scholarly journals International Real Estate Review

2014 ◽  
Vol 17 (2) ◽  
pp. 157-202
Author(s):  
Kim Hiang Liow ◽  
◽  
Felix Schindler ◽  
Keyword(s):  
Real Estate ◽  
Stock Markets ◽  
Research Work ◽  
The Real ◽  
The Real Estate ◽  
Dynamic Relationship ◽  
Long Run ◽  
International Environment ◽  
The Individual ◽  
Dynamic Relationships

The primary contribution of this study is to comprehensively assess whether public real estate and stock markets are linked at the local, regional, and global levels, and assess the evolution of their dynamic relationship and gradual integration during the last two decades. For individual pairs of real estate and stock markets, our analysis shows that the current levels of local, regional, and global correlations between real estate and stock markets are time-varying, and at most, moderate at the respective integration levels. The real estate and stock markets are both contemporaneously and causally linked in their returns and volatilities; however, the causality relationship appears weaker. In the long run, the real estate markets have slowly become more integrated with the global and regional stock markets, while less integrated with the local stock markets. In addition, the extracted common factors allow for a direct assessment of the dynamic relationships between the real estate and stock markets as a group, and thereby complement the individual results. Finally, there appears to be a declining real estate and stock return dispersion and differential at the local, regional, and global levels for all nine economies studied in this research work, which indicate a tendency of return convergence between real estate and stock markets in the international environment.

Integration between real estate and stock markets: new evidence from Pakistan

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Imran Yousaf ◽  
Shoaib Ali
Keyword(s):  
Real Estate ◽  
Stock Market ◽  
Stock Markets ◽  
Content Type ◽  
Real Estate Markets ◽  
The Real ◽  
The Real Estate ◽  
Long Run ◽  
Short Run ◽  
The Relationship

Purpose This study aims to empirically examine the relationship between real estate and stock market of Pakistan. Design/methodology/approach The data of two real estate indices (house price index and plot price index) are taken for the Pakistan and its four big cities, i.e. Lahore, Karachi, Rawalpindi and Islamabad. It estimates the integration between series by applying the Johansen cointegration test. Moreover, the vector error correction model is applied to examine the short and long-run causal relationships between series. Findings The findings show that the real estate markets are cointegrated with the stock market. They imply that the real estate and stock markets are good substitutes in investment allocation, but investors cannot get the benefit of diversification by making a portfolio of real estate and stock markets in Pakistan. Moreover, the long-run causality is observed from majority house markets to the stock market, whereas short-run causality is evident from majority plot markets to the stock market. Hence, the real estate market leads the stock market in the short run and long run, suggesting the credit-price effect in the majority of real estate markets in Pakistan. These causality results are helpful for investors in the forecasting of real estate and stock markets in Pakistan. Research limitations/implications The limitation of the study is the lower number of observations (107), because house and land prices are only available in monthly frequency from January 2011 in Pakistan. Originality/value To the best of the authors’ knowledge, no researcher has investigated the real estate and stock market nexus in Pakistan. Therefore, this study focuses on examining the relationship between the real estate and stock market of Pakistan. The link between real estate and stock markets will provide useful insights to the portfolio managers, real estate companies, property agents, stockbrokers and investors.

Assessing the Demand for Online Integration Platforms in the Real Estate Business

2020 ◽  
Vol 26 (1) ◽  
pp. 46-54
Author(s):  
N. S. Alekseeva ◽  
A. E. Druzhinin
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Passenger Transport ◽  
Integration Platform ◽  
Online Platform ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market ◽  
Hospitality Sector ◽  
The Individual

Examination of the real estate market shows that implementing innovations in this field is a very difficult task. This prompts the question of the necessity of digitalizing the real estate business and of the demand for online integration platforms in this field.Aim. The presented study aims to assess the demand for online integration platforms in the real estate business.Tasks. The authors compare the online integration platforms in the real estate market with the online integration platforms in the hospitality sector and the individual passenger transport market in terms of the share of user profits that integrators receive for their services on the online platform; compare the share of user profits that integrators receive for their services on the online platform with the equivalent indicator in various other global economic activities; assess the value of the services provided by an online integration platform using the methodology proposed by G. G. Azgaldov and N. N. Karpova.Methods. The data were acquired from public Internet sources and personal interviews with the directors of companies that represent or employ the services of online integration platforms in St. Petersburg. The interviews and work with Internet sources were conducted in November 2019.Results. An integrator in the real estate market receives a share of profits of their service users that is comparable to that of the integrators in the hospitality sector and the individual passenger transport market. The share of profits of a Russian integrator in the real estate market is significantly higher than that in such industries as entertainment, fashion, or sports. The value of an online integration platform can be defined as highly valuable, since the expected value of this indicator is 1.5 times higher than the maximum table value.Conclusions. The performed analysis shows a high demand for online integration platforms in the real estate business. Market participants are willing to pay for the ability to use new digital technologies.

scholarly journals The Impacts in Real Estate of Landscape Values: Evidence from Tuscany (Italy)

2021 ◽  
Vol 13 (4) ◽  
pp. 2236
Author(s):  
Francesco Riccioli ◽  
Roberto Fratini ◽  
Fabio Boncinelli
Keyword(s):  
Real Estate ◽  
House Prices ◽  
Spatial Econometric ◽  
The Real ◽  
The Real Estate ◽  
Landscape Values ◽  
Individual Perception ◽  
Real Estate Prices ◽  
The Aesthetic ◽  
The Individual

Using spatial econometric techniques and local spatial statistics, this study explores the relationships between the real estate values in Tuscany with the individual perception of satisfaction by landscape types. The analysis includes the usual territorial variables such as proximity to urban centres and roads. The landscape values are measured through a sample of respondents who expressed their aesthetic-visual perceptions of different types of land use. Results from a multivariate local Geary highlight that house prices are not spatial independent and that between the variables included in the analysis there is mainly a positive correlation. Specifically, the findings demonstrate a significant spatial dependence in real estate prices. The aesthetic values influence the real estate price throughout more a spatial indirect effect rather than the direct effect. Practically, house prices in specific areas are more influenced by aspects such as proximity to essential services. The results seem to show to live close to highly aesthetic environments not in these environments. The results relating to the distance from the main roads, however, seem counterintuitive. This result probably depends on the evidence that these areas suffer from greater traffic jam or pollution or they are preferred for alternative uses such as for locating industrial plants or big shopping centres rather than residential use. Therefore, these effects decrease house prices.

The relationship between the real estate and stock markets of China: evidence from a nonlinear model

2010 ◽  
Vol 20 (22) ◽  
pp. 1741-1749 ◽  
Author(s):  
Yu-Shao Liu ◽  
Chi-Wei Su
Keyword(s):  
Real Estate ◽  
Nonlinear Model ◽  
Stock Markets ◽  
The Real ◽  
The Real Estate ◽  
The Relationship

scholarly journals Assessment of the flood damages on the real estate property in the Czech Republic area

2010 ◽  
Vol 56 (No. 7) ◽  
pp. 317-324 ◽  
Author(s):  
J. Korytárová ◽  
V. Hromádka
Keyword(s):  
Real Estate ◽  
Flood Protection ◽  
Protection Measures ◽  
The Real ◽  
The Real Estate ◽  
Estate Property ◽  
Basic Quality ◽  
The Individual ◽  
The Given ◽  
Property Index

The problem of floods can be solved by investment activities in the form of the flood protection measures or by the potential liquidation of damages after the flood. In the frame of the solved grant projects, there was developed the basic methodology for the losses on the immovable property in the territory assessment and consequently the database of input data for its use. The output of the described methodology enables the comparison of the potential losses on immovable property with the investment costs for the flood protection measures. In order to be able to estimate the occurred losses, the own method has been developed by the members of the research team. This method consists of the specification of the territorial property valuation and the evaluation of the damage on the territorial property caused by floods. The basic quality of the Territorial Property Index is that it respects the generally defined structure of the real estate property in the given area. The Territorial Property Index is then calculated for the individual area categories. While evaluating the damage, first the measure of the damages of the property representatives depending on the hydrological situation defined in advance must be investigated. The damages are then estimated based on three defined primary parameters.  

scholarly journals The Real Estate Market and Financial Stability

2020 ◽  
Vol 5 (6) ◽  
pp. 1270-1283
Author(s):  
My-Linh Thi Nguyen ◽  
Toan Ngoc Bui
Keyword(s):  
Real Estate ◽  
Financial Stability ◽  
Real Estate Market ◽  
Data Series ◽  
Stock Market Volatility ◽  
The Real ◽  
The Real Estate ◽  
Long Run ◽  
The Real Estate Market ◽  
Short Run

This paper investigates the relationship between the real estate market (REM) and financial stability in Vietnam. Financial stability is measured using stock market volatility. The research is performed in Vietnam, a developing country whose stock and real estate markets are considered to be nascent, so the data series is very short. To solve this problem, the autoregressive distributed lag (ARDL) approach, which generates more valid results than its counterparts, is adopted. Furthermore, the ARDL approach is appropriate for a model with non-stationary data series and especially allows the analysis of the impact between data series in the short run and the long run. The results reveal the positive relationship between the real estate market and stock market volatility. However, this correlation only exists in the short run, which is a difference between Vietnam and developed countries. The paper also obtains an unprecedented finding confirming that the global financial crisis exerted a negative impact on the REM in Vietnam in the short run and the long run.

Formation of a Science-Based Real Estate Services Market Management Mechanism

2018 ◽  
Vol 931 ◽  
pp. 1172-1177
Author(s):  
Ekaterina V. Voronina ◽  
Viktor E. Reutov ◽  
Olga B. Yarosh ◽  
Sergei V. Khalezin
Keyword(s):  
Real Estate ◽  
Fuzzy Inference ◽  
Real Estate Market ◽  
Membership Functions ◽  
The Real ◽  
The Real Estate ◽  
Object State ◽  
Market Management ◽  
The Individual ◽  
Inference Systems

The authors approve a mathematical model for estimating the value of an object taking into account trends in the residential real estate market in the MATLAB software package with the assignment and correction of the fuzzy set membership functions. Fuzzy computations are performed using the Mamdani method, which requires defining the membership functions for the output variables. We consider schemes for constructing systems of fuzzy inference for variables (the real estate object state) and (the real estate market state). The results of calculations using the Fuzzy Logic Toolbox are given on the surfaces of fuzzy inference systems that show the dependence of the output variables on the individual input variables.

scholarly journals Impact of parcel fragmentation on the calculation of the real estate value of land belonging to farms

New Medit ◽  
2021 ◽  
Vol 20 (1) ◽  
Author(s):  
Keyword(s):  
Real Estate ◽  
Production Costs ◽  
Land Fragmentation ◽  
The Real ◽  
The Real Estate ◽  
Land Valuation ◽  
The Subject ◽  
The Common ◽  
The Individual

Agricultural parcels are often the subject of land valuation studies. This approach implicitly assumes that the real estate value of the land belonging to a farm is the sum of the values of the individual parcels that make up the farm. Nonetheless, the value of a whole can be very different from the sum of its parts. This study proposes a methodology for calculating the real estate value of the land belonging to a farm, by including parameters relating to the fragmentation of the land. Fragmentation increases production costs and reduces farmers’ incomes and by extension the real estate value of the farm. In our study area, the province of Jaen in Spain, figures for its most emblematic crop, the olive, show that fragmentation of the land reduces its value by between 51% for a 10 ha farm and 12% for a 30 ha farm as compared to the values set out in the bibliography. The reorganization of the ownership system or the promotion of systems for the common management of land could increase the profitability and therefore the value of land according to the ‘income capitalization’ approach.

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