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Use of Google Trends to Predict the Real Estate Market: Evidence from the United Kingdom 利用谷歌趋势预测房地产市场:来自英国的证据
IF 0.7
International Real Estate Review Pub Date : 2021-12-31 DOI: 10.53383/100332
G. Bulczak
{"title":"Use of Google Trends to Predict the Real Estate Market: Evidence from the United\u0000 Kingdom","authors":"G. Bulczak","doi":"10.53383/100332","DOIUrl":"https://doi.org/10.53383/100332","url":null,"abstract":"This paper demonstrates how Google Trends data can be used to improve real estate\u0000 market predictions. Online searches produce valuable data that precede economic\u0000 decisions. This study explores the usefulness of Google search engine data in predicting\u0000 the real estate markets. The results indicate that Google data can be an additional\u0000 source of information for investors and policymakers. This analysis adds to the existing\u0000 literature that explores the role of behavioral factors in the decision-making process.\u0000 Google Trends data are identified as an important predictor of real estate market prices\u0000 and sales volume.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"30 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82078687","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}
引用次数: 2
European Mortgage Markets Versus Institutions 欧洲抵押贷款市场与金融机构
IF 0.7
International Real Estate Review Pub Date : 2021-12-31 DOI: 10.53383/100331
S. Akçay, Begüm Güler
{"title":"European Mortgage Markets Versus Institutions","authors":"S. Akçay, Begüm Güler","doi":"10.53383/100331","DOIUrl":"https://doi.org/10.53383/100331","url":null,"abstract":"This study aims to measure the institutional features of residential mortgage\u0000 markets in the European Union (EU) countries. The institutional features of the mortgage\u0000 markets include access to credit information, protection of creditor rights, and\u0000 enforcement of contracts among others, and attributes that define the evolution and\u0000 functioning of mortgage markets. Differences among these features lead to institutional\u0000 variations in mortgage markets among countries. In this study, we measure the\u0000 institutional features along four dimensions (financial, legal, openness and cultural),\u0000 and compare them to a benchmark. To achieve this, composite indices (overall index and\u0000 its sub-indices) are developed with the use of a factor analysis. The findings show that\u0000 the institutional features of the EU mortgage markets are diverse; northern European\u0000 countries and the United Kingdom (UK) take the lead with respect to the institutional\u0000 environment of their mortgage markets and have markets with higher institutional quality\u0000 than the others. That is, these countries have mortgage markets with a more efficient\u0000 legal framework, more government transparency in policymaking, easier access to\u0000 financial services and credit information, etc.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"14 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86921040","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}
引用次数: 0
Evaluating Different Housing Prices: Marketing and Financial Distortions 评估不同的房价:市场和金融扭曲
IF 0.7
International Real Estate Review Pub Date : 2021-12-31 DOI: 10.53383/100330
J. Raya
{"title":"Evaluating Different Housing Prices: Marketing and Financial Distortions","authors":"J. Raya","doi":"10.53383/100330","DOIUrl":"https://doi.org/10.53383/100330","url":null,"abstract":"The aim of this paper is to evaluate the importance of housing price. We compare\u0000 the evolution of three different types of housing prices (list, sale and appraisal\u0000 prices). The objective is to see the marketing and financial consequences of using each\u0000 type of housing price. To do this, a dataset of a real estate company and its financial\u0000 intermediary with all of these types of housing prices is used. We estimate econometric\u0000 models in which the dependent variables are: price (appraisal, selling or list),\u0000 mark-up, loan to value and foreclosures. The results show evidence of the consequences\u0000 of using a specific housing price in terms of inflation calculation, financial assets,\u0000 and collateral valuation and mortgage default, among others.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"34 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77311320","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}
引用次数: 0
Rent-Seeking by Rent Concession: An Analysis of Rent-Free Periods in the Seoul Office Market 租金优惠的寻租行为——对首尔写字楼市场免租期的分析
IF 0.7
International Real Estate Review Pub Date : 2021-12-31 DOI: 10.53383/100333
K. Ryu, Hyung Min Kim
{"title":"Rent-Seeking by Rent Concession: An Analysis of Rent-Free Periods in the Seoul\u0000 Office Market","authors":"K. Ryu, Hyung Min Kim","doi":"10.53383/100333","DOIUrl":"https://doi.org/10.53383/100333","url":null,"abstract":"Rent-free periods (RFPs) have been used in property markets worldwide especially\u0000 during economic downturns as a discount pricing strategy in marketing. However, this\u0000 research study proposes that RFPs play a role in increasing or, at least, sustaining\u0000 face rent that can be reflected in the property price. This study focuses on the Korean\u0000 office market which has experienced growing vacancy rates since the global financial\u0000 crisis possibly leading to a decrease in effective rent with greater RFP incentives. In\u0000 this period, face rent has increased as offering extended RFPs. Hence, high vacant rates\u0000 with high face rent have been observed, which is seemingly contradictory against the\u0000 commonly known rent-vacancy negative relationship. This research analyses the rent,\u0000 transaction prices and RFPs during 2003 – 2017 in the Seoul office market. The findings\u0000 reveal that positive future anticipations of owners and investors are reflected in\u0000 extended RFPs to sustain and increase face rent that will eventually lead to higher\u0000 property transaction prices. The role of RFPs is not effective in attracting tenants as\u0000 a marketing tool. Instead, professionals, including investors/buyers, owners/sellers and\u0000 real estate agencies, have been doing rent-seeking by offering rent recessions in the\u0000 Seoul office market.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"80 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76219590","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}
引用次数: 0
The Factors Affecting the Market Value/Book Value and Profitability of REITs in Turkey 影响土耳其REITs市场价值/账面价值和盈利能力的因素
IF 0.7
International Real Estate Review Pub Date : 2021-09-30 DOI: 10.53383/100328
B. Tekin
{"title":"The Factors Affecting the Market Value/Book Value and Profitability of REITs in\u0000 Turkey","authors":"B. Tekin","doi":"10.53383/100328","DOIUrl":"https://doi.org/10.53383/100328","url":null,"abstract":"Increasing income level and the desire to live a more comfortable life in\u0000 countries with an increasing population are constantly driving the demand for real\u0000 estate. Real estate investment trusts (REITs) are capital market institutions that can\u0000 invest in real estate, real estate-based capital market instruments, real estate\u0000 projects, real estate-based rights and capital market instruments. In addition, they\u0000 establish partnerships to realize specific projects, engage in other permitted\u0000 activities, and are organized by the Capital Market Law in Turkey. In this study, the\u0000 fixed effects panel data regression model is used to determine the financial indicators\u0000 that affect the market value and profitability of the Turkey REITs that are traded in\u0000 the Borsa İstanbul REITs Index. The study covers 21 REIT companies. The data set is in\u0000 the period between 2010:Q1 to 2019:Q4 in the analyses. The results show that return on\u0000 assets (ROA), return on equity (ROE), asset turnover, leverage, equity multiplier and\u0000 current asset turnover are effective on the market to book ratio (MBR). The ratios that\u0000 affect the ROA are MBR, ROE, acid-test, leverage, equity multiplier, EBITDA/sales and\u0000 current asset turnover. Moreover, the ratios that affect the ROE are the ROA, MBR,\u0000 acid-test, asset turnover, leverage, and equity multiplier.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"136 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81362820","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}
引用次数: 2
The (De)merits of using Integral Transforms in Predicting Structural Break Points  利用积分变换预测结构断点的优点
IF 0.7
International Real Estate Review Pub Date : 2021-09-30 DOI: 10.53383/100327
Katlego Kola, Tumellano Sebehela
{"title":"The (De)merits of using Integral Transforms in Predicting Structural Break\u0000 Points ","authors":"Katlego Kola, Tumellano Sebehela","doi":"10.53383/100327","DOIUrl":"https://doi.org/10.53383/100327","url":null,"abstract":"The structural break points of returns and volatility are generally illustrated by\u0000 using uni-and-multivariate time series models. Despite the elegance of\u0000 uni-and-multivariate models, the interchangeability of different structural break points\u0000 is not well accounted for in those models. This study uses integral transforms (Fourier\u0000 and Laplace) to illustrate the interchangeability of structural break points of indices.\u0000 Furthermore, structural break points are validated with commonly used unit root\u0000 structural break tests [(i) augmented Dickey Fuller (ADF), (ii) ADF-generalized least\u0000 squares (GLS), Phillips Perron (PP) 1988 and Zivot-Andrews (ZA) 1992 tests]. The results\u0000 illustrate persistent interchangeability and interconnectedness patterns of structural\u0000 break points throughout the time series. Moreover, the structural break points tests\u0000 confirm the findings of the integral transforms.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"27 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73451627","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}
引用次数: 0
An Empirical Method for Decomposing the Contributions of Land and Building Values to Housing Value 土地和建筑价值对住房价值贡献的实证分析方法
IF 0.7
International Real Estate Review Pub Date : 2021-09-30 DOI: 10.53383/100326
Kuan-Lun Pan, Hsiao-Jung Teng, Shih-Yuan Lin, Yu En Cheng
{"title":"An Empirical Method for Decomposing the Contributions of Land and Building Values\u0000 to Housing Value","authors":"Kuan-Lun Pan, Hsiao-Jung Teng, Shih-Yuan Lin, Yu En Cheng","doi":"10.53383/100326","DOIUrl":"https://doi.org/10.53383/100326","url":null,"abstract":"This paper develops an empirical method that uses two separate housing related\u0000 components to estimate housing value: land and building. The artificial neural network\u0000 (ANN) technique is used to iteratively solve for two hedonic models simultaneously by\u0000 minimizing the difference in the observed total value and the sum of the estimated land\u0000 and building values. This method enables one to objectively separate housing value into\u0000 land and building components. Using actual sales transaction data from Taipei City, we\u0000 estimate the land value as a share of the total housing value. The results show that the\u0000 land value accounts for a higher share with older properties. The share of the land\u0000 value of low-rise buildings tends to be higher than that of high-rise buildings. The\u0000 share of the land value can deviate by 20 percentage points between more or less\u0000 expensive housing communities within Taipei City.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"101 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73465909","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}
引用次数: 1
Development Strategies in a Market of High Vacancies and Sticky Rates – The Case of the Hotel Industry  高空缺率和粘性市场下的发展策略——以酒店业为例
IF 0.7
International Real Estate Review Pub Date : 2021-09-30 DOI: 10.53383/100325
Rose Neng Lai, L. Fong
{"title":"Development Strategies in a Market of High Vacancies and Sticky Rates – The Case of\u0000 the Hotel Industry ","authors":"Rose Neng Lai, L. Fong","doi":"10.53383/100325","DOIUrl":"https://doi.org/10.53383/100325","url":null,"abstract":"This paper discusses the concurrence of vacancy and ongoing construction under\u0000 inflexible rents, taking the hotel industry as an area of application. The prevalent\u0000 modest occupancy in the hotel industry of the United States has led to questions about\u0000 the ongoing construction of hotels, even if average daily rates (ADRs) have not been\u0000 reduced to eliminate the excess supply. By constructing a framework based on a game\u0000 theory approach in market equilibrium, developers can determine the optimal timing to\u0000 construct the development. Given this option to build, both profit and a double-digit\u0000 vacancy rate can coexist with inflexible ADRs that exceed the market equilibrium\u0000 threshold. The option framework also allows the management to project occupancy rates\u0000 and profits of their existing premises before entering price wars even if their rivals\u0000 build new projects.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"23 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87196424","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}
引用次数: 0
On the Link between House Prices and House Permits: Asymmetric Evidence from 51 States of the United States of America 房价与房屋许可的关系:来自美国51个州的不对称证据
IF 0.7
International Real Estate Review Pub Date : 2021-09-30 DOI: 10.53383/100324
Mohsen Bahmani-Oskooee, Hesam Ghodsi, Muris Hadzict
{"title":"On the Link between House Prices and House Permits: Asymmetric Evidence from 51\u0000 States of the United States of America","authors":"Mohsen Bahmani-Oskooee, Hesam Ghodsi, Muris Hadzict","doi":"10.53383/100324","DOIUrl":"https://doi.org/10.53383/100324","url":null,"abstract":"Increased issuance of housing permits is said to move house prices in either\u0000 direction. If perceived as an indication of a growing housing supply, house prices are\u0000 expected to decline (supply hypothesis). However, a larger number of housing permits can\u0000 also reflect positive expectations about future housing demand which would drive house\u0000 prices upwards (demand hypothesis). We test these two competing hypotheses by using data\u0000 from each state in the United States. We estimate linear and non-linear models to test\u0000 if housing permit issuance determines house prices. The results show support for both\u0000 the supply and demand hypotheses in the short run for most states but only for the\u0000 demand hypothesis in the long run. We also uncover asymmetric short run and long-run\u0000 effects in 21 states","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"38 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91367765","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}
引用次数: 3
International Real Estate Review 《国际房地产评论》
IF 0.7
International Real Estate Review Pub Date : 2021-06-30 DOI: 10.53383/100319
Kristoffer B. Birkeland, A. D'Silva, Roland Füss, A. Oust
{"title":"International Real Estate Review","authors":"Kristoffer B. Birkeland, A. D'Silva, Roland Füss, A. Oust","doi":"10.53383/100319","DOIUrl":"https://doi.org/10.53383/100319","url":null,"abstract":"We develop an automated valuation model (AVM) for the residential real estate market by leveraging stacked generalization and a comparable market analysis. Specifically, we combine four novel ensemble learning methods with a repeat sales method and tailor the data selection for each value estimate. We calibrate and evaluate the model for the residential real estate market in Oslo by producing out-of-sample estimates for the value of 1,979 dwellings sold in the first quarter of 2018. Our novel approach of using stacked generalization achieves a median absolute percentage error of 5.4%, and more than 96% of the dwellings are estimated within 20% of their actual sales price. A comparison of the valuation accuracy of our AVM to that of the local estate agents in Oslo generally demonstrates its viability as a valuation tool. However, in stable market phases, the machine falls short of human capability.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"1 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90169874","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}
引用次数: 2
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