scholarly journals OVERCONFIDENCE AND REAL ESTATE RESEARCH: A SURVEY OF THE LITERATURE

2016 ◽  
Vol 61 (04) ◽  
pp. 1650015 ◽  
Author(s):  
HELEN X. H. BAO ◽  
STEVEN HAOTONG LI
Keyword(s):  
Real Estate ◽  
Empirical Studies ◽  
Data Availability ◽  
Future Research ◽  
Investment Performance ◽  
Behavioral Issues ◽  
Real Estate Sector ◽  
Technical Issues ◽  
Local Residents ◽  
Real Estate Research

Real estate investment has recently been advancing rapidly in both volume and complexity. A sound understanding of behavioral issues in this sector benefits all stakeholders, such as investors, regulators and local residents. We focus on one of the most robust behavioral anomalies in business and finance research: overconfidence. Overconfidence significantly influences financial decision and investment performance. However, theoretical and empirical studies are lacking in real estate sector. We conduct a critical review of the overconfidence literature to bridge this gap, identify future research directions for the study of overconfidence in real estate markets, and suggest strategies to handle technical issues, such as the robustness of overconfidence measurement and data availability. Findings provide useful guidelines for researchers and practitioners to design and implement overconfidence studies in real estate research.

scholarly journals Bringing the User Back in the Building: An Analysis of ESG in Real Estate and a Behavioral Framework to Guide Future Research

2021 ◽  
Vol 13 (6) ◽  
pp. 3239
Author(s):  
Shirley Kempeneer ◽  
Michaël Peeters ◽  
Tine Compernolle
Keyword(s):  
Real Estate ◽  
Social Science ◽  
Environmental Psychology ◽  
Fiduciary Duty ◽  
Future Research ◽  
The Real Estate ◽  
Investment Value ◽  
Real Estate Sector ◽  
Sustainable Investments

Investors are currently obliged to take environment, social, and governance (ESG) issues into consideration as part of their fiduciary duty. As such, it becomes increasingly important to identify sustainable investments that also hold financial value. A sector where this is especially underdeveloped is real estate. This has a lot to do with the obfuscated conceptualization of ESG. The article identifies key gaps in the literature and practice and provides a framework to further the understanding of how ESG factors can add societal and financial value in the real estate sector. A key premise of the article is that the user in the building is grossly overlooked. Drawing on insights from behavioral social science and environmental psychology, the paper explains the role of the user in improving buildings’ ESG, also taking into account the investment value. To conclude, the article makes the case that the transition to user-centered smart real estate is the solution to improving both the environmental (E) and social (S) sustainability of buildings, as well as their investment value. Therefore, practitioners and academics are encouraged to critically evaluate and contextualize the ESG framework they are using as well as the extent to which users are considered and smart technology is employed.

scholarly journals Editorial

2020 ◽  
Vol 4 (2) ◽  
Author(s):  
Abel Olaleye
Keyword(s):  
Real Estate ◽  
Applied Research ◽  
African Continent ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Different Types ◽  
Real Estate Research ◽  
Research And Education

Welcome to the Volume 4 (2019) Issue 2 edition of the Journal of African Real Estate Research (JARER). So far, JARER has been providing valuable resources supporting academics and professional researchers throughout the African continent. The journal continues to offer an exciting platform for the dissemination of scholarships and the different types of applied research within the real estate sector in Africa. JARER reflects one of the objectives of the African Real Estate Society (AfRES) to promote research and education among property professionals and academics across the continent. We have undergone some recent changes at JARER with the reconstitution of the Editorial Board to bring in greater diversity to the journal. This issue represents the final issue with the existing Editorial Board, and I would like to take this opportunity to show my gratitude to the hard work and dedication that it has demonstrated in ensuring the success of JARER to date. The achievements we have accomplished could not have been down without them. Thank you.

Real estate investors’ behaviour

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohamad Hussein Ismail Abdallah ◽  
Hussein A. Hassan Al-Tamimi ◽  
Andi Duqi
Keyword(s):  
Real Estate ◽  
United Arab Emirates ◽  
Empirical Studies ◽  
Investment Decisions ◽  
Decision Makers ◽  
Personal Factors ◽  
Market Conditions ◽  
Content Type ◽  
The Real Estate ◽  
Real Estate Sector

Purpose This paper aims to investigate perceptions of United Arab Emirates (UAE) real estate investors’ behaviour and the factors that most influence their investment decisions. Design/methodology/approach This study used a modified questionnaire that was divided into two parts. The first part covered demographic and socioeconomic variables. The second part identified 36 factors that affect the perceptions of real estate investors in the UAE regarding their investment decisions. These factors were placed in eight different categories that correspond to non-personal factors such as, profit, market conditions, risk, transparency, credit facilities (loans), infrastructure and services. Findings The findings confirm that there is a significant and positive relationship between three factors; namely, profitability, risk and service quality regarding investments in the real estate sector. The findings also confirm a positive but statistically insignificant relationship between transparency, market conditions, credit facilities, infrastructure and investment in the UAE’s real estate sector. Research limitations/implications The sample size represents one of the limitations of this study. In addition, the gender of the sample is another limitation as, in general, men are more involved in investment than women are. Furthermore, there are no previous studies regarding the behaviour of UAE real estate investors; thus, the findings of this study cannot be directly compared with other empirical studies. Practical implications It might be helpful to create separate units under the name “Real Estate Information Unit” in every municipality of each of the seven emirates. In addition, it is recommended that decision makers should consider ensuring that modern high-quality real estate infrastructure is available to attract more investors. Finally, minimizing any restrictions on access financing facilities may encourage investors to invest more in the UAE real estate sector. Originality/value This study is the first of its kind to be conducted in the context of the behaviour of UAE real estate investors.

scholarly journals R.E. property meets technology: cross-country comparison and general framework

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Chiara Tagliaro ◽  
Stefano Bellintani ◽  
Gianandrea Ciaramella
Keyword(s):  
Real Estate ◽  
Future Research ◽  
Evolutionary Stage ◽  
Content Type ◽  
Country Comparison ◽  
Lack Of Information ◽  
Real Estate Sector ◽  
Depth Analysis ◽  
Cross Country ◽  
Definition Of

PurposeDue to the young age of proptech, little is known about the dynamics of its expansion. In particular, there is limited agreement about a definition of “proptech,” while different categorizations are popping up. A severe lack of information emerges for the proptech scenario in Italy. The goal of this paper is to systematize multiple proptech maps in the attempt to create a framework for comparison of country-specific trends and an overarching definition of proptech. The research examines the evolutionary stage of the Italian digital real estate sector and compares it to the international context.Design/methodology/approachAn in-depth analysis of 12 proptech maps at both national and international level was conducted based on online research. A list of Italian proptech companies was composed through multiple methods. A map was built for a cross-country comparison.FindingsEach country or organization tends to develop its own categorization. This creates a multifaceted context where comparison and analysis are challenging. The Italian proptech sector seems underdeveloped compared to neighboring countries. Big room for improving the proptech business in this country still exists.Practical implicationsThe results are valuable for proptech start-ups, business investors and well-established real estate actors to build on new entrepreneurial initiatives. The opportunity to advance proptech mapping and categorization emerges as a prospect for future research.Originality/valueThis research adds an overview of cross-country proptech categories and proposes the first analysis of Italian proptech. This will contribute to support entrepreneurial opportunities.

scholarly journals International Real Estate Review

2004 ◽  
Vol 7 (1) ◽  
pp. 139-172
Author(s):  
Charles K. Leung ◽  
◽  
Kelvin S. Wong ◽  
Keyword(s):  
Hong Kong ◽  
Real Estate ◽  
Housing Market ◽  
Construction Industry ◽  
Public Expenditure ◽  
Empirical Studies ◽  
Future Research ◽  
Supply Side ◽  
Preliminary Step ◽  
International Standard

Hong Kong is well known for its “housing market bubble”. Both theoretical and empirical studies point to the supply side being the “root of all evil”. This paper takes a preliminary step in understanding the supply side of the Hong Kong market by investigating the construction and related industries. After taking into consideration of the unusual public expenditure, the construction industry seems to be “normal” in international standard. Its relationship with the aggregate economy is also examined. Directions for future research are also suggested.

scholarly journals Machine learning in Governments: Benefits, Challenges and Future Directions

2021 ◽  
Vol 13 (1) ◽  
pp. 203-219
Author(s):  
Yulu Pi
Keyword(s):  
Machine Learning ◽  
Public Sector ◽  
Empirical Studies ◽  
Data Availability ◽  
Future Research ◽  
Future Directions ◽  
Computing Power ◽  
Technical Aspects ◽  
The Public ◽  
Machine Learning Applications

The unprecedented increase in computing power and data availability has signifi-cantly altered the way and the scope that organizations make decisions relying on technologies. There is a conspicuous trend that organizations are seeking the use of frontier technologies with the purpose of helping the delivery of services and making day-to-day operational deci-sions. Machine learning (ML) is the fastest growing and at the same time, the most debated and controversial of these technologies. Although there is a great deal of research in the literature related to machine learning applications, most of them focus on the technical aspects or pri-vate sector use. The governmental machine learning applications suffer the lack of theoretical and empirical studies and unclear governance framework. This paper reviews the literature on the use of machine learning by government, aiming to identify the benefits and challenges of wider adoption of machine learning applications in the public sector and to propose the direc-tions for future research.

iSpace: principles for a phenomenology of space user in smart real estate

2019 ◽  
Vol 38 (4) ◽  
pp. 271-290
Author(s):  
Patrick Lecomte
Keyword(s):  
Real Estate ◽  
Smart Cities ◽  
Hedonic Pricing ◽  
Future Research ◽  
Smart Environments ◽  
Content Type ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Smart Technologies ◽  
The Impact

Purpose As smart technologies become an integral part of real estate in smart cities, the purpose of this paper is to explore the impact of ubiquitous computing on space users in smart real estate. Design/methodology/approach The analysis builds on two fields of knowledge rarely referenced in real estate studies: computer sciences and social sciences. The paper starts by analysing the idiosyncrasies of a new type of space user in smart real estate, known as the Cyber-dasein in reference to Heidegger’s phenomenology. The Cyber-dasein serves as an archetypical space user in smart environments. Findings The paper introduces digital-time as a new realm of real estate, and discusses the use of “experienced utility” in hedonic pricing models of smart real estate. It concludes by advocating a multidisciplinary collaborative approach for future research on real estate in smart environments. Practical implications There is a need for the real estate sector to decide on a metric for the new digital dimension of real estate owing to the implementation of smart technologies in the built environment. Originality/value This is the first research paper on this important topic. It is totally original and new.

scholarly journals Profitability, Company Sizes, Number Of Audit Committe, And Size Of KAP On Audit Delay (Empirical studies in property and real estate companies listed on the Indonesia Stock Exchange in 2014 - 2018)

2020 ◽  
pp. 243
Author(s):  
Audina Ria Mawardani ◽  
David Adechandra Pesudo
Keyword(s):  
Real Estate ◽  
Stock Exchange ◽  
Empirical Studies ◽  
Sampling Technique ◽  
Audit Committees ◽  
Company Size ◽  
Real Estate Sector ◽  
Panel Data Regression ◽  
Size Number ◽  
Data Regression

This study to describe the influence of Profitability, Company Size, Number of Audit Committees, and KAP Size on audit delay both partially and simultaneously on audit delay on Property and Real Estate companies in 2014-2018. The sampling technique used was purposive sampling. The samples in this study were 36 companies in the Property and Real Estate sector which were listed on the Indonesia Stock Exchange in 2014-2018, so that the research data amounted to 180. In this study using descriptive statistical analysis techniques, classic assumption test, and panel data regression analysis. The results of this study indicate that profitability and company size have a significant effect on audit delay, while for the number of audit committees, KAP size has no significant effect on audit delay. Silmultically that profitability, company size, number of audit committees, and KAP Size significantly influence the audit delay of property and real estate companies in 2014-2018.

scholarly journals Bringing the User Back in the Building: An Analysis of ESG in Real Estate and a Framework to Guide Future Research

2021 ◽  
Author(s):  
Shirley Kempeneer ◽  
Michaël Peeters ◽  
Tine Compernolle
Keyword(s):  
Real Estate ◽  
Environmental Psychology ◽  
Fiduciary Duty ◽  
Future Research ◽  
The Real Estate ◽  
Social Governance ◽  
Investment Value ◽  
Real Estate Sector ◽  
Sustainable Investments

Investors are currently obliged to take ESG (Environment, Social, Governance) issues into consideration as part of their fiduciary duty. As such, it becomes increasingly important to identify sustainable investments that hold financial value as well. A sector where this is especially underdeveloped is real estate. This has a lot to do with the obfuscated conceptualization of ESG. The article identifies key gaps in literature and practice, and provides a framework to further the understanding of how ESG factors can add societal and financial value in the real estate sector. A key premise of the article is that the user in the building is grossly overlooked. Drawing on insights from behavioral social science and environmental psychology, the paper explains the role of the user in improving buildings’ ESG, also taking into account the investment value. To conclude, the article makes the case that the transition to user-centered smart real estate is the solution to improving both the environmental (E) and social (S) sustainability of buildings, as well as their investment value. Therefore, practitioners and academics are encouraged to critically evaluate and contextualize the ESG framework they are using, as well as the extent to which users are considered and smart technology is employed.

scholarly journals Investor Overconfidence and Trading Activity in the Asia Pacific REIT Markets

2020 ◽  
Vol 13 (10) ◽  
pp. 232
Author(s):  
Helen X. H. Bao ◽  
Steven Haotong Li
Keyword(s):  
Real Estate ◽  
Financial Markets ◽  
Simulation Analysis ◽  
Policy Implications ◽  
Asia Pacific ◽  
Investment Performance ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Alternative Measures ◽  
Trading Activities

Overconfidence is one of the most robust behavioral anomalies in financial markets. By attributing investment gains to their ability, investors become overconfident and trade aggressively in subsequent periods. Evidence from stock markets shows that overconfidence leads to excessive trading and, subsequently, inferior investment performance. However, studies on overconfidence effect are lacking in the real estate sector, which is particularly true for Asia Pacific real estate investment trust (REIT) markets. Thus, this study examines the overconfidence effect in six Asia Pacific REIT markets, namely, Australia, Hong Kong, Japan, Singapore, South Korea, and Taiwan. The study finds that the overconfidence effect is more conspicuous during market boom periods or in inefficient market conditions. In addition, simulation analysis demonstrates that overconfidence could lead to rather large volumes of excessive trading activities in certain markets. Findings are robust across the alternative measures of control variables. Moreover, the policy implications of the research are also discussed.

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