scholarly journals Kryzys mieszkaniowy w wybranych krajach Europy i w Stanach Zjednoczonych

2021 ◽  
pp. 41-54
Author(s):  
Pola Latko
Keyword(s):  
Real Estate ◽  
Developed Countries ◽  
The United States ◽  
Real Estate Market ◽  
European Countries ◽  
Housing Crisis ◽  
Human Right ◽  
The Real Estate ◽  
Real Estate Bubble ◽  
The Usa

W artykule poddaję analizie sytuację mieszkaniową w wybranych państwach Europy i w Stanach Zjednoczonych. Artykuł został podzielony na kilka części opisujących przyczyny i skutki kryzysu hipotecznego w Stanach Zjednoczonych, bezdomności pracowników Doliny Krzemowej, „pęknięcia” bańki mieszkaniowej w Hiszpanii, problemów mieszkaniowych na Wyspach Brytyjskich (pustostany w Londynie i kryzys wynajmu w Irlandii), buntu lokatorskiego w Berlinie i ubóstwa mieszkaniowego w Polsce. We wstępie uzasadniam, dlaczego mieszkanie powinno być postrzegane jako prawo człowieka, a nie towar. Zwracam uwagę na to, że od lat 80. XX wieku rządy państw rozwiniętych wycofywały się z zarządzania gospodarką mieszkaniową, pozwalając na jej regulację mechanizmom rynkowym. W każdym z omawianych państw doprowadziło to do znacznego wzrostu cen nieruchomości i wynajmu oraz napływu kapitału spekulacyjnego. Jako odmienny przykład wskazuję Wiedeń, gdzie rynek nieruchomości jest wciąż regulowany przez miasto i dzięki temu zdołano uniknąć tego scenariusza. Housing crisis in selected European countries and in the USA In this article I analyze the housing situation in selected European countries and in the USA. The article is divided into several parts in which I describe causes and effects of the mortgage crisis in the United States, homelessness of Silicon Valley workers, the Spanish real estate bubble “burst”, housing problems in the British Isles (vacancies in London and the rental crisis in Ireland), the tenant revolt in Berlin and housing poverty in Poland. In the introduction I justify why housing should be seen as a human right and not as a commodity. I note that since the 1980s governments of developed countries have withdrawn from housing management, allowing it to be regulated by market mechanisms. In each of the countries under review, this has led to a significant increase in property and rental prices as well as an inflow of venture capital. As an opposite example, I mention Vienna, where the real estate market is still regulated by the city, thus it managed to avoid this scenario.

scholarly journals REAL ESTATE MARKET RISK IN BANK STOCK RETURNS: EVIDENCE FOR 15 EUROPEAN COUNTRIES

2016 ◽  
Vol 20 (2) ◽  
pp. 142-155 ◽  
Author(s):  
António Miguel MARTINS ◽  
Ana Paula SERRA ◽  
Francisco Vitorino MARTINS
Keyword(s):  
Real Estate ◽  
Stock Returns ◽  
Real Estate Market ◽  
European Countries ◽  
Market Conditions ◽  
High Exposure ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Bank Stock Returns ◽  
Bank Stock

In countries with highly-developed financial systems bank portfolios have high exposure, directly or indirectly, to the real estate sector. Changes in the value of real estate can have a potentially significant impact on the default risk of banks and on their profitability as a result of high exposure to the real estate sector. This is especially critical during real estate crises, when bank losses tend to increase dramatically, placing the entire financial system at risk of collapse, as it was the case of the recent international subprime crisis. This article studies the sensitivity of bank stock returns to real estate returns in 15 European countries. The results indicate that bank stocks are sensitive to real estate market conditions. There is a positive relation between bank stock returns and real estate returns after controlling for general market conditions and interest rates changes.

scholarly journals THE LITHUANIAN REAL ESTATE TAXATION SYSTEM IN THE CONTEXT OF ALIEN COUNTRIES

2005 ◽  
Vol 9 (1) ◽  
pp. 17-32 ◽  
Author(s):  
Vida Maliene ◽  
Daiva Cibulskiene ◽  
Virginija Gurskiene
Keyword(s):  
Real Estate ◽  
The United States ◽  
Real Estate Market ◽  
Tax Reforms ◽  
Estate Tax ◽  
The Real Estate ◽  
Estate Taxation ◽  
Real Estate Tax ◽  
Taxation System ◽  
The Impact

The article aims at investigating the Lithuanian real estate taxation system in the context of the taxation system of the United States of America and European countries. The article dwells on the current situation in Lithuania; it introduces the advantages and drawbacks of the system and produces a comparative analysis as against alien countries. Proposals for the refinement of the Lithuanian real estate taxation system are presented on the grounds of the analysis results and alien experience. The article considers real estate tax base, analyses currently actualized tax reforms, and describes the impact of the changes on the real estate market. A number of principal features of real estate tax system commonly intrinsic to all considered countries, such as form of payment, basis of valuation, tax exemption, appeals, tax deductions, are discussed in the article. Analizuojama dabartine bei planuojama priimti nauja nekilnojamojo turto apmokestinimo sistema Lietuvoje, aiškinami naujai siūlomos sistemos privalumai ir trūkumai, atliekama JAV ir Europos šaliu lyginamoji analize. Remiantis gautais analizes rezultatais bei užsienio patirtimi, pateikiami siūlymai Lietuvos nekilnojamojo turto apmokestinimo sistemai tobulinti. Analizuojama nekilnojamojo turto mokesčiu baze, nagrinejamos šiuo metu Igyvendinamos mokesčiu reformos, vertinamas pasikeitimu poveikis nekilnojamojo turto rinkai. Pateikiama keletas pagrindiniu bendru visoms nagrinejamoms šalims nekilnojamojo turto mokesčiu sistemos aspektu ‐ mokejimo pobūdis, vertinimo apmokestinimo tikslais pagrindas, atleidimas nuo mokesčiu, apskundimo galimybes, lengvatos.

scholarly journals The Influence of Energy Certification on Housing Sales Prices in the Province of Alicante (Spain)

2020 ◽  
Vol 10 (20) ◽  
pp. 7129
Author(s):  
Maria-Francisca Cespedes-Lopez ◽  
Raul-Tomas Mora-Garcia ◽  
V. Raul Perez-Sanchez ◽  
Pablo Marti-Ciriquian
Keyword(s):  
Real Estate ◽  
Ordinary Least Squares ◽  
Real Estate Market ◽  
European Countries ◽  
Least Squares Regression ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Final Sample ◽  
Energy Labelling ◽  
The Impact

This work examines the implementation of energy labelling by the residential real estate sector. First, it considers the interest by real estate sellers in not publishing energy certification information, and then, it quantifies the impact of the housing’s energy certification on the asking price. The results are compared with those obtained from other studies conducted in distinct European countries. The study’s final sample was collected, including information from 52,939 multi-family homes placed on the real estate market in the province of Alicante (Spain). One-way analysis of variance (ANOVA) was used, as well as an ordinary least squares regression model. This study highlights the fact that, in the current market, owners and sellers have no incentive to reveal the energy certification, since this permits them to sell homes with low energy ratings at prices similar to those of more energy efficient homes. In addition, it was found that homes with better energy ratings (letters A and B) are not sold at higher prices than homes with other rating letters, unlike the case of other European countries that were examined.

scholarly journals Prediction of prices in housing market with the correlation-regression methods

2017 ◽  
Vol 7 (4) ◽  
pp. 399-406
Author(s):  
Miragha Ahmadov
Keyword(s):  
Real Estate ◽  
National Economy ◽  
Developed Countries ◽  
Real Estate Market ◽  
Local Market ◽  
Secondary Markets ◽  
Economic Relations ◽  
The Real Estate ◽  
Regression Methods ◽  
The Republic

In the present paper, the positive dynamics in activity in the construction sector and real estate market is analyzed and is noted that it is required to increase the amount of provided realtor services and the improvement of quality to consumers. We should note that the analyzes of the paper allow one to assess productive characteristics and closeness of relationships between various factors (the price per 1 m2 of residential real estate in the primary and secondary markets). Unfortunately, in the Republic of Azerbaijan offering the formation of such a mechanism is impossible. İn the real estate market often we meet inexperienced brokers and sometimes buying and selling operations are accompanied by the risks and losses, including speculative transactions. Of course, in our country, there is a need to establish a system that has been adapted to the characteristics of the local market and similar to the above-mentioned system. It should be noted that the level of real estate services market and its development, the characteristics of the national economy and improving its structure reflects the level of development. It is no coincidence that in the context of the realities of real estate market in many of developed countries the formation of a market economy and the deepening of economic relations are reviewed as important factors stimulating the development of other sectors of the national economy. Azerbaijan's real estate market would be advisable to use more advanced methods to study the experience of foreign countries in this field and it would be very useful to take serious steps to benefit from it.

scholarly journals INCOME APPROACH AND PROPERTY MARKET CYCLE

2015 ◽  
Vol 19 (3) ◽  
pp. 207-219 ◽  
Author(s):  
Maurizio D’AMATO
Keyword(s):  
Real Estate ◽  
Academic Research ◽  
Real Estate Market ◽  
Property Market ◽  
The Real Estate ◽  
Real Estate Bubble ◽  
Valuation Method ◽  
Real Estate Valuation ◽  
Income Approach ◽  
Valuation Process

This paper is focused on a proposed valuation method including real estate market cycle analysis in real estate valuation process. Starting from early works on this field (d'Amato 2003) the work highlight the dangerous gap between academic research on property market cycles and professional practice of property valuation. The danger of this gap comes from the fact that in spite it is well documented that the property market has a “natural” cyclical behaviour, the opinions of value based on income approaches still relies on assumption of a stable or perpetually growing (or decreasing) income. This may be one generating factors of the real estate bubble and the subsequent financial markets crisis experienced recently. This paper offers a general introduction on cyclical capitalization as a further family of valuation methodologies based on income approach. This method includes in the traditional Dividend Discount Model more than one g-factor in order to plot property market cycle. An empirical application of Cyclical Capitalization is offered to the office market of the Eastern London.

scholarly journals Impact of Advancement in Technology, False Conclusion of Real Estate Bubble, Record Low Mortgage Delinquency, Irresponsible Media, U.S. Economic Policy Disaster: Evidence Supporting Eddison Walters Risk Expectation Theory of The Global Financial Crisis of 2007 and 2008

2020 ◽  
Vol 13 (7) ◽  
pp. 224
Author(s):  
Eddison T. Walters
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Real Estate ◽  
Global Financial Crisis ◽  
The United States ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Bubble ◽  
False Conclusion ◽  
The Global Financial Crisis

Data analysis in recent studies by the current researcher presented evidence suggesting the existence of a real estate bubble preceding the Global Financial Crisis of 2007 and 2008 was a false conclusion. Data analysis from Walters (2019) resulted in 194.041 Mean Dependent Variable, 0.989 Adjusted R-square, 5.908 Square Error of Regression, and 488.726 Sum-of-Square Residual, from nonlinear regression analysis with the independent variable of “advancement in technology”, which proved to be the most significant factor causing the dependent variable of “home purchase price” to increase preceding the Global Financial Crisis of 2007 and 2008. Based on the findings of data analysis in Walters (2019), the researcher concluded the data confirmed the assertion agreed upon by Alan Greenspan and Ben Bernanke, it was impossible to have a real estate bubble, while citing the Efficient Market Hypothesis in 2005. Subsequent to 2005, alternative attempts to explain the existence of a real estate bubble were made by both former Chairmen of the Federal Reserve Board. Subprime lending and low interest rates were ruled out as the cause of the Global Financial Crisis of 2007 and 2008 in Walters (2019). As a result of the findings from Walters (2019), further investigation to gain an understanding of the impact of how the rapid adaption of advancement in technology influence on the rapid increase in home purchase price preceding the Global Financial Crisis of 2007 and 2008 is required. The purpose of this study is to gain an understanding of the role the rapid adaption of advancement in technology played in the mortgage industry and real estate industry in the United States, and the influence on to the rapid increase in home purchase prices preceding the Global Financial Crisis of 2007 and 2008 as a result of the changes. Insight into the rapid transformation of the mortgage industry and the real estate industry in the United States, and the role the transformation played in the crisis is a critical factor to understanding the impact of advancement in technology on the real estate market in the United States preceding the Global Financial Crisis of 2007 and 2008. Failure to consider the impact of rapid adaption of advancement in technology on the mortgage industry and real estate industry, and the transformation of the real estate market preceding the Global Financial Crisis 2007 and 2008, was a significant error which led to the false conclusion of the existence of a real estate bubble. An understanding of how the rapid transformation of the real estate market as a result of advancement in technology in the United States preceding the Global Financial Crisis of 2007 and 2008, will provide the critical knowledge to evaluate mistakes leading to the false conclusion of a real estate bubble preceding the crisis. The information gained from the current study will help avoid a future financial crisis of the same magnitude.

scholarly journals Financial crisis 2007-2009. How real estate bubble and transparency and accountability issues generated and worsen the crisis

2012 ◽  
Vol 13 (26) ◽  
pp. 201-221
Author(s):  
Bilal Aziz
Keyword(s):  
Financial Crisis ◽  
Real Estate ◽  
The United States ◽  
Mortgage Market ◽  
Special Focus ◽  
The Real Estate ◽  
The Great Depression ◽  
Real Estate Bubble ◽  
Two Factors ◽  
Transparency And Accountability

This paper seeks to explain some main factors behind the Financial Crisis 2007–2009 with a special focus on the Real Estate Bubble and Transparency and Accountability Issues in US Financial System and how these two factors generated and worsen the crisis. Financial Crisis 2007–2009, which starts from the United States sub–prime mortgage market and spread to US financial sector and later on spread to the rest of world, is said to be an even bigger crisis than the Great Depression of 1929. This crisis is unique in this way and we haven’t seen such a bigger impact world wide from any other crisis. This paper would empirically prove the main causes which are right in the heart of the crisis and least discussed

scholarly journals Real Estate Business is Ruled by Women - Myth or Truth

2021 ◽  
Author(s):  
Marija Majstorović ◽  
Lazar Cvijić ◽  
Milan Radosavljević
Keyword(s):  
Real Estate ◽  
Female Gender ◽  
The United States ◽  
Real Estate Market ◽  
Pharmacy Education ◽  
Real Estate Markets ◽  
The Real ◽  
The Real Estate ◽  
The World ◽  
Successful Women

The 21st century represents a century in which the world has flourished through technological progress, transforming many businesses in line with digitalization, social networks, and the tendencies brought by the internet generations. In sociological terms, many problems have remained the same despite progress. In this sense, women continue to fight for one of the fundamental human rights - gender equality and non - discrimination against male - female in the social, business and political environment. However, there are many positive examples of women leaders today, presidents of governments and large companies, successful women entrepreneurs, and they dominate in certain branches of the economy. Although care, pharmacy, education, and the like have so far been considered "typically female" professions, the business of intermediation in the sale and lease of real estate is attracting more and more attention of female gender. Whether women dominate such a significant branch of the economy, and why, the author will try to answer by looking at the results and statistics of one of the most developed real estate markets in the world - the real estate market in the United States. Whether women are naturally gifted in the field of mediation in buying or selling real estate or have managed to dominate the market with their professionalism and motivation, are questions that occupy the scientific public, but it is gratifying to see examples of so many successful women in the real estate with amazing careers and results. It can be concluded that it would be commendable if this trend spread over to other branches of the economy, as well as to other countries in the world.

scholarly journals Real Estate Soars and Financial Crises: Recent Stories

2018 ◽  
Vol 10 (12) ◽  
pp. 4559 ◽  
Author(s):  
Hanwool Jang ◽  
Yena Song ◽  
Sungbin Sohn ◽  
Kwangwon Ahn
Keyword(s):  
Financial Crisis ◽  
Real Estate ◽  
Stock Market ◽  
Global Financial Crisis ◽  
Real Estate Market ◽  
Real Economy ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Bubble ◽  
The Global Financial Crisis

This paper studies the contribution of real estate bubble to a financial crisis. First, we document symptoms of a real estate bubble along with a slowdown of the real economy and find indicators of an imminent crash of the stock market, triggering a sense of déjà vu from the 2008 crisis. However, we show that the relationship between real estate and financial markets has changed since the crisis. The empirical analyses provide evidence that the monetary policy has recovered its control over mortgage rates, which had been lost prior to the global financial crisis, and that the real estate market does not have a Granger causality relationship with the stock market any more. Findings suggest that an imminent financial market crash is not likely to be catalyzed by a real estate bubble.

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