Journal of European Real Estate Research最新文献

{"title":"Exploring the impact of renovation subsidies on housing markets – evidence from the Swedish property market","authors":"Mats Wilhelmsson, Abukar Warsame","doi":"10.1108/jerer-01-2024-0001","DOIUrl":"https://doi.org/10.1108/jerer-01-2024-0001","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The primary aim of this research is to examine the effects of the Renovation, Conversion, and Extension (ROT) tax deduction for renovations on the scope and quality of renovations and its subsequent impact on house prices across various Swedish municipalities.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study utilises a two-way fixed effect instrument variable (IV) spatial Manski approach, analysing balanced panel data from 2004 to 2020 at the municipal level (290 municipalities) in Sweden. The methodology is designed to assess the impact of the ROT subsidy on the housing market.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The study reveals that the ROT subsidy has significantly influenced house prices, with noticeable variations between municipalities. These differences are attributed to the varying amounts of tax reductions for renovations and the extent to which property owners utilise these subsidies.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The research is limited to the context of Sweden and may not be generalisable to other countries with different housing and subsidy policies. The findings are crucial for understanding the specific impacts of government subsidies on the housing market within this context.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>For policymakers and stakeholders in the housing market, this study highlights the tangible effects of renovation subsidies on property values. It provides insights into how such financial incentives can shape the housing market dynamics.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>The research underscores the role of government policies in potentially influencing equitable access to housing. It suggests that subsidies like ROT can have broader social implications, including the distribution of housing benefits among different income groups and regions.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study contributes original insights into the field of applied real estate economics by quantitatively analysing the impact of a specific government subsidy on the housing market. It offers a unique perspective on how fiscal policies can affect property values and renovation activities at the municipal level in Sweden.</p><!--/ Abstract__block -->","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142213599","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":"Adoption and willingness to use property management software among real estate tech start-ups in Lagos State, Nigeria","authors":"A. Odebode, O. T. Ogunbayo, Abiola Benjamin Obayomi","doi":"10.1108/jerer-01-2024-0003","DOIUrl":"https://doi.org/10.1108/jerer-01-2024-0003","url":null,"abstract":"PurposeTechnological disruption has transformed the traditional ways of doing business in the real estate sectors. As a result of the new business realities, technology has become an integral part of the real estate business. However, due to the significant barrier to the incorporation of the technology among modern real estate start-ups, there is a need to assess the adoption and willingness to use property management software.Design/methodology/approachThe study employed an exploratory research design. The study adopts a total enumeration of real estate start-up firms in Lagos, Nigeria, to ensure true representations among the respondents and reduce sampling errors. The data obtained were analyzed using descriptive and inferential statistics.FindingsThe study revealed that the majority of the respondents are aware of the identified property management software but tenant verification software recorded the highest level of awareness and usage. The finding also revealed that the association between the availability of staff competence, practicality of the software, ease of use, data ownership and copyright, financial resources, future-proof technology track, Internet connection, perceived benefits and productivity and branding are statistically significant in influencing the level of adoption among the respondents.Research limitations/implicationsThe researchers had initial challenges with the attitude of respondents to willingness and timely disbursement of information which was later resolved by explaining the significance for the study. The findings of the research will be useful and serve as an eye opener to practitioners, the conventional real estate surveying and valuation firms, to relevance of software technology in enhancing their operations and efficiency, while it can also boost the academic curriculum.Practical implicationsThe knowledge about the adoption of property management software will equip real estate tech start-ups with the right information.Originality/valueThe paper is significant because the ultimate goal of this study is to document the empirical investigation on the level of adoption and application of emerging software among real estate tech start-ups in the Nigerian property market to facilitate the efficiency and delivery of property management services.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141921800","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":"Barriers and prospects for the adoption of blockchain technology in property valuation","authors":"C. Adilieme, R. Abidoye, Chyi Lin Lee","doi":"10.1108/jerer-04-2024-0022","DOIUrl":"https://doi.org/10.1108/jerer-04-2024-0022","url":null,"abstract":"PurposeBlockchain is an emerging digital technology proposed and trialled among different built environment professions. The technology has been proposed to introduce transparency, security and trust in property transactions. Despite this proposition, few studies have analysed the barriers and prospects in property valuation, especially in markets plagued by low transparency and a lack of stakeholder trust. Using Nigeria as a case study, this study assesses the barriers and prospects for adopting blockchain technology in property valuation.Design/methodology/approachData was collected from 180 valuers practising in Nigeria through an online survey, and the data was analysed using mean score ranking and the chi-square (χ2) test of independence.FindingsFirstly, there was a low awareness of the application of blockchain technology and an association between the number of valuation jobs executed annually and awareness of the application of blockchain technology. The most important barriers revolved around the knowledge, technical know-how of blockchain and the cost of implementing such technology. The prospects for blockchain are very high as all identified prospects were considered important, with transparency being the most crucial factor for its adoption, followed by the monitoring activities in real time and the permanence in storing records.Research limitations/implicationsThis study's implications lie in the potential benefit of transparency identified for blockchain, which could act as a tool to introduce transparency into valuation industries that battle key issues surrounding transparency and trust. Furthermore, this study can be utilised by policymakers and property industry players in mapping strategies to adopt the beneficial use of blockchain as one among the suite of proptech tools disrupting the property valuation scene, in their practice. This also presents an opportunity to draw upon insights from this study to better prepare for using blockchain in property valuation.Originality/valueThis study appears to be the first to empirically assess barriers and prospects for blockchain in property valuation practice. It contributes to the literature by identifying key factors that will deter and/or promote the application of blockchain, an emerging and disruptive digital technology.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141796121","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":"Investigating the impact of housing price increases on consumption: heterogeneity by age, tenure and housing quality","authors":"Alejandro Fernández","doi":"10.1108/jerer-11-2023-0043","DOIUrl":"https://doi.org/10.1108/jerer-11-2023-0043","url":null,"abstract":"PurposeThe purpose of this paper is to understand the distributional impact of house price increases on consumption in the context of the energy transition.Design/methodology/approachThis study draws from two micro cross-sectional datasets, the English Housing Survey (EHS) and the Living Costs and Food Survey (LCFS) to study the Marginal Propensity to Consume (MPC) out of changes in house prices. By employing pseudo-panel regressions, the paper examines the impact of house price changes on consumption among diverse household types.FindingsThis paper finds varying consumption responses to house price changes across age and tenure groups. Older homeowners tend to increase consumption when house prices rise. In contrast, middle-aged individuals, often renters or mortgage holders, reduce consumption in response to price increases. The youngest age group also experiences increased consumption but to a lesser degree than the oldest group. Energy-efficient homes are related to lower consumption across all tenure levels. However, when interacted with house prices and age, the estimates are positive, pointing to an unequal accrual of property premiums depending on housing market positions.Research limitations/implicationsThe main limitations stem from data constraints. First, using a pseudo-panel approach hinders control for unobservable selection bias. Additionally, while robust under cross-validation and specifications tests, the energy efficiency variable imputation results in a low number of energy-efficient homes. Due to heterogeneous responses to rising house prices, this paper contends that an energy transition model that subsidises homeowners’ renovation is likely to produce a negative impact on consumption among younger and middle-aged households.Originality/valueThis paper contributes to the MPC literature by incorporating energy efficiency as a key variable. It draws from recent data to obtain new estimates. By highlighting shifts in consumption patterns the paper contributes to a well-established body of literature with renewed policy relevance regarding housing retrofit.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141639835","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":"Valuation of cyclical assets and exit value","authors":"Maurizio d'Amato, Malgorzata Renigier Bilozor, Giampiero Bambagioni","doi":"10.1108/jerer-07-2022-0018","DOIUrl":"https://doi.org/10.1108/jerer-07-2022-0018","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Ordinary direct capitalization is normally considered procyclical in its present form (De Lisle Grissom, 2011); for this reason, an alternative approach to direct capitalization may be useful in the determination of a robust opinion of value. The valuation standards propose an alternative determination of terminal value in the discounted cash flow analysis, recommending that for cyclical assets, the terminal value should consider … “the cyclical nature of the asset and should not be performed in a way that assumes “peak” or “trough” levels of cash flows in perpetuity” (IVS 105 Valuation Approaches and Methods para 50.21 lett e).</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The introduction in International Valuation Standards (IVS) of Cyclical Assets raises several questions for the community of real estate professionals and academicians (IVS, 2022, 105 Valuation Approaches and Methods para 50.09 lett d). Cyclical assets can be defined as property whose value is “influenced by upturn and downturn of the market in a significant way” (d’Amato <em>et al</em>., 2019).</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The paper proposes different solutions to the problem. The determination of the exit value using cyclical capitalization allows for a prudent assessment of the value and may be used either as a valuation procedure or a risk analysis method.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The valuation comparison with the traditional valuation techniques will be based on an iteration of exit value in order to determine the effects of the valuation procedure on the opinion of value.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The implication of the valuation procedure is the introduction of a countercyclical valuation method to determine the exit value in order to reach stable and reliable valuations for income-producing properties.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>These models may have a social implication, providing valuation for income-producing properties that may deal with the property market cycle in a more efficient way, providing efficient valuation for banks and institutions.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The paper is the first application of such a valuation procedure to the determination of exit value.</p><!--/ Abstract__block -->","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141569623","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":"ESG dynamics in real estate: temporal patterns and financial implications for REITs returns","authors":"Giacomo Morri, Anna Dipierri, Federico Colantoni","doi":"10.1108/jerer-01-2024-0005","DOIUrl":"https://doi.org/10.1108/jerer-01-2024-0005","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to explore the dynamic relationship between ESG scores and REITS returns. The overarching goal is to provide a better understanding of how ESG considerations impact financial performance across different temporal contexts.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Using a sample of 175 European Equity REITs, this analysis combines numerical ESG scores with the Fama-French model, employing both random and fixed effects methods. It integrates individual REIT data and the HESGL (High ESG Scores Minus Low ESG Scores) factors to assess their impact on REIT returns.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings highlight divergent patterns between the numerical ESG score and the HESGL factor concerning REIT returns. While the numerical ESG score displays a negative impact in later periods, the HESGL factor demonstrates a positive effect during prosperous times but loses significance during crises.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This research contributes original insights by emphasizing the importance of temporal segmentation in understanding the nuanced and evolving nature of the relationship between ESG scores and REITs’ returns. The study provides a comprehensive analysis and highlights divergent outcomes that are essential for a better interpretation of ESG impacts on real estate investments.</p><!--/ Abstract__block -->","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141569688","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":"An examination of the needs and preferences for student housing in Germany in relation to different financial backgrounds using the example of the city of Aachen","authors":"Lisa von Wittenhorst zu Sonsfeld, Elisabeth Beusker","doi":"10.1108/jerer-10-2023-0042","DOIUrl":"https://doi.org/10.1108/jerer-10-2023-0042","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The aim of this paper is to determine the needs and preferences of students concerning different areas and attributes of dormitories, taking their financial background into account.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A quantitative survey was conducted in the 21 publicly funded dormitories in Aachen (Germany) in 2022 to determine students’ needs and preferences for housing. In total, more than 1,200 students participated in the 10-min online survey.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings show the needs and preferences of students from different financial backgrounds for various areas in the dormitory. These include the location of the dormitory, the outdoor area, the shared spaces, the sanitary facilities (bathroom and kitchen), and the students’ private rooms. The results are divided into needs that all students have regardless of their financial background (“must-haves”) and needs that correspond to individual financial groups (“nice-to-haves”).</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The results relate to the medium-sized city of Aachen as a case study in Germany – with an average rent level – and its urban situation. The outcomes are therefore only transferable to a limited extent to cities with different framework conditions, as the needs and preferences of students may differ.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The results serve as a valuable guideline for future development in the field of student housing for different rental segments.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The paper fills a research gap in the identification of current student housing needs and preferences in German dormitories, taking financial backgrounds into account.</p><!--/ Abstract__block -->","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141510397","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":"A framework for the management of retail assets","authors":"Alan Gardner, Allison M. Orr, Cath Jackson, James T. White","doi":"10.1108/jerer-01-2024-0004","DOIUrl":"https://doi.org/10.1108/jerer-01-2024-0004","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The retail investment landscape in the UK has drastically changed. Understanding owners’ responses to this structural change is critical to gain insight into protecting investment performance. This paper identifies and evaluates the tactics and strategies being adopted.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This paper employs a mixed methods research approach, using data collected from semi-structured interviews with professionals involved in the retail investment process. This is supplemented by secondary market data analysis.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The paper assesses the practical responses made by retail property owners/managers, structured around emerging sub-themes. Actions include mitigating short-term risks through greater use of temporary tenants/licensees and independent retailers, preparing generic “white box” retail space to capture remaining tenant demand, exploiting the tenant mix to provide “the retail experience,” and applying new technologies and processes in a sector where systematic risk remains high. A new framework for retail asset management has been developed.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>This study contributes to the retail asset management literature and understanding of the way the contemporary retail landscape is shaping investment management behaviour.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The developed framework provides guidance to real estate managers developing a retail real estate management strategy and will help them recognise tactics to better support the evolving retailing market.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The new framework adds new insights to understanding the process for managing retail assets and the actions necessary for asset managers to address economic/functional obsolescence and sustain asset investment values.</p><!--/ Abstract__block -->","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141510386","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":"Centennium of collegiate real estate education: a prospection on “the search for a discipline” in the American school of business","authors":"Owiti A. K’Akumu","doi":"10.1108/jerer-02-2024-0009","DOIUrl":"https://doi.org/10.1108/jerer-02-2024-0009","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study reviews the teaching of real estate in the USA for the first 100 years after the foundational curriculum was laid down in 1923 by three key institutions: the National Association of Real Estate Boards (NAREB), the Institute for Research in Land Economics and Public Utilities (The Institute) and the American Assembly of Collegiate Schools of Business (AACSB). Its line of investigative pursuit is the persistent lamentation by American real estate scholars that real estate is not getting the respect it deserves as an academic discipline compared to its peers in the school of business such as accounting, finance and marketing. The study addresses a fundamental question: What is the cause of this endless “search for a discipline”? This is motivated by the belief that identification of the root cause of this “search for a discipline” will lead to the requisite solution: the intellectual foundation of the real estate discipline.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study used qualitative document analysis to review two primary documents published in 1959 as reports on business education in the USA: (1) Higher Education for Business, financed and sponsored by the Ford Foundation, and (2) The Education of American Businessmen – financed and sponsored by the Carnegie Corporation of New York. The impacts of the publications on the teaching of real estate to date have been reviewed in the context of scholarly actions and literature that has been generated in relation to the two documents.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The two primary documents impacted negatively on the teaching of real estate. The committee members who produced the two reports had indicated that real estate did not fit into the business curriculum hence should not be taught in business school. This conclusion led to unintended negative outcomes for real estate education. The negative impact of the reports arose principally because the teachers of real estate misinterpreted the outcome to mean that they should tweak the real estate curriculum to fit in the pedagogical framework of the business school. This reaction is responsible for perpetuating the identity crisis that has plagued real estate as an academic discipline since its inception as a subject of study in 1923. Secondly, at the inception of the real estate education in 1923, while the AACSB accepted real estate as a discipline in the school of business, Richard T. Ely wrote the curriculum under land economics which has led to the persistent collegiate dilemma regarding the teaching of the discipline.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>The study sheds light on the situation of business education in the USA and AACSB-accredited colleges internationally. It draws attention to the incoherent body of knowledge of business education and will help schools of business to redesign their curricula to include course contents that ri","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141170109","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":"Persistent trends and inefficiencies in the Greek housing market: a sentiment based approach","authors":"Evangelos Vasileiou, Elroi Hadad, Martha Oikonomou","doi":"10.1108/jerer-08-2023-0027","DOIUrl":"https://doi.org/10.1108/jerer-08-2023-0027","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>We examine the aggregate price trend of the Greek housing market from a behavioral perspective.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>We construct a behavioral real estate sentiment index, based on relevant real estate search terms from Google Trends and websites, and examine its association with real estate price distributions and trends. By employing EGARCH(1,1) on the New Apartments Index data from the Bank of Greece, we capture real estate price volatility and asymmetric effects resulting from changes in the real estate search index. Enhancing robustness, macroeconomic variables are added to the mean equation. Additionally, a run test assesses the efficiency of the Greek housing market.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results show a significant relationship between the Greek housing market and our real estate sentiment index; an increase (decrease) in search activity, indicating a growing interest in the real estate market, is strongly linked to potential increases (decreases) in real estate prices. These results remain robust across various estimation procedures and control variables. These findings underscore the influential role of real estate sentiment on the Greek housing market and highlight the importance of considering behavioral factors when analyzing and predicting trends in the housing market.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To investigate the behavioral effect on the Greek housing market, we construct our behavioral pattern indexes using Google search-based sentiment data from Google Trends. Additionally, we incorporate the Google Trend index as an explanatory variable in the EGARCH mean equation to evaluate the influence of online search behavior on the dynamics and prices of the Greek housing market.</p><!--/ Abstract__block -->","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141062650","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}