scholarly journals Real estate market and urban transformations: spatio-temporal analysis of house price increase in the centre of Marseille (1996-2010)

2012 ◽  
Author(s):  
Guilhem Boulay
Keyword(s):  
Real Estate ◽  
House Price ◽  
Temporal Analysis ◽  
Real Estate Market ◽  
Price Increase ◽  
Urban Transformations ◽  
Spatio Temporal

The residential real estate market in Italy: a spatio-temporal analysis

2018 ◽  
Vol 53 (5) ◽  
pp. 2451-2472 ◽  
Author(s):  
Monica Palma ◽  
Claudia Cappello ◽  
Sandra De Iaco ◽  
Daniela Pellegrino
Keyword(s):  
Real Estate ◽  
Temporal Analysis ◽  
Real Estate Market ◽  
Residential Real Estate ◽  
Spatio Temporal

scholarly journals Homeownership Rate and Other House Price Determinants Impacts on New House Prices in Colombia

2020 ◽  
pp. 35-50
Author(s):  
Hector Botello-Peñaloza
Keyword(s):  
Real Estate ◽  
House Prices ◽  
Housing Prices ◽  
House Price ◽  
Real Estate Market ◽  
The Real Estate ◽  
Homeownership Rate ◽  
Colombian Government ◽  
Price Determinants ◽  
Price Instability

Homeownership remains a preferred form of tenancy in different parts of the world. The attractions of security, stability, investment potential and a sense of pride outweigh the fear of price instability. For this reason, the Colombian government has encouraged in recent years, various demand policies that have sought to promote the increase in the number of homeowners. However, these ideas could have a severe impact on prices in the real estate market. Therefore, this study seeks to examine the effect of homeownership rate on new house prices in an emerging country with low real estate ownership, credit restrictions and average per capita income. The study uses panel data model to examine the influence of housing tenancy and other variables on the variation of housing prices in Colombia. Data were obtained from various sources including the Central Bank of Colombia, Financial Superintendence of Colombia, and National Administrative Department of Statistics of Colombia. The results show that homeownership rates have a positive effect on the price of new homes, which supports the hypothesis of the research. The population growth of the cities is the factor that is most relevant when explaining the price variations.

scholarly journals Measuring the Effect of Location on House Prices in Italy

2020 ◽  
pp. 54-62
Author(s):  
Gaetano Lisi ◽  
Mauro Iacobini
Keyword(s):  
Real Estate ◽  
House Prices ◽  
House Price ◽  
Real Estate Market ◽  
Hedonic Model ◽  
Hedonic Price ◽  
Dummy Variables ◽  
Hedonic Price Method ◽  
Housing Submarkets ◽  
Real Estate Assets

The Italian housing market is characterised by both a strong heterogeneity of real estate assets and a reduced number of property sales. These features, indeed, hamper the use of the hedonic price method, namely, the method that is mostly used for assessing the house prices and for estimating the monetary value of housing characteristics. In this paper, therefore, a hedonic model with dummy variables that identify housing submarkets is used to achieve two important results: enabling greater use of multiple regression analysis in the study of the Italian real estate market, and catching, in the simplest possible manner, the effect of location on house price. Indeed, the house's location is, together with the area in square metres, the housing characteristic that most influences the house price.

scholarly journals SPATIO-TEMPORAL ANALYSIS OF HOUSE PRICE CONVERGENCE BASED ON A DEMOGRAPHICAL DISTANCE

2013 ◽  
Vol 17 (3) ◽  
pp. 263-277 ◽  
Author(s):  
Le Ma ◽  
Chunlu Liu
Keyword(s):  
Spatial Heterogeneity ◽  
Price Level ◽  
House Prices ◽  
House Price ◽  
Temporal Analysis ◽  
Capital Cities ◽  
Spatial Factors ◽  
Spatio Temporal ◽  
Geographical Locations ◽  
Spatial And Temporal Issues

Convergences of house prices have been studied for over three decades, but yet have been confirmed because of spatial heterogeneity and autocorrelations in house prices. A spatio-temporal approach was recently proposed to address the spatial and temporal issues related to house prices. However, most previous studies placed the focus on the spatial heterogeneity and autocorrelations from geographical locations, which neglected other spatial factors. In order to overcome this shortfall, this research argued a demographical distance, constructed by demographical structure and housing market scales, to investigate the house price convergences in Australian capital cities. The results confirmed the house price levels in Canberra, Brisbane and Perth converged to the house price level in Sydney.

scholarly journals Spatio-Temporal Analysis of the Real Estate Market Using Geographic Information Systems

2013 ◽  
Vol 21 (2) ◽  
pp. 72-82 ◽  
Author(s):  
Piotr Cichociński ◽  
Janusz Dąbrowski
Keyword(s):  
Spatial Distribution ◽  
Real Estate ◽  
House Prices ◽  
Temporal Analysis ◽  
Real Estate Market ◽  
Geographic Information ◽  
Numerical Comparison ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market

Abstract The paper proposes the use of geographic information system tools for the analysis of spatial and temporal aspects of the real estate market. In particular, it focuses on the graphical presentation of the spatial distribution of price and its variability over time. The possibility of presenting an image of the spatial distribution of prices in the form of a 3D model is studied. A topographic surface is proposed as an alternative to traditional methods of spatial interpolation. Visual verification and numerical comparison have shown its superiority over other previously used methods. The best method of presenting four-dimensional data - the variation in time of the spatial distribution of house prices - was sought. The possibility of taking time into account as one of the attributes of the analyzed and presented objects, available in advanced GIS software, was used for this purpose. The undertaken activities were based on formal guidelines for the registration of time set out in the ISO 19100 series of standards dedicated to geographic information. Potential sources of data for this kind of analysis were identified and their availability was examined. The paper also presents how to build a spatial database on the basis of the available information, which is a starting material for further analysis. The carried out research demonstrated the benefits of the spatial approach to trends of changes in real estate prices, which can be used, among others, for mass appraisal.

scholarly journals Managing Bubbles in the Korean Real Estate Market: A Real Options Framework

2018 ◽  
Vol 10 (8) ◽  
pp. 2875 ◽  
Author(s):  
Kyungwon Kim ◽  
Jae Song
Keyword(s):  
Real Estate ◽  
Real Options ◽  
House Price ◽  
Investment Strategy ◽  
Real Estate Market ◽  
Market Mechanism ◽  
The Real Estate ◽  
Early Exercise ◽  
Related Information ◽  
Real Options Valuation

The aim of this paper is to propose a real options framework to measure and manage bubbles in the Korean real estate market. The proposed framework carefully defines and utilizes the unique leasing mechanism in Korea, called the Jeonse system, a tentative contract for one or two years with a large amount of deposit, to represent the value of residence. Furthermore, the proposed framework applies the volatility with heteroscedasticity to improve the numerical accuracy in comparison to the traditional real options valuation model. The results of the model ultimately suggest the investment strategy that takes into account the measured bubbles in the market. Specifically, given that the Korean real estate market could be regarded as an American option, the investment strategy with early exercise completely eliminates the existing arbitrage opportunities in both long and short positions. In this context, the investment decisions based on the results of the proposed framework are expected to encourage the reflection of bubble-related information in the market, which eventually reduces the formation of bubbles via market mechanism for arbitrage elimination. In conclusion, the bubble-related information obtained from the model is expected to contribute to the stability of the real estate market by reducing the volatility of house price and quick price adjustment to new information.

scholarly journals Urban heritage reconsidered: Redefining the planning approach to historical areas of Novi Sad

Spatium ◽  
2015 ◽  
pp. 92-99 ◽  
Author(s):  
Darko Polic ◽  
Aleksandra Stupar
Keyword(s):  
Real Estate ◽  
Architectural Design ◽  
Real Estate Market ◽  
Economic Changes ◽  
Urban Core ◽  
Intangible Heritage ◽  
Planning Approach ◽  
Urban Transformations ◽  
Private Investors ◽  
Novi Sad

The beginning of the 21st century was marked by significant socio-economic changes in Serbia, which influenced urban environment and development strategies. Novi Sad, the capital of the Serbian province of Vojvodina, also followed this pattern, adjusting to the new social and spatial dynamic. The shift from a socialist to a neo-liberal model of planning was visible in different spheres - the system of stakeholders was altered, public funds were substituted with small private investors, while existing regulations were either overlooked or interpreted in a questionable manner. Simultaneously, the newly established real estate market mostly focused on the areas around the traditional urban core which underwent a process of quasi-regeneration. Used only as an opportunity for new speculative development, it did not have any respect for either tangible or intangible heritage. However, a decline in real estate development (since 2009) has created a setting for a different planning approach to include consideration of problems of heritage areas. Considering the socio-economic background of recent urban transformations in Novi Sad?s inner-city neighbourhoods, this article analyses the context of the problem, provides recommendations for improvements in the approach to planning, and introduces guidelines and rules for site-sensitive urban and architectural design.

scholarly journals Modelagem dos Preços de Imóveis Residenciais Paulistanos

2011 ◽  
Vol 9 (2) ◽  
pp. 167
Author(s):  
Denisard Cneio de Oliveira Alves ◽  
Joe Akira Yoshino ◽  
Paula Carvalho Pereda ◽  
Carla Jucá Amrein
Keyword(s):  
Real Estate ◽  
Interest Rates ◽  
House Price ◽  
Housing Price ◽  
Real Estate Market ◽  
Hedonic Model ◽  
The Real ◽  
The Real Estate ◽  
New Findings ◽  
The Real Estate Market

Hedonic modeling has become a benchmark for pricing real assets with several intrinsic characteristics. This work tests also others dimensions for asset pricing: the quality of life in the housing neighborhood and macroeconomic variables. The data is about the real estate market in São Paulo city from January 2001 to March 2008. The main results were: the longer the maturity of mortgage financing, the larger the housing price, but decreasing interest rate spread stimulate the real estate market, and the interactions between the dummy for the boom period and either housing characteristics or bank interest rates spread show that the hedonic model loses its relative importance for pricing, while market risk variables become much more relevant. Thus, these new findings suggests that for modeling a house price index it is not sufficient to consider only average prices or a hedonic approach, but both the market and credit risks as well.

Testing House Price Index in the Brazilian Real Estate Market

2010 ◽  
Author(s):  
Denisard Alves ◽  
Joe Akira Yoshino ◽  
Paula Pereda ◽  
Carla Amrein
Keyword(s):  
Real Estate ◽  
Price Index ◽  
House Price ◽  
Real Estate Market ◽  
House Price Index
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