scholarly journals THE IMPACT OF LYNAS ADVANCED MATERIAL PLANT (LAMP) TOWARDS SURROUNDING HOUSING MARKET PRICE

2018 ◽  
Vol 16 (8) ◽  
Author(s):  
Muhammad Ikmal Ariff Azmee ◽  
Atasya Osmadi
Keyword(s):  
Housing Market ◽  
Market Price ◽  
House Price ◽  
Advanced Materials ◽  
Surrounding Area ◽  
Chemical Action ◽  
Environment And Health ◽  
Before And After ◽  
Greenhouse Emission ◽  
The Impact

Lynas Advanced Materials Plant (LAMP) is situated in Gebeng industrial estate in Kuantan, Malaysia. Lynas plant processes rare earth elements that was trucked from Mt Weld Western Australia’s mine site to Fremantle Port and then brought to Malaysia. Rare elements are important in greenhouse emission reduction especially for their distinctive use in wind turbines, hybrid vehicles, automotive chemical action converters and others technologies. However, the construction and the opening of Lynas plant may have caused pollution to the environment and health risk towards surrounding area. Few case studies highlighted the negative impacts of radioactive element towards the surrounding housing market price. Using before-and-after analysis and sensitivity analysis, this research seeks to evaluate the impact from Lynas plant on the price of housing (single storey terrace) in its surrounding area. The findings show that Lynas plant could be one of the factors that have affected the housing market price in the area. This research concludes that, in general, there is an increase of house price after the opening of Lynas plant, however it is evident that there is a trend of increasing house price when the house is farther away from the plant. It is hoped that the findings of this research helps in answering some of the public speculations regarding the impact of the plant.

A multifractal detrended fluctuation analysis of housing market: a role of financial crises in developed economies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Syed Ali Raza ◽  
Nida Shah ◽  
Muhammad Tahir Suleman ◽  
Md Al Mamun
Keyword(s):  
Financial Crisis ◽  
Housing Market ◽  
Market Efficiency ◽  
House Price ◽  
Fluctuation Analysis ◽  
Content Type ◽  
Multifractal Detrended Fluctuation Analysis ◽  
Long Run ◽  
Before And After

Purpose This study aims to examine the house price fluctuations in G7 countries by using the multifractal detrended fluctuation analysis (MF-DFA) for the years 1970–2019. The study examined the market efficiency between the short-term and long-term in the full sample period, before and after the global financial crisis period. Design/methodology/approach This study uses the MF-DFA to analyze house price fluctuations. Findings The findings confirmed that the housing market series are multifractal. Furthermore, all the markets showed long-term persistence in both the short and long-term. The USA is identified as the most persistent house market in the short run and Japan in the long run. Moreover, in terms of efficiency, Canada is identified as the most efficient house market in the long run and the UK in the short run. Finally, the result of before and after the financial crisis period is consistent with the full sample result. Originality/value The contribution of this study in the literature is fourfold. This is the first study that has examined the house prices efficiency by using the MF-DFA technique given by Kantelhardt et al. (2002). Previously, the house market prices and efficiency has been investigated using generalized Hurst exponent (Liu et al., 2019), Quantile Regression Approach (Chae and Bera, 2019; Tiwari et al., 2019) but no study to the best of the knowledge has been done that has used the MF-DFA technique on the housing market. Second, this is the first study that has focused on the house markets of G7 countries. Third, this study explores the house market efficiency by dividing the market into two periods i.e. before and after the financial crisis. The study strives to investigate if the financial crisis determines the change in the degree of market efficiency or not. Finally, the study gives valuable insights to the investors that will help them in their investment decisions.

scholarly journals ARIMA modelling of Lithuanian house price index

2015 ◽  
Vol 8 (1) ◽  
pp. 135-147 ◽  
Author(s):  
Arvydas Jadevicius ◽  
Simon Huston
Keyword(s):  
Housing Market ◽  
Market Price ◽  
House Price ◽  
Investment Strategy ◽  
Price Inflation ◽  
Price Changes ◽  
Content Type ◽  
Time Series Modelling ◽  
Price Movements ◽  
Modelling Approach

Purpose – This paper aims to investigate Lithuanian house price changes. Its twin motivations are the importance of information on future house price movements to sector stakeholders and the limited number of related Lithuanian property market studies. Design/methodology/approach – The study employs ARIMA modelling approach. It assesses whether past is a good predictor of the future. It then examines issues relating to an application of this univariate time-series modelling technique in a forecasting context. Findings – As the results of the study suggest, ARIMA is a useful technique to assess broad market price changes. Government and central bank can use ARIMA modelling approach to forecast national house price inflation. Developers can employ this methodology to drive successful house-building programme. Investor can incorporate forecasts from ARIMA models into investment strategy for timing purposes. Research limitations/implications – Certainly, there are number of limitations attached to this particular modelling approach. Firm predictions about house price movements are also a challenge, as well as more research needs to be done in establishing a dynamic interrelationship between macro variables and the Lithuanian housing market. Originality/value – Although the research focused on Lithuania, the findings extend to global housing market. ARIMA house price modelling provides insights for a spectrum of stakeholders. The use of this modelling approach can be employed to improve monetary policy oversight, facilitate planning for infrastructure or social housing as a countercyclical policy and mitigate risk for investors. What is more, a greater appreciation of Lithuania housing market can act as a bellwether for real estate markets in other trade-exposed small country economies.

scholarly journals Park proximity, crime and apartment prices

2018 ◽  
Vol 11 (4) ◽  
pp. 669-686 ◽  
Author(s):  
Asifa Iqbal ◽  
Mats Wilhelmsson
Keyword(s):  
Information Systems ◽  
Geographic Information Systems ◽  
Housing Market ◽  
Design Methodology ◽  
House Price ◽  
Crime Rates ◽  
Content Type ◽  
Shortest Distance ◽  
Main Variable ◽  
The Impact

Purpose There is a lack of understanding in the literature on the relation between parks and house price in relation to crime in Scandinavian context. This paper aims to investigate the effect of the amenity value of accessibility to parks on apartment prices with reference to crime rates in parks in Stockholm. Design/methodology/approach This paper analyses the effects of park proximity and crime in parks on apartment prices by using geographic information systems and hedonic modelling. Findings Findings show that the proximity of parks as an environmental amenity has an effect on apartment prices. The results also demonstrate that the impact of parks on apartment prices is different in the different segments of the apartment market in Stockholm. Moreover, various types of parks may differ in their impact, for instance, grass parks and park blocks are more desirable in Stockholm than landscape parks and neighbourhood parks. The effects of crimes in parks influence apartment prices negatively. Originality/value This paper provides a new methodology by using the shortest distance to a park as a main variable. The shortest distance to a park variable is considered a better choice than using park as an aggregate measure. To the best of the author’s knowledge, this is the first study that investigates the effect of specific park types, for instance, grass parks, neighbourhood parks, landscape parks and park blocks, in Stockholm housing market.

scholarly journals House prices and neighbourhood amenities: beyond the norm?

2018 ◽  
Vol 11 (2) ◽  
pp. 263-289 ◽  
Author(s):  
Michael James McCord ◽  
Peadar Thomas Davis ◽  
Paul Bidanset ◽  
William McCluskey ◽  
John McCord ◽  
...  
Keyword(s):  
Housing Market ◽  
House Prices ◽  
House Price ◽  
Ordinary Least Squares ◽  
Content Type ◽  
Conditional Quantiles ◽  
Price Distribution ◽  
Regression Techniques ◽  
High Level ◽  
The Impact

Purpose Understanding the key locational and neighbourhood determinants and their accessibility is a topic of great interest to policymakers, planners and property valuers. In Northern Ireland, the high level of market segregation means that it is problematic to understand the nature of the relationship between house prices and the accessibility to services and prominent neighbourhood landmarks and amenities. Therefore, this paper aims to quantify and measure the (dis)amenity effects on house pricing levels within particular geographic housing sub-markets. Design/methodology/approach Most hedonic models are estimated using regression techniques which produce one coefficient for the entirety of the pricing distribution, culminating in a single marginal implicit price. This paper uses a quantile regression (QR) approach that provides a “more complete” depiction of the marginal impacts for different quantiles of the price distribution using sales data obtained from 3,780 house sales transactions within the Belfast Housing market over 2014. Findings The findings emerging from this research demonstrate that housing and market characteristics are valued differently across the quantile values and that conditional quantiles are asymmetrical. Pertinently, the findings demonstrate that ordinary least squares (OLS) coefficient estimates have a tendency to over or under specify the marginal mean conditional pricing effects because of their inability to adequately capture and comprehend the complex spatial relationships which exist across the pricing distribution. Originality value Numerous studies have used OLS regression to measure the impact of key housing market externalities on house prices, providing a single estimate. This paper uses a QR approach to examine the impact of local amenities on house prices across the house price distribution.

scholarly journals Regional house price cycles in the UK, 1978-2012: a Markov switching VAR

2014 ◽  
Vol 7 (3) ◽  
pp. 345-366 ◽  
Author(s):  
Rosen Azad Chowdhury ◽  
Duncan Maclennan
Keyword(s):  
Monetary Policy ◽  
Housing Market ◽  
Housing Policy ◽  
Markov Switching ◽  
House Price ◽  
Empirical Work ◽  
Extensive Literature ◽  
Content Type ◽  
The Impact ◽  
The Way

Purpose – This paper aims to use Markov switching vector auto regression (MSVAR) methods to examine UK house price cycles in UK regions at NUTS1 level. There is extensive literature on UK regional house price dynamics, yet empirical work focusing on the duration and magnitude of regional housing cycles has received little attention. The research findings indicate that the regional structure of UK exhibits that UK house price changes are best described as two large groups of regions with marked differences in the amplitude and duration of the cyclical regimes between the two groups. Design/methodology/approach – MSVAR principal component analysis NUTS1 data are used. Findings – The housing cycles can be divided into two super regions based on magnitude, duration and the way they behave during recession, boom and sluggish periods. A north-south divide, a uniform housing policy and a monetary policy increase the diversion among the regions. Research limitations/implications – Markov switching needs high-frequency data and long time spans. Practical implications – Questions a uniform housing policy in a heterogeneous housing market. Questions the impact of monetary policy on a heterogeneous housing market. The way the recovery of the housing market varies among regions depends on regional economic performance, housing market structure and the labour market. House price convergence, beta-convergence. Originality/value – No such work has been done looking at duration and magnitude of regional housing cycles. A new econometric method was used.

Turkish Housing Market Dynamics: An Estimated DSGE Model

2021 ◽  
Vol 15 (2) ◽  
pp. 238-267
Author(s):  
Mustafa Ozan Yıldırım ◽  
Mehmet İvrendi
Keyword(s):  
Monetary Policy ◽  
Housing Market ◽  
House Prices ◽  
House Price ◽  
Policy Instrument ◽  
Dsge Model ◽  
Macroeconomic Variables ◽  
Dynamic Stochastic ◽  
Monetary Policy Reaction Function ◽  
The Impact

In this article, we investigate the underlying driving dynamics behind house price variations in Turkey by estimating a dynamic stochastic general equilibrium (DSGE) model in which the housing market and collateral constraints are included. The model also analyses the interaction between macroeconomic variables and the housing market by making policy simulations under different loan-to-value (LTV) ratios, which are used as a housing market-specific economic policy tool. The model is extended by including the traditional Taylor rule with house prices for representing monetary policy. Our findings show that house prices in Turkey are largely explained by housing preference shocks. Besides, we find that monetary policy shock plays a small role in determining the variables of the housing market in the short-term period. However, the magnitude of the impact of housing market shocks on the rest of the economy depends on the LTV ratios. The higher the LTV ratio, the higher are the effects of the government’s housing policy instrument for stabilising the housing market on real macroeconomic variables such as consumption and output in Turkey. Finally, our findings show that the fluctuations in house prices have not played a substantial role in the monetary policy reaction function of Turkey. JEL Codes: E32, E52, E44, E51, R31

scholarly journals Housing prices in peninsular Malaysia: supported by income, foreign inflow or speculation?

2019 ◽  
Vol 12 (3) ◽  
pp. 424-441 ◽  
Author(s):  
Wang Li Wong ◽  
Chin Lee ◽  
Seow Shin Koong
Keyword(s):  
Housing Market ◽  
Low Income ◽  
House Prices ◽  
Correction Term ◽  
Housing Prices ◽  
House Price ◽  
Peninsular Malaysia ◽  
Financial Asset ◽  
Content Type ◽  
The Impact

Purpose This paper is motivated by a concern about the ability of the average Malaysian income to catch up with the rapidly increasing house prices in Peninsular Malaysia. Financial innovation in financial system now regards houses as a financial asset and speculation vehicle. Therefore, a house purchase is made to acquire not merely a necessity but also a financial asset which can generate future returns. Given the problems in the housing market, this paper aims to examine the determinants of house prices in Malaysia, including those such as income, population, foreign inflow and speculation. Design/methodology/approach This study adopts panel data analyses, namely, the fixed effect model (FEM) and the pooled mean group (PMG), and uses data at state level in quarterly frequency, spanning from 2005Q1 to 2013Q4. Findings Based on the results of FEM, these determinants influence house prices significantly. Moreover, the PMG results suggest that there is convergence in the model, which are indicated by the significant and negative sign of the error correction term. In conclusion, the rapidly increasing house price is not caused by speculation activities in the housing market. More precisely, Malaysian income is capable of catching up with the increasing house prices. Practical implications As income remains to be one of the major drivers in influencing Malaysian house price, Malaysian Government shall continue the policies of supply low cost houses to the low-income groups and My First Home Scheme (SRP) by offering less stringent rules in applying house loan for the first-time house buyers. Originality/value This study used the actual data of foreign housing purchase obtained from Malaysia Valuation and Property Services Department to represent foreign inflow; therefore, the results will reflect the impact of foreign inflow in a better manner.

scholarly journals Do Discounts Enhance or Degrade IPOs Valuation Performance?

2021 ◽  
Vol 5 (2) ◽  
pp. 34-41
Author(s):  
Douaa Tizniti ◽  
Mohammed Rachid Aasri
Keyword(s):  
Initial Public Offerings ◽  
Stock Exchange ◽  
Market Price ◽  
Relevant Information ◽  
Fair Value ◽  
Fundamental Analysis ◽  
Public Offerings ◽  
Final Offer ◽  
Before And After ◽  
The Impact

In the present study, we investigate the impact of discounts on the valuation performance of initial public offerings. Review of existing literature reveals that such valuation performance lacks examination in terms of discounts as most studies focus on valuation methods. Accordingly, we examine the valuation performance of initial public offerings before and after applying discounts. Whereby, underwriters apply a deliberate discount to fair value estimate before setting the final offer price. We assess the valuation performance of initial public offerings through bias and accuracy errors as well as explainability. When valuation errors are low, the valuation performance is deemed superior. Our sample consists of 39 initial public offerings conducted on the Moroccan stock exchange between 2004 and 2018. We use publicly available prospectus to collect necessary data. Our results reveal that discounts applied to fair value estimate when setting the final offer price reduce valuation errors. Consequently, discounts enhance the valuation performance of initial public offerings. In fact, both optimistic and pessimistic final offer price are closer to market price in comparison with optimistic and pessimistic fair value estimate. We conclude that if valuations conducted by underwriters are objective, discounts serve as a qualitative valuation to supplement the quantitative one. This qualitative valuation incorporates relevant information about market circumstances with regard to initial public offerings. This indicates the superior fundamental analysis underwriters are capable of performing. However, if valuations conducted by underwriters are subjective, then underwriters deliberately overestimates fair value estimate to justify applying discounts when setting the final offer price. Nonetheless, our study reveals that discounts are more than proportional to valuation optimism. Consequently, while discounts absorb this valuation optimism, they also set a valuation pessimism. In other words, discounts avoid overpricing initial public offerings, yet they result in underpricing them. Interestingly, we discover that although optimistic fair value estimate and pessimistic final offer price have approximate valuation errors, underwriters are more comfortable underpricing initial public offerings than overpricing them.

Strategic Role of Zakat in Multidimensional Quality of Life in Sijunjung, Indonesia

2018 ◽  
Vol 15 (1) ◽  
pp. 55-72
Author(s):  
Herlin Hamimi ◽  
Abdul Ghafar Ismail ◽  
Muhammad Hasbi Zaenal
Keyword(s):  
Quality Of Life ◽  
Positive Impact ◽  
Wealth Distribution ◽  
Absolute Poverty ◽  
Before And After ◽  
The Status ◽  
Being There ◽  
The Impact

Zakat is one of the five pillars of Islam which has a function of faith, social and economic functions. Muslims who can pay zakat are required to give at least 2.5 per cent of their wealth. The problem of poverty prevalent in disadvantaged regions because of the difficulty of access to information and communication led to a gap that is so high in wealth and resources. The instrument of zakat provides a paradigm in the achievement of equitable wealth distribution and healthy circulation. Zakat potentially offers a better life and improves the quality of human being. There is a human quality improvement not only in economic terms but also in spiritual terms such as improving religiousity. This study aims to examine the role of zakat to alleviate humanitarian issues in disadvantaged regions such as Sijunjung, one of zakat beneficiaries and impoverished areas in Indonesia. The researcher attempted a Cibest method to capture the impact of zakat beneficiaries before and after becoming a member of Zakat Community Development (ZCD) Program in material and spiritual value. The overall analysis shows that zakat has a positive impact on disadvantaged regions development and enhance the quality of life of the community. There is an improvement in the average of mustahik household incomes after becoming a member of ZCD Program. Cibest model demonstrates that material, spiritual, and absolute poverty index decreased by 10, 5, and 6 per cent. Meanwhile, the welfare index is increased by 21 per cent. These findings have significant implications for developing the quality of life in disadvantaged regions in Sijunjung. Therefore, zakat is one of the instruments to change the status of disadvantaged areas to be equivalent to other areas.

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