FIRST-TIME HOMEBUYERS’ INTERESTS IN USING PROPERTY CROWDFUNDING AS AN ALTERNATIVE FINANCING OPTION

Property crowdfunding as an alternative financing option for first-time homebuyers was introduced by the Malaysian government during the presentation of the National Budget 2019. This platform was the first of its kind, and targeted fundraisers who were first-time homebuyers, i.e., those allowed to raise financial support for their home purchase via the platform. As the mechanism of the Malaysian property crowdfunding platform is new to homebuyers, this study aims to explore homebuyers’ interests to use property crowdfunding platform as an alternative financing option for the purchase of their first home. First-time homebuyers’ opinions were collected through face-to-face interviews, and content analysis was performed to analyse the obtained qualitative data. Key themes were identified and organised into three sections: (i) knowledge of the property crowdfunding; (ii) factors that motivated the use of the property crowdfunding and (iii) barriers that hindered the use of the property crowdfunding. These findings are expected to contribute toward the adoption of the property crowdfunding in Malaysia.

Identifying the Factors Affecting Second-Home Purchase Decisions of Foreigners in Turkey

Turkey has been among the most preferred countries by foreigners for purchasing a “second home” (SH) since the beginning of the 2000s. This explorative and descriptive study aims to determine the factors which affect the purchasing behaviors of foreigners who have bought an SH in Turkey in the framework of nationalities. The study employed a sequential mixed method, which included quantitative and qualitative aspects. As a result of the qualitative research, it was found that the factors affecting the decisions of foreign residents to purchase a home in Alanya were grouped under four main themes and twelve subthemes. A quantitative method was conducted based on the results of the qualitative research as well as the literature review. The results of the study show that the SH purchasing behavior of foreigners and their intentions of purchasing are significantly differentiated according to nationalities. This study contributes insight into the issue of the SH buying behavior of foreigners and presents marketing and managerial implications.

Examination of Applicants for Home Purchase Subsidy for Families in Terms of Prior Commitment to Having Children and Extent of Property Acquisition, Based on the Data of a Credit Institution

By examining a credit institution’s database for the period 2016–2020, the authors aimed to discover the extent to which Home Purchase Subsidy (HPS) for families applicants use the subsidy received in return for committing to having children in Hungary. The current study also examines which social groups the HPS provides essential assistance to with home purchasing, and at which income level and property value the subsidy motivates the purchase of a second home. Using cluster analysis, the authors found that groups with modest incomes and housing are the most likely to commit to having children in advance. Though the subsidy assists this group the most with housing, the amount received from the subsidy is small. Moreover, the current study revealed that 8 per cent of applicants used the subsidy to purchase a second property.

Home purchase restriction, real estate investment, and corporate innovation

It is ubiquitous for non-real estate firms to conduct real estate business in China. Home purchase restriction (HPR) affects corporate innovation by dampening the real estate investment of non-real estate firms. The extant literature has examined the impact of HPR on corporate innovation, but it has not focused on the expectation of HPR and the endogeneity problem. Employing a dataset of 1830 listed non-real estate firms over the period 2009–2016, this research explores the expectation of HPR on corporate innovation based on the motivations for real estate investment in non-real estate firms. We demonstrate that HPR facilitates the enhancement of research and development (R&D) investment in non-real estate listed firms by hindering real estate investment, particularly for non-high-tech firms. The effects of HPR arrive at the crest in the third implementation year and remain steady thereafter. The real estate investment of non-real estate firms rebounds and the R&D investment declines along with the cancellation of HPR. Tackling the selection bias and endogeneity problems, the baseline results are also robust. Hence, HPR should serve as a long-term vehicle to improving corporate innovation, in addition to preventing housing speculation.

Evidence From Data Analysis, Fifteen Developed Countries and the United States Home Prices Increase Between 1990 to 2006 Result of Advancement In Technology, Worldwide Economic Collapse and Great Recession Result of False Information by Media and Economic Policy Failures: Walters Real Estate Bubble Impossibility Price Transparency Theory, Real Estate Bubble Is Impossible, An End to Economic Policies Based on False Information

Based on the findings of the current study, policymakers must take a hard look at the media and themselves, because the world can no longer blame the subprime mortgage industry for causing the Global Financial Crisis of 2007 and 2008. The public must demand answers from the media and policymakers explaining how an economic crisis that could have been avoided resulted in the collapse of the global economy. The lack of evidence supporting the theory of a financial bubble and a real estate bubble called for further investigation of factors leading to the Global Financial Crisis of 2007 and 2008. Evidence presented from data analysis in Walters (2018) suggested no financial bubble existed in developed or developing countries around the world, preceding the Global Financial Crisis of 2007 and 2008. Based on data analysis in Walters (2018) the evidence also suggested, the lasting effect of economic policies in response to the Global Financial Crisis of 2007 and 2008 for both developed and developing countries around the world, had no significant impact on the financial sector but pointed to a lack of economic growth. The findings raised significant questions about the existence of a real estate bubble in both developed and developing countries. Evidence from data analysis presented in Walters and Djokic (2019) suggested the existence of a real estate bubble in the United States real estate market preceding the Global Financial Crisis of 2007 and 2008 was a false conclusion. Data analysis in Walters (2019) resulted in, 0.989 Adjusted R-square, 194.041 Mean Dependent Variable, 5.908 Square Error of Regression, 488.726 Sum-of- Square Residual, and 0.00000 Probability (F-statistic), for correlation between the independent variable representing advancement in technology, and the dependent variable representing home purchase price in the United States preceding the Global Financial Crisis of 2007 and 2008. The findings in Walters (2019) concluded the rapid increase in home purchase price in the United States real estate market, was due to increased demand for homes from the adaptation of advancement in technology in the real estate and mortgage industries. The current study expanded the investigation of the growth in home purchase price to fifteen developed countries around the world, building on the findings of previous research by the current researcher. The researcher in the current study concluded, the existence of significant and near-perfect correlation in many cases, between the dependent variable representing growth in home purchase price, and the independent variable representing advancement in technology. The analysis was based on data analyzed from fifteen developed countries around the world, which was collected between 1990 and 2006. The data analysis included home purchase price data from, Canada, United Kingdom, Denmark, Finland, France, Italy, New Zealand, Sweden, Netherlands, Australia, Ireland, Belgium, Norway, Spain, and Portugal. Data preceding the Global Financial Crisis of 2007 and 2008 were analyzed in the current study. The researcher in the current study concluded the existence of overwhelming evidence suggesting advancement in technology was responsible for the rapid increase in home prices in developed countries around the world preceding the Global Financial Crisis of 2007 and 2008. The result of data analysis in the current study provided further confirmation of the accuracy of former Federal Reserve Board Chairmen, Alan Greenspan and Ben Bernanke 2005 assessment which concluded, the occurrence of a real estate bubble developing was impossible due to the Efficient Market Hypothesis, before reversing course subsequent their assertion in 2005 (Belke & Wiedmann, 2005; Starr,2012). The result of the current study provided additional evidence supporting Eddison Walters Risk Expectation Theory of The Global Financial Crisis of 2007 and 2008. The result from data analysis also confirmed the need for the adaptation of Eddison Walters Modern Economic Analysis Theory. As a result of the findings in the current study, the researcher concluded the development of a real estate bubble is impossible where there exists real estate price transparency, as is the case in most developed and developing countries. The researcher presented Walters Real Estate Bubble Impossibility Price Transparency Theory based on the findings. False information of a real estate bubble and predictions of a real estate crash disseminated through the mainstream media and social media can be a destructive force with a disastrous effect on the economy around the world. The failure by the media to hold themselves and policymakers to a higher standard resulted in the Global Financial Crisis of 2007 and 2008. The result of the failure by the media was a worldwide economic crisis and the Great Recession that followed the Global Financial Crisis of 2007 and 2008. Lessons learned from the Global Financial Crisis of 2007 and 2008 can assist in preventing another economic crisis in the future.