scholarly journals The “glocalisation” of Istanbul's retail property market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Fatih Eren ◽  
John Henneberry
Keyword(s):  
Local Property ◽  
Limited Attention ◽  
Property Market ◽  
Content Type ◽  
Market Change ◽  
Turkish Economy ◽  
Retail Property ◽  
Elite Interviews ◽  
Global And Local ◽  
Property Markets

PurposeThe continuation of globalisation and liberalisation processes has prompted the restructuring of many national and local property markets. The research examines the evolution of Istanbul's retail property market to identify how global and local agents engage with one another to produce a unique “glocalized” outcome.Design/methodology/approachThe morphogenetic approach is adapted and applied to analyse the dynamics of market change. The focus is on the character and behaviour of national and international market actors and how they interact with the wider political economy. The research uses a combination of elite interviews, document analysis and corporate case studies to obtain empirical evidence.FindingsThe liberalisation of the Turkish economy heralded the entry of the first international companies into Istanbul's retail property market in the 1990s. International involvement expanded rapidly after 2004, accelerating the process of market re-structuring. However, while the number of global buy-outs increased, the expansion of local property companies–and the establishment of some international/national corporate partnerships–was even more marked. This resulted in a “glocalised” market with a strong and distinctive local culture.Originality/valueIstanbul has been a major centre of trade for millenia. This is the first substantive analysis of the recent restructuring of the city's retail property market. Previous research on market maturity and market evolution has paid limited attention to the dynamics of change. The paper describes the use of a process-based theoretical framework (morphogenesis) that was explicitly designed to analyse structural shifts in socio-economic conditions through an examination of the characteristics and behaviours of the actors involved.

A new model for Auckland commercial property yields

2019 ◽  
Vol 37 (1) ◽  
pp. 42-57 ◽  
Author(s):  
Moshe Szweizer
Keyword(s):  
Local Property ◽  
International Investment ◽  
Field Application ◽  
Property Market ◽  
Investment Activity ◽  
Content Type ◽  
Commercial Property ◽  
High Data ◽  
Investment Volume ◽  
Current Cycle

PurposeThe purpose of this paper is to extend the studies of commercial property yields by providing a cross-field approach through the implementation of methods used in physics.Design/methodology/approachBased on the equations used to describe real gases in physics, the commercial property yields are expressed through a model, as a product of two terms. The first term estimates the influence of the income change and investment on yields. The second estimates the yield variation as a function of property size. Additionally, the model combines the macroeconomic and microeconomic components influencing yield adjustment. Calculation of each component involves procedures developed in physics, with the investment volume being linked to the amount of gas and the microeconomic yield being linked to the gas compressibility.FindingsThe model was applied to the Auckland office and industrial markets, both to the historic and current cycle. At the macro-level, it was found that the use of accumulation of investment over a relevant cycle, results in a high data to model correlation. When modelling the yields at the micro-level, a relationship between the outlying properties and the yield softening was observed.Practical implicationsThe paper provides an enhanced modelling power through association of the cyclic and investment activity with the yield change. Moreover, the model may be used to decouple the local and the international investment components and the extent of their influence on the local property market. Furthermore, it may be used to estimate the influence of the property size on the yield.Originality/valueThis research provides a new cross-field application of modelling techniques and enhances the understanding of factors influencing yield adjustments.

scholarly journals The relevance of inter-market research to knowledge accessibility in property markets: lessons for Nigeria from the UK

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ndubisi Onwuanyi ◽  
Abiodun Kolawole Oyetunji
Keyword(s):  
Market Research ◽  
Information Source ◽  
Property Market ◽  
Market Knowledge ◽  
Content Type ◽  
Urban Markets ◽  
Market Competitiveness ◽  
The Uk ◽  
Search Approach ◽  
Property Markets

PurposeThis paper explores the relevance of inter-market research to improving knowledge in property markets. It focuses on Nigeria's emergent property market which JLL (2018) suggests is information challenged. Given the country's lack of property data management, it is posited that inter-market studies can help to improve information supply and market knowledge. Inter-market research in Nigeria is compared with the UK's established market where such research is a key information source.Design/methodology/approachAn online database search was used to collate published intra-market and inter-market research on Nigeria's property market between 2009 and 2019. The inter-market research were thereafter examined as to volume and scope (geographical and thematic) and compared with the UK's.FindingsRelative to the UK, the volume as well as scope (geographical and thematic) of inter-market research in Nigeria are respectively far lower and narrower, thereby producing less information overall. Only a few Nigerian studies provide insights of two or more local markets. There is little or no research on many important market issues and other urban markets in the system. This suggests that inter-market research is relatively undeveloped in Nigeria.Research limitations/implicationsThe online search approach used to assemble extant research in the absence of a research repository may have resulted in the omission of some inter-market research undertaken between 2009 and 2019 if these were not published online.Practical implicationsThe dearth of inter-market research in Nigeria suggests an inadequately researched market. This limits market information, market knowledge, suggests a low market competitiveness with implications for development in view of the role of property in the modern economy.Originality/valueIn view of the little attention given to inter-market research in Nigeria, this study draws attention to its potential for improving market knowledge by the production of information which has a wider market relevance.

Strange attractor in the Auckland commercial property market

2020 ◽  
Vol 38 (6) ◽  
pp. 579-596
Author(s):  
Moshe Szweizer
Keyword(s):  
Chaos Theory ◽  
Mathematical Reasoning ◽  
Market Dynamics ◽  
Property Market ◽  
General Behaviour ◽  
Content Type ◽  
Commercial Property ◽  
Market Conduct ◽  
Property Markets ◽  
Market Behaviour

PurposeThe purpose of this study is to provide a chaos theory-based framework, which can be used to model commercial property market dynamics.Design/methodology/approachThe paper is presented in two parts. In the first, rigorous mathematical reasoning is entertained, so to derive an attractor describing a set of feedback formulae. In the second part, the attractor definition is used to model the Auckland commercial office market. The model is exposed through a set of seven scenarios allowing for analysis of the market behaviour under various exogenously imposed conditions.FindingsThe general behaviour of the model is in agreement with the commercial property market conduct observed in Auckland. The model provides information related to the market turning points and allows for an explanation of some intricate market dynamics. These include the anatomy of a market peak and its response to the liquidity oversupply.Practical implicationsThe model may be used to expand our understanding of the market performance under various exogenically imposed conditions, which allows for planning of market interventions in a more refined manner.Originality/valueThe paper is original, in the way the chaos theory is applied to the property markets modelling and allows for expanding the understanding of the market behaviour.

scholarly journals Investigating retail property market dynamics through spatial accessibility measures

2019 ◽  
Vol 12 (2) ◽  
pp. 155-172 ◽  
Author(s):  
Adejimi Alli Adebayo ◽  
Paul Greenhalgh ◽  
Kevin Muldoon-Smith
Keyword(s):  
Space Syntax ◽  
Statistical Testing ◽  
Spatial Accessibility ◽  
Market Dynamics ◽  
Data Sets ◽  
Property Market ◽  
Street Network ◽  
Content Type ◽  
Retail Property ◽  
Rental Value

Purpose The retail property market is constantly adopting to the continuous demand of retailers and their consumers. This paper aims to investigate retail property market dynamics through spatial accessibility measures of the City of York street network. It explores how spatial accessibility metrics (SAM) explain retail market dynamics (RMD) through changes in the city’s retail rental values and stock. Design/methodology/approach Valuation office agency (VOA) data sets (aspatial) and ordnance survey map (spatial) data form the empirical foundation for this investigation. Changes in rental value and retail stock between 2010 and 2017 VOA data sets represent the RMD variables. While, the configured street network measures of Space Syntax, namely, global integration, local integration, global choice and normalised angular choice form the SAM variables. The relationship between these variables is analysed through geo-visualisation and statistical testing using GIS and SPSS tools. Findings The study reveals that there has been an overall negative changes of 15 and 22% in rental value and retail stock, respectively, even though some locations within the sampled city (York, North Yorkshire, England) indicated positive changes. The study further indicated that changes in retail rental value and stock have occurred within locations with good accessibility index. It also verifies that there are spatial and statistical relationship between variables and 22% of RMD variability was jointly accounted for by SAM. Originality/value This research is first to investigates changes in retail property market variables through spatial accessibility measures of space syntax. It contributes to the burgeoning research field of real estate and Space Syntax.

scholarly journals Tests for the Presence of Price Convergence on Residential Property Market in Several Districts of Szczecin in 2006–2009

2016 ◽  
Vol 16 (1) ◽  
pp. 186-195 ◽  
Author(s):  
Sebastian Gnat
Keyword(s):  
Supply And Demand ◽  
Local Property ◽  
Time Range ◽  
Residential Property ◽  
Price Convergence ◽  
Housing Bubble ◽  
Property Market ◽  
Property Prices ◽  
Property Markets

Abstract Neighbouring local property markets are not separate realities. They influence one another and create an interrelated system of supply and demand. Some of these interrelations are convergent, while others result in contradictory trends on the markets. Convergence is a term denoting a process of some phenomena approaching its normative level. Tests for the presence of convergence help to assess if the objects under observation show resemblance in the context of the observed phenomenon, and to find out how long it takes for this resemblance to be complete. In this paper, I propose the application of methods normally used in tests for convergence for the purpose of the analysis of trends of the average residential property prices in some districts in Szczecin over the time range of 2006–2009, that is during the housing bubble on the residential property market. The study will provide information if such a market phase encourages price convergence.

Achieving property valuation accuracy in developing countries: the implication of data source

2018 ◽  
Vol 11 (3) ◽  
pp. 573-585 ◽  
Author(s):  
Rotimi Boluwatife Abidoye ◽  
Albert P.C. Chan
Keyword(s):  
Real Estate ◽  
Data Bank ◽  
Developing Nations ◽  
Selling Price ◽  
Property Market ◽  
Data Set ◽  
Content Type ◽  
Transaction Data ◽  
Property Valuation ◽  
Property Markets

PurposeThe demand for accurate property value estimation by valuation report end users has led to a shift towards advanced property valuation modelling techniques in some property markets and these require a sizeable number of data set to function. In a situation where there is a lack of a centralised transaction data bank, scholars and practitioners usually collect data from different sources for analysis, which could affect the accuracy of property valuation estimates. This study aims to establish the suitability of different data sources that are reliable for estimating accurate property values.Design/methodology/approachThis study adopts the Lagos metropolis property market, Nigeria, as the study area. Transaction data of residential properties are collected from two sources, i.e. from real estate firms (selling price) and listing prices from an online real estate company. A portion of the collected data is fitted into the artificial neural network (ANN) model, which is used to predict the remaining property prices. The holdout sample data are predicted with the developed ANN models. Thereafter, the predicted prices and the actual prices are compared so as to establish which data set generates the most accurate property valuation estimates.FindingsIt is found that the listing data (listing prices) produced an encouraging mean absolute error (MAE), root mean square error (RMSE) and mean absolute percentage error (MAPE) values compared with the firms’ data (selling prices). An MAPE value of 26.93 and 29.96 per cent was generated from the listing and firms’ data, respectively. A larger proportion of the predicted listing prices had property valuation error of margin that is within the industry acceptable standard of between ±0 and 10 per cent, compared with the predicted selling prices. Also, a higher valuation accuracy was recorded in properties with lower values, compared with expensive properties.Practical implicationsThe opaqueness in real estate transactions consummated in developing nations could be attributed to why selling prices (data) could not produce more accurate valuation estimates in this study than listing prices. Despite the encouraging results produced using listing prices, there is still an urgent need to maintain a robust and quality property data bank in developing nations, as obtainable in most developed nations, so as to achieve a sustainable global property valuation practice.Originality/valueThis study does not investigate the relationship between listing prices and selling prices, which has been conducted in previous studies, but examines their suitability to improve property valuation accuracy in an emerging property market. The findings of this study would be useful in property markets where property transaction data bank is not available.

Considerations for the design and management of property database in opaque markets

2019 ◽  
Vol 37 (5) ◽  
pp. 445-454
Author(s):  
Daramola Thompson Olapade ◽  
Benjamin Gbolahan Ekemode ◽  
Abel Olaleye
Keyword(s):  
Free Access ◽  
Property Market ◽  
Web Based ◽  
Content Type ◽  
Property Data ◽  
Professional Body ◽  
Central Database ◽  
The Creation ◽  
User Friendly ◽  
Property Markets

PurposeEarlier studies have suggested the creation of a central database of concluded property transactions as a panacea to the property data debacle. It is in this regard that the purpose of this paper is to examine the perception of potential users of centralised property database on the consideration for the design and management of such database.Design/methodology/approachQuestionnaires were administered on 190 property practitioners (referred as estate surveying and valuation firms) in Lagos property market. Frequency index, frequency distribution and percentage were employed for data analysis.FindingsThe result showed that respondents preferred a web-based databank and free access to the information in the databank by those who recorded their market data in it. They also preferred uniform recording standard in the databank, an interface that must be user friendly and secure to prevent unauthorised user from gaining access, amongst others. The practitioners also preferred that their professional body manage the databank when it is created.Practical implicationsThe paper provides useful insights into creating a property database that will improve accessibility to property data in opaque markets.Originality/valueThere is still little or no empirical research on framework/end-users’ requirements for the creation of property transaction database in emerging property markets.

An evaluation of property markets in Southwestern Nigeria

2018 ◽  
Vol 36 (3) ◽  
pp. 314-332 ◽  
Author(s):  
Chioma Oluwaseun Abere ◽  
Olusegun Adebayo Ogunba ◽  
Terzungwe Timothy Dugeri
Keyword(s):  
State Governments ◽  
Property Market ◽  
Southwestern Nigeria ◽  
Foreign Investors ◽  
Content Type ◽  
Capital Cities ◽  
Second Tier ◽  
Sub Saharan ◽  
International Investors ◽  
Property Markets

Purpose Studies on the maturity status of Sub-Saharan African property markets are scanty. The absence of such studies appear to have made African property markets – such as the Nigerian market – unattractive to foreign investors who require market information to assess the viability of proposed investments. The purpose of this paper is to explore the maturity status of selected city property markets in Southwestern Nigeria (i.e. markets in the capital cities of Lagos, Ibadan and Osogbo), with a view to providing information for enhanced property investment in Africa. Design/methodology/approach The study adopted and expanded on property market maturity paradigms suggested by Keogh and D’Arcy (1994), Akinbogun et al. (2014) and Jones Lang LaSalle (2014) to measure the maturity status of the property markets in the Nigerian cities. The study investigated the maturity of three markets in Nigeria by scoring the stated views of a range of stakeholders (estate surveyors and valuers, public land administrators and financiers represented by commercial banks) across a range of ten indicators. The responses were classified by means of a five-point classification scale which expanded on the initial four-point scale developed by Dugeri (2011). Findings The three property markets were found to exhibit varying maturity characteristics (with weighted mean scores of 3.07, 2.71 and 2.51, respectively), representing emerging and immature stages of evolution on the maturity path. These results suggest that there is a correlation between the tier of the market and the level of property market maturity. Practical implications The study concluded that first- and second-tier city property markets have emerged sufficiently to the point where they may safely attract foreign direct and indirect investment from courageous foreign investors. However, the state governments and real estate professional regulatory bodies in the second and third markets need to undertake substantial remodeling of market structures to make them attractive to international investors. Originality/value The value of the paper is in providing much needed information for enhanced property investment in Africa.

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