Study of factors influencing apartment prices in Prishtina, Kosovo

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Visar Hoxha ◽  
Dhurata Hoxha ◽  
Jehona Hoxha
Keyword(s):  
Decision Making ◽  
Real Estate ◽  
Research Methodology ◽  
Content Type ◽  
The Real Estate ◽  
Apartment Buildings ◽  
Factors Influencing ◽  
Real Estate Investments ◽  
Main Factors ◽  
Real Estate Developers

Purpose The purpose of this study is to identify which are the main factors influencing the apartment prices in Prishtina, the capital of Kosovo, during the period 2018–2020. The factors identified will be used by real estate developers and investors for better decision-making in apartment investments. Design/methodology/approach The research methodology is quantitative. The methodology analyzes 1,468 real estate transaction contracts of apartment buildings using a probability random sampling. The research methodology uses multiple regression analysis to identify whether the research model is significant in predicting apartment prices but also identify which are the main factors that influence the apartment prices in Prishtina, Kosovo. Findings The present study finds that location, size, floor, access to road and building quality affect apartment prices in Prishtina, whereas surprisingly access to green spaces and availability of parking spaces have no statistically significant effect on apartment prices in Kosovo. Research limitations/implications The study has great implications for the real estate developers in Prishtina, Kosovo showing how to improve their decision-making process in real estate investments to know which characteristics are most valued by investors for investment in new apartment buildings in Prishtina, Kosovo and local authorities in Prishtina, Kosovo to modernize the access to road infrastructure for its inhabitants and adopt building regulations that will enforce strict criteria as far as building quality is concerned. Originality/value The study is the first quantitative study that studies the factors influencing the apartment prices in Prishtina, Kosovo.

Career choice of real estate students in Nigeria

2019 ◽  
Vol 37 (1) ◽  
pp. 154-176 ◽  
Author(s):  
Timothy Oluwafemi Ayodele
Keyword(s):  
Real Estate ◽  
Career Choice ◽  
Third Party ◽  
Southwestern Nigeria ◽  
Test Analysis ◽  
Content Type ◽  
The Real Estate ◽  
Factors Influencing ◽  
Real Estate Sector ◽  
Career Preferences

Purpose The purpose of this paper is to examine the career preferences of real estate students and the predisposing factors influencing the choice of career. The study also analysed the gender and socioeconomic variations with respect to the career preferences and factors influencing the career choice of real estate students in an emergent market like Nigeria. Design/methodology/approach Closed-ended questionnaires were administered on final year real estate students in the three Federal universities offering real estate in Southwestern Nigeria. Data were analysed using frequency counts, percentages, mean ranking, independent t-test, analysis of variance and correlation analysis. Findings The findings showed that the predominant individual factors influencing career choice of real estate students were personal career interest, the magnitude of initial salary, future financial prospects and job security. Furthermore, while intrinsic and economic/financial factors were the major themes influencing respondents’ career choice, the influence of a third party was less a likely determinant. Analysis of gender differences showed that there was a statistical difference between the male and female respondents with respect to the intrinsic and career exposure factors. Research limitations/implications The study has implications for real estate students, career advisers/academic counsellors, organisations employing the services of real estate graduates, and educational institutions and policy stakeholders in the real estate sector. The study also has implication for real estate professional bodies in Nigeria and other emergent markets. Originality/value This is perhaps the first attempt that examined the factors influencing the career choice of real estate students in an emergent market like Nigeria, especially from the perspectives of gender and socioeconomic variations.

Factor affecting competitive advantage of real estate developers in Indonesia

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
I Putu Gede Sukaatmadja
Keyword(s):  
Real Estate ◽  
Competitive Advantage ◽  
Design Methodology ◽  
Upper Class ◽  
Environmental Orientation ◽  
Content Type ◽  
The Real Estate ◽  
Real Estate Developer ◽  
Real Estate Developers ◽  
Further Development

Purpose This study aims to test and explain the implementation of the green marketing mix (GMM) strategy, based on an environmental orientation (EO) in increasing the competitive advantage (CA) of the real estate developers or companies in Indonesia. Design/methodology/approach This study was conducted at real estate developer companies in several cities in Bali, i.e. Denpasar, Gianyar, Buleleng, Singaraja and Tabanan of Bali Province, Indonesia, registered as a member of Real Estate Indonesia. Bali was chosen as a province with a very rapid growth of the property sector than other provinces in Indonesia. This study is about census research. The sample unit is a real estate developer in Bali whose scope of operation project is at least 20 hectares, which means the scale of the property business is middle-class and upper-class companies. The unit of analysis was developer companies in Bali, whereas the respondents were the General Manager, CEO or owners of the company. The respondents were chosen so that each question in the questionnaire could be filled correctly and accurately. Findings EO has a positive but insignificant effect on CA. On the other hand, EO has a positive and significant influence on the GMM strategy. Furthermore, the results show that the GMM strategy has a positive and significant effect on CA. Originality/value The originality of this study is evident from the effort to deepen the analysis and the results of the hypothesis testing of previous studies; hence, this study uses a GMM strategy for real estate developers as a service company. The mapping of the previous research is done uses variables related to current research. This study seeks to develop a model from some previous studies aimed at enriching the results of research for further development.

scholarly journals Crowdfunding REITs: a new asset class for the real estate industry?

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Lucia Gibilaro ◽  
Gianluca Mattarocci
Keyword(s):  
Real Estate ◽  
The United States ◽  
Individual Investors ◽  
Diversification Strategy ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Real Estate Investments ◽  
Asset Class

PurposeThe paper aims to study the performance of crowdfunding REITs with respect to traditional REITs in order to evaluate the differences in the risk–return profile and their usefulness for a diversification strategy within the indirect real estate investments.Design/methodology/approachThe paper considers the crowdfunding REITs introduced after the JOBS act in the United States and evaluates their performance and risk during the time period 2016–2018. Performance achieved by crowdfunding REITs is compared with other types of REITs in order to evaluate their usefulness for constructing an optimal portfolio strategy based on a standard mean variance approach.FindingsResults show that the performance of crowdfunding REITs is more stable over time with respect to other REITs and the lack of correlation with traditional REITs may be exploited for constructing a more efficient diversified portfolio of indirect real estate investments.Practical implicationsCrowdfunding REITs have different performance with respect to standard REITs and, especially individual investors, may benefit from including this new investment opportunity in their portfolio.Originality/valueThe paper is the first study on the performance of the crowdfunding REITs that is evaluating their usefulness for a diversification strategy within the real estate sector.

Housing sales of real estate developers in Turkey

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Murat Selim Selvi ◽  
Aykut Pajo ◽  
Ceyda Çakir ◽  
Emre Demir
Keyword(s):  
Real Estate ◽  
Customer Relations ◽  
Descriptive Analysis ◽  
Snowball Sampling ◽  
Structured Interviews ◽  
Content Type ◽  
The Real Estate ◽  
Residential Properties ◽  
Real Estate Developers ◽  
Promotional Strategies

Purpose Because of competition, residential property developers use a variety of promotional tools to gain recognition and increase their market share and the demand for housing, and to manage their customer relations. This study aims to examine what real estate developers did to detect the need for types of housing, and pricing and promoting housing. It also sought clues about how they manage customer relations in residential sales. Design/methodology/approach In this study, semi-structured interviews were conducted with real estate developers. This study has heuristic characteristics based on qualitative data. Document reviews, descriptive analysis and discourse analysis were carried out on the interview data and other sources. As purposeful sampling is generally used in qualitative studies; intensity sampling, homogeneous sampling, criterion sampling and snowball sampling were used together in this study. Findings The study found that real estate developers were inadequate at advertising and promoting, allocated little budget for promotion and did not use technology sufficiently. The real estate developers gave discounts at rates that did not actually desire, had to create payment plans, and as a result, they lost customers because they could not manage customer relations well. Research limitations/implications Interviews were conducted with 15 real estate developers who have been selling residential properties for more than 10 years in Süleymanpasa and Çorlu districts of Tekirdag. Data obtained are mostly qualitative. Originality/value This study aimed to determine real estate developers’ ability to implement a variety of promotional strategies and manage customer relations. Results and conclusions can offer significant clues about real estate developers with similar characteristics. Its conclusions of this study can be compared to similar studies of real estate developers in many regions of Turkey.

Study of factors influencing the decision to adopt the blockchain technology in real estate transactions in Kosovo

2019 ◽  
Vol 37 (5) ◽  
pp. 684-700 ◽  
Author(s):  
Visar Hoxha ◽  
Sara Sadiku
Keyword(s):  
Real Estate ◽  
Cost Reduction ◽  
Quantitative Research ◽  
Causal Link ◽  
Content Type ◽  
The Real Estate ◽  
Intention To Adopt ◽  
Blockchain Technology ◽  
Real Estate Investments ◽  
The Relationship

Purpose The purpose of this paper is to explore, from the view of buyers and sellers, the relationship between the blockchain technology and various important aspects of real estate transactions such as transparency, security and cost reduction. Design/methodology/approach The present study uses a quantitative research method. For the purpose of this study, a questionnaire with close-ended questions is used. The questionnaire was distributed to both buyers and sellers alike. The study included 1,000 people using the stratified probability sampling. The study uses factor analysis to analyze the relationship between the blockchain technology and other research variables such as such as transparency, security and cost reduction. Findings The findings of this study indicate that the buyers and sellers perceive that the transparency and cost reduction have the highest influence on the intention to adopt blockchain technology in a real estate transactions system, followed by the security of transactions. Practical implications The study has great implications for the real estate transactions system in Kosovo and society in general. The study shows that the blockchain technology can provide for a transparent and errorless interaction between buyers and sellers of real estate. Since smart contracts eliminate the need for third parties in real estate transactions, the cost of transactions shall be considerably reduced due to elimination of intermediaries and due to process speed and efficiency. Finally, the blockchain technology can increase the trust between parties and shall serve as a means to fight corruption and money laundering in real estate investments. Originality/value The study is the first quantitative study that studies the causal link between the blockchain technology and important aspects of real estate transactions system such as transparency, security and transaction costs.

The human factor: the “unknown unknowns” in the real estate development process

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Elaine Worzala ◽  
David Wyman
Keyword(s):  
Decision Making ◽  
Real Estate ◽  
Human Factor ◽  
Commercial Real Estate ◽  
Real Estate Development ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
The Future ◽  
Decision Making Framework

PurposeVolatility, Uncertainty, Complexity and Ambiguity (VUCA) are terms the military have coined to describe the environment they often operate in. This paper examines how this decision-making framework can be used to better inform real estate investment and development. In celebration of this journal's 40th anniversary, we also explore how VUCA can be related to and expand on the teachings of Dr. James A. Graaskamp who published his seminal piece on the Fundamentals of Real Estate Development (1981) the same year. In that piece, he highlights the importance of paying attention to the human factor, the consumers of real estate.Design/methodology/approachThis is a thought piece on an alternative decision-making framework that can help capture the dynamic environment that commercial real estate investors and developers are currently working in. VUCA captures the difficulty of predicting the future in a world of accelerating, unpredictable change. This is particularly important in today's rapidly changing world caused not only by the current COVID-19 pandemic but also the exponential growth of the proptech industry as well as the increasing risks and opportunities associated with climate change that continues to impact the built environment.FindingsThis is not a traditional research project with empirical findings. We are presenting an alternative framework for thinking about making investment decisions in these current volatile, uncertain, complex and ambiguous times today and in the future. In addition, the importance of multidisciplinary training and the human factor are stressed.Research limitations/implicationsThere are no limitations to this research as it is the ideas of the authors. Implications are to help real estate investors, developers and educators better understand the environment that they are working in.Practical implicationsVUCA captures better the dynamic nature of real estate investments compared to traditional analysis. It helps one better analyze the risks and returns but also to acknowledge that there is a lot you cannot predict and there are many exogenous variables that can, at times, completely change the rules of the game. Flexibility and adaptability are essential tools for working in a VUCA environment. In addition, the human factor plays an increasingly important role and real estate investors and developers that clearly understand this and focus on the consumer will likely be more successful.Originality/valueWe believe that this is the first time that VUCA has been used in the real estate academic literature.

Asset allocation decision-making practices of institutional real estate funds in a developing economy

2019 ◽  
Vol 38 (3) ◽  
pp. 457-477
Author(s):  
Benjamin Gbolahan Ekemode ◽  
Abel Olaleye
Keyword(s):  
Decision Making ◽  
Real Estate ◽  
Asset Allocation ◽  
Investment Decisions ◽  
Decision Making Process ◽  
Allocation Decision ◽  
Real Estate Investment ◽  
Content Type ◽  
The Real ◽  
The Real Estate

Purpose In a bid to broaden the understanding of the real estate investment decision-making framework, the purpose of this paper is to examine the real estate asset allocation decision-making practices of real estate funds in Nigeria, a developing economy. This is with a view to providing information toward enhancing real estate investment decisions. Design/methodology/approach A mixed-methods approach comprising a combination of literature review, expert interviews and semi-structured questionnaire survey is adopted for this study. Through literature review and expert interviews, the asset allocation decision-making process of institutional real estate funds was identified. Based on the literature review and expert discussions, a semi-structured questionnaire was developed and self-administered on fund/portfolio managers of 59 institutional real estate funds in Nigeria to investigate their asset allocation decision-making practice. Data were analyzed using descriptive and inferential statistics for the closed-ended questions while the open-ended questions were content analyzed. Findings The findings revealed that the asset allocation decision-making process utilized by public and private real estate funds follows an opportunistic asset accumulation approach. The decision-making process also varies depending on the nature of the fund. Further findings showed that government policies, political uncertainties and regulatory mechanism motivate asset allocation decisions. Moreover, majority of the sampled real estate funds employed a combination of in-house personnel and external consultants (hybrid), while mean/standard deviation and cash flow analysis (DCF, NPV) were mostly utilized by the funds in making property investment decisions. Practical implications The findings implied that the real estate asset allocation decision-making process of institutional property investors in Nigeria deviates from the normative model of the asset allocation process prescribed in the literature and varies depending on the nature of the real estate funds. As such, familiarization of institutional investors with government policies, political climate and other regulatory mechanism (barriers to entry) guiding the ownership and operation of real estate assets in the country could improve their real estate investment decisions. Originality/value The study complements and extends existing literature on real estate asset allocation decision-making process of institutional investors from the viewpoint of the actors involved in a developing African economy.

scholarly journals Maestros and mythologies: some lockdown reflections

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Colin Lizieri
Keyword(s):  
Decision Making ◽  
Real Estate ◽  
Real Estate Market ◽  
Commercial Real Estate ◽  
Content Type ◽  
The Real Estate ◽  
Institutional Processes ◽  
Back Testing ◽  
Decision Making Processes ◽  
Urban And Regional Development

PurposeThe paper reflects upon the tendency of participants in the commercial real estate markets to give excess status to individuals in decision-making and to hold beliefs that are at best weakly supported empirically.Design/methodology/approachThe paper is reflexive in nature, using experiential reflection to consider institutional processes in the real estate market. It is important to use “methodology” correctly and not as a synonym of “method”.FindingsUsing reflexive mode, the paper does not have “findings” as such: if the views expressed are accepted, then a research agenda to understand decision-making processes is implied.Research limitations/implicationsThe nature of reflection is that it follows from the writer's experiential processes and interpretations. The reader may come from a different stance. Broadly accepting the propositions points to the need for a contextual analysis of decision-making processes in private real estate and consideration of the implications of privileging individual idiosyncratic decisions over analytic procedures.Practical implicationsPrior research has demonstrated the lack of a back-testing culture in real estate that would allow empirical analysis of the consequences of “gut feel” decisions overriding modelled analysis; further, entrenched beliefs about the drivers of market performance might result in misallocation of resources.Social implicationsResource allocation in commercial real estate has important consequences for land use and urban and regional development.Originality/valueThe paper reflects the views and experience of the author based on over 30 years of research into commercial real estate.

Information security in the South Australian real estate industry

2014 ◽  
Vol 22 (1) ◽  
pp. 24-41 ◽  
Author(s):  
Deepa Mani ◽  
Kim-Kwang Raymond Choo ◽  
Sameera Mubarak
Keyword(s):  
Risk Management ◽  
Information Security ◽  
Real Estate ◽  
South Australia ◽  
Security Threats ◽  
The South ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Sector

Purpose – Opportunities for malicious cyber activities have expanded with the globalisation and advancements in information and communication technology. Such activities will increasingly affect the security of businesses with online presence and/or connected to the internet. Although the real estate sector is a potential attack vector for and target of malicious cyber activities, it is an understudied industry. This paper aims to contribute to a better understanding of the information security threats, awareness, and risk management standards currently employed by the real estate sector in South Australia. Design/methodology/approach – The current study comprises both quantitative and qualitative methodologies, which include 20 survey questionnaires and 20 face-to-face interviews conducted in South Australia. Findings – There is a lack of understanding about the true magnitude of malicious cyber activities and its impact on the real estate sector, as illustrated in the findings of 40 real estate organisations in South Australia. The findings and the escalating complexities of the online environment underscore the need for regular ongoing training programs for basic online security (including new cybercrime trends) and the promotion of a culture of information security (e.g. when using smart mobile devices to store and access sensitive data) among staff. Such initiatives will enable staff employed in the (South Australian) real estate sector to maintain the current knowledge of the latest cybercrime activities and the best cyber security protection measures available. Originality/value – This is the first academic study focusing on the real estate organisations in South Australia. The findings will contribute to the evidence on the information security threats faced by the sector as well as in develop sector-specific information security risk management guidelines.

scholarly journals An Analysis of Preferences in Housing Demand by Means of a Multicriteria Methodology (AHP). A More Sustainable Approach

2021 ◽  
Vol 13 (14) ◽  
pp. 7550
Author(s):  
Roberto Cervelló-Royo ◽  
Marina Segura ◽  
Regina García-Pérez ◽  
Baldomero Segura-García del Río
Keyword(s):  
Decision Making ◽  
Real Estate ◽  
Real Estate Market ◽  
Housing Demand ◽  
Decision Making Process ◽  
Analytic Hierarchy ◽  
The Real Estate ◽  
Qualitative Relationship ◽  
Key Aspects ◽  
Housing Attributes

This paper examines key aspects of the behavior of housing demand from a sustainable standpoint. Most studies have mainly focused on housing supply, looking at quantitative predictions without considering the qualitative relationship found between housing values and housing demand on a sustainable and microeconomic scale. We used a multicriteria decision methodology (analytic hierarchy process—AHP) for the analysis of preferences in demand, based on the theory of multi-attribute utility of housing, to determine the relative importance of each characteristic of housing and its influence on the decision-making process. For this purpose, we carried out the study over three main groups of stakeholders in the housing market: real estate surveyors, real estate agents, and housing buyers (the latter representing the housing demand). Results show that although there might be some slight discrepancies among the three groups in the decision-making process and the weighting of housing attributes, the three groups agree in most of the process, especially when defining the criteria and the importance that each criterion has on the process of valuation. This study provides important managerial and sustainable implications for the real estate market related to urban public policy, as we highlight which criteria are most preferred.

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