26th Annual European Real Estate Society Conference最新文献

{"title":"Currency Hedging for International Real Estate Portfolios","authors":"H. Memis, Steffen P. Sebastian, Lekander Jon","doi":"10.15396/eres2019_166","DOIUrl":"https://doi.org/10.15396/eres2019_166","url":null,"abstract":"The aim of this thesis is to examine the role of real estate investments in the global financial system. The comprehensive investment spectrum conditional on currency-unhedged and fully hedged portfolios is conducted on 23 individual assets from the perspective of three major economies -- the euro, pound sterling, and the U.S. dollar. The approach used in the analysis provides a high information content as it distinguishes between the sources of diversification benefits in a statistically significant way. The econometric analysis shows that internationally diversifying a portfolio is superior to a domestic investment. The strongest evidence thereof is found in global bonds during bear markets, while diversification properties for international stocks are detected in bull markets. Global real estate investments are in fact powerful diversifiers as long as exchange rate risk is fully hedged. Overall, the findings confirm that global investing with hedged positions are valuable investments from the perspective of diversification.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127844442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Spatial Effects in Land Price Models in Austria","authors":"M. Starzer, W. Feilmayr, Wolfgang A. Brunauer, Y. Kestens","doi":"10.15396/eres2019_23","DOIUrl":"https://doi.org/10.15396/eres2019_23","url":null,"abstract":"The aim of this paper is to study the processes and factors that influence the average land price of municipalities in Austria using statistical models. For this purpose, we use a dataset of 1667 Austrian municipalities. The location is clearly one of the most important factors influencing land prices. Therefore, land price data are spatial data. When modelling spatial data, spatial effects must be taken into account. In the case of land price data this is primarily the effect of spatial dependence. Spatial dependence therefore must be incorporated in the model specification. Model specifications coming from the field of spatial econometrics, especially spatial autoregressive models, and methods from the field of geostatistics, especially kriging methods, are able to account for spatial dependence.By comparing these spatial model specifications with classical non-spatial model specifications, one can clearly show that the model-fit can significantly be increased by spatial model specifications. This shows that the process that generates the land price is a spatial process.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121249002","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Who should own higher education institutions buildings? A comparative analysis of arguments and practices in Norway and Poland","authors":"Małgorzata Rymarzak, T. Haugen","doi":"10.15396/eres2019_339","DOIUrl":"https://doi.org/10.15396/eres2019_339","url":null,"abstract":"The examination of European countries reveals differences in the campuses ownership and management. In more and more countries there has been a tendency in recent years towards decentralization (defined here as devolution of power and responsibility from the state level to higher education institutions (HEIs) level). Higher education systems (especially western and central-eastern ones) have made it possible for HEIs to own buildings as decentralization has been seen as a more efficient, lean and effective management strategy. However, this does not apply to the Scandinavian countries where centralized model is quite common and campuses are owned either by the state or a semi-public agency. In Norway, where the universities have traditionally been founded directly by the state (Ministry of Education) the ownership of buildings and facilities have been transferred to the universities after the building project have been done by the semi-public agency Statsbygg. The university colleges are normally renting their buildings from the semi-public agency or in smaller scale from the private market. Purpose – The aim of this paper is to compare two opposite campus ownership and management models in Norway and Poland and discuss the arguments in favour of centralized and decentralized model.Design/methodology/approach – This study has adopted qualitative document analysis to explore the advantages and disadvantages of centralization and decentralization of campus ownership and management based on the examples of Norway and Poland. These contradictory models were the reasons for choosing the two countries, as well as was the contrast between them in terms of population size and the number of HEIs. Findings - The paper demonstrates two opposite campus ownership and management models and indicates that both centralization and decentralization present their own challenges. The Norwegian centralized model based on a belief that with a relatively small number of HEIs located on a large, sparsely populated national territory, centralization as a policy mechanism allows achieving results such as economies of scale, efficiency, implementation of best practices, development of specialized functions, optimization of resources and creation of flexibility via a large pool of assets. With a governmental initiative to create larger and stronger Norwegian HEIs, in 2015-2017 the majority HEIs (universities and university colleges) merged with 2-3 partners in order to be stronger in research and education and competitive institutions in national and international perspective. In comparison, Poland represents a large, densely populated country in which, after the fall of communism in 1990, a decentralized model was implemented as a promising strategy for improvement in management and administration of over 100 public HEIs. However, because of inadequate planning of decentralization results by policy-makers and limited experience in campus ownership and management by HEIs, s","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128956887","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"IPOs versus ICOs: a new challenge for Real Estate industry?","authors":"M. Mariani, Alessandra Caragnano, V. Placido, Marianna Zito","doi":"10.15396/eres2019_233","DOIUrl":"https://doi.org/10.15396/eres2019_233","url":null,"abstract":"In the last few years there has been an increasing interest in the blockchain as well as the application of this technology within the global financial markets, also involving the Real Estate industry.In a greatly innovative way, the blockchain could represent a tool to gather financial resources targeted to the Real Estate industry through the issuance of tokens following an Initial Coin Offering (ICO). Therefore, this paper aims at comparing the IPOs and the ICOs concluded in the Real Estate industry in order to highlight similarities and differences as well as the potential developments of this innovative technology. In this perspective, we aim at investigating the destiny of the NAV discount and which new relations could be explored.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117158408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"New Technology and Data in Real Estate","authors":"Marcelo Cajias, Ronald S. Weberndorfer, Wolfgang Feilmayr","doi":"10.15396/eres2019_155","DOIUrl":"https://doi.org/10.15396/eres2019_155","url":null,"abstract":"Initial yields are used by institutional investors and investment managers to assess the pricing conditions of real estate markets. In contrast to commercial real estate, initial yields in the residential sector are hard to quantify, especially due to the lack of comparables. In the era of digitalisation and big data residential assets are mostly brought to the market via digital multiple listing systems. The paper develops semiparametric hedonic models for extracting the implicit information to calculate residential net initial yields for both a buy-to-hold and rental investment strategy based on more than 3 million observations. The results are robust and confirm that the pricing conditions of residential markets are captured by the hedonic approach, enhancing the transparency in real estate markets.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115804447","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A study of land value change in the area near the Urban Regeneration Project - Changdong Art Village in Changwon City in Korea","authors":"Jaehwan Kim, Gongcheol Jeong, Junsik Choi","doi":"10.15396/eres2019_294","DOIUrl":"https://doi.org/10.15396/eres2019_294","url":null,"abstract":"The present study applied the analytical framework for the relationship between land development projects and land value and their effect on land value, which was discussed in previous studies, to an urban regeneration project, and analyzed their relationship with land value. The scope and subject of this study’s analysis included land value change for two years in Changwon before, during, and after the first generation urban regeneration project. The results showed that while the average cumulative rate of change for 4 dongs within the 1 km affected area was 15.3%, that of 6 dongs within the 5 km affected area it was 25.8%, which was quite high. Hence, as part of the Ministry of Land, Infrastructure, and Transport’s regulatory efforts to curb a steep land value rise in the areas adjacent to urban regeneration projects, it is necessary to approach the steep rise by closely examining a land value change trend in 5 km from the project area, instead of simply regulating the immediately adjacent areas.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"26 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114106214","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Methods of Housing Finance in Urban Tanzania","authors":"Egino Millanzi","doi":"10.15396/eres2019_45","DOIUrl":"https://doi.org/10.15396/eres2019_45","url":null,"abstract":"Purpose-. Essentially, there are different housing finance methods applicable in mobilizing financial resources for housing development in developed and developing countries. The type and usefulness of these methods differ among countries, as well as within countries geographical area. Long term mortgage finance methods which perform better in developed countries, invariably underperform in developing countries. Large number of urban households are excluded in mortgage finance system. This paper seeks to determine the sources and methods of housing finance among households as well as their applicability in urban Tanzania.Methodology- The paper starts with a presentation of the sources and methods of housing finance and discusses housing finance system from the perspective of system theory which encompass demand and supply subsystems. Several hypotheses based on questionnaires are tested through a questionnaire survey sent to 370 homeowners in surveyed and surveyed areas of Kinondoni Municipality, Dar es salaam city.Findings-The study revealed that mortgage finance method is irrelevant in Tanzania. There is dominance of informal equity based methods such as personal income and profits from petty business, sweat equity, small loans from friends and relatives, pensions and gratuity, and remittances from family living abroad and within the country. Use of microfinances such as Saccos, Vicoba as well as microcredits from banks and other microfinance institutions also increases. The study further revealed that it takes 3 to 20 years to complete housing development with an average period of 8 years. These findings imply that incremental finance methods dominate housing market in urban Tanzania. Majority use multiple methods through progressive phases to finance housing development. Originality/value- Despite the constraints of mortgage finance and other long-term housing finance methods in developing countries. Microfinances which are compatible with incremental housing finance methods if improved can be useful to urban Tanzania housing market. Incremental housing strategy fits the requirements of urban poor which calls for fundamental policy innovations of this strategy and microfinance institutions.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114732255","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Factors that determine translocality on the real estate market – globalization and glocalization","authors":"R. Wiśniewski, Justyna Brzezicka","doi":"10.15396/eres2019_55","DOIUrl":"https://doi.org/10.15396/eres2019_55","url":null,"abstract":"Translocality is a multidimensional concept that accounts for the increasing complexity of globalization and glocalization processes that can be integrated as part of translocal processes. The real estate market is a well-defined area of translocality because its characteristics well fit the definition of locality. The real estate market is regarded as a local market because it is based on property that is immobile in geographic space as well as the inherent components of property. The real estate market has obvious connections with a specific locality (point in space), but it also plays a role outside local space. Globalization and glocalization processes come into contact on the real estate market, and they become suffused, strengthened or weakened in translocal processes. A unique interplay of local (often hyperlocal) and global elements can be observed on the real estate market. These attributes make the real estate market an excellent vantage point for studying the factors and variables that characterize the translocal market.The main aim of this study is to identify the factors that determine translocal processes on the real estate market. These factors and variables will be analyzed from the point of view of market participants. Clusters of economic, demographic, political, cybernetic and environmental factors will be defined in analyses of translocal processes in local market space. These clusters group factors and variables that define and participate in translocal processes on the real estate market. A systemic analysis of correlations with other areas that condition translocal processes will also be carried out.This research and conference expenses are funded by a grant from the Polish National Science Center, Miniatura 2 COMPETITION, No. DEC-2018/02/X/HS4/02241.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114863430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financial performance and quality, a factor-based approach for real estate benchmarking","authors":"Olivier Mege, F. Larceneux, Arnaud Simon, Paul Andriot","doi":"10.15396/eres2019_231","DOIUrl":"https://doi.org/10.15396/eres2019_231","url":null,"abstract":"The indexes widely adopted by the real estate industry aims to evaluate the performance of a fund from its total return excluding the quality of the real estate property. There is a consensus around indexes based on a specific segmentation on the location (city, metropolis ...) of the property on the one hand and the typology of the asset (offices, warehouse ...) on the other hand. The construction of the index is based on a market average combining both location and typology. This indexes requiring to use many comparables. This perception of performance tends to exclude the « real » quality level of the asset in the investment decision making. Our work aims to assess the intrinsic quality of a property from its intrinsic and its financial characteristics. This methodology is based on a representative panel of the market who is in charge to evaluates the characteristics of a building. Our approach aims to add to the definition of Total Return (TR): the quality level of the building (QB), the quality of the geographical location (QL), the rental legal security (Ql) and the variation of these three levels of quality in time (bQB, bQL and bQl). Our approach aims to compare the level of management skills of an asset by an asset manager compared to the expected management of the market, on the building. That why characteriscts is no longer appreciate from a normative segmentation, but from assessments of the quality levels of the characteristics of the building. This the basis of our factor-based benchmarking approach.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"130 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125275311","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The reflection of the sustainability dimensions in the residential real estate prices","authors":"E. Ionașcu, M. Mironiuc","doi":"10.15396/eres2019_345","DOIUrl":"https://doi.org/10.15396/eres2019_345","url":null,"abstract":"The stability of the housing market is crucial for sustainable development, and the monitoring and assessing housing price dynamics has become a standard practice in macro-financial supervision. In accordance with the EU approach to sustainable development, the paper aims to explore the relationship between housing prices as an informative indicator of the market and sustainability dimensions in the EU countries. Through an econometrical approach, the social and environmental implications on the housing market are investigated in relation to economic development as the most important factor for supporting sustainable practices. Variables that describe housing conditions, living environments and housing affordability are used as social measures, and energy consumption, renewable energy consumption and gas emissions as indicators of the environment. The low perception of the households about the sustainable effects on the housing prices is outlined. Housing fundamentals, such as disposable income, credit conditions and housing supply (construction costs and building permits) remain the most important factors that determine the household decisions. Based on the research result, policy implications are formulated in relation to the current conditions for sustainable development.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"78 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127183993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}