The Correlation of Public and Private Financial Interests in the Acquisition of Real Estate under Procurement Contract System

2020 ◽  
Vol 8 ◽  
pp. 23-30
Author(s):  
V. V. Kikavets ◽  
Keyword(s):  
Real Estate ◽  
Secondary Market ◽  
Public And Private ◽  
Procurement Contract ◽  
Financial Interests

The article reveals the problem of the correlation of public and private financial interests in the process of acquiring apartments by state and municipal customers. The legal approaches to the solution of this problem are presented using example of arbitration practice. In order to maintain a balance of public and private financial interests within the framework of the procurement contract system, it is proposed to purchase new apartments or in the secondary market exclusively from the owners (ownership of real estate is registered), the interests of which will be represented, if necessary, by attorneys or agents.

scholarly journals PHASED MULTI‐TARGET AREAL DEVELOPMENT COMPETITIONS: ALGORITHMS FOR COMPETITOR ALLOCATION

2009 ◽  
Vol 13 (1) ◽  
pp. 1-22 ◽  
Author(s):  
Pertti Lahdenperä
Keyword(s):  
Real Estate ◽  
Planning Process ◽  
Selection Process ◽  
Development Project ◽  
Real Estate Development ◽  
Urban Structure ◽  
Public And Private ◽  
Competition Process ◽  
The Right ◽  
Private Actors

The prevailing practice in new areal real estate development is for public and private actors to perform their duties by turns. Yet, the planning process could benefit from simultaneous contributions from society and developers and their designers. That, again, requires that the municipality selects the private partner consortia prior to completion of the local detailed plan through a competition in order to find the most potential actors and the best ideas for implementation of an urban structure of high quality. Candidates will be attracted by offering them the right to implement a residential/business block as a developer. The several blocks involved in an areal development project, and the laboriousness of producing competitive solutions, require a well planned selection process. A novel multi‐target competition process was developed which is presented in this paper with special emphasis on the allocation algorithms that allow selecting the most qualified competitors for parallel follow-up competitions from among a large group of registered candidates. The approach was tested in an actual real estate development project in the municipal district of Vuores which was the original reason for launching the study. Santruka Pletojant nekilnojamaji turta naujose teritorijose, vieši ir privatūs asmenys dažniausiai savo pareigas vykdo paeiliui. Tačiau planavimo procesui būtu tik geriau, jei tuo pačiu metu prisidetu ir visuomene, ir vystytojai, ir projektuotojai. Tam velgi reikia, kad savivaldybe paskelbtu konkursa ir pasirinktu privačiu partneriu grupes prieš užbaigdama vietini detaluji plana didžiausia potenciala turintiems dalyviams aptikti ir geriausioms idejoms surinkti, kokybiškai miesto struktūrai išvystyti. Kai teritoriju pletros projektas apima kelis kvartalus, o kuriant konkurencingus sprendimus idedama daug darbo, reikia gerai suplanuoto atrankos proceso. Yra sukurtas novatoriškas daugiatikslis konkurso procesas, pristatomas šiame darbe, daugiau demesio skiriama paskirstymo algoritmams, kuriuos naudojant iš daugybes registruotu kandidatu galima atrinkti tinkamiausius tolesniems tuo pat metu vykdomiems konkursams. Toks būdas patikrintas realiame nekilnojamojo turto pletros projekte, kuris vyko Vuores savivaldybes teritorijoje, ir būtent del šios priežasties pradetas šis tyrimas.

scholarly journals Teoretyczne i metodyczne aspekty wyznaczania indeksów cen na rynku mieszkaniowym

2018 ◽  
Author(s):  
Radosław Trojanek
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Real Estate Market ◽  
Secondary Market ◽  
Property Right ◽  
Sources Of Information ◽  
Single Family ◽  
Starting Point ◽  
Price Indexes

In the book, an attempt was made to catalogue knowledge concerning the importance of research into the dynamics of housing prices for social and economic development. The analysis of the experience of countries with well-developed real estate markets in the aspect of building price indexes was carried out. Based on original databases of asking and transaction prices, price indexes were built, which were then subjected to numerous resistance tests. The aims of these research tasks were as follows: 1) to examine the quality of offers for sale as a source of information about changes in the real estate market, 2) to find out whether the repeat sales method can be used for building price indexes and to critically assess this method in terms of the stability of the obtained results, 3) to analyze hedonic methods and indicate the preferred one in terms of the ratio of the quality of results to how time-consuming and cost-intensive it is to build such indexes, 4) to establish the importance of methods and sources of information for building price indexes in different time horizons, 5) to identify how important it is for the fluctuation of price indexes if the cooperative property right to a flat is not taken into account. In order to perform the research tasks and accomplish the goals scopes of the work were defined. The subject followed the aim of the study and refers to prices in the secondary housing market, encompassing both the property right and cooperative property right to a flat or house. The broad scope concerns the discussion in the general part, being narrowed down to the secondary market of flats located in multi-family and single-family buildings. The time scope covers the years 2000-2015, which is connected to the range of empirical studies carried out. They focused both on actual transactions and on offers of flats for sale. On this basis, we built databases which served as the starting point for further analyses. The study involved transactions and offers in the area of Poznan.

scholarly journals International Real Estate Review

2016 ◽  
Vol 19 (1) ◽  
pp. 27-49
Author(s):  
William Mingyan Cheung ◽  
◽  
James Chicheong Lei ◽  
Desmond Tsang ◽  
◽  
...  
Keyword(s):  
Real Estate ◽  
Price Discovery ◽  
Common Factor ◽  
Significant Proportion ◽  
Real Estate Market ◽  
Reverse Causality ◽  
Public And Private ◽  
Real Estate Markets ◽  
The Public ◽  
Private Real Estate

This study examines whether property transaction affects the price discovery process in real estate markets. Prior literature shows that price discovery generally first takes place in the securitized public real estate investment trust (REIT) market. We conjecture that property transaction provides novel information to the direct real estate market and can change the dynamics between public and private real estate returns. We employ a unique dataset of property transactions to construct "transaction windows¨ and specifically examine the causality between public and private real estate markets around these periods. We form firm-level pairs of public and private price series, and estimate the normalized common factor loadings per Gonzalo and Granger (1995) by using a vector error-correction model. Our findings show that a significant proportion of price discovery happens in the private market instead of the public REIT market. Our results are robust to investments of different property types and different lengths of transaction windows. Overall, the findings in this study imply that property acquisition and disposition provide crucial information to the private real estate market and induce a reverse causality between the public and private markets.

scholarly journals Strategizing the for-profit city: The state, developers, and urban production in Mega Manila

2019 ◽  
Vol 52 (2) ◽  
pp. 403-422 ◽  
Author(s):  
Morgan Mouton ◽  
Gavin Shatkin
Keyword(s):  
Real Estate ◽  
Urban Space ◽  
The Philippines ◽  
The State ◽  
Metropolitan Region ◽  
Public Private Partnerships ◽  
Public And Private ◽  
For Profit ◽  
Wide Range

This article explores the evolving role of real estate developers in the wider metropolitan region of Manila, the Philippines. We argue that, given the relational nature of these actors, they are a relevant object of analysis for the formulation of “mid-level” theories that take into account both global, macroeconomic trends and local, history-dependent contingencies.  As we consider developers’ activities and interactions with a wide range of public and private actors, we retrace their gradual empowerment since the beginning of the postcolonial period. As a handful of powerful land-owning families created real estate development companies, urban production quickly became dominated by a strong oligarchy capable of steering urban development outside the realm of public decision-making. Philippine developers subsequently strengthened their capacity by stepping into infrastructure provision, seemingly expanding their autonomy further.  More recently, however, we argue that while the role of private sector actors in shaping urban and regional trajectories has scaled up, their activities have been tethered more strongly to a state-sponsored vision of change. Both by reorienting public–private partnerships (PPP) toward its regional plans, and by initiating new forms of public–private partnerships that give it more control, the state is attempting to harness the activity of developers. We characterize this shift as a move from the “privatization of planning” to the “planning of privatization” of urban space.

The Dango Tango: Why Corruption Blocks Real Reform in Japan

2004 ◽  
Vol 14 (4) ◽  
pp. 603-623 ◽  
Author(s):  
William K. Black
Keyword(s):  
Real Estate ◽  
Environmental Health ◽  
Capital Flows ◽  
Political Reform ◽  
Private Capital ◽  
Public And Private ◽  
Private Capital Flows ◽  
Primary Obstacle ◽  
Public Construction ◽  
Systemic Corruption

Japan’s economy has stagnated since the bursting of the twin real estate and stock bubbles in 1990. Construction employment rose after the bubbles burst despite a real estate glut.Systemic corruption is delaying recovery. The key is the dango—Japan’s system of bid rigging, which is pervasive in public construction. The firms rotate who will win the “competitive” bid. The bureaucrats leak the highest price bid that will be accepted in return for favors from the industry and lucrative sinecures when they retire (amakudari—”descent from heaven”). The ruling politicians (the “construction tribes”) get kickbacks and ensure the adoption of enormous public construction programs.The result is that Japanese public and private capital flows are corruptly routed to uses that are not simply inefficient, but outright harmful to society. Pervasive corruption is the primary obstacle to Japanese economic (and environmental) health and political reform.

scholarly journals Content and boundaries of the primary real estate market as an object of statistical research

2019 ◽  
Vol 16 (1) ◽  
pp. 41-56
Author(s):  
Dmitry V. Dianov ◽  
Pavel A. Smelov
Keyword(s):  
Real Estate ◽  
Market Economy ◽  
Real Estate Market ◽  
Secondary Market ◽  
Clear Understanding ◽  
Statistical Methodology ◽  
Statistical Research ◽  
The Real ◽  
Wide Range ◽  
The Impact

The primary real estate market is one of the youngest segments of the market economy in modern Russia. If the genesis of the modern secondary market was observed in the pre-reform period: barter relations in terms of urban housing, the purchase and sale of suburban areas were freely carried out, small suburban real estate, garage buildings, etc., the real market relations with the relevant legal framework in terms of ownership rights in the primary market became possible only with the change of economic formation. All participants in the rapidly emerging primary real estate market quickly became familiar with pricing, market conditions, utility criteria and many other parameters inherent in this market segment. However, issues of managing business processes on the primary market of real estate, including a balance of opportunities for sellers and customer needs, pricing, adequate information support to all management levels, still are a problem and remain open.Purpose.The relevance and social need for statistical study of the primary real estate market determined the purpose of scientific work as a clarification of the nature, content, boundaries and participants of the market in order to improve and develop statistical methodology.Materials and methods.To make the research and form the adequate conclusions when writing a scientific paper, the extensive material of theoretical, methodological and applied nature was used, the authors of which are both domestic and foreign scientists in the field of statistics, management, investment, marketing and technical sciences. The paper uses a wide range of general scientific methods of knowledge, the use of which together allowed to abstract from the non-essential aspects and mutually reinforcing factors that do not ultimately have a tangible impact on the state and dynamics of the primary real estate market - methods of abstraction and idealization; moving from the general laws of the real estate market, to form private conclusions concerning the segments and even objects of the primary real estate market as an object of statistical research – the method of deduction; to comprehend the object as a whole and at the same time as an interconnected mechanism represented by all its structural components – methods of analysis and synthesis; to conduct a comparative analysis of objects and identify possible vectors of the market development – methods of analogy and mental-symbolic modeling.Results. Qualitative analysis allowed to determine the place and importance of the primary real estate market in the entire system of multi-market economy; to identify the life cycle of the objects of the market and on their basis to structure it; to identify the factors of development of the primary real estate market, quantitative assessment of the impact of which will be subsequently given on the basis of regression analysis; to summarize the set of risks that determine the diverse variation of the primary real estate market. The development of statistical methodology for the study of the primary real estate market can be based only on a clear understanding of the nature and internal content of the studied object. At the same time, so sensitive to the market and general economic situation in the country and each region, the market is constantly changing: it does not have a stationary point. Therefore, it is necessary not only quantitative analysis of the object on the basis of statistical methods, but also continuous monitoring of all economic phenomena that contribute to the modification of the primary real estate market.

scholarly journals International Real Estate Review

2017 ◽  
Vol 20 (4) ◽  
pp. 417-450
Author(s):  
Kim Hin Ho ◽  
◽  
Satyanarain Rengarajan ◽  
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Future Expectations ◽  
Public And Private ◽  
Vector Autoregressive ◽  
Macroeconomic Conditions ◽  
Knowledge Based ◽  
Knowledge Intensive ◽  
Using Data ◽  
Industrial Real Estate

he behavioural structure of large and strategic industrial real estate accommodation does not exist in a vacuum. Instead, its fundamental investment values and yields are uniquely affected through the dynamic interaction among exogenous and endogenous forces related to the industrial real estate demand-supply conditions, macroeconomic and institutional polices as well as urban industrial plans. This study aims to understand the dynamic behaviour of the industrial real estate market in Singapore that is slowly transitioning from a capital intensive to knowledge intensive economy. Using data obtained from various sources between 2001Q4-2010Q2 which essentially capture three property cycles, we incorporate a vector autoregressive (VAR) approach to holistically model the industrial real estate market in Singapore with respect to its demand-supply conditions, market capitalization rates which encompass information about rental yields, capital values along with future expectations. This study will help policy makers and developers to understand the structure of the industrial real estate market in Singapore along with respect to its macroeconomic conditions. The results are insightful as the data capture both the public and private markets along with a new hi-tech industrial accommodation (science parks), which is slowly gaining prominence as of the turn at the 21st century as Singapore strives to steer towards a knowledge based industrial economy.

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