Responsiveness of residential construction-production progress to house price dynamics

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Le Ma ◽  
Henry Liu ◽  
Michael Sing
Keyword(s):  
Research Output ◽  
Housing Prices ◽  
Activity Level ◽  
Residential Construction ◽  
Residential Property ◽  
Price Dynamics ◽  
Content Type ◽  
Property Price ◽  
Under Construction ◽  
Practical Implications

Purpose This study aims to address the gap by empirically exploring how residential construction-production progress, which includes project commencement, under-construction and project completion, responds dynamically to fluctuations in house prices. Design/methodology/approach A vector autoregressive model and an impulse response function are applied to simulate and analyse the circle of the stage-responsiveness of residential construction to residential property price dynamics in the state of Victoria, Australia. The quarterly numbers of dwelling units commenced, under-construction and completed are used as the proxy for the residential construction activities at three stages over the construction progress. Findings The analysis indicates that the dynamics are essentially transmitted throughout the construction process and can substantially impact the pace of production progress. The findings from this study provide an empirical base that should be useful in developing price-elasticity and production theories applicable to the context of residential property construction. Research limitations/implications The findings described above have been generated basically by examining the case of Victoria, Australia at a macro level. The generalisation of the research output needs to be verified further by future researchers using data collected from other regions/countries. Nevertheless, the reliability of the conclusions with particular practical implications can be substantially improved by future researchers by analysing more markets and production proxies at the activity level. Practical implications Based on new empirical findings, this research argues that building activity (i.e. under construction) played as a gateway between the construction and housing sectors, via which the inter-responsiveness of the housing supply in terms of construction activities and housing prices are transmitted. Originality/value This research firstly attempts to explore the inter-responsiveness between the real estate and construction sectors. A simulated circle of the stage-responsiveness of residential construction to residential property price dynamics is proposed, which can serve as a significant foundation for developing the theory of construction production.

Housing prices in emerging countries during COVID-19: evidence from Turkey

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mustafa Tevfik Kartal ◽  
Serpil Kılıç Depren ◽  
Özer Depren
Keyword(s):  
Monetary Policy ◽  
Price Index ◽  
Housing Prices ◽  
Emerging Countries ◽  
Residential Property ◽  
Content Type ◽  
Macroeconomic Variables ◽  
Global Variables ◽  
Property Price ◽  
Market Variables

Purpose By considering the rapid and continuous increase of housing prices in Turkey recently, this study aims to examine the determinants of the residential property price index (RPPI). In this context, a total of 12 explanatory (3 macroeconomic, 8 markets and 1 pandemic) variables are included in the analysis. Moreover, the residential property price index for new dwellings (NRPPI) and the residential property price index for old dwellings (ORPPI) are considered for robustness checks. Design/methodology/approach A quantile regression (QR) model is used to examine the main determinants of RPPI in Turkey. A monthly time series data set for the period between January 2010 and October 2020 is included. Moreover, NRPPI and ORPPI are examined for robustness. Findings Predictions for RPPI, NRPPI and ORPPI are carried out separately at the country (Turkey) level. The results show that market variables are more important than macroeconomic variables; the pandemic and rent have the highest effect on the indices; The effects of the explanatory variables on housing prices do not change much from low to high levels, the COVID-19 pandemic and weighted average cost of funding have a decreasing effect on indices while other variables have an increasing effect in low quantiles; the pandemic and monetary policy indicators have a negative and significant effect in low quantiles whereas they are not effective in high quantiles; the results for RPPI, NRPPI and ORPPI are consistent and robust. Research limitations/implications The results of the study emphasize the importance of the pandemic, rent, monetary policy indicators and interest rates on the indices, respectively. On the other hand, focusing solely on Turkey and excluding global variables is the main limitation of this study. Therefore, the authors encourage researchers to work on other emerging countries by considering global variables. Hence, future studies may extend this study. Practical implications The COVID-19 pandemic and market variables are determined as influential variables on housing prices in Turkey whereas macroeconomic variables are not effective, which does not mean that macroeconomic variables can be fully ignored. Hence, the main priority should be on focusing on market variables by also considering the development in macroeconomic variables. Social implications Emerging countries can make housing prices stable and affordable, which will increase homeownership. Hence, they can benefit from stability in housing markets. Originality/value The QR method is performed for the first time to examine housing prices in Turkey at the country level according to the existing literature. The results obtained from the QR analysis and policy implications can also be used by other emerging countries that would like to increase homeownership to provide better living conditions to citizens by making housing prices stable and keeping them under control. Hence, countries can control housing prices and stimulate housing affordability for citizens.

scholarly journals House price cycles in emerging economies

2015 ◽  
Vol 32 (1) ◽  
pp. 17-52 ◽  
Author(s):  
Alessio Ciarlone
Keyword(s):  
Emerging Economies ◽  
House Prices ◽  
Small Body ◽  
House Price ◽  
Hedonic Pricing ◽  
Empirical Literature ◽  
Residential Property ◽  
Index Number ◽  
Price Dynamics ◽  
Content Type

Purpose – This paper aims to investigate the characteristics of house price dynamics for a sample of 16 emerging economies from Asia and Central and Eastern Europe over the period of 1995-2011. Design/methodology/approach – Linking housing valuations to a set of conventional fundamental determinants – relative to both the supply and the demand side of the market, institutional factors and other asset prices – and modelling short-term price dynamics – which reflect gradual adjustment to underlying fundamentals –conclusions about the existence and the basic nature of house price overvaluation (undervaluation) are drawn. Findings – Overall, it was found that actual house prices in the sample of emerging economies are not overly disconnected from fundamentals. Rather, they tend to reflect a somewhat slow adjustment to shocks to the latter. Moreover, the evidence that housing valuations may be driven by overly optimistic (or pessimistic) expectations is, in general, weak. Research limitations/implications – Residential property prices used in the empirical analysis have many limitations: while some series are derived using a hedonic pricing method, others are based on floor area prices collected by national authorities; while some countries publish house prices in national currency per-square metre (or per apartment or per dwelling), others calculate an index number scaled to some base year; while some countries publish statistics for the whole national territory, others produce data only for the capital city or for the largest cities in the country; data from national sources refer to different types of residential property; finally, available time series are relatively short, which may adversely affect the robustness of estimation results. Practical implications – The decomposition suggested in the paper has important implications: it would be paramount, in fact, for policymakers to implement market-specific diagnoses, and to find the right policy instruments that can ideally distinguish between the two underlying components driving house price short-run dynamics. Originality/value – There is a very small body of empirical literature on housing market developments in emerging economies, especially if focussed on the comparisons between the actual dynamics of housing valuations and the equilibrium ones.

Stakeholders’ relevance in sustainable residential property development

2019 ◽  
Vol 9 (2) ◽  
pp. 112-129 ◽  
Author(s):  
Markson Opeyemi Komolafe ◽  
Matthew Oluwole Oyewole ◽  
Job Taiwo Gbadegesin
Keyword(s):  
Design Methodology ◽  
Regulatory Agencies ◽  
Residential Property ◽  
Property Development ◽  
Item Score ◽  
Sustainable Buildings ◽  
Content Type ◽  
Key Stakeholders ◽  
The Government ◽  
Practical Implications

Purpose The purpose of this paper is to examine the relative awareness and influence of stakeholders on sustainable residential property development in Lagos, Nigeria. This is with a view to identifying the key stakeholders pertinent to enhancing sustainable residential property development in the country. Design/methodology/approach Data on awareness and influence of stakeholders on decisions to adopt sustainable residential property were elicited from residential property users, building contractors, property investors, estate surveyors and valuers and government regulatory agencies in Lagos residential property sector. The data were collected by using a questionnaire and analysed using mean item score and analysis of variance. Findings The result showed that the government regulatory agencies and the building professionals were aware of sustainable buildings, as mean scores measuring their awareness were higher than 2.5 on a scale of 1–5. The level of awareness of users was, however, low (mean score of 2.39). The users and the government regulatory agencies were identified by the stakeholders as being most influential on their decisions to adopt sustainable residential property. Practical implications Findings from this study indicate that there is need to promote the users and government regulatory agencies’ activities on sustainable residential property development as the activities of these stakeholders have higher influence on sustainable residential property development decisions in the study area. Originality/value This study particularly examines the interrelationships between the activities of stakeholders in sustainable residential property development in Nigeria. This has not been adequately studied in extant literature.

Under construction: action research in innovation measurement

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ilse Svensson de Jong
Keyword(s):  
Group Dynamics ◽  
Design Methodology ◽  
International Organization ◽  
Construction Process ◽  
Participatory Action ◽  
Multiple Stakeholders ◽  
Content Type ◽  
Innovation Measurement ◽  
Under Construction ◽  
Practical Implications

PurposeThis paper has chosen a participatory action design (PAD) to approach the construction of KPIs in a novel way. A PAD will assist the researcher to encourage involvement, engagement of multiple stakeholders in the KPIs construction process.Design/methodology/approachA workshop series based on participatory action design was developed together with the researcher and stakeholders at the innovation department of a large international organization. PAD facilitated interaction between the researcher, stakeholders, and KPIs under construction.FindingsThe findings show that the PAD workshops created interlevel collaboration and group dynamics in constructing the KPI. The knowledge that was shared during the PAD workshops enabled an understanding of the process of constructing a KPI in innovation, where stakeholders design and implement simultaneously. In the end, it was a challenge to construct a KPI using the PAD, as certain conditions seemed not to be.Research limitations/implicationsThis paper enhances our empirical understanding of applying PAD to construct KPIs in innovation. This study adds to the growing interest in literature to implement novel methods such as PAD to construct a KPI in innovation.Practical implicationsPractically, the findings of this study will inform managers in innovation (projects) to use a method such as PAD to construct KPIs in innovation. This study shows the implication of using a PAD for a KPI and what opportunities and challenges it can bring.Originality/valueThis paper is one of the few papers that address using the participatory action design methodology for the construction of KPIs in innovation. To date, PAD is rarely used to construct KPIs in innovation.

scholarly journals Effectuation theoretical debate: systematic review and research agenda

2019 ◽  
Vol 17 (1) ◽  
pp. 41-57
Author(s):  
Suzi Elen Ferreira Dias ◽  
Edson Sadao Iizuka ◽  
Eduardo Pinto Vilas Boas
Keyword(s):  
Literature Review ◽  
Systematic Literature Review ◽  
Future Research ◽  
Theoretical Discussion ◽  
Ongoing Debate ◽  
Seminal Paper ◽  
Content Type ◽  
Is Theory ◽  
Under Construction ◽  
Practical Implications

Purpose The purpose of this paper is to understand the theoretical discussion of effectuation since the seminal paper in 2001 and to propose an agenda for future studies. Design/methodology/approach Systematic literature review and content analysis of 71 papers. Findings Most papers performed a replication of the concepts empirically, and few studies proposed to understand theoretical aspects of effectuation, among them, some authors presented theoretical advances to improve the approach and others participated in an ongoing debate that shows there is no consensus on whether the approach is theory or if considered, appears to be under construction at a rudimentary level or being questioned. Research limitations/implications The method requires authors to make choices, so the database used and the criteria defined for searching papers that were analyzed are the main limitations of this research. Practical implications The authors suggest that researchers, teachers and practitioners use effectuation analytically and reflectively. Social implications The authors present and analyze the current theoretical debate on effectuation. Results suggest the need for new discussions about the concepts, as well as new theoretical efforts of the researchers to analyze the potentialities and limitations of this approach. Originality/value Among empirical and applied research, with replications of the concepts of effectuation, this research contributes to a theoretical discussion based on a systematic literature review, seeking to bring new reflections about this approach. Additionally, the authors present an agenda of theoretical gaps for the development of future research.

scholarly journals The “Cameos of Care Homes” project – care home staff’s Vanguard involvement and reflections

2019 ◽  
Vol 23 (2) ◽  
pp. 107-115
Author(s):  
Jess Harris ◽  
Jill Manthorpe
Keyword(s):  
Design Methodology ◽  
Research Output ◽  
Care Home ◽  
Care Homes ◽  
Content Type ◽  
Care Home Staff ◽  
Learning Cultures ◽  
Care Workers ◽  
The Impact ◽  
Practical Implications

Purpose The Cameos of Care Homes project is an opportunity to use the medium of film to showcase the experiences and reflections of frontline care home staff whose employers participated in the National Health Service (NHS) England Vanguard programme. Reflecting on their involvement in one of the Enhanced Health in Care Homes Vanguards, 12 staff describe, in front of the camera, the impact on themselves and their colleagues, on their care for their older residents, and on the wider culture of the care home. The paper aims to discuss this initiative. Design/methodology/approach The paper reports the experiences of care home staff that were purposefully recorded on film about their participation in a care home Vanguard. The recruitment of the care homes and staff is described, as are the development of interview questions and approaches needed when filming is considered as a research method. Findings Participating care home staff reported that their involvement in the Vanguard programme had improved knowledge, confidence, morale, communication skills and the homes’ learning cultures. They were enthusiastic about reporting their experiences on film. Examples were given of proactive early support from local NHS staff leading to improvements in care, thereby reducing demand on the NHS. However, participation was resource intensive for care homes. Care home staff hoped the support that accompanied the Vanguard programme would continue but were uncertain to what degree this would happen once the Vanguard programme ceased. Research limitations/implications The interviews were undertaken with a self-selecting group of care home staff from two care homes operating in one of the six Vanguard sites in England. By their very nature, interviews for a public film cannot provide anonymity. Practical implications Researchers seeking the views of care home staff may wish to consider filming interviews and presenting the film as a research output that is engaging and informative for care home and wider audiences. Originality/value The paper presents an analysis of filmed interviews with care home managers and care workers working with older people. Their views on the Vanguard initiative have not been widely considered, in contrast to the sizeable literature relating to NHS activity and expenditure.

Identifying do’s and don’ts using the integrated business process management framework

2018 ◽  
Vol 24 (4) ◽  
pp. 882-899 ◽  
Author(s):  
Monika Malinova ◽  
Jan Mendling
Keyword(s):  
Business Process ◽  
Design Methodology ◽  
Business Process Management ◽  
Success Factors ◽  
Process Management ◽  
Activity Level ◽  
Content Type ◽  
Management Framework ◽  
Research Gap ◽  
Practical Implications

Purpose The authors observe that actionable guidelines are missing from many reference works on business process management (BPM). Also, success factors are mostly not contextualized in the different phases and concerns of a BPM initiative. The purpose of this paper is to address this research gap. Design/methodology/approach The research design builds on a literature survey for building an integrated framework for BPM that is referred to as integrated BPM. It integrates lifecycle phases, capability areas and governance aspects. Then, the authors consolidate insights from expert interviews. Findings As a result, the authors provide a list of various activities that are associated with the different elements of BPM. Furthermore, the authors describe pitfalls for each of the elements that have been avoided in order to make the BPM initiative a success. Research limitations/implications The findings emphasize the potential to study BPM success and its factors on a more fine-granular activity level. Practical implications The list of activities and the list of pitfalls are directly applicable for practitioners. Originality/value The research on the integrated BPM framework consolidates insights from prior research and extends it with an expert perspective on pitfalls.

The role of house price indices in managing the integration of finance and housing markets in the European Union

2014 ◽  
Vol 7 (3) ◽  
pp. 270-294 ◽  
Author(s):  
Richard Grover ◽  
Christine Grover
Keyword(s):  
European Union ◽  
Financial Integration ◽  
House Price ◽  
Quality Data ◽  
Residential Property ◽  
The European Union ◽  
Price Indices ◽  
Content Type ◽  
Price Bubbles ◽  
Property Price

Purpose – The article aims to examine why residential property price indices (RPPI) are important, particularly in the European Union (EU) with its highly integrated financial system and examines the problems in developing a pan-European price index that aggregates the indices of different countries. Design/methodology/approach – The reasons why RPPI are important is explored through a review of the literature on residential price bubbles and the issues with the indices through studies of individual examples. Findings – Financial integration in the EU has taken place without adequate consideration having been given to diversity in residential property markets. The development of means of monitoring them has lagged behind integration with the national price indices using a variety of methods and approaches to data that limit the extent to which they can be aggregated. Originality/value – The article shows the need for better quality data about house price trends in Europe if the consequences of future bubbles are to be avoided. Current initiatives are unlikely to satisfy this, as they leave too many choices about methodology and data in the hands of individual countries.

scholarly journals Residential property market in Malaysia: an analysis of price drivers and co-movements

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hassanudin Mohd Thas Thaker ◽  
Mohamed Ariff ◽  
Niviethan Rao Subramaniam
Keyword(s):  
Housing Prices ◽  
Housing Price ◽  
Government Support ◽  
Policy Implications ◽  
Kuala Lumpur ◽  
Content Type ◽  
Time Frequency ◽  
Long Run ◽  
Residential Properties ◽  
Practical Implications

PurposeThe purpose of this paper is to identify the drivers of residential price as well as the degree co-movement of housing among different states in Malaysia.Design/methodology/approachThis study adopted an advanced econometrics technique: the dynamic autoregressive-distributed lag (DARDL) and – the time-frequency domain approach known as the wavelet coherence test. The DARDL model was applied to identify the cointegrating relationships and the CWT was used to analyze the co-movement and lead–lag relationships among four states’ regional housing prices. The extracted data were mainly on annual basis and comprised macroeconomics and financial factors. Information with regard to residential prices and other variables was extracted from the National Property Information Centre (NAPIC) website, the Central Bank of Malaysia Statistics Report, the Department of Statistics, Malaysia, I-Property.com and the World Bank (WB). The data covered in this study were the pool data from four main states in Malaysia and different categories of residential properties.FindingsThe empirical results indicate that there were long-run cointegration relationships between the housing price and capital gain and loss, rental per square feet, disposable income, inflation, number of marriages, deposit rate, risk premium and loan-to-value (LTV) ratio. While the wavelet analysis shows that (1) in the long run, Kuala Lumpur housing price having strong co-movement with Selangor, Penang and Melaka housing prices except for Johor and (2) the lead–lag relationship also postulates Kuala Lumpur housing price having in-phase category with Selangor, Penang and Melaka housing prices except for Johor.Practical implicationsThis study offers relevant practical implications. First, the study proposes an active collaboration between the private sector and government support which may help to smooth the pricing issue of residential properties. More low-cost residential projects are needed for focus groups including middle- and low-income earners. Furthermore, the results are expected to provide real estate investor in Malaysia, an improved understanding of the regional housing market price dynamics.Originality/valueThe findings of this study were obtained from various reliable sources; therefore, the results reflected the analysis of price drivers and co-movements. Furthermore, findings from this study lend some support to the argument on the rise of residential prices and offer several policy implications from a practical point of view with regard to the residential market.

scholarly journals Analyzing students online learning behavior in blended courses using Moodle

2017 ◽  
Vol 12 (1) ◽  
pp. 52-68 ◽  
Author(s):  
Rosalina Rebucas Estacio ◽  
Rodolfo Callanta Raga Jr
Keyword(s):  
Activity Level ◽  
Data Mining Algorithm ◽  
Learning Behavior ◽  
Pedagogical Strategies ◽  
Content Type ◽  
Final Grade ◽  
Demographic Profiles ◽  
Blended Courses ◽  
Level Of Activity ◽  
Practical Implications

Purpose The purpose of this paper is to describe a proposal for a data-driven investigation aimed at determining whether students’ learning behavior can be extracted and visualized from action logs recorded by Moodle. The paper also tried to show whether there is a correlation between the activity level of students in online environments and their academic performance with respect to final grade. Design/methodology/approach The analysis was carried out using log data obtained from various courses dispensed in a university using a Moodle platform. The study also collected demographic profiles of students and compared them with their activity level in order to analyze how these attributes affect students’ level of activity in the online environment. Findings This work has shown that data mining algorithm like vector space model can be used to aggregate the action logs of students and quantify it into a single numeric value that can be used to generate visualizations of students’ level of activity. The current investigation indicates that there is a lot of variability in terms of the correlation between these two variables. Practical implications The value presented in the study can help instructors monitor course progression and enable them to rapidly identify which students are not performing well and adjust their pedagogical strategies accordingly. Originality/value A plan to continue the work by developing a complete dashboard style interface that instructors can use is already underway. More data need to be collected and more advanced processing tools are necessary in order to obtain a better perspective on this issue.

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