the cost of production in the accounting.

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