26th Annual European Real Estate Society Conference最新文献

{"title":"Search and Vacancies in the French real estate market","authors":"Pierre Vidal","doi":"10.15396/eres2019_33","DOIUrl":"https://doi.org/10.15396/eres2019_33","url":null,"abstract":"Using internet users activity record on a real estate web platform I measure, quarterly, housing market tightness for more than 250 cities of the Paris area, over a four years period. An upward sloping Beveridge curve linking vacancy and demand rate is observed both across locations and over time. Applying a random matching model, this measure of the market tightness is compared with volumes and prices dynamics. In line with the theory, I find a positive, statistically significant, impact of the buyer-seller ratio on both rotation rate and price variation.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"46 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":"121513857","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":"Housing Canadian housing market integration in light of foreign buyers","authors":"Charles-Olivier Amédée-Manesme, F. D. Rosiers, I. Dialahy, Fluet Claude","doi":"10.15396/eres2019_250","DOIUrl":"https://doi.org/10.15396/eres2019_250","url":null,"abstract":"A large number of researches have evaluated price linkages in spatially separated markets. In this work, we analyse whether and to what extent the three major Canadian housing markets– Montreal, Toronto and Vancouver–are integrated and if this relation is time-varying. The integration of markets can have important implications for price discovery, housing demand mobility and more importantly for regulations. The question of housing market integration is particularly questioning in Canada. Indeed, some local markets in particular Vancouver and Toronto have recently experienced a strong growth attributed namely to wealthy foreign investors. Local authorities have tried to circumvent this problem by imposing a special foreign- buyer tax in order to favor local buyers. We analyse how these taxes may have shifted investors’ focus to other markets. Our results confirm the presence of thresholds and indicates strong support for market integration and demand shifting. In particular, we exhibit how adjustment to shocks may take months to be completed. We also show that there is a strong contribution from other markets to the volatility of real estate prices in each Canadian city.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"14 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":"122203645","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":"To self-owned property through collective construction projects: an analysis of socio-economic and monetary factors","authors":"Adrian Toschka","doi":"10.15396/eres2019_305","DOIUrl":"https://doi.org/10.15396/eres2019_305","url":null,"abstract":"Purpose: High rents cause displacement and segregation in German cities, which is why self-used residential property in cities is politically promoted. However, the affordability of homeownership is also declining in cities, which is why, groups of private individuals form private joint building ventures to buy urban vacant land to develop and build multi-family houses for later owner -occupancy. Therefore, it was investigated if private joint construction projects really represent an alternative to buying property from a conventional developer for small and middle-income households.Design/methodology/approach: First, a cluster analysis is performed to identify disparities within the collected financing data of the members of joint building ventures. Second, the typical members of joint building ventures are characterized and compared with data from the Socio-Economic Panel (SOEP) using a regression analysis. The evaluation of the data also determines whether the construction costs of joint building projects are relatively low, and whether this makes self-used residential property affordable for households with low and middle income. Findings: The cluster analysis enabled typical groups of people involved in joint building ventures. In conjunction with the subsequent regression analysis, it has been revealed that members of joint construction projetcs are highly homogeneous in terms of formal literacy. However, the comparison with a reference group revealed that the decision for a collective construction project does not depend on the level of net household income. As the projects are partly carried out by non-professional groups, different stakeholders have developed various preconditions through increased professionalization in order to minimize the uncertainty of the construction projects.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"24 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":"131411209","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":"Analysis of Housing Turnover Frequency and the Factors Affecting Residential Mobility: A Case of Çankaya District of Ankara Province, Turkey","authors":"Yeşim Aliefendioğlu, Rodrigue Bazame, H. Tanrıvermiş","doi":"10.15396/eres2019_261","DOIUrl":"https://doi.org/10.15396/eres2019_261","url":null,"abstract":"In the analysis of real estate markets, criteria such as sales volume, transaction frequency and vacancy rate in a certain period of time are frequently used, and mobility analysis and development trends are used. In other saying, to analyse real estate market dynamism concept like as the real estate stock, sales amount, vacancy rate or whether the same property has been handed over more than once within a certain time period are used. Although the levels and movements of real estate market prices have been subject to many researches, there are few studies on the propensity of real estate turnover (Fisher et al., 2004). Real estate sales or turnover frequency provide important information about the condition of local, regional or national markets. In researches on the real estate turnover frequency, the current housing sales and the demand for new housing are considered in the first lace (Jaffee and Rosen 1979, Thom 1985, Stein 1995, Dieleman 2001, Rady and Ortalo-Magne 2001). According to Fisher et al. (2004), frequency of real estate turnover depends on market conditions (such as economic, demographic, financial, taxation instruments and legal regulations), characteristics of properties and the socio-economic status of the occupant. In order to understand the frequency and causes of housing turnover, the expectations of households and firms and their development strategies should be understood in advance. While the change of residence for household expectations is generally perceived as a response to the change in household demand, housing turnover is considered to be associated with the choice of residence to adapt to the change in household size, household income or living standards (Turner 1968). Along with this, Rietveld (1984) emphasised that there is a mutual relationship between housing vacancy and housing turnover frequency in the housing market. Therefore, the vacancy rate in housing stock affects the propensity household to move and at the same time the propensity of changing housing is affected by the vacancy rate. In this study, the macroeconomic variables and the development of housing sales in Turkey were evaluated in general and a macro-analysis of housing sales frequency was conducted. In the second stage, housing turnover frequency and the factors affecting it have been analysed in a selected district in the light of official data and survey results. The housing purchase and sales data of the last 20 years in the Cankaya district, where the number of dwellings and households is highest in Ankara and where households from all socioeconomic groups live, and the period of possession of the dwelling have been examined. The high frequency of housing turnover and the short period of possession within the district boundaries and the development trends in the neighbourhood scale were examined according to the results of the field observations. A survey was conducted on people who bought and sold houses in the district in the last year ","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"21 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":"128382368","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":"Housing Attributes and Individual Well-being","authors":"M. Burke, F. Fuerst","doi":"10.15396/eres2019_344","DOIUrl":"https://doi.org/10.15396/eres2019_344","url":null,"abstract":"There has been ample research conducted on income and education, as well as income and health outcomes. However, little or no analysis has been done on housing participation and health and well-being outcomes through This paper addresses whether home ownership participation lead to improved social outcomes. It presents an analysis of the causal impact of home ownership on self reported measures of health, mental state and life satisfaction. While intuitively higher house values could be correlated with better income which in turn could be correlated with better housing, this paper explores whether there is a causal influence between the structure of housing, home equity and social outcomes.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"1 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":"129513388","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":"Does co-living improve the physical and mental health of residents?","authors":"Jeongseob Kim, Gi-Hyoug Cho, C. Leishman","doi":"10.15396/eres2019_135","DOIUrl":"https://doi.org/10.15396/eres2019_135","url":null,"abstract":"Co-living or shared housing has become popular as an emerging housing option for young adults in many countries. Co-living allows residents to save rent by sharing common spaces such as a kitchen and living room in their home. In addition, co-living could provide a new opportunity for social relationship with housemates. Personal privacy is not fully ensured in shared housing so that social conflicts can occur among residents. However, co-living could improve the health of residents through social interactions with housemates. In this regard, this study examines whether co-living can improve physical and mental health of residents. This study explores the relationship between co-living and the health of residents based on the survey with a sample of 830 young adults in Seoul, South Korea. We compared the mental and physical health of house-shares with those of residents in general housing. There is no difference in the physical health between house-sharers and general people, but the mental health of house-sharers, specifically for the depression, is better than that of general people. The results imply that co-living could have the potential to improve the mental health of residents by providing the social relationship with housemates. The findings of this study could be a basis for developing an effective housing policy and planning for young adults.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"86 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":"133523168","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":"Uncertainty and Housing in a New Keynesian Monetary Model with Agency Costs","authors":"V. Dorofeenko, Gabriel S. Lee, Kevin D. Salyer, Johannes Strobel","doi":"10.15396/eres2019_214","DOIUrl":"https://doi.org/10.15396/eres2019_214","url":null,"abstract":"This paper demonstrates that risk (uncertainty) along with the monetary (interest rates) shocks to thehousing production sector that is subject to nominal frictions in prices and wages are a quantitativelyimportant impulse mechanism for the business and housing cycles. Our model framework is that ofthe housing supply/banking/monetary sector model as developed in Dorofeenko, Lee, Salyer and Strobel(2016) with the model of housing demand with sticky pricing (Calvo) presented in Iacoviello and Neri(2010). We provide empirical evidence that large housing price and residential investment boom and bustcycles over the last few years are driven largely by economic fundamentals and financial constraints. Wefind the impact of risk and monetary shocks are the main impulse in explaining the aggregate and sectoralfluctuations. Moreover, in the presence of nominal frictions in prices and wages, the Loan to Value ratiothat affects the household borrowing constraint plays a critical role for real aggregate variables. Thiscomparison carries over to housing market variables such as the price of housing, the risk premium onloans, and the bankruptcy rate of housing producers.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"1 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":"114155717","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":"Debt and REIT performance: Evidence from Australia","authors":"W. Wong, Nico B. Rottke, J. Zietz","doi":"10.15396/eres2019_46","DOIUrl":"https://doi.org/10.15396/eres2019_46","url":null,"abstract":"Firms finance operations in one of three ways: retained earnings, debt or the issuance of equity. The Australian REIT sector experienced phenomenal growth in the early 2000s outperforming the ASX200 as funds borrowed aggressively to fuel expansion. However, the sector collapsed during the financial crisis of 2007-09 which was due in part by its heavy reliance on debt and increased exposure to financial risk. Since then, the sector has recovered under a low interest environment while capital structures have been reconfigured through a combination of debt retirement and equity raisings.This study aims to explore the relationship between debt and the performance of the REIT sector in Australia which is important as over AUD114bn are currently invested in the property sector via superannuation funds (pension funds) representing approximately 8 percent of total holdings.Utilising panel data from the Australian market over a 20 year period spanning multiple economic cycles, REIT performance was found to have an inverse relationship to leverage even after controlling for factors such as market risk, inflation and economic growth. The adverse effects are further compounded with increasingly higher levels of gearing. Additionally funds with low interest coverage ability and insufficient free cash flows also exhibit greater exposure to gearing risk.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"129 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":"128299198","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":"Text-Based Rental Rate Predictions of Airbnb Listings","authors":"Norbert Pfeifer","doi":"10.15396/eres2019_329","DOIUrl":"https://doi.org/10.15396/eres2019_329","url":null,"abstract":"The validation of house price value remains a critical task for scientific research as well as for practitioners. The following paper investigates this challenge by integrating textual-based information contained in real estate descriptions. More specifically, we show different approaches surrounding how to integrate verbal descriptions from real estate advertisements in an automated valuation model. By using Airbnb listing data, we address the proposed methods against a traditional hedonic-based approach, where we show that a neural network-based prediction model—featuring only information from verbal descriptions—are able to outperform a traditional hedonic-based model estimated with physical attributes, such as bathrooms or/and bedrooms. We also draw attention to techniques that allow for interrelations between physical, locational, and qualitative, text-based attributes. The results strongly suggest the integration of textual information, specifically modelled in a 2-stage model architecture in which the first model (recurrent long short-term memory network) outputs a probability distribution over price classifications, which is then used along with quantitative measurements in a stacked feed-forward neural network.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"80 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":"133309598","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":"Determinants of foreign and domestic non-listed real estate funds flow in India: An ARDL Approach","authors":"A. Gupta, G. Newell, D. Bajaj, S. Mandal","doi":"10.15396/eres2019_258","DOIUrl":"https://doi.org/10.15396/eres2019_258","url":null,"abstract":"Traditionally in India, real estate development was funded by High Net-worth Individuals (HNIs) through high-cost debt and equity. The opening of Foreign Direct Investment (FDI) in real estate in 2005, made non-listed real estate funds (NREFs) an important source of capital for Indian real estate development. During 2005 to 2015 foreign NREFs contributed more than three fourth (3/4th) of entire NREFs investment in the country. Foreign NREFs significantly contributed to increase transparency and corporate governance in Indian real estate sector. However, in times of volatility, especially after the global financial crisis of 2008 foreign NREFs became conservative. Domestic NREFs were the major investors in the market during this period. NREFs investment in real estate is impacted by the macroeconomic environment of the host country. Most of the literature focuses on the drivers of foreign investment and there is hardly any literature on domestic investment drivers. This study, in contrast, simultaneously evaluates the domestic and foreign NREFs drivers. Unlike many other Asian countries (like China, Singapore and Hong Kong) very limited previous research is available in Indian real estate.This study will examine macroeconomic and capital market factors (like inflation, currency risk, interest rate volatility, M3, BSE realty index, BSE Sensex and GDP) to determine the drivers of domestic and foreign NREFs flow in the Indian real estate sector during 2005 to 2017. This study will use secondary data from various sources including published reports and data on various macroeconomic, capital market and NREFs investment data (from World Bank, IMF, RBI, OECD, VCC Edge, etc.). Overall, this paper will evaluate the significant determinants of NREFs flow in Indian real estate.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"47 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":"125989739","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}