Journal of European Real Estate Research最新文献

{"title":"Local and global determinants of office rents in Istanbul","authors":"Anil K. Bera, Sinem Guler Kangalli Uyar","doi":"10.1108/JERER-12-2018-0052","DOIUrl":"https://doi.org/10.1108/JERER-12-2018-0052","url":null,"abstract":"\u0000Purpose\u0000This paper presents a hedonic office rent model under the decentralized structure of Istanbul Office Market. The data set in the study includes 2,348 office spaces for the first quarter of 2018. This study aims to find determinants that affect the level of rent and examine whether the effects of office rent determinants are global or not.\u0000\u0000\u0000Design/methodology/approach\u0000To consider both global and local effects, the paper uses mixed geographically weighted regression approach in hedonic office rent analysis.\u0000\u0000\u0000Findings\u0000The empirical results indicate that office rent determinants such as physical, locational, neighborhood and market operational characteristics have significant impacts on the level of the rent. The findings also show that one of the office rent determinants has a global effect and the other determinants have local effects. According to the estimation results, local effects and statistical significances of these determinants vary from lower quartiles to upper quartiles.\u0000\u0000\u0000Originality/value\u0000To the best of the authors’ knowledge, this is the first paper to consider global and local effects of office rent determinants on the level of rent, with mixed geographically weighted regression approach. The paper provides new insights into the hedonic valuation of commercial real estates, especially for decentralized office markets.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"85 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2019-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78980054","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":"Airport noise compensation: real estate perspective","authors":"Jacek Batóg, I. Foryś, Jan Konowalczuk","doi":"10.1108/jerer-02-2019-0002","DOIUrl":"https://doi.org/10.1108/jerer-02-2019-0002","url":null,"abstract":"\u0000Purpose\u0000This study aims to present a problem of noise compensation related to the localization of single-family houses in the restricted use areas (RUA) created around airports. The authors presented different methodological approaches to the valuation of such amends and characterized distinct solutions applied in that area in chosen countries and cities.\u0000\u0000\u0000Design/methodology/approach\u0000To estimate the level of those indemnities, linear models including spatial and generalized linear models, were applied. The set of explanatory variables contains quantitative and qualitative attributes of real estates. The influence of outliers indicated by means of cluster analysis on the received results were also considered.\u0000\u0000\u0000Findings\u0000The results show that after accounting for noise level and house characteristics, houses in noisier areas were sold for less than houses subjected to less noise. Unit prices of houses located outside the RUA were on average 17.05 per cent higher than the prices observed in zone with noise level for the daytime of 60 dB and 8.95 per cent in zone characterized by noise level for the daytime of 55 dB.\u0000\u0000\u0000Practical implications\u0000Received results can be compared with results obtained by other authors, but its most important application is possibility of use the proposed methodology by judicial appraisers to assess the proper level of noise compensation for home owners or tenants.\u0000\u0000\u0000Originality/value\u0000An identification of real estate market heterogeneity and its considering in estimation of compensation related to airport noise evidence some novelty of the research.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"41 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2019-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75345032","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 retail property market dynamics through spatial accessibility measures","authors":"A. Adebayo, P. Greenhalgh, Kevin Muldoon-Smith","doi":"10.1108/JERER-01-2018-0009","DOIUrl":"https://doi.org/10.1108/JERER-01-2018-0009","url":null,"abstract":"\u0000Purpose\u0000The retail property market is constantly adopting to the continuous demand of retailers and their consumers. This paper aims to investigate retail property market dynamics through spatial accessibility measures of the City of York street network. It explores how spatial accessibility metrics (SAM) explain retail market dynamics (RMD) through changes in the city’s retail rental values and stock.\u0000\u0000\u0000Design/methodology/approach\u0000Valuation office agency (VOA) data sets (aspatial) and ordnance survey map (spatial) data form the empirical foundation for this investigation. Changes in rental value and retail stock between 2010 and 2017 VOA data sets represent the RMD variables. While, the configured street network measures of Space Syntax, namely, global integration, local integration, global choice and normalised angular choice form the SAM variables. The relationship between these variables is analysed through geo-visualisation and statistical testing using GIS and SPSS tools.\u0000\u0000\u0000Findings\u0000The study reveals that there has been an overall negative changes of 15 and 22% in rental value and retail stock, respectively, even though some locations within the sampled city (York, North Yorkshire, England) indicated positive changes. The study further indicated that changes in retail rental value and stock have occurred within locations with good accessibility index. It also verifies that there are spatial and statistical relationship between variables and 22% of RMD variability was jointly accounted for by SAM.\u0000\u0000\u0000Originality/value\u0000This research is first to investigates changes in retail property market variables through spatial accessibility measures of space syntax. It contributes to the burgeoning research field of real estate and Space Syntax.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"87 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2019-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86813785","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":"Spatial analysis of Twitter sentiment and district-level housing prices","authors":"Christopher M. Hannum, K. Arslanli, Ali Furkan Kalay","doi":"10.1108/JERER-08-2018-0036","DOIUrl":"https://doi.org/10.1108/JERER-08-2018-0036","url":null,"abstract":"\u0000Purpose\u0000Studies have shown a correlation and predictive impact of sentiment on asset prices, including Twitter sentiment on markets and individual stocks. This paper aims to determine whether there exists such a correlation between Twitter sentiment and property prices.\u0000\u0000\u0000Design/methodology/approach\u0000The authors construct district-level sentiment indices for every district of Istanbul using a dictionary-based polarity scoring method applied to a data set of 1.7 million original tweets that mention one or more of those districts. The authors apply a spatial lag model to estimate the relationship between Twitter sentiment regarding a district and housing prices or housing price appreciation in that district.\u0000\u0000\u0000Findings\u0000The findings indicate a significant but negative correlation between Twitter sentiment and property prices and price appreciation. However, the percentage of check-in tweets is found to be positively correlated with prices and price appreciation.\u0000\u0000\u0000Research limitations/implications\u0000The analysis is cross-sectional, and therefore, unable to answer the question of whether Twitter can Granger-cause changes in housing markets. Future research should focus on creation of a property-focused lexicon and panel analysis over a longer time horizon.\u0000\u0000\u0000Practical implications\u0000The findings suggest a role for Twitter-derived sentiment in predictive models for local variation in property prices as it can be observed in real time.\u0000\u0000\u0000Originality/value\u0000This is the first study to analyze the link between sentiment measures derived from Twitter, rather than surveys or news media, on property prices.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"80 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2019-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80076104","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 spatiotemporal exploratory analysis of real estate sales in Turkey using GIS","authors":"S. Erdogan, A. Memduhoglu","doi":"10.1108/JERER-06-2018-0024","DOIUrl":"https://doi.org/10.1108/JERER-06-2018-0024","url":null,"abstract":"PurposeThe purpose of this paper is to examine the real estate sales in Turkey on a district basis to reveal the current state of real estate sales and any meaningful changes in the last period. The real estate market is important and is an indicator of the country’s general economic health, as real estate is seen as an investment.Design/methodology/approachAs a powerful method of spatial analysis and evaluation, geographic information systems have been used to examine real estate data in both spatial and temporal ways. In this study, 14 years of sales data covering the years 2004 to 2017 obtained from government agencies on a district basis were evaluated using spatiotemporal methods. Several maps were produced using Getis-Ord Gi* and local Moran’s I indices, which showed the spatiotemporal change of sales and sales rates.FindingsWhen looking at the maps, provinces such as Istanbul, Ankara, Izmir, Antalya and their surrounding districts have buoyant real estate markets compared to the other side of the country. Real estate sales are more stagnant in the eastern and northern parts of the country. In addition, the authors found that the growth rate of annual average real estate sales was approximately seven times higher than the annual average population growth.Originality/valueThis spatiotemporal study, which presents 14 years of performance data of the real estate market and, by extension, the economic situation, also highlights the regions that stand out for investment planning throughout the country. The results of spatiotemporal analysis also present a new way of real estate market visualization using maps with well-designed categorizations.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"6 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2019-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90987735","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 financial returns from buying versus renting","authors":"Abdulkader Mostafa, Colin A. Jones","doi":"10.1108/JERER-07-2018-0032","DOIUrl":"https://doi.org/10.1108/JERER-07-2018-0032","url":null,"abstract":"\u0000Purpose\u0000The UK experienced a substantial rise in owner occupation over the twentieth century, and many tenants still aspire to homeownership. These strong aspirations to own are attributed to a set of financial and non-financial benefits. This paper aims to calculate, for the first time, the financial returns from buying versus renting in Britain for first-time buyers in 11 regions.\u0000\u0000\u0000Design/methodology/approach\u0000It applies a DCF approach based on historical housing and mortgage market data from 1975 to 2012.\u0000\u0000\u0000Findings\u0000The paper finds strong evidence that, in purely financial terms, buying has been always superior to renting in all regions of the UK over the period.\u0000\u0000\u0000Practical implications\u0000It gives a clear message of the financial benefits of homeownership over renting in Britain, even over very short time periods.\u0000\u0000\u0000Originality/value\u0000The paper is the first to apply a comprehensive DCF model to the choice between renting and owning.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"93 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2019-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75941151","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 standards and methods: are Sweden’s (still) different?","authors":"L. Bellman, H. Lind","doi":"10.1108/JERER-04-2018-0020","DOIUrl":"https://doi.org/10.1108/JERER-04-2018-0020","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is to describe and analyse the methods and standards of valuation used by Swedish professional property valuers when appraising commercial properties and factors affecting those standards. The study builds on a 2002 comparative study of valuers in four European countries by McParland et al. (2002), but focuses specifically on property valuers in Sweden.\u0000\u0000\u0000Design/methodology/approach\u0000In 2010-2011, a questionnaire was used in face-to-face interviews with about half of the authorised property valuers in Sweden. Another questionnaire was emailed to all authorised property valuers in Sweden 2015 and again about half participated.\u0000\u0000\u0000Findings\u0000Analysis of the results shows some new trends in used and preferred standards and methods. Although Swedish valuers still rely mainly on local guidelines, they now increasingly use international standards and company guidelines, which may indicate a growing, if indirect, form of internationalisation. Swedish valuers still use discounted cash flow as their primary method, but their use of comparative methods has increased.\u0000\u0000\u0000Originality/value\u0000The data in this comparative study of valuation standards and methods over time used were collected from a specific group of property valuers authorised through the professional Swedish organisation Samhällsbyggarna (Swedish Professionals for the Built Environment), which contributes to an insight in the presiding of the harmonisation of valuation methods and standards.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"20 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2019-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82075960","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":"Land pricing upon the extension of leases in public leasehold systems","authors":"W. K. Altes","doi":"10.1108/JERER-05-2018-0021","DOIUrl":"https://doi.org/10.1108/JERER-05-2018-0021","url":null,"abstract":"\u0000Purpose\u0000This paper aims to compare and review alternative ways to adjust public ground leases.\u0000\u0000\u0000Design/methodology/approach\u0000Based on principles derived from a review of scientific literature, alternatives for the extension of leases are discussed based on the case of Amsterdam.\u0000\u0000\u0000Findings\u0000Many alternatives lead public ground-lease systems to produce results that are the opposite of what they are intended to be (as inspired by Henry George): new improvements result in higher rent, but additional location values do not result in higher rent. One exception is the lease-adjustment-at-property-transaction alternative, which may nevertheless result in fewer transactions.\u0000\u0000\u0000Social implications\u0000Public leasehold systems are highly contested with regard to the extension of leases. Such systems are often aimed at capturing land-value gains. In practice, however, this tends to be more difficult than expected. Value capture by authorities, as intended by the system, results in counter-movements of lessees, who often gain public support to set lower leases. These political processes may even result in the termination of such public ground-lease systems. This paper reports on a search for possible solutions.\u0000\u0000\u0000Originality/value\u0000The comparison of various alternatives to ground-lease extension based on principles derived from literature is new, and it contributes insight into public ground-lease systems.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"1 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2019-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76872307","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":"Modelling return behaviour of global real estate investment trusts equities","authors":"Peterson Owusu Junior, George Tweneboah, K. Ijasan, N. Jeyasreedharan","doi":"10.1108/JERER-09-2018-0043","DOIUrl":"https://doi.org/10.1108/JERER-09-2018-0043","url":null,"abstract":"PurposeThis paper aims to contribute to knowledge by investigating the return behaviour of seven global real estate investment trusts (REITs) with respect to the appropriate distributional fit that captures tail and shape characteristics. The study adds to the knowledge of distributional properties of seven global REITs by using the generalised lambda distribution (GLD), which captures fairly well the higher moments of the returns.Design/methodology/approachThis is an empirical study with GLD through three rival methods of fitting tail and shape properties of seven REIT return data from January 2008 to November 2017. A post-Global Financial Crisis (GFC) (from July 2009) period fits from the same methods are juxtaposed for comparison.FindingsThe maximum likelihood estimates outperform the methods of moment matching and quantile matching in terms of goodness-of-fit in line with extant literature; for the post-GFC period as against the full-sample period. All three methods fit better in full-sample period than post-GFC period for all seven countries for the Region 4 support dynamics. Further, USA and Singapore possess the strongest and stronger infinite supports for both time regimes.Research limitations/implicationsThe REITs markets, however, developed, are of wide varied sizes. This makes comparison less than ideal. This is mitigated by a univariate analysis rather than multivariate one.Practical implicationsThis paper is a reminder of the inadequacy of the normal distribution, as well as the mean, variance, skewness and kurtosis measures, in describing distributions of asset returns. Investors and policymakers may look at the location and scale of GLD for decision-making about REITs.Originality/valueThe novelty of this work lies with the data used and the detailed analysis and for the post-GFC sample.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"22 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2019-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82767074","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 housing prices from an urban economic point of view: evidence from Hungary","authors":"Norbert Czinkán, Á. Horváth","doi":"10.1108/JERER-10-2017-0041","DOIUrl":"https://doi.org/10.1108/JERER-10-2017-0041","url":null,"abstract":"\u0000Purpose\u0000The purpose of the paper is to investigate a cross section of Hungarian settlement-level unit housing prices with a special emphasis on measuring the effect of population and its growth, along with accessibility to the centre of an aggregated spatial unit such as a micro-region, county or region, for the period of 2001-2011.\u0000\u0000\u0000Design/methodology/approach\u0000The analysis uses cross-sectional ordinary least squares techniques with Moulton-corrected standard errors. The estimation is guided by the implications of a simplified monocentric urbanized area framework following the model of DiPasquale and Wheaton (1996), and the econometric model is augmented with population growth rate at the settlement level to bridge the theory explaining rents and data base containing prices instead.\u0000\u0000\u0000Findings\u0000The location is a key factor in determining housing prices: living 10 min further from the centre results in 11 per cent cheaper housing. When estimating bid-rent curves, results show that it is crucial to control for city size and the income effect. The elasticity of housing price with respect to city size is 0.09 according to our preferred model. Population growth has an asymmetric impact on housing prices: municipalities with positive expected population growth have higher prices today.\u0000\u0000\u0000Practical implications\u0000Estimating the quantitative relationship between commuting time and housing price is crucial for a cautious infrastructure development. The benefits of improved roads and faster access could be capitalized in appreciating the housing stock. Estimating the slope of the bid-rent curve is one possible ex ante quantification of the benefits of a public development.\u0000\u0000\u0000Originality/value\u0000One contribution of this research is providing empirical evidence to surprisingly limited applied work in the field of (monocentric) urban models using data from the CEE region. Second, to the best of the authors’ knowledge, this is the first study to investigate Hungarian settlement-level unit prices from an urban economic point of view.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"1 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2019-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88584177","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}