Information Support of Decision-making Process in Creating the Real Estate Development Projects

2019 ◽  
Author(s):  
Elena Romanova
Keyword(s):  
Decision Making ◽  
Real Estate ◽  
Information Support ◽  
Real Estate Development ◽  
Decision Making Process ◽  
Development Projects ◽  
The Real ◽  
The Real Estate

scholarly journals The Impact of the Agency Role-Based Model on Decision Making in Real Estate Development Projects

2020 ◽  
Vol 3 (3) ◽  
pp. 1
Author(s):  
Ge Zhai
Keyword(s):  
Decision Making ◽  
Real Estate ◽  
Decision Model ◽  
Development Process ◽  
Real Estate Development ◽  
Development Projects ◽  
The Real Estate ◽  
Improvement Measures ◽  
Role Based ◽  
The Impact

The professionalism of real estate development makes the decision-making environment of development relatively complicated. Building the decision model can help investors make reasonable decisions in real estate development. This paper analyses the construction project of Berlin Brandenburg Airport by using the agency role-based model of real estate development proposed by Adams & Tiesdell. The research found that the existing research is looking for different objective factors from real estate development cases, without analysing the influence of actors involved in the development process on the entire real estate development decision. In the process of real estate development, not only the changes in the market environment should be considered, but also the influence of different roles on decision-making in the development process. The conclusion of this paper provides a useful supplement to the real estate development model and proposes specific improvement measures.

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 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.

scholarly journals Research on the Influence of Real Estate Development on Private Investment: A Case Study of China

2018 ◽  
Vol 10 (8) ◽  
pp. 2659 ◽  
Author(s):  
Jiangtao Li ◽  
Jianyue Ji ◽  
Huiwen Guo ◽  
Lei Chen
Keyword(s):  
Real Estate ◽  
Generalized Method Of Moments ◽  
Private Investment ◽  
Medium Size ◽  
Real Estate Development ◽  
Real Economy ◽  
Real Estate Industry ◽  
The Real ◽  
The Real Estate ◽  
Investment In China

Private investment in China, as a developing country, is an important source of financing for Chinese SMEs (Small and Medium-Size Enterprises) and has played a major role in the development of the real economy. However, in 2016, the growth rate of private investment in China dropped from 10.18% to 3.17%, which had a significant impact on the real economy. At the same time, China’s real estate market has developed rapidly, attracting a large number of capital inflows. The relationship between real estate development and private investment in China is worth considering. This study first, theoretically analyzes the influence mechanism of real estate industry on private investment, pointing out that within a modest development range, the development of real estate industry can promote private investment through the industrial linkage, urbanization, and balance sheet effects, but when real estate is overdeveloped, it has an inhibitory effect on private investment through vampire effect, raising costs and reducing demand effect. In other words, real estate has different effects on private investment in different developmental periods. Therefore, there is a non-linear relationship between the two variables. Second, the relevant provincial panel data of 31 provinces in mainland China from 2003 to 2015 were selected. Using the dynamic panel system Generalized Method of Moments (GMM), this study estimated the correlation between real estate development and private investment. The empirical results showed that the development of the real estate industry has a significant impact on the level of private investment; the two showing an “inverted U-shaped” relationship. At present, in some provinces in China, the real estate industry has exceeded the inverted U-shaped threshold. To boost the vitality of private investment in promoting real economic growth, the development of the real estate industry should be restricted, and house prices should be properly regulated.

The Real Estate Development Matrix

2018 ◽  
pp. 12-16 ◽  
Author(s):  
Daniel B. Kohlhepp ◽  
Kimberly J. Kohlhepp
Keyword(s):  
Real Estate ◽  
Real Estate Development ◽  
The Real ◽  
The Real Estate
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