scholarly journals Accessibility of Real Estate by Transportation as a Determinant of the Development of Suburban Real Estate Markets – Case Study

2016 ◽  
Vol 24 (1) ◽  
pp. 5-18 ◽  
Author(s):  
Ada Wolny
Keyword(s):  
Land Use ◽  
Real Estate ◽  
Transportation Network ◽  
Complex Structure ◽  
Real Estate Market ◽  
Real Estate Markets ◽  
Public Road ◽  
Transportation Accessibility ◽  
The Impact ◽  
The City

Abstract The aim of this article is to show the accessibility of real estate by transportation as a factor that significantly determines the decision to acquire it. Direct access to a public road, or access to an internal road that provides communication with the public road, are a factor affecting the value of real estate. In addition, this factor is taken into account in the process of changing the function of the area, especially in determining zoning and land use. The decision of purchasing real estate often depends on transportation accessibility, because it has an impact on developing the selected plot. Suburban real estate markets, as markets exposed to particularly strong investment pressure, develop depending on the influx of external investors and the local transportation network. Here, the smaller the distance from the city center, the greater the building concentration; nevertheless, it is still important to improve transportation links and create a well-developed local transportation network. The provision of access to main roads on the rapidly growing market is in the interest of local authorities implementing spatial policy. It is also a challenge for real estate investors taking on the initiative in the scope of transforming land use. The analysis of the impact that transportation accessibility has on the development of the real estate market was conducted on the example of two selected suburban communes bordering the city of Olsztyn - Dywity and Stawiguda. Transactions on the local real estate market entered into during a period of five years were subjected to analysis. The results of the research revealed concentrations of transactions of real estate located on the outskirts of the city or in areas well-communicated with Olsztyn. The conducted research also indicates that, due to the activity of investors, a network of internal roads creating a complex structure was formed.

The role of project financing in the development of the real estate funding market in Russia

2021 ◽  
Vol 27 (4) ◽  
pp. 894-912
Author(s):  
Tat'yana A. RUBLEVA
Keyword(s):  
Real Estate ◽  
Systems Approach ◽  
Complex Structure ◽  
Real Estate Market ◽  
Digital Economy ◽  
Project Financing ◽  
The Real ◽  
The Real Estate ◽  
Object Oriented Design ◽  
The Impact

Subject. This article examines the impact of project financing on the development of the real estate funding market in the context of the transition to the digital economy. Objectives. The article aims to define the features of project financing in the property construction and its development prospects in the context of the transition to the digital economy. Methods. For the study, I used comparative and logical analyses, object-oriented design, and the systems approach. Results. The article defines the essence of project financing and its role in the development of the real estate funding market in the transition to the digital economy. It describes a number of features of project financing in construction and compares them with the features of project financing of innovative industrial projects. The article shows how to solve existing problems in this area and offers a use case diagram that helps develop a software product relevant to the real estate funding market. Conclusions and Relevance. The real estate funding market is a complex structure and it includes the synergy of the real estate market, banking market, and the financial market. Project financing is an integral part of the real estate funding market. It stimulates the development of quality consulting services in the market and produces key requirements for the profession of the next generation. The results of the study can be used to improve banking activities in project financing and when creating quality services of consulting companies in the real estate funding market.

scholarly journals The Role of Macroprudential Policy in Bank Housing Loans Portfolio Quality Assurance

2021 ◽  
Vol 59 (2) ◽  
pp. 281-296
Author(s):  
Mirela Mitrašević
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Residential Real Estate ◽  
Macroprudential Policy ◽  
Mortgage Loans ◽  
Real Estate Markets ◽  
The Real Estate ◽  
Business Conditions ◽  
Policy Measures ◽  
The Impact

Abstract The subject of this paper is the contemporary trend in residential real estate markets in European countries and their impact on the quality of banks’ housing loan portfolios. Due to the fact that these are the markets that still have not fully recovered from the previous financial crisis, and at the time of writing were exposed to significant uncertainty related to the effects of specific business conditions caused by COVID-19, the research on the risks related to these markets and tools which can mitigate their consequences are of paramount importance. Given the fact that the importance of monitoring the emergence of systemic risks in the financial system and the design of macroprudential tools for Bosnia and Herzegovina is yet to come, one of the aims of the paper is to present the results of the research on the effectiveness of certain macroprudential policy measures for mitigating the impact of price fluctuations in residential real estate markets. A special attention is paid to the challenges that the real estate market and mortgage loans have been facing during the crisis caused by the COVID-19 pandemic. The paper provides a basis for future researches examining to which extent the applied macroprudential policy measures in some countries have been effective in hitherto unprecedented business conditions

scholarly journals Selected Aspects of the Residential Property Market in the Context of Creating a City Image (an Example from Rzeszów)

2020 ◽  
Vol 15 (1) ◽  
pp. 39-52
Author(s):  
Wiesława Kuźniar ◽  
Kazimierz Cyran
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
City Image ◽  
Residential Real Estate ◽  
Property Market ◽  
Secondary Sources ◽  
Modern Development ◽  
High Dynamics ◽  
The Impact ◽  
The City

The main goal of the article is to evaluate the city’s real estate sub-product and identify the impact of perception of this urban sphere on the overall image of Rzeszów city among students. A thesis was accepted by the authors that the attractive image of Rzeszów determines the development of the residential real estate market, attracting especially young, educated people to the city. On the basis of a literature analysis of the subject, information obtained from secondary sources on the topic of Rzeszów, as well as surveys carried out in 2018 among students (n = 325), the thesis was confirmed. Thanks to the fast, modern development of the city and consistently implemented marketing activities, Rzeszów is perceived as an innovative city that is friendly to residents, investors and students. This contributes to the inflow of new, usually young, educated residents and investors, which in turn translates into high dynamics in the residential real estate market. Questionnaire surveys carried out among students have shown that they highly appreciate the current image of Rzeszów and, most after graduation, plan to stay in the city which in their opinion is an attractive place for everyday life.

scholarly journals The Influence of Traffic Noise on Apartment Prices on the Example of a European Urban Agglomeration

2020 ◽  
Vol 12 (3) ◽  
pp. 801 ◽  
Author(s):  
Agnieszka Szczepańska ◽  
Adam Senetra ◽  
Monika Wasilewicz-Pszczółkowska
Keyword(s):  
Real Estate ◽  
Traffic Noise ◽  
Real Estate Market ◽  
Infrastructure Projects ◽  
The Real Estate ◽  
The Road ◽  
Key Factor ◽  
City Construction ◽  
The Impact ◽  
The City

Traffic noise is one of the key determinants of apartment prices. The real estate market is highly sensitive to adverse environmental factors, which explains significant variations in apartment prices. The aim of this study was to identify the correlations between traffic noise levels and the prices of apartments traded on a local real estate market. The study analyzed three residential districts in the city of Olsztyn in north-eastern Poland. The database covered 5259 transactions concluded in 2005–2018. The collected data were standardized in terms of technical and functional parameters, and noise was the key factor differentiating the evaluated property. The relationships between the explained variable (apartment price) and the explanatory variable (traffic noise) were determined by linear correlation analysis. A negative correlation was noted, which confirms that a building’s location relative to the road network and, consequently, the level of traffic noise, is one of the factors that play a role in the potential buyers’ choice of property. The results of the study also indicate that the impact of traffic noise on the decisions made by real estate buyers continued to decrease in the analyzed period. Infrastructure projects in the city (construction of tramway lines and a ring road) have visibly reversed the previously observed trends and have decreased the strength of the above correlations in the evaluated residential districts. The values of the correlation coefficient were stabilized below the level noted in earlier stages of the analysis after the completion of the major infrastructure projects.

scholarly journals The Impact of the Real Estate Crisis on a South European Metropolis: From Urban Diffusion to Reurbanisation

2021 ◽  
Author(s):  
Massimiliano Crisci
Keyword(s):  
Real Estate ◽  
Urban Sprawl ◽  
Social Impact ◽  
Real Estate Market ◽  
The Real Estate ◽  
Urban Core ◽  
Original Dataset ◽  
Long Time ◽  
The Impact ◽  
The City

AbstractBeginning in the 1970s, the urban core of the Rome Metropolitan Area (RMA) experienced four decades of intense depopulation and urban diffusion, which caused a considerable social impact. On the basis of an original dataset on residential mobility within the city of Rome, this paper aims to show that the RMA is currently experiencing a new stage of reurbanisation resulting from the bursting of the housing bubble after the 2008 crisis. Unlike other European contexts, the RMA repopulation is lacking forms of “urban resurgence” and is taking place in one of the most difficult periods of the city’s recent history. Paradoxically, the trend of private real estate market succeeded to stop urban sprawl where for a long time public decision-maker had failed. This created an opportunity to finally govern the process and steadily halt the urban diffusion, implementing targeted residential densification measures aimed at stabilising the demographic recovery of the urban core and preventing a return to urban sprawl.

scholarly journals Titulación de la propiedad y mercado inmobiliario / Property Deeds and Real Estate Market

2010 ◽  
Vol 25 (3) ◽  
pp. 625 ◽  
Author(s):  
Julio Calderón Cockburn
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Land Market ◽  
Formal Property ◽  
Property Value ◽  
Real Estate Markets ◽  
The City ◽  
Property Markets ◽  
The Way

En este estudio se analiza la relación entre la tenencia de títulos de propiedad (registrados) y los mercados inmobiliarios en aquellas zonas de la ciudad cuyo origen fue informal o ilegal. Al hacerlo se plantean cuestionamientos a los presupuestos internacionales y se encuentran paradojas en el funcionamiento del mercado de suelo popular. La metodología es cuantitativa y cualitativa. Las conclusiones muestran que en los asentamientos no consolidados la tenencia de un título de propiedad contribuye a conferir un mayor valor a los predios en relación con los que no están titulados. No obstante, el título de propiedad no necesariamente induce al predominio de los mercados inmobiliarios formales; más bien se mantienen las tendencias que apuntan a las transacciones informales en cuanto a alquileres, compras y ventasAbstractThis study analyzes the link between the ownership of property deeds (registered) and real estate markets in parts of the city whose origin was either informal or illegal. By doing so, it raises questions about international assumptions and finds paradoxes in the way the popular land market operates. The methodology used is both quantitative and qualitative. The conclusions show that in unconsolidated settlements, ownership of title deeds increases property value. Title deeds do not however, increase the predominance of formal property markets. On the contrary, the tendency to engage in informal transactions regarding rent and buying and selling continues to exist.

Understanding Real Estate Markets and Submarkets

2002 ◽  
Author(s):  
Grant Ian Thrall
Keyword(s):  
Land Use ◽  
Real Estate ◽  
Metropolitan Area ◽  
Office Buildings ◽  
Office Building ◽  
Washington Dc ◽  
Real Estate Markets ◽  
The Real ◽  
The Real Estate ◽  
The City

This chapter explains the workings and characteristics of real estate submarkets and the interaction of the submarkets with the larger local market. Market analysts have often defined a real estate market by political divisions such as a county, city, or metropolitan area (e.g., Palm Beach County, the City of Los Angeles, Baltimore- Washington, DC metropolitan area). Market trends are compared and contrasted between real estate markets, such as the growth of Baltimore-Washington, DC versus the decline of Buffalo-Niagara Falls metro areas. Such comparisons at a large geographic scale are valuable because they can identify potential opportunities and potential investment failures. However, as discussed in the previous chapter, the real estate decision is a site-specific decision. Analysis at the appropriate scale and for the appropriate submarket is required to support the real estate decision. Submarkets are areas within the larger market area that stand out in some important way (see Thrall and Amos 1999; Thrall and McMullin, 2000b). For example, . . . Sites within the submarket are at the same stage of a cycle with one another, while perhaps being countercyclical with sites in the larger market or other submarkets. Land use within the submarket is homogeneous and differs from land use in other adjacent submarkets (e.g., a submarket of office buildings or retail). A submarket might be composed of households of similar demographic characteristics (lifestyle segmentation profiles), and have housing in a similar price range. . . . The city is an aggregate of submarkets. Each submarket is affected by the whole city; each submarket affects, and in turn is affected by, other nearby submarkets. In other words, submarkets are interdependent with one another and each is interdependent with the whole. Nearby submarkets generally have greater interdependency with one another than they have with submarkets that are more remote. However, some submarkets may be highly interdependent, even though they are distant from one another, such as submarkets of office buildings or industrial park land uses. An urban area will have few office building submarkets that depend on the same geographically large urban market to sustain them; overdevelopment of one office building submarket can have a price effect on another office building submarket.

scholarly journals Property Value, Urban Quality and Maintenance Condition: A Hedonic Analysis in the City of Naples, Italy

2014 ◽  
Vol 11 ◽  
pp. 560-565 ◽  
Author(s):  
Vincenzo del Giudice ◽  
Francesca Torrieri ◽  
Pierfrancesco de Paola
Keyword(s):  
Real Estate ◽  
Public Space ◽  
Urban Space ◽  
Property Values ◽  
Public Spaces ◽  
Real Estate Market ◽  
Property Value ◽  
Standard Requirement ◽  
The Impact ◽  
The City

The article examines the relationship between property value and level of conservation of public urban space. While many studies have examined the effect of proximity of open space, parks, and trees on property value, there has been few examination of how projects of urban revitalization and ordinary and extraordinary maintenances of public spaces can influence property values. While intuition can suggest that a low level of quality and maintenance of a public space can negatively affect property value, even if the standard requirement of public spaces and services are meet, this yet to be empirically proven.We proposes the application of a new econometric models for quantitative analysis of the characteristics of real estate property (Generalized Additive Model), to assess the impact of maintenance condition on property values, due to the better prevision that these functions can obtain in a real estate market context.The control of the formal and logical adequacy of the proposed theoretical model is referred to the case study under analysis, in the city of Naples. The results obtained show that a well preserved urban environment influences property price by approximately 6%. The experimental test of the model has provided results that, by reason of their formal consistency with the results obtained in other contexts, can be considered representative of the effectiveness of the methodology proposed.

scholarly journals The Impact Of Changing Determinations Of A Local Spatial Development Plan On The Cadastral Value Of Real Estate

2015 ◽  
Vol 23 (4) ◽  
pp. 16-23
Author(s):  
Karolina Szmatloch
Keyword(s):  
Land Use ◽  
Real Estate ◽  
Spatial Development ◽  
Development Plan ◽  
Local Market ◽  
Development Plans ◽  
The Impact ◽  
The City ◽  
Intended Use ◽  
Real Estates

Abstract This paper concerns changes of the cadastral value of real estate connected with changes in the land use determinations of the local spatial development plan in a given area over the analyzed period of time. The research has revealed a variable course of the determinations of adopted local plans over the years, which would indicate the need to re-appraise the cadastral value of real estates, as well as recharge the tax ad valorem. To demonstrate the effects of the identified changes in spatial development plans in accordance with the assumptions of mass appraisal, the cadastral value of sample real estates located in the area of research was determined. The real estates were covered by a change of intended use resulting from adopting the Local Spatial Development Plan for the City of Krakow. The conducted research confirmed a significant change in the cadastral value of real estates subjected to evaluation. In addition, the characteristics of the knowledge base on real estates on the local market of the City of Krakow have been researched, and the valid legal acts regarding the connection of information contained in the local spatial development plan with the method of determining the cadastral value of a real estate have been analyzed.

scholarly journals The Impact of Airbnb Platforms on the Romanian Real Estate Market

2019 ◽  
Vol 76 (2) ◽  
pp. 245
Author(s):  
Daniela RĂBOJ
Keyword(s):  
Real Estate ◽  
Market Value ◽  
Real Estate Market ◽  
Online Research ◽  
Direct Impact ◽  
Real Estate Markets ◽  
State Institutions ◽  
Residential Properties ◽  
Empirical Perspective ◽  
The Impact

Airbnb or other similar platforms have evolved greatly in recent years and managed to change the perception of accommodation, in the same manner as Uber has changed the perception of public transport. Renting for tourism purposes, through Airbnb type platforms, has a direct impact on investors, state institutions, real estate markets and so on. The purpose of this paper is to analyze the effect of Airbnb type platforms on the Romanian real estate market and to describe the difficulties encountered in evaluating the properties that produce hotel rental income. These analyzes are intended in order to highlight an empirical perspective on this trend. The study consisted of a thorough online research, that took also into consideration legislation in force. In this paper I have presented a series of assessments of the impact on the market value of residential properties in Romania, which the properties listed for rent on Airbnb, seem to have.

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