Journal of Real Estate Literature最新文献

{"title":"Strategic Development of Property Auctions Market in Malaysia","authors":"W. Wong, J. Lee, Nasir Daud, Pooi Leng Ng, W. S. Chan","doi":"10.5555/RELI.22.2.E750427P0723G178","DOIUrl":"https://doi.org/10.5555/RELI.22.2.E750427P0723G178","url":null,"abstract":"Despite its existence in the property market scene for over a century, little is known about the property auction market in Malaysia. We analyze the types, size, occurrence, and performance of property auctions in Malaysia. In comparison to mature markets such as Australia and New Zealand, the auction market in Malaysia is relatively small (0.03% of total property sales) and dominated by distress or foreclosure sales. Outdated laws coupled with an unregulated auction environment have generated myriad challenges among which are the presence of syndicates (dummy bidders) and negative stigma associated with auctions. We highlight initiatives that could be taken by policymakers to revitalize the property auction market in Malaysia.","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":"3 1","pages":"261-278"},"PeriodicalIF":0.0,"publicationDate":"2015-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78906522","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":"Geographic Diversification Issues in Real Estate Markets in Africa","authors":"O. Akinsomi, Radiyya Pahad, Lebogang Nape, J. Margolis","doi":"10.1080/10835547.2015.12090407","DOIUrl":"https://doi.org/10.1080/10835547.2015.12090407","url":null,"abstract":"The purpose of this paper is to establish the barriers to entry in African real estate markets from a South African investor's perspective. Questionnaires were administered to 36 listed property companies on the Johannesburg Stock Exchange and data on diversification strategies was gathered from annual reports. We find that property rights are the most substantial market selection criteria that South African listed real estate companies consider and the main barrier to entry into the African markets is legal and title risk. We also find that geographic diversification within South Africa is a strategy mostly adopted by listed South African real estate companies. Central Africa is ranked as the region with the highest criteria for barriers to entry while Nigeria ranked highest in terms of country. Ghana is an investment destination for South African real estate investors. For African countries to attract real estate investment from South Africa, they need to improve their legal and property rights regulations.","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":"23 1","pages":"259-295"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86941232","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":"Topics in Real Estate Research, 1973-2010: A Latent Semantic Analysis","authors":"K. Winson-Geideman, Nicholas E. Evangelopoulos","doi":"10.1080/10835547.2013.12090347","DOIUrl":"https://doi.org/10.1080/10835547.2013.12090347","url":null,"abstract":"With the development and evolution of real estate literature a number of studies, primarily qualitative, have attempted to build structure into the body of published research. This research uses La...","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":"102 1","pages":"59-76"},"PeriodicalIF":0.0,"publicationDate":"2013-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76812038","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":"Real Estate Bubble and Financial Crisis in Dubai: Dynamics and Policy Responses","authors":"B. Renaud","doi":"10.1080/10835547.2012.12090313","DOIUrl":"https://doi.org/10.1080/10835547.2012.12090313","url":null,"abstract":"Dubai experienced one of the world's most massive real estate bubbles in 2003-2008. This paper examines the dynamics of this bubble. There are several key questions. What were the multiple drivers ...","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":"5 1","pages":"51-77"},"PeriodicalIF":0.0,"publicationDate":"2012-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88084470","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":"DATA, METHODS, AND TECHNOLOGY: DATA RESOURCES FOR REAL ESTATE AND BUSINESS GEOGRAPHY MARKET ANALYSIS: A COMPREHENSIVE STRUCTURED ANNOTATED BIBLIOGRAPHY, VERSION 2.0","authors":"G. Thrall, S. E. Thrall","doi":"10.1080/10835547.2011.12090299","DOIUrl":"https://doi.org/10.1080/10835547.2011.12090299","url":null,"abstract":"This is an annotated bibliography of data relevant to real estate analysis. Without supporting data, our research, business advice, and policy recommendations are limited to being conjectural. Consider this \"rule of 80s\" and how it applies to real estate analysis: Eighty percent of what we do is data, and 80% of data is geospatial. To go beyond conjectural, we need data. Preferably reliable data, at the right geographic resolution, and data that is cost effective.","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":"48 1","pages":"413-468"},"PeriodicalIF":0.0,"publicationDate":"2011-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82172846","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 Housing Boom and Bust","authors":"T. Noordewier","doi":"10.5860/choice.47-2128","DOIUrl":"https://doi.org/10.5860/choice.47-2128","url":null,"abstract":"The Housing Boom and Bust. Thomas Sowell. 184 pages, New York: Basic Books, 2009. Virtually from the onset of the U.S. housing market's precipitous price decline in 2006-07, academicians, politicians, and the media have sought to explain how the housing bubble that set the stage for the debacle developed and grew to such dangerous proportions. Not all observers were caught off-guard by the bubble. As early as 2003, for example, The Economist cautioned against the risk of expecting continued housing price escalation or, worse yet, the \"risk that house prices will take such a tumble that they take whole economies with them.\" Again, in 2005, the same publication observed that \"the day of reckoning is closer at hand,\" and \"it is not going to be pretty.\" When it finally arrived, the housing market's \"day of reckoning\" was ugly indeed, bringing with it bruising housing price declines, unprecedented foreclosure rates and, in a follow-on effect, a crisis on Wall Street in which institutions and investors realized that the default risk embedded in widely traded mortgage-based financial instruments had been grossly mispriced. Whether or not one foresaw it, the core question remains: What actually caused the housing boom (and bust)? Equally important, how might a similar crisis be averted in the future? These are the questions that Thomas Sowell, Rose and Milton Friedman Senior Fellow at the Hoover Institution, addresses in his highly readable and informative book The Housing Boom and Bust. From the outset of the book-totaling a compact 148 pages, excluding 29 pages of source material at the end-Dr. Sowell qualifies that \"there was no single cause of the housing crisis, and there is certainly plenty of blame to go around.\" Readers, of course, will be acquainted with oft-cited explanations for the fiasco, including: the Federal Reserve nurtured a bubble with low interest rates over an extended period of time; lenders offered exotic loan products that simultaneously confused less knowledgeable participants and enhanced the ability of sophisticated speculators to buy and re-sell homes without using their own cash; a lack of serious regulatory oversight enabled lenders to ignore reasonable standards of lending (i.e., those consistent with actual borrower creditworthiness) and make loans based upon inaccurate or incomplete applicant information (e.g., \"low-doc\" and \"no-doc\" loans); the credit rating agencies (e.g., Moody's) failed to accurately assess risk inherent in subprime mortgages; and so on. In Sowell's account, borrowers, lenders, government, and financial markets were each responsible for the crisis. As he succinctly puts it, \"All were responsible and many were irresponsible.\" However, the central premise of the book is that responsibility among these players was not shared equally. The chief culprit, by far, was government, both local and federal, in the form of ill-advised interventions (or interference). Writing in language accessible to both expert ","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":"103 1","pages":"489"},"PeriodicalIF":0.0,"publicationDate":"2011-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77703341","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":"International Articles: Examining the Effect of Leadership Structure and CEO Tenure on Malaysian Property Firm Performance","authors":"R. Shakir","doi":"10.1080/10835547.2009.12090248","DOIUrl":"https://doi.org/10.1080/10835547.2009.12090248","url":null,"abstract":"The leadership structure of a firm can be categorized in two different forms: (1) a combined leadership structure where the Chief Executive Officer (CEO) also holds the chairmanship of the firm and...","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":"27 1","pages":"45-62"},"PeriodicalIF":0.0,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78012281","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":"Discriminating Risk: The U.S. Mortgage Lending Industry in the Twentieth Century","authors":"M. Allen","doi":"10.5860/choice.41-1678","DOIUrl":"https://doi.org/10.5860/choice.41-1678","url":null,"abstract":"Discriminating Risk: The U.S. Mortgage Lending Industry in the Twentieth Century. Guy Stuart. 248 pages. Cornell University Press, Ithaca, New York, 2003. The title of Guy Stuart's book suggests that it would provide an objective summary of the evolution of the lending decisions of the American mortgage lending industry in the twentieth century. Instead, the primary focus of the book is on the way lenders ''construct risk'' in ways that discriminate against racial and ethnic minorities- namely, blacks and Hispanics. Stuart's book begins with an explanation of his concept of risk construction in which cultural, institutional, and spatial issues affect the lending decision in a manner that discriminates against certain minority groups. He distinguishes [following Keynes (1921) and Knight (1921)] between the concepts of uncertainty and risk by explaining that uncertain decisions are those in which the decision maker is not aware of the probability distribution of future events, whereas risk decisions are made when decision makers attempt to translate uncertainty into risk by evaluating the probability distribution of future events. Cultural, institutional, and spatial issues affect the way lenders construct risk in the face of uncertainty. Without delving into the quagmire of whether lenders engage in blatant discrimination, as implied by the Federal Reserve Bank of Boston study (Munnell, Browne, McEneaney, and Tootell, 1992), Stuart argues that the ways lenders construct risk result in unfair treatment of minority loan applicants. In particular, he suggests that lenders construct risk in an implicit social context that affects the way they receive and process information and thereby develop lending rules. Furthermore, he suggests that the lending guidelines promulgated by the dominant institutions in the mortgage industry [the Federal Housing Administration (FHA), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac)] continue to put minority borrowers at a disadvantage in mortgage lending decisions. Lastly, he argues that the manner in which appraisers and lenders identify and delineate neighborhoods makes the conclusions lenders reach regarding changes in property value a self-fulfilling prophecy. Chapter 1 of the book considers the ''meaning of value'' and the role that appraisers play in the mortgage lending decision. Stuart provides an interesting discussion of the progress made by the appraisal profession (largely at the urging of the Department of Justice) toward reducing explicit racial and ethnic discrimination. He comments on Frederick Babcock's writings in the Federal Housing Administration's Underwriting Manual (1936), used for many years after the FHA's inception under the Roosevelt administration, and concludes (p. 58) that the ''. . . (misguided) genius of Babcock's solution'' that calls for the careful delineation of ''neighborhoods'' from which comparables should be chosen ","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":"28 1","pages":"464"},"PeriodicalIF":0.0,"publicationDate":"2007-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89463419","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 Rental Dynamics of the West German Market for Newly Built Apartments","authors":"Cieleback Marcus","doi":"10.1080/10835547.2006.12090174","DOIUrl":"https://doi.org/10.1080/10835547.2006.12090174","url":null,"abstract":"Internationally, Germany has a low owner-occupation rate of approximately 43%. Therefore, the rented apartment sector is traditionally of great importance. Nevertheless, only a limited number of empirical studies for the German apartment sector exist. This study provides insight into the rental dynamics of the market for newly built apartments by examining the factors that influence rental change. The empirical results show that the real rental growth of newly built apartments is influenced by income growth, migration patterns and past growth in real construction costs. The results also support the assumption of a backward looking expectation formation process from the developers when applying for a building permit and the structurally higher rental growth rate in southern Germany.","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":"34 1","pages":"27-38"},"PeriodicalIF":0.0,"publicationDate":"2006-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81018163","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":"Real Estate Prices: A Paris Repeat Sales Residential Index","authors":"Michel Baroni, Fabrice Barthélémy, M. Mokrane","doi":"10.1080/10835547.2005.12090163","DOIUrl":"https://doi.org/10.1080/10835547.2005.12090163","url":null,"abstract":"Abstract This paper offers an alternative methodology to estimate an index for Paris residential housing prices: the now standard repeat sales method (Case and Shiller, 1987). The same dataset as the official Notaires/INSEE Index is employed, and after discussing the main assumptions and their implications for estimation robustness, the estimated index for the 1982-2002 period is compared with the Notaires/INSEE Index. The findings indicate that the estimation is quite robust whatever the estimation period, and that this index is significantly different from the official residential index for Paris. Introduction Every real estate investor faces an objective difficulty concerning the measurement of real estate investment performance and risk. The reasons explaining this difficulty are numerous: an absence of centralized trading, or even price lists; a low degree of buildings or apartment turnover in investor portfolios; a lack of transparency in transactions; the heterogeneity and indivisibility of real estate properties; and a tradition of confidentiality in the industry. The official price index for the Paris residential market (Notaires/INSEE Index) is a hedonic one based on transaction prices. This index can be used to have an estimation of the price growth by comparing the index value at two different dates. For instance, the price return in capital between December 1985 and December 1991 is 249%, according to this index. This paper offers an alternative methodology to estimate an index for Paris residential housing prices: the now standard repeat sales method. The same dataset as the official index is used, and after discussing the main assumptions and their implications for estimation robustness, the estimated index for the 1982-2002 period is compared with the Notaires/INSEE Index. The next section contains a review of the repeat sales literature. The case and Shiller repeat sales framework (thereafter referred to as WRS) is developed next. The data available to estimate the Paris WRS sales index follows, along with the estimation results and robustness analysis. This sales index is then compared to the French one in an index perspective, and a comparison is then made on a return and volatility point of view. The paper wraps up with some concluding remarks. Repeat Sales Methodology: Literature Review The repeat sales method is a means of constructing real estate price indices based on a repeated observation of property transactions. The method begins by stating that the price of say good z at date t is a function of four terms: the good's quality at date t, the value of the underlying global real estate index at date t, a random walk variable linked to good i at date t and an error term, here again linked to good i at date t (modeled as a white noise). case and Shiller (1987) generalize the work of Bailey, Muth and Nourse (1963) and thus provide the first approach of repeat measures methods for construction of real estate indices. The main","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":"28 1","pages":"303-322"},"PeriodicalIF":0.0,"publicationDate":"2005-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79307842","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}