Journal of European Real Estate Research最新文献

{"title":"The risk-adjusted performance and drivers of French healthcare property","authors":"Graeme Newell, Muhammad Jufri Marzuki","doi":"10.1108/jerer-04-2022-0014","DOIUrl":"https://doi.org/10.1108/jerer-04-2022-0014","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Healthcare property has become an important alternate property sector in recent years for many international institutional investors. The purpose of this paper is to assess the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French healthcare property in a French property portfolio and mixed-asset portfolio over 1999–2020. French healthcare property is seen to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. Drivers and risk factors for the ongoing development of the direct healthcare property sector in France are also identified, as well as the strategic property investment implications for institutional investors.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Using annual total returns, the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French direct healthcare property over 1999–2020 are assessed. Asset allocation diagrams are used to assess the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. The role of specific drivers for French healthcare property performance is also assessed. Robustness checks are also done to assess the potential impact of COVID-19 on the performance of French healthcare property.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>French healthcare property is shown to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. French direct healthcare property delivered strong risk-adjusted returns compared to French stocks, listed healthcare and listed property over 1999–2020, only exceeded by direct property. Portfolio diversification benefits in the fuller mixed-asset portfolio context were also evident, but to a much lesser extent in a narrower property portfolio context. Importantly, this sees French direct healthcare property as strongly contributing to the French property and mixed-asset portfolios across the entire portfolio risk spectrum and validating the property industry perspective of healthcare property being low risk and providing diversification benefits in a mixed-asset portfolio. However, this was to some degree to the loss or substitution of traditional direct property exposure via this replacement effect. French direct healthcare property and listed healthcare are clearly shown to be different channels in delivering different aspects of French healthcare performance to investors. Drivers of French healthcare property performance are also shown to be both economic and healthcare-specific factors. The performance of French healthcare property is also shown to be different to that seen for healthcare property in the UK and Australia. During COVID-19, French healthcare property was able to show more resilience than French office and retail property.</p><!--/ Abstract__block -->\u0000<h3>Practical","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"393 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140147887","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":"Factors influencing investment into PropTech and FinTech – only new rules or a new game?","authors":"Andreas Joel Kassner","doi":"10.1108/jerer-04-2023-0011","DOIUrl":"https://doi.org/10.1108/jerer-04-2023-0011","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Many studies have analysed the impact of various variables on the ability of companies to raise capital. While most of these studies are sector-agnostic, literature on the effects of macroeconomic variables on sectors that established over the last 20 years like property technology and financial technology, is scarce. This study aims to identify macroeconomic factors that influence the ability of both sectors and is extended by real estate variables.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The impact of macroeconomic and real estate related factors is analysed using multiple linear regression and quantile regression. The sample covers 338 observations for PropTech and 595 for FinTech across 18 European countries and 5 deal types between 2000–2001 with each observation representing the capital invested per year for each deal type and country.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Besides confirming a significant impact of macroeconomic variables on the amount of capital invested, this study finds that additionally the real estate transaction volume positively impacts PropTech while the real estate yield-bond-gap negatively impacts FinTech.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>For PropTech and FinTech companies and their investors it is critical to understand the dynamic with mac-ro variables and also the real estate industry. The direct connection identified in this paper is critical for a holistic understanding of the effects of measurable real estate variables on capital investments into both sectors.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The analysis fills the gap in the literature between variables affecting investment into firms and effects of the real estate industry on the investment activity into PropTech and FinTech.</p><!--/ Abstract__block -->","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"42 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140107285","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":"Turkey, the second home for Iranians: push and pull motivations in Turkish housing market","authors":"Safar Ghaedrahmati, Ebrahim Rezaei","doi":"10.1108/jerer-06-2023-0019","DOIUrl":"https://doi.org/10.1108/jerer-06-2023-0019","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad. For this purpose, the trend of housing price growth in Iran and Turkey was compared. The review of the 11-year trend of rates shows that housing prices in both countries have been continuously rising, and these prices have undoubtedly experienced increasing shocks in Iran. For further analysis, 13 main variables leading to the repulsion of investment in Iran's housing market and 15 variables shaping the attractiveness of investment in Turkey were identified in this sector. Thirty experts subsequently ranked the significant variables based on a closed-end questionnaire using quantitative strategic planning matrix. Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>From a theoretical standpoint, foreign investment is in support of Turkey and harmful to Iran because the Turkish government is bolstering investment attractiveness to bring increased capital inflows into this country. Practically speaking, Turkey has aimed to create a rational framework for investors by strengthening and changing its economic system, as well as amending existing constitutions in this domain. Nevertheless, Iran resists any changes in its economic system and legislation. Therefore, a wide range of attractiveness and repulsion variables has led to the migration of Iranian investors to Turkey. In the present study, such variables are illuminated.</p><!--/ Abstract__block -->","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"93 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140147631","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 market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion","authors":"Rizky Yudaruddin, Dadang Lesmana","doi":"10.1108/jerer-12-2022-0038","DOIUrl":"https://doi.org/10.1108/jerer-12-2022-0038","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to investigate the market reaction in the real estate market to the announcement of Russia’s invasion of Ukraine.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study uses the event study method to assess the market reaction to the announcement that Russia is invading Ukraine. The sample in this study comprises 2,325 companies in the real estate market. We also conduct a cross-sectional analysis to determine the influence of the North Atlantic Treaty Organization (NATO) members and company characteristics on market reactions during the invasion.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The global market reacts significantly negative toward Russia’s invasion of Ukraine. This indicates that the war poses a high geopolitical risk that prompts financial markets down. The authors also demonstrate that emerging and frontier markets react significantly negative to the invasion before and after its announcement. Meanwhile, developed markets tend to react only before the invasion is announced. Furthermore, we find that the NATO members react more strongly than other markets.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>This result implies that war prompts investors to flee from the stock exchange, while the deeper the country’s involvement, the more investors worry about the risks.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study is the first to discuss the market reaction to the Russian invasion of Ukrainian, specifically in the real estate market.</p><!--/ Abstract__block -->","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"1 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139773379","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 added value of environmental certification in the Dutch office market","authors":"Rens van Overbeek, Farley Ishaak, Ellen Geurts, Hilde Remøy","doi":"10.1108/jerer-04-2023-0010","DOIUrl":"https://doi.org/10.1108/jerer-04-2023-0010","url":null,"abstract":"<h3>Purpose</h3>\u0000<p> This study examines the relationship between environmental building certification Building Research Establishment Environmental Assessment Method (BREEAM-NL) and office rents in the Dutch office market.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p> A hedonic price model was used to assess the impact of BREEAM certification on office rents. The study is based on 4,355 rent transactions in the period 2015 to mid-2022, in which 331 transactions took place in certified office buildings and 4,024 transactions in non-certified office buildings.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p> The results provide empirical evidence on quantitative economic benefits of BREEAM-certified offices in the Netherlands. After controlling for all important office rent determinants, the results show a rental premium for certified office buildings of 10.3% on average. The green premiums highly differ across submarkets and vary between 5.1 and 12.6% in the five largest Dutch cities. Additionally, the results show significant positive correlation between BREEAM-NL label score and rents, whereby better performing buildings generally command higher rents.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p> The study contributes to the current literature on green building economics by providing, as one of the first, empirical evidence on the existence of financial benefits for BREEAM-certified office buildings in the Dutch office market.</p><!--/ Abstract__block -->","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"9 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139515136","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":"Editorial: The asymmetry of real estate market responses","authors":"Paloma Taltavull","doi":"10.1108/jerer-12-2023-072","DOIUrl":"https://doi.org/10.1108/jerer-12-2023-072","url":null,"abstract":"","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"300 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139238846","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":"Commercial real estate prices in Europe after COVID-19","authors":"Martin Hoesli, Richard Malle","doi":"10.1108/jerer-09-2023-0031","DOIUrl":"https://doi.org/10.1108/jerer-09-2023-0031","url":null,"abstract":"Purpose The article aims to analyze the behavior of commercial real estate prices in Europe, with a focus on the post-coronavirus disease 2019 (COVID-19) pandemic period. The authors use national and city-level data for the various commercial real estate sectors in ten countries, as well as listed real estate data, to assess any differences across property type and space. Design/methodology/approach The authors analyze the behavior of commercial real estate prices after the COVID-19 pandemic, emphasizing differences across property types. For that purpose, the authors use national and city-level direct real estate data for the ten largest countries in terms of market capitalization, as well as listed real estate data. The article then turns to discussing the likely trajectory of commercial real estate prices in the future. Findings The recent rise in interest rates and geopolitical instability have affected prices differently across sectors. Industrial properties benefited from the pandemic, although prices declined significantly in 2022. Residential properties continued their upward price trend and have been the best-performing property type during the last two decades. Retail real estate continued its downward price trajectory. Thus far, office markets do not appear to be significantly affected by structural changes in the sector. The data for listed real estate markets in Europe suggest that markets bottomed out in early 2023. Originality/value This paper provides for a better understanding of the behavior of commercial real estate prices in Europe since the COVID-19 pandemic. The authors assess whether the effects found during the COVID-19 crisis were temporary or long-lasting. Also, many economic and political uncertainties have emerged since the beginning of the Ukraine war in February 2022, and it is important to analyze the effects of such uncertainties on commercial real estate prices.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"1 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136228222","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 diversification and European firm value: the role of operating efficiency","authors":"Islam Ibrahim, Heidi Falkenbach","doi":"10.1108/jerer-07-2023-0025","DOIUrl":"https://doi.org/10.1108/jerer-07-2023-0025","url":null,"abstract":"Purpose This study aims to investigate the impact of international diversification on the value and operating efficiency of European real estate firms. Design/methodology/approach The study is conducted using a panel fixed effects regression model to estimate the relationship of international diversification with firm value and operating efficiency. International diversification is mainly measured via the negative of the Herfindahl–Hirschman Index (HHI) using property-level data. Firm value and operating efficiency are proxied by financial ratios observed annually from 2002 to 2021 at the firm level. Findings The results demonstrate that international diversification has a negative effect on firm value. Additionally, it lowers operating efficiency by weakening a firm's ability to generate operating earnings from its assets. By examining whether the reduction in operating efficiency is due to the rental income channel or the capital gains channel, the authors find strong statistical evidence that international diversification negatively impacts capital gains. International diversification is negatively associated with net gains from property valuations (unrealized capital gains) and net profits from property disposals (realized capital gains). Research limitations/implications The empirical analysis is limited to Europe. Originality/value This paper extends the geographical diversification literature. While existing literature focuses on domestic diversification within the United States, this paper explores the effects of international diversification on European real estate firms. To the extent of the authors' knowledge, this is the first paper to examine the impact of geographical diversification on capital gains.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":" 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135192534","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 underestimated global warming potential of refrigerant losses in retail real estate: the impact of CO2 vs CO2e","authors":"Chiara Kuenzle, Julia Wein, Sven Bienert","doi":"10.1108/jerer-06-2023-0021","DOIUrl":"https://doi.org/10.1108/jerer-06-2023-0021","url":null,"abstract":"Purpose This paper investigates the impact of CO2 vs CO2 “equivalents” (CO2e) by analyzing fugitive emissions, with a particular focus on Fluorinated gases (F-gases), arising from refrigerant leakages in buildings. F-gases are an especially powerful set of GHGs with a global warming potential hundreds to thousands of times greater than that of CO2. Design/methodology/approach The significant impact of CO2e is tested by means of an empirical study with current consumption data from German food retail warehouses. This evaluation involves the analysis of the Carbon Risk Real Estate Monitor's country- and property-type specific pathway, coupled with a paired samples t -test to examine the hypotheses. The assessment is undertaken by evaluating the type of gas and the amount of leakage reported in the baseline year, subsequently converting these values to CO2e units. Findings On average, F-gases account for 40% of total building emissions and nearly 45% of cumulative emissions until 2050. In light of ongoing climate change and the rising number of Cooling Degree Days (CDDs), it becomes imperative to assess both the environmental and economic impact of F-gases and to transition toward environmentally friendly refrigerants. Originality/value The analysis sheds light on the seldom-addressed threats posed by CO2e emissions stemming from refrigerant losses. By identifying these threats, investors can devise strategies to mitigate potential future costs and carbon risks.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136234672","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 reconceptualisation of the housing cycle based on household upgrading desires","authors":"Colin Jones","doi":"10.1108/jerer-11-2022-0037","DOIUrl":"https://doi.org/10.1108/jerer-11-2022-0037","url":null,"abstract":"Purpose The paper sets out a conceptualisation of the housing cycle centring on households' desire to upgrade their housing consumption. Design/methodology/approach The paper begins by studying house price trends and cycles in OECD countries since 2000 to identify housing cycle patterns. It then assesses existing theories partly in relation to these patterns. It then proposes a new conceptualisation of the housing cycle. Findings The paper finds the central role of supply lags in housing cycles is not warranted. Instead, a demand cycle generated by upgrading desires better explains an initial boom followed by a slow recovery. Originality/value The paper challenges existing orthodoxy on housing cycle dynamics and proposes an alternative perspective.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135667173","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}