International Real Estate Review最新文献

{"title":"International Real Estate Review","authors":"E. Hui, Joe T. Y. Wong","doi":"10.53383/100104","DOIUrl":"https://doi.org/10.53383/100104","url":null,"abstract":"This study captures the essential elements of the price expectations of market participants in a rising market. Adopting a forward-looking approach, this paper explores the effectiveness of expectations as an indicator of forthcoming housing price changes in Hong Kong. Examination of the quarterly survey data from December 2003 to September 2007 indicates that both homeowners and non-homeowners tend to overestimate the probability of future housing price increases yet underestimate its volatility. This adds weight to the argument that market participants are generally not rational in the prediction of price movement. Homeowners, investors and potential home buyers have more or less the same level of confidence about the future market outlook. Like non-owners, they expect higher prices. The number of correct forecasts exceeds incorrect forecasts, suggesting that overall price expectations are fairly close to realization. It can be broadly concluded that the aggregate price expectations in the long run can be an appropriate forecasting tool for future market performance.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"1 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2009-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77908204","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 Real Estate Review","authors":"K. Gibler, P. Taltavull, J. M. Casado-Díaz, Maria A. Casado-Diaz, Vicente Rodriguez","doi":"10.53383/100102","DOIUrl":"https://doi.org/10.53383/100102","url":null,"abstract":"Housing demand models based on individual consumers' utility function reflect preferences about the structure and lot, neighborhood, and location as related to socioeconomic characteristics of the occupants. As a growing proportion of aging residents in many countries are undertaking late life moves, their preferences will have an influence on destination housing markets. We examine the characteristics, attitudes and preferences about retirement housing among immigrant retirees currently living in traditional housing in a retirement destination in Alicante, Spain. Using results from a survey of German and British retirees living in the region, we find through logistic regression that preference for retirement housing is associated with aging and gaining access to in-home support services.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"12 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2009-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84381975","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 Real Estate Review","authors":"Cathrine Filstad, Petter Gottschalk","doi":"10.53383/100106","DOIUrl":"https://doi.org/10.53383/100106","url":null,"abstract":"This paper is concerned with value configurations that represent different value creation logic. We suggest the value shop as an appropriate value configuration for real estate agencies, where knowledge is the most important resource that is applied to solve problems. The knowledge organization has emerged as the dominant structure of both public and private organizations in the transition from an industrial to a knowledge society. According to the knowledge-based theory of organizations, knowledge is the main resource for an organization’s survival and success.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"466 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2009-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83025322","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 Real Estate Review","authors":"F. Fang, Ruichang Lu","doi":"10.53383/100103","DOIUrl":"https://doi.org/10.53383/100103","url":null,"abstract":"This paper mainly conducts an empirical study of the term structure of the Shanghai office rental market. Based on 555 executed contracts in the Shanghai office rental market from 2005 to 2008, the building quality and micro location are controlled, which are generally omitted in previous studies, through ranking of buildings and dividing the sample into 11 small central business districts (CBDs). The empirical results show that there is a downward term structure in the Shanghai market, but it is not very consistent during the studied years.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"22 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2009-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90373936","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 Real Estate Review","authors":"Lily Hsueh, Chih-Lung Yen","doi":"10.53383/100105","DOIUrl":"https://doi.org/10.53383/100105","url":null,"abstract":"In this study, we follow the female in a cohort analysis of her housing choices in Taiwan, using data from the population and housing census for 1980, 1990 and 2000. In addition to looking at the female population as a whole, we also compare the differences between females who are heads of households and those who are not. Econometric models focusing on the tenure choice of housing and living space per person are estimated simultaneously. The age effects show that households have the highest homeownership rate and lowest amount of living space per person in their middle years. This is due to persons in their middle years having the highest accumulated wealth and also the largest household size during their life cycle. However, no clear trend can be found in the male sample with respect to the age effect in their middle years, for instance, 25-60, for both homeownership and living space. Hence, the female is probably more suitable than the male in terms of representing a household during its life-cyle. The birth cohort effect shows that the earlier a female is born, the higher is the probability that she will become a homeowner and occupy a larger living space. This result can also be found in studies on male cohorts. These findings thus raise our concerns over the disadvantages that the younger generation faces in becoming homeowners. In addition, we find that the age and birth cohort effects are very different for female-headed and non-female-headed households. Although on average, the female heads have more years of education and higher job participation rates, they have lower homeownership rates. They also benefit less from economic growth. Nevertheless, the gap between the female-headed and non-female-headed households has narrowed as the birth cohort has become younger.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"22 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2009-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83233852","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 Real Estate Review","authors":"M. Mori, A. Ziobrowski","doi":"10.53383/100066","DOIUrl":"https://doi.org/10.53383/100066","url":null,"abstract":"Foreign real estate investment funds have recently been added to the practical investment opportunity sets of ordinary Japanese investors. This paper analyzes the additional diversification benefits of U.S. REITs and Australian listed property trusts (LPTs) for Japanese investors who already hold Japanese, U.S., and Australian financial assets while considering different risk definitions in a mean-lower partial moment (MLPM) framework. The study uses data from August 1994 to July 2004. The impacts of currency adjustment and risk definition on the diversification benefits are examined. Our results suggest that the additional diversification benefits of U.S. REITs and Australian LPTs can be obtained only in very limited cases by Japanese investors.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"19 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2006-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74600614","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 Real Estate Review","authors":"E. Hui, K. Yu","doi":"10.53383/100067","DOIUrl":"https://doi.org/10.53383/100067","url":null,"abstract":"This study introduces a combined method, on the basis of both system dynamics and econometric modeling, in forecasting the office rental values in Hong Kong. The findings suggest that the office rental values in Hong Kong appear to be more fluctuating when the price level of the office ownership market is comparatively volatile, likely due to the over-reaction of economic trends by the supply side of the property market. It is plausible to say development lags and adjustment cost, under the current land policies in Hong Kong, are the main attributes behind this phenomenon. In order to reduce the volatility on the office market, the government should relax the approval procedures concerning changing land use, and the subsequent rearrangement of premium payment. Further, the current policies on land sales need to be revised, especially concerning the application list system. Those measures could reduce the time required and the transaction cost incurred for the supply side to adjust to the ever-changing demand.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"24 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2006-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75253901","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 Real Estate Review","authors":"Yun W. Park, Won Bang","doi":"10.53383/100036","DOIUrl":"https://doi.org/10.53383/100036","url":null,"abstract":"The importance of housing investment in the national economy and its rapid growth have become distinct characteristics of the Chinese economy in recent years. However, at the same time, there is a concern that the economic growth heavily dependent on housing investment may compromise the stability and the health of the national economy. Using Granger causality analysis, this paper examines the interaction between housing investment and economic growth as well as that between non-housing investment and economic growth. We find evidence that housing investment has a stronger short run effect on economic growth than non-housing investment. We also find that housing investment has a long run effect on economic growth while economic growth has a log run effect on both housing and non-housing investment. Our findings suggest that housing investment is an important factor for the short-term fluctuations of economic growth, with its growth stimulating the economic growth and its slumps leading to downside fluctuations.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"9 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2002-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78501885","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":"On Demand: Cross-Country Evidence From Commercial Real Estate Asset Markets","authors":"S. Ott, Timothy J. Riddiough, Ha-Chin Yi, Jiro Yoshida","doi":"10.15396/eres2001_264","DOIUrl":"https://doi.org/10.15396/eres2001_264","url":null,"abstract":"Using over 25 years of quarterly U.S. and Japanese time series data, this paper examines the determinants of demand for an important class of real assets: commercial real estate. We specify a structural model of market equilibrium that considers direct effects of real investment on built asset price. Our empirical findings are consistent across countries and produce several new results. First, we find that real investment exerts a significant positive direct effect on asset price, which in turn feeds back to impact investment decisions. Second, idiosyncratic risk is found to be strongly positively related to asset price, and to complement supply effects. Third, systematic risk is priced as expected, where the strength of the relation between asset price and systematic risk is found to be higher than in previous studies of capital asset prices. Fourth, lagged values of price determinants (of up to two years) are consistently important in real asset demand estimation. Alternative explanations for our findings are analyzed and discussed. Implications for asset pricing model specification and interpretation are also considered.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"64 1","pages":"1-37"},"PeriodicalIF":0.7,"publicationDate":"2001-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82234710","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 Real Estate Review","authors":"J. Quigley","doi":"10.53383/100009","DOIUrl":"https://doi.org/10.53383/100009","url":null,"abstract":"Studies of the linkages between real estate prices and general economic conditions have an extensive history, beginning with tabulations suggesting the ways in which long swings in construction and price development were synchronized with long swings in aggregate economic activity (Gottlieb, 1976). Recent studies have explored the implications of alternative representations of investor expectations upon real estate construction and the cyclical behavior of housing prices and the rents for non-residential properties. These models trace through the effects upon supplier and demander behavior of differing price expectations in the real estate market. The earliest models tease out the dynamic paths of housing prices and commercial rents which arise from exogenous expectations about the future course of prices. More sophisticated models assume that households and firms have adaptive expectations about the future, assuming, for example, myopic behavior on the part of economic actors (in which they forecast that current conditions or current rates of change will continue into the future). In the most modern formulation of market dynamics, actors are assumed to have rational expectations. That is, in response to unanticipated shocks in the housing or property market, economic actors, on average, are able to predict the market response correctly and are able to act upon that knowledge. Models such as these are able to generate patterns of price change over time in response to varying conditions in economic fundamentals and in economic shocks. (See, for example, DiPasquale and Wheaton, 1992, and Case and Shiller, 1988). There has, however, been little or no research on the opposite line of causation -- the effect of changes in property markets upon subsequent economic conditions. The first part of this paper is focused on the former question –- the linkages between economic “fundamentals” and property prices. It reports on new research evaluating empirically the effect of economic conditions upon property prices. In particular, this research includes a detailed comparison of the importance of “fundamentals” upon housing prices relative to the importance of “history” in affecting outcomes. The second part of the paper focuses on the latter question -– the potential for a causal role between outcomes in the property market and the subsequent health of the overall economy. This discussion is largely speculative and suggestive –- and not based upon any tight theoretical or empirical model. The first part of the discussion is based upon a detailed body of data from the U.S. The second part of the discussion may be relevant to the economic conditions which have faced many Asian economies during the last three years. Specialists in Asian property markets will have far better access to data and hypotheses about these specific markets than I. However, I will raise a few questions that deserve more research in the analysis of the current fiscal crises in many Asian ","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"67 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1999-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81202968","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}