{"title":"A comparative analysis of assurance fund vis-à-vis title insurance: which offers better compensation for victims of land disputes in Malaysia?","authors":"Shahrul Natasha Halid, J. Hassim","doi":"10.1080/14445921.2021.2001725","DOIUrl":"https://doi.org/10.1080/14445921.2021.2001725","url":null,"abstract":"ABSTRACT Land transactions are fraught with risk because of the nuances of property law and conveyancing practices, as well as skyrocketing land prices. This is demonstrated by the frequent occurrences of land title disputes which often leads to unsatisfactory litigation consequences for landowners. However, some landowners may be able to seek compensation through title insurance or assurance funds. This article explores the differences between assurance funds and title insurance by analysing the benefits and weaknesses of both as implemented in various jurisdictions. This research is critical for developing countries, such as Malaysia which is currently considering implementing a practical and effective scheme, to serve as a buffer against land-related litigation.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2021-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48174519","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 reporting and valuation treatment of property assets by not-for-profit operators","authors":"L. Towart","doi":"10.1080/14445921.2021.1983924","DOIUrl":"https://doi.org/10.1080/14445921.2021.1983924","url":null,"abstract":"ABSTRACT The continued presence of not-for-profit (NFP) operators in the residential aged care (RAC) and retirement village industry in Australia adds to its complexity and diversity. This is an industry focused on the delivery of services through specialised property assets, which often have histories going back decades. NFP operators have greater flexibility in financial reporting when compared to for-profit operators, and the paper examines the accounting treatment and measurement of value in financial reporting of property assets by this group. Considerable diversity in classification and treatment of property assets was noted, plus a strong reliance on directors’ valuations. Both RAC and retirement villages have been the subject of government inquiries at the Commonwealth and state levels, which have focused on the financial performance of the industry. The diversity in financial reporting has implications for the transparency of the financial performance of the industry.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41716288","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 research trends and most impact real estate journals: a co-citation analysis","authors":"T. Nguyen, Cheng-Po Lai, Hoai Phan, M. N. Razali","doi":"10.1080/14445921.2021.1964196","DOIUrl":"https://doi.org/10.1080/14445921.2021.1964196","url":null,"abstract":"ABSTRACT This paper identifies the main trends in real estate research on frequently cited documents on the Web of Science database for 1990–2019, using quantitative methods in document-citation analysis. From the co-citation among the most cited 44 documents, this research presents a two-dimension visual mapping structure of real estate research and its important fields globally. Using statistical analyses including (1) correlation analysis, (2) factor analysis, (3) multi-dimensional scaling, this study identifies nine research trends on reducing significance order: (1) performance and investment features of property, (2) house price – household income, consumption, and investment, (3) house price setting, (4) amenity in property valuation, (5) green factor in the property market, (6) housing discrimination and segregation, (7) urban development, (8) modelling for real estate subsector and (9) urban transformation in cities of China. A further two clusters are formed as housing and investment property with factors surrounding the two. The top five ranking journals from the cited papers are presented. Findings of the study contribute to providing insights on the multidisciplinary structure of real estate research using quantitative method of bibliometric technique. This is believed to be the first study presenting comprehensive aspects of real estate research using co-citation analysis.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45529747","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}
Andrew Ebekozien, O. Duru, Okhatie Emmanuel Dako, Marvelous Aigbedion, Iliye Faith Ogbaini
{"title":"Policy Agenda Advocacy for the Young-Adult Homeownership in Nigeria","authors":"Andrew Ebekozien, O. Duru, Okhatie Emmanuel Dako, Marvelous Aigbedion, Iliye Faith Ogbaini","doi":"10.1080/14445921.2021.1985223","DOIUrl":"https://doi.org/10.1080/14445921.2021.1985223","url":null,"abstract":"ABSTRACT Housing affordability in developing cities with an increasing population is a huge challenge and may lead to homelessness if not checked. Studies showed that homeownership at a young age has been demonstrated as a fruitful approach to mitigate homelessness in cities but how far concerning Nigeria’s homeownership for the young-adult professionals is yet to be given the necessary in-depth research. Therefore, this paper investigated the fate of young-adult professionals’ homeownership (YPH) and proffers feasible policy solutions to improve young-adult homeownership. This will mitigate homelessness in society. Six cities in Nigeria were employed as the case study to accomplish the paper’s aim through a qualitative research design because this is probably the first study to explore this approach. Findings show the inadequacy of government’s previous housing policies to provide affordable and sustainable houses for young-adult professionals. Thus, this paper proffers feasible policies to promote young-adult homeownership and form part of the paper’s contribution to the body of knowledge. Also, recommendations proffered will be relevant to policymakers in other developing cities across the world with similar YPH crises. Thus, one of the outcomes will be to mitigate future homelessness in developing cities among young-adult professionals.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44152896","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":"What is in a name? A modern interpretation from housing price in Hong Kong","authors":"Na Li, R. Li, Ruihui Pu","doi":"10.1080/14445921.2021.1961182","DOIUrl":"https://doi.org/10.1080/14445921.2021.1961182","url":null,"abstract":"ABSTRACT Hong Kong is a metropolitan city. Owing to its historical background as a former British colony, it is characterised by a mixture of Chinese and Western cultures. While most housing estates’ names are bilingual in Chinese and English, many recent large scale housing estates have an English name only. Do housing estates with an English name only associate with higher prices than bilingual ones? To the best of our knowledge, none have studied that before. We attempted to fill this research gap. Four large-scale residential projects in Yuen Long District were selected, two are bilingual and two have English names only. 253,605 data points, including macroeconomic variables and housing characteristics, were included in this study. The results of the hedonic price model showed that properties with English names only were associated with a higher price than bilingual ones. We also utilised a long short-term memory (LSTM) housing price prediction model to predict housing price. Our research results show that housing estates with English names only are associated with higher housing price. It provides a new perspective on real estate housing estates’ brand management and provide a reference for real estate buyers in the future.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47191409","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":"Sentiments in the housing market and the effectiveness of government interventions","authors":"Calvin W. H. Cheong, Lisa L. H. Ngui, S. Beatrice","doi":"10.1080/14445921.2021.1946259","DOIUrl":"https://doi.org/10.1080/14445921.2021.1946259","url":null,"abstract":"ABSTRACT This paper examines the factors that drive the recent growth of house prices in Malaysia. By constructing a housing market sentiment index, we find contemporaneous sentiment to have a strong influence on future housing market returns especially in the short term. Government-introduced cooling measures were ineffective in dampening prices and market sentiment. We also find property developer behaviour to drive sentiments and prices. The study contributes to literature by providing an easily generalizable method of constructing a housing market sentiment index in other countries besides giving clear indication of the drivers of house prices and sentiment for more effective government intervention.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2021.1946259","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42589232","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":"Owned Australian corporate real estate reporting ahead of IFRS 16","authors":"C. Heywood","doi":"10.1080/14445921.2021.1897739","DOIUrl":"https://doi.org/10.1080/14445921.2021.1897739","url":null,"abstract":"ABSTRACT International Reporting Financial Standard (IFRS) 16 aims to improve transparency in reporting Corporate Real Estate (CRE) commitments. Aimed at leasehold issues, its introduction may affect CRE ownership as leasing’s off-balance sheet benefits disappear. Ownership results from a large Australian CREstudy are reported. 2016 Annual Reports were analysed, as this predates the standard’s implementation. Results report two owned CRE-related quanta – Property, Plant and Equipment (PP&E) and real estate, in aggregate and by industry sector. Other parameters, like a Corporate Real Estate Ratio (CRER), the real estate to PP&E ratio, and valuation practices are also reported. A total of $5.14 trillion of PP&E was reported ($57.10 billion per firm) and $71.50 billion in real estate ($717.5 million). Financial, Energy, Materials and Consumer Staples sectors had the highest averages. A CRER of 30.4% continued a long-term trend, though individual firms’ ratios within sectors varied markedly. The RE to PP&E ratio, expected to change post-IFRS 16, was an average of 25.4%, also with wide variance for individual firms. Preferred valuation methods matched previous studies with depreciated acquisition cost dominating (72.3%). This is a pre-IFRS 16 baseline to evaluate postimplementation ownership changes and updates previous CRE ownership studies.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2021.1897739","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42375232","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 job satisfaction of real estate firms’ employees in Nigeria","authors":"T. O. Ayodele, B. G. Ekemode, K. Kajimo-Shakantu","doi":"10.1080/14445921.2021.1964047","DOIUrl":"https://doi.org/10.1080/14445921.2021.1964047","url":null,"abstract":"ABSTRACT The study investigated the job satisfaction levels of real estate firms’ employees and the relationship between employees’ personal and demographic characteristics and their job satisfaction levels. This is intending to provide information that could enhance better job performance and enhance human resource management in the real estate industry. Data employed for the study was sourced using a close-ended questionnaire administered on private real estate firms’ employees in the Lagos property market. Data were analyzed using both descriptive and inferential statistical techniques. The result showed that financial consideration/personal accomplishment was the most important factor influencing employees’ level of satisfaction, followed by work environment skill variety/organizational culture, feedback/fairness, work passion and supervision/workload/work-life balance. Also, the analysis showed that demographic factors with significant relationships with job satisfaction include age, marital status, academic qualification, management level, years spent under the current line manager, remuneration and number of firm branches. Thus, given the increasing investors’ attention towards investments in emerging property markets, and the need to satisfy clients’ increasing sophistication and dynamism, private real estate firms are encouraged to prioritize issues relating to remunerations and workers welfare thereby ensuring an increased level of employees’ satisfaction, enhanced job performance and increased firms’ productivity.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42628649","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}
Jayantha Wadu Mesthrige, O. Oladinrin, Arshad Ali Javed
{"title":"Different grades and different green premiums: a cross sectional analysis of a green certification scheme","authors":"Jayantha Wadu Mesthrige, O. Oladinrin, Arshad Ali Javed","doi":"10.1080/14445921.2021.1943626","DOIUrl":"https://doi.org/10.1080/14445921.2021.1943626","url":null,"abstract":"ABSTRACT Green certification is often hailed as an effective means of resolving information asymmetry by providing prospective buyers with credible proof of a property’s level of quantitative sustainability performance. These certification schemes are also considered as providing the credible identification labels needed to generate a market premium. This study analysed whether different market premiums (financial implications) exist across different ratings of the HK-BEAM certification scheme. The paper used hedonic price model (HPM) to evaluate the influence of green certification rating levels on residential property prices in Hong Kong. The results indicate, on average, that HK-BEAM certification increases price values by between 5.3% and 6.7%. Most importantly, the results indicate that significant price premium differences exist across the different ratings available for HK-BEAM certified buildings. The findings provide strong proof of the existence of a premium across ratings.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2021.1943626","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44923906","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 impact of a positive wealth shock on consumption: evidence from a housing reform in China","authors":"Xinghua Liu, S. Chand","doi":"10.1080/14445921.2020.1808297","DOIUrl":"https://doi.org/10.1080/14445921.2020.1808297","url":null,"abstract":"ABSTRACT Housing property reform in China exerted an exogenous positive wealth shock to state employees who were renting state-owned housing when they were offered the opportunity to buy their homes at highly subsidised prices. Exploiting the national representative micro data set CHIP, we study the consumption response to this large-scale housing property reform. Propensity Score Matching (PSM) strategy is implemented to balance the covariates between a treatment group and a control group. We find that the positive wealth shock has led to an increase in household consumption for the treatment group. Our results provide new insights into consumer response to positive shocks associated with access to home equity and wealth transfer through housing.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2020-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2020.1808297","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41444251","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}