Productivity assessment of the real estate industry in China: a DEA-Malmquist index

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Xiao-xiao Liu ◽  
Hui-hui Liu ◽  
Guo-liang Yang ◽  
Jiao-feng Pan
Keyword(s):  
Real Estate ◽  
Malmquist Index ◽  
Provincial Government ◽  
Quality Development ◽  
Real Estate Industry ◽  
High Quality ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
China’S Economy

PurposeThe high-quality development of the real estate industry is crucial to the transformation of China's economy. However, few studies apply the productivity to explore the development path of the real estate industry in China. To fill this gap, this study mainly investigates the total factor productivity (TFP) of the real estate industry of 30 sample provinces in mainland China from 2007 to 2016.Design/methodology/approachThe Malmquist index is applied to estimate the productivity (i.e. TFP) of the real estate industry, based on the data envelopment analysis (DEA). Then, the truncated tobit regression analysis explores the external influencing factors on the TFP of the real estate industry.FindingsThrough empirical analysis, it is found that the high-quality development of the real estate industry depends on the technological innovation by the real estate enterprises and the targeted policies by the provincial government. Moreover, the development of the real estate industry has a positive correlation with the growth of China's economy but a negative correlation with the development of other industries.Practical implicationsTFP mainly reveals the development status of the provincial real estate industry and identifies the driving force for exploring the high-quality development mode of the real estate sector. Furthermore, the fluctuation rule of TFP can be applied to predict the development trend of the real estate industry in the future.Originality/valueAs an application, this study measures the TFP of the Chinese real estate industry in different provinces and periods. The results have meaningful policy implications for policymakers regulating the real estate industry.

Artificial intelligence and real estate - not just an evolution, a real game changer!

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Marcelo Cajias
Keyword(s):  
Artificial Intelligence ◽  
Real Estate ◽  
New Technologies ◽  
Current Status ◽  
Real Estate Industry ◽  
Expiry Date ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Analyse Data

PurposeDigitalisation and AI are the most intensively discussed topics in the real estate industry. The subject aims at increasing the efficiency of existing processes and the institutional side of the industry is really interested. And in some ways, this is a breakthrough. This article elaborates on the current status quo and future path of the industry.Design/methodology/approachThe real estate industry is evolving, and parts of the business are increasingly being conquered by “proptechs” and “fintechs”. They have come into real estate to stay not because they discovered inefficiencies in the way one manages and does business with real estate, but because they come with an arsenal of new technologies that can change the whole game. The article discusses a path for changing the game in real estate.Findings“location, location, location” has now evolved to “data, data, data”. However, there is one essential aspect that must be considered before the latter can become the real value creator: the ability of market players to analyse data. And this does not mean being an excellent Excel user. The near future sees a solution called Explainable Artificial Intelligence (XAI) meaning that the econometric world constructed decades ago has an expiry date.Originality/valueOne needs to delete two myths from their mind: data quantity is proportional to accurate insights and that bringing your data to a cloud will deliver you with all the insights your business needs almost immediately.

scholarly journals Impacts of digitization on real estate sector jobs

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Daniel Piazolo ◽  
Utku Cem Dogan
Keyword(s):  
Real Estate ◽  
Weighted Average ◽  
Real Estate Market ◽  
Real Estate Industry ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Employment Agency ◽  
Real Estate Sector ◽  
Substitution Probability

PurposePrevious research on automation and job disruption is only marginally related to the real estate industry and its characteristics. This study investigates the effects of digitization on jobs in German real estate sector, in order to assess the proportion of jobs threatened to be replaced by automation. Since Germany is the largest EU economy insights for the German real estate market allow a first approximation for Europe.Design/methodology/approachAn extensive database of the German Federal Employment Agency containing job definitions and occupation titles is matched with real estate criteria to create a subset with the relevant real estate occupations. This data is combined with a database of the German Institute of Employment Research reflecting to what extent tasks within jobs can be automated by current technical capabilities.FindingsFor the 286 identified occupations within the real estate sector a weighted average of 47 percent substitution probability through current technological capabilities is derived for tasks within the examined occupations.Practical implicationsThis contribution indicates the extent of the structural change the real estate sector has to face due to digitization: One out of two real estate jobs will have to be re-created.Originality/valueThis research quantifies the magnitude of the job killer aspect of digitization in the real estate sector.

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.

Representations of gender in annual reports in the real estate industry in Sweden

2016 ◽  
Vol 34 (1) ◽  
pp. 5-17 ◽  
Author(s):  
Karin Maria Staffansson Pauli
Keyword(s):  
Real Estate ◽  
Public Housing ◽  
Commercial Real Estate ◽  
Business Strategies ◽  
Annual Reports ◽  
Research Approach ◽  
Real Estate Industry ◽  
Content Type ◽  
The Real ◽  
The Real Estate

Purpose – The purpose of this paper is to clarify how annual reports of public housing and commercial real estate companies contribute in “doing gender” of the real estate industry in Sweden. How the issue of gender is dealt with in photographs, in two different types of organizations, with different corporate and business strategies, is important as they play a significant role in constructing the industry itself. Are there any differences in how they perceive gender, and what constitutes gender of the industry? Design/methodology/approach – Analysis of photographs in annual reports, 14 public housing companies and eight commercial real estate companies, in the year of 2011. Findings – The paper provides empirical insights about how “gender is done” in annual reports, men alone are shown more often as employees and both women and men are portrayed in stereotypical positions. Women are depicted more often as young and also presented in “token positions”. Research limitations/implications – Because of the chosen research approach, in studying only one year, a longitudinal study would be recommended for future studies. Practical implications – The paper includes implications for the development of gender symbols and images representing the industry, in how gender is done in public situations as in annual reports. This is not only important for the industry itself but also to stakeholders involved with the industry. Originality/value – This paper fulfils an identified need to study how photographs shown in annual reports reveal gender structure.

Do intrinsic rewards matter for real estate agents?

2020 ◽  
Vol 13 (2) ◽  
pp. 207-222
Author(s):  
Pilar Mosquera ◽  
Maria Eduarda Soares ◽  
Daniela Oliveira
Keyword(s):  
Job Satisfaction ◽  
Real Estate ◽  
Turnover Intention ◽  
Real Estate Industry ◽  
Intrinsic Rewards ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Gender And Age ◽  
Gender And Age Differences

Purpose Rewards’ management has long been used as a panacea to promote job satisfaction and labour retention. However, the relationship between these variables is not clearly defined in the real estate industry, due to the scarcity of empirical studies. The purpose of this study is to evaluate the role of both satisfaction with intrinsic rewards (SIR) and satisfaction with extrinsic rewards (SER) on job satisfaction and turnover intention in the real estate industry. Design/methodology/approach Using a sample of 220 employees from the three largest real estate agencies in Portugal, the study analyses a conceptual framework and tests hypotheses by using partial least squares (PLS), along with importance-performance map analysis (IPMA). Findings Results indicate that both SIR and SER have a positive impact on job satisfaction. However, SER has a stronger impact on job satisfaction. Satisfaction with rewards and job satisfaction are negatively related to turnover intention. Job satisfaction mediates the relationship between satisfaction with rewards and turnover intention. Results also show gender and age differences. SIR is more important for women and younger agents. SER has similar importance for men and women, but higher importance for older agents. Research limitations/implications Findings of this study extend the existing literature on rewards satisfaction and turnover intention to the context of the real estate industry. They present a contribution to the current debate on extrinsic vs intrinsic rewards for this particular industry. Practical implications Following the results of this research, real estate managers should consider intrinsic rewards because they also play a role for job satisfaction and turnover intentions. Human resource managers should consider identifying employees’ needs and motivations and then implement adequate strategies to promote their job satisfaction because it plays a mediating role between satisfaction with rewards and turnover intention. Reward strategies should also consider gender and age differences by giving women and younger agents more recognition, responsibilities and other intrinsic rewards because they are important for their job satisfaction. Originality/value Previous studies on real estate agents rewards appear to have only focussed on extrinsic rewards. To the best of the knowledge, this is the first study to analyse the effects of SIR on job satisfaction and turnover intention in the real estate industry. Also, to the best of the knowledge, this study is original in the use of IPMA to detect gender and age differences.

The impact of Generation Z in the intention to purchase real estate in Kosovo

2019 ◽  
Vol 38 (1) ◽  
pp. 1-24 ◽  
Author(s):  
Visar Hoxha ◽  
Emblema Zeqiraj
Keyword(s):  
Real Estate ◽  
Quantitative Research ◽  
Real Estate Industry ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Generation Z ◽  
Intention To Purchase ◽  
And Behaviors ◽  
The Impact

Purpose The purpose of this paper is to identify the impact that Generation Z has on the real estate industry of Kosovo. By studying the behaviors and characteristics of Gen Z the stakeholders in the real estate industry can gain advantages and opportunities in getting to comprehend their preferences, their perspective and their decision to buy real estate in Kosovo. Design/methodology/approach The present study used a quantitative research method. For the purpose of this study a questionnaire with close-ended questions is used. The questionnaire used for this study is a self-evaluation and self-administrated questionnaire. The study included 200 people, mainly Albanian speakers who participated in the questionnaire. All participants of the questionnaire were strictly members of Generation Z that were born in the time period of 1995–2012. In this questionnaire the participants were provided with full anonymity, since none of their identity data were requested during this process. Findings The findings of this study indicate that Gen Z and their different characteristics will have an impact on the real estate industry. Research limitations/implications This study can be utilized as a landmark for agents of real estate on understanding how they can use the characteristics and behaviors of Gen Z in their favor, by pointing out the prominence of those characteristics and behaviors in realizing the needs and desires of the potential buyers and the influence they have on the decision to buy property. Furthermore, through this study, the real estate agencies will be provided with multiple reasons that substantiate the necessity to perform the proper research about differences between generations. Originality/value The study is the first quantitative study that studies the linkage between behaviors and characteristics of Generation Z and their intention to purchase real estate.

scholarly journals An Analysis on the Coordination between Urbanization of Population and Development of Real Estate Industry

2020 ◽  
Vol 2 (1) ◽  
Author(s):  
Ling Jiang
Keyword(s):  
Real Estate ◽  
Rural Population ◽  
Urban Population ◽  
Real Estate Industry ◽  
The Real ◽  
The Real Estate ◽  
Reform And Opening Up ◽  
The City ◽  
Opening Up ◽  
China’S Economy

Since the reform and opening up, the urbanization of population is accelerating, and more and more people are flowing to the big cities from the countryside. The proportion of urban population and rural population has undergone significant changes, which has also caused a major impact on China's economy, especially in the real estate industry. The population from the countryside to the city urgently needs houses, which is also a key reason for the urbanization of population in the real estate industry. This paper explains the concept of the urbanization of population and the reasons for the imbalance between real estate and the urbanization of population, and analyzes the relevant theories of the urbanization of population and the coordination between real estate industry and the urbanization of population. It also predicts the future developing trend of China's urbanization of population and real estate industry, and proposes some strategies for developing the real estate industry.

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