Journal of European Real Estate Research最新文献

{"title":"Editorial: Real estate ontology","authors":"Michael White","doi":"10.1108/jerer-09-2023-071","DOIUrl":"https://doi.org/10.1108/jerer-09-2023-071","url":null,"abstract":"","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"64 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139320687","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 retiree migration and housing markets. Evidence from Spain","authors":"Paloma Taltavull de La Paz, Karen Martin Gibler","doi":"10.1108/jerer-04-2023-0014","DOIUrl":"https://doi.org/10.1108/jerer-04-2023-0014","url":null,"abstract":"Purpose Large numbers of Northern European retirees have migrated to Southern European countries. A relevant part of this migration is not driven by work purposes but rather the desire to establish residence in a warmer country. These migrants come from different countries and exhibit diverse socioeconomic characteristics and preferences, including varying income levels, housing tastes and cultural habits, which could potentially influence the housing market in their host countries. This paper aims to examine the permanent impact of retiree migrant flows on house prices in Alicante, Spain, from 1988 to 2019, explicitly considering the impact related to the country of origin. Design/methodology/approach This paper examines the permanent impact of retiree migrant flows on house prices in Alicante, Spain, from 1988 to 2019, explicitly considering the impact related to the country of origin using panel cointegration – Dynamic Ordinary Least Squared (DOLS) models. Findings Results indicate that the long-term relationship captures the entire effect on house price change and that prices react immediately to the immigrants' presence with permanent effects. The results also suggest that the strong retiree migration flow created a shock in the housing market with different effects on house prices related to the immigrants' country of origin. The model identifies that when income growth in the origin country is slower than in Spain it has a major impact on house prices. When purchasing capacity is larger in Alicante than in the origin country it exerts a stronger effect on housing prices. Retiree migration flow has permanent effect on housing market prices. Practical implications Results indicate several ways to act on social and housing policies in specific cities in Alicante province, as well as in the origin countries, to alleviate potential disadvantages faced by expatriate retirees. Originality/value This paper finds evidence of the specific impact of international retiree migrants on the hosting housing market. This study is the first paper that can estimate the specific effect on housing prices from a flow of retiree migrants by country of origin.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135477795","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":"Does the absence of share deals distort commercial real estate indicators?","authors":"Farley Ishaak, Ron van Schie, Jan de Haan, H. Remøy","doi":"10.1108/jerer-04-2022-0011","DOIUrl":"https://doi.org/10.1108/jerer-04-2022-0011","url":null,"abstract":"PurposeCommercial real estate (CRE) indicators typically include asset deals and exclude share deals. This study aims to explore the phenomenon of real estate share deals and assess whether omitting these transactions results in indicators that do not accurately reflect the market.Design/methodology/approachVarious registers in the Netherlands were used to estimate transaction volumes, total values and price developments of both share and asset deals. Share deals are company transfers and its transactions cover more than real estate. To estimate the contribution of real estate in share deals, valuations were used.FindingsIn the Netherlands, share deals are most prominent for rental dwellings. Adding share deals to volume and value indicators seems required. In price development estimates, significant differences were found for dwellings between share and asset deals. Price indices should, therefore, also include share deals, but in practice this is difficult and has little impact on the outcomes due to the low weight of share deals.Research limitations/implicationsLegislation has a major impact on choosing a share or asset deal. The significance of share deals is expected to vary amongst countries. Performing similar research in other countries will contribute in harmonising real estate indicators.Practical implicationsStatistical agencies face many challenges in the construction of CRE indicators. This study provides statisticians knowledge that can be used to evaluate possible data gaps.Originality/valueThis is the first study to estimate indicators of real estate share deals and compare these to asset deal indicators.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"414 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80824939","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":"Choosing annuities for a home reversion: the case of the French viager market","authors":"Jean-Baptiste Coulomb, F. Larceneux, Arnaud Simon","doi":"10.1108/jerer-01-2023-0004","DOIUrl":"https://doi.org/10.1108/jerer-01-2023-0004","url":null,"abstract":"PurposeThe authors analyzed annuitization preferences when retired people extract cash from their homes. Based on 2,608 viager (home reversion) transactions, the authors study the relations between annuitization, negotiation, cash extraction, age, gender and marital status.Design/methodology/approachA database comprising 2,608 transactions is used. The three-stage least squares (3SLS) and moderation models are implemented, with a focus on potential adverse selection issues.FindingsThe authors found that difficulties in selling a property generally result in increased annuitization. The single men's group endures gender inequality, suffering from limitations in their possibility to extract wealth and annuitize, as well as an additional price discount during negotiation. Young single men, as compared to young single women and young couples, must consent to a substantial price reduction if they prefer a high down payment and limited price reductions if they prefer annuities. Elderly single men, as compared to young single men, have less capacity to negotiate, a concern that is reinforced when they prefer annuities.Originality/valueAmong the home equity conversion products, the academic real estate literature has intensely analyzed the reverse mortgage. The viager is distinct from a mortgage in that it consists of the true sale of a property without bank involvement. This product deserves reinforced attention in an aging continental Europe. It exists in numerous countries (France, Belgium, Germany, Italy, Spain, etc.).","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"12 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88985568","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 real estate? Five ontological questions for the discipline","authors":"O. A. K’Akumu","doi":"10.1108/jerer-08-2022-0022","DOIUrl":"https://doi.org/10.1108/jerer-08-2022-0022","url":null,"abstract":"PurposeThe study seeks to identify and document definitional challenges that hamper the delineation of the scope of real estate as a discipline and as an industry. Through literature review the article distils the perception of body of knowledge (BOK) of real estate within the academia. Two main issues are flagged up: the problem of undefined BOK and the collegiate dilemma. Later the study looks at the standard economic classification documents to capture the occupational domains of real estate professionals or real estate activities. These steps are necessary to help define an alternative academic, practical and social meaning of real estate that is sufficient and precise.Design/methodology/approachThe study uses literature review and, as primary method, qualitative document analysis (QDA). The study has made a special appeal for the application of qualitative strategy in real estate research other than following the methodological orthodoxy of quantitative causal research designs. Further, it has argued for the recognition of QDA as a legitimate research method in the context of real estate studies. Consequently, the study performed QDA procedures on international economic classification standards.FindingsFrom literature review and QDA, the study identified five definitional problems in the meanings or understandings of real estate: undefined body of knowledge, collegiate dilemma, inadequate classification of real estate occupations, inadequate industry classification and inadequate economic sector positioning. These are aspects that lead to misconceptions of the true boundary of knowledge in society and in the academia. The paper offers clarity and insights for the redrawing of these boundaries to give real estate its rightful place in the academia and in the real world.Originality/valueThe article follows up on the academic and social misconceptions on the BOK of real estate as a discipline and an economic activity domain to identify the contribution of real estate to the welfare of mankind. Ontology or the organization of academic or social knowledge is used to map out or catalogue real estate against competing domains and to show that the role of real estate is grossly understated and misunderstood. From the findings, the study makes recommendations to university curriculum developers, and international organizations like ILO, and UN-DESA to revise their conceptions of real estate to give the discipline its rightful position in society.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"70 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82197475","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 factor analysis of landlords’ and retail trade tenants’ different beliefs in lease negotiations: evidence from the Swedish market","authors":"B. Lundgren, Cecilia Hermansson, Filip Gyllenberg, Johan Koppfeldt","doi":"10.1108/jerer-08-2022-0023","DOIUrl":"https://doi.org/10.1108/jerer-08-2022-0023","url":null,"abstract":"Purpose The purpose is to increase knowledge of rent negotiations by investigating differences in beliefs held by property landlords and retailers on factors that they deem important in rent negotiation.Design/methodology/approach This study investigates differences in subjective beliefs held by landlords and retail trade tenants on factors that affect rent levels during the rent negotiation process using a factor analysis approach. Semi-structured interviews were made with seven large real estate owners/landlords and retailers and eight experts in negotiating retail rent to elicit variables that have an impact on retail rent. Thereafter, a web-based survey was sent to 421 respondents who had experience in rent negotiation. Several factors were extracted using factor analysis. The data collection was made in Sweden during the coronavirus disease 2019 (COVID-19) pandemic in late spring 2021Findings Significant differences are found in beliefs held by landlords and retail trade tenants in four out of seven-factor: regional growth, e-commerce, customer focus and trust. Landlords rate these factors higher than retailers do. There are also systematic differences between landlords and retailers depending on their education levels on the following factors: rent and vacancies, e-commerce and customer focus. The number of years of experience did not prove to be significant instead differences are found to exist in factorsResearch limitations/implications Not only do traditional factors of importance, such as lease structure, the effect of location, size and anchor or non-anchor tenants, have an effect on negotiated rent levels. Differences in other factors also exist, such as regional growth, e-commerce, customer focus and trust factors that may play an important role in the negation of retail rent.Practical implications The findings provide new insights into the different views on factors that affect rent negotiations between landlords and retail tenants. Knowledge of such differences may increase the overall transparency in the negotiation process. Transparency may be increased by putting forward information on these factors before a negotiation takes place, in order to smooth differences in their beliefs.Social implications If transparency in the negotiation process of retail rent increases, time to reach an agreement, stress and anxiety can be reduced by putting forward information on factors where differences exist between landlords and retailersOriginality/value New insights on retail rent negotiation have been put forward in this research paper. Not only do traditional factors such as lease structure matters, but subjective beliefs on factors such as regional growth and the level of education are also important, as this study has shown using a factors analysis approach.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"8 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82939238","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":"Quantifying the drivers of residential housing demand – an interpretable machine learning approach","authors":"Marcelo Cajias, Joseph-Alexander Zeitler","doi":"10.1108/jerer-02-2023-0008","DOIUrl":"https://doi.org/10.1108/jerer-02-2023-0008","url":null,"abstract":"PurposeThe paper employs a unique online user-generated housing search dataset and introduces a novel measure for housing demand, namely “contacts per listing” as explained by hedonic, geographic and socioeconomic variables. Design/methodology/approachThe authors explore housing demand by employing an extensive Internet search dataset from a German housing market platform. The authors apply state-of-the-art artificial intelligence, the eXtreme Gradient Boosting, to quantify factors that lead an apartment to be in demand.FindingsThe authors compare the results to alternative parametric models and find evidence of the superiority of the nonparametric model. The authors use eXplainable artificial intelligence (XAI) techniques to show economic meanings and inferences of the results. The results suggest that hedonic, socioeconomic and spatial aspects influence search intensity. The authors further find differences in temporal dynamics and geographical variations.Originality/valueTo the best of the authors’ knowledge, it is the first study of its kind. The statistical model of housing search draws on insights from decision theory, AI and qualitative studies on housing search. The econometric approach employed is new as it considers standard regression models and an eXtreme Gradient Boosting (XGB or XGBoost) approach followed by a model-agnostic interpretation of the underlying effects.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"4 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72748823","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":"Recycling English town centres – from retail to healthcare: surveys, views and next steps","authors":"G. Wiejak-Roy, Gavin Hunter","doi":"10.1108/jerer-01-2023-0002","DOIUrl":"https://doi.org/10.1108/jerer-01-2023-0002","url":null,"abstract":"PurposeMany town centres in England exhibit high retail property vacancies and require regeneration. Several alternatives for the replacement of town centre retail (TCR) have been suggested, one of which is healthcare. The healthcare sector in England is in distress, with the National Health Service (NHS) tackling extensive patient waiting lists, whilst operating from an ageing estate. This paper is an introductory study that uses seven carefully selected personalised surveys to raise academic awareness of the importance and potential of integrating healthcare into town centres and calls for large-scale research to establish the statistical validity of the reported observations.Design/methodology/approachThis study is developed from an interpretative standpoint. Through semi-structured interviews with key stakeholders specific to retail-to-healthcare conversions, this study reports stakeholders' perspectives on opportunities and limitations for such conversions to give direction for large statistical research in the future.FindingsAll participants support the integration of healthcare into town centres and agreed that diagnostic services, mental health support and primary care services are appropriate for provision within town centres. The participants advocate large-scale change in town centres in England, with integrated healthcare co-located with complementary services to fit with wider regeneration plans. Participants prefer adaptation of existing buildings where technically feasible and emphasise the importance of obtaining the buy-in of other stakeholders whilst expressing concerns about the uncertainty of capital funding availability.Originality/valueThis is the first study to analyse the practice of retail-to-healthcare conversions in town centres. These are still rare in England and projects are complex. The market experience is limited, and thus, the literature is scarce. This study fills this void and provides a starting point for future quantitative research in this area and informs the new town-planning policies.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"125 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85277245","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":"Leveraging supplementary modalities in automated real estate valuation using comparative judgments and deep learning","authors":"Miroslav Despotovic, David Koch, Eric Stumpe, Wolfgang A. Brunauer, M. Zeppelzauer","doi":"10.1108/jerer-11-2022-0036","DOIUrl":"https://doi.org/10.1108/jerer-11-2022-0036","url":null,"abstract":"PurposeIn this study the authors aim to outline new ways of information extraction for automated valuation models, which in turn would help to increase transparency in valuation procedures and thus contribute to more reliable statements about the value of real estate.Design/methodology/approachThe authors hypothesize that empirical error in the interpretation and qualitative assessment of visual content can be minimized by collating the assessments of multiple individuals and through use of repeated trials. Motivated by this problem, the authors developed an experimental approach for semi-automatic extraction of qualitative real estate metadata based on Comparative Judgments and Deep Learning. The authors evaluate the feasibility of our approach with the help of Hedonic Models.FindingsThe results show that the collated assessments of qualitative features of interior images show a notable effect on the price models and thus over potential for further research within this paradigm.Originality/valueTo the best of the authors’ knowledge, this is the first approach that combines and collates the subjective ratings of visual features and deep learning for real estate use cases.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"21 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90568126","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":"House price bubble detection in Ukraine","authors":"Alona Shmygel, Martin Hoesli","doi":"10.1108/jerer-10-2022-0031","DOIUrl":"https://doi.org/10.1108/jerer-10-2022-0031","url":null,"abstract":"Purpose The purpose of this paper is to present a framework for the assessment of the fundamental value of house prices in the largest Ukrainian cities, as well as to identify the thresholds, the breach of which would signal a bubble. Design/methodology/approach House price bubbles are detected using two approaches: ratios and regression analysis. Two variants of each method are considered. The authors calculate the price-to-rent and price-to-income ratios that can identify a possible overvaluation or undervaluation of house prices. Then, the authors perform regression analyses by considering individual multi-factor models for each city and by using a within regression model with one-way (individual) effects on panel data. Findings The only pronounced and prolonged period of a house price bubble is the one that coincides with the Global Financial Crisis. The bubble signals produced by these methods are, on average, simultaneous and in accordance with economic sense. Research limitations/implications The framework described in this paper can serve as a model for the implementation of a tool for detecting house price bubbles in other countries with emerging, small and open economies, due to adjustments for high inflation and significant dependence on reserve currencies that it incorporates. Practical implications A tool for measuring fundamental house prices and a bubble indicator for housing markets will be used to monitor the systemic risks stemming from the real estate market. Thus, it will help the National Bank of Ukraine maintain financial stability. Social implications The framework presented in this research will contribute to the enhancement of the systemic risk analysis toolkit of the National Bank of Ukraine. Therefore, it will help to prevent or mitigate risks that might originate in the real estate market. Originality/value The authors show how to implement an instrument for detecting house price bubbles in Ukraine. This will become important in the context of the after-war reconstruction of Ukraine, with mortgages potentially becoming the main tool for the financing of the rebuilding/renovation of the residential real estate stock.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135996186","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}