Journal of Property Research最新文献

{"title":"Age-related depreciation of older properties","authors":"Mats Wilhelmsson, Henrik Roos","doi":"10.1080/09599916.2023.2296442","DOIUrl":"https://doi.org/10.1080/09599916.2023.2296442","url":null,"abstract":"The value of a property tends to decrease over time as it ages, resulting in a reduced ability to generate the same value. Property depreciation is a multifaceted concept that encompasses both tech...","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139579417","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":"Exploring needs, choices, and preferences of homebuyers in Islamabad, Pakistan","authors":"Nida Naeem, Irfan Ahmad Rana","doi":"10.1080/09599916.2023.2286244","DOIUrl":"https://doi.org/10.1080/09599916.2023.2286244","url":null,"abstract":"Given the multitude of factors to consider, selecting a home to buy or rent is a significant decision, and consumer behaviour plays a crucial role in this process. This study aims to shed light on ...","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2023-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138509606","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":"Competitive advantages and the proximity of investment: evidence from Hong Kong-listed real estate development firms in Mainland China","authors":"Song Shi, Shuping Wu, Zan Yang","doi":"10.1080/09599916.2023.2279761","DOIUrl":"https://doi.org/10.1080/09599916.2023.2279761","url":null,"abstract":"ABSTRACTThis study examines the investment behaviour of Hong Kong-based real estate firms in Mainland China. Using a sample of individual land transactions, we find that firms with higher value of growth options, as perceived in the capital market, are more likely to invest actively and further away from their home base. However, over time, Hong Kong developers tend to decrease their level of activity in Mainland China, indicating that the ‘liability of foreignness’ becomes a significant challenge. Our findings highlight the importance of balancing strategic expansion with the inherent risks of operating in distant emerging markets.KEYWORDS: Growth optionsinvestment activitiesreal estate developmentslocation choicesHong Kong developers Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. The oral auction follows a typical English open-outcry ascending auction, the tender is akin to a sealed-bid auction, and the listing auction is an ascending auction in two stages (Cai et al., Citation2013).2. First, the Chinese central government has issued a series of policies to ensure ‘housing is for living in and not speculation’ since 2016 (MOHURD, Citation2015; The State Council, Citation2016). Second, as required by China’s deleveraging campaign from 2015, Mainland developers face tight regulation to lower their high debt ratio and slow down their land buying, which could make Hong Kong developers more competitive in the land market. Lastly, there has been a significant change in the political relation between Hong Kong and Mainland China since 2019 due to the Hong Kong protests in 2019 and the passing of the Hong Kong national security law in 2020.3. The details of these 31 HK firms are available upon request.4. The arithmetic mean return of the Hang Seng Index (HSI) was about 8.35% per annum between 2004 and 2015; meanwhile the mean return of the Hang Seng Index – Properties (HSP) was around 11.80% per annum. Hong Kong developers typically aim for a profit margin of 15–20% when purchasing land, so a discount rate of 12% seems reasonable. On the study of the US equity market from 1976 to 1995, Dechow et al. (Citation1999) found that the historical average of abnormal earning persistence was about 0.62.5. We examined the V/P ratios of real estate firms listed in the Shanghai and Shenzhen stock exchange markets. We found that Mainland real estate firms were trading significantly above their book values, with an average V/P ratio of 0.583 during the study period. The variation in V/P ratios could be attributed to two factors: Firstly, the difference in accounting rules for valuing a firm’s book value, particularly when it comes to land development. Secondly, the difference in pricing of these real estate development firms in the stock market.6. Separating state-owned enterprises or firms controlled by corporates or individuals in Mainland China would not alter our main findings. Among the 31 listed Hong Kong-based real","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134902478","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":"Urban clusters and land price variation in Jakarta, Indonesia","authors":"Ahmad Gamal, Risty Khoirunisa, Iman Muhtadi","doi":"10.1080/09599916.2023.2269956","DOIUrl":"https://doi.org/10.1080/09599916.2023.2269956","url":null,"abstract":"ABSTRACTJakarta’s dynamism is impacted profoundly by the growing economic activity of urban agglomeration. The high intensity of urban economic activities has transformed the capital’s spatial configuration with the emergence of concentrated commercial areas, so-called urban clusters. The agglomeration stimulated an increased demand for commercial property, raising the need for land parcels. Theoretically, various determinant attributes influence land value; one of them is the location aspect. Location was often measured using the distance calculation method despite the questionable accuracy of the current city spatial structure. This research analyzes a new location attribute by considering spatial design and configuration, specifically from the arrangement of the surrounding environments. This study quantifies the degree of clusterization of an area and finds its relation to land value. We found that spatial clusterization positively correlates to the land value by 0.172%, and clusterization creates real estate advantages by adding more value to the properties within the cluster.KEYWORDS: Urban agglomerationspatial autocorrelationurban clusterland valuelocation analysis AcknowledgementsThis research is supported by the Riset dan Inovasi Indonesia Maju (RIIM) Grant under contract number PKS-168/UN2.INV/HKP.05/2022, funded by the National Research and Innovation Agency and Educational Fund Management Institution (Indonesia). The author also would like to express their gratitude to DKI Jakarta Governor and University of Indonesia for providing access to data.Disclosure statementNo potential conflict of interest was reported by the author(s).Additional informationFundingThis work was supported by the Badan Riset dan Inovasi Nasional [PKS-168/UN2.INV/HKP.05/2022].Notes on contributorsAhmad GamalAhmad Gamal received his PhD in Regional Planning (2016) and Master of Urban Planning (2010) both from the University of Illinois at Urbana-Champaign. Gamal is a prolific urban planner, having written robust policy reviews for the Ministry of National Planning and Development (BAPPENAS) in the past. He encourages the need for in-depth economic impact evaluation to quantify physical development, vis-à-vis its consequences to poverty alleviation. He also conducted research beyond poverty alleviation such as investigating the value capture mechanism on Jakarta gated community housing (2020) and producing 3-D semantic segmentation method for urban growth detection (2019) to name a few.Risty KhoirunisaRisty Khoirunisa received his Master (2020) from Szeged University at the Department of Physical Geography and Geo-information. Her thesis research focused on Geographic Information System and Remote Sensing. Prior to her master, she has been working closely with government, Geospatial Information Agency, to provide assistance in spatial planning map production.Iman MuhtadiIman Muhtadi received his Master (2021) and Bachelor Degree (2019) from Universitas Indonesia a","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135320940","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":"Tenant stock market performance and retail Real Estate prices","authors":"Carina Kaiser, J. Freybote","doi":"10.1080/09599916.2023.2254788","DOIUrl":"https://doi.org/10.1080/09599916.2023.2254788","url":null,"abstract":"","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2023-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41360280","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":"Do informed REIT market participants respond to property sector mispricing?","authors":"R. Aroul, J. Freybote, Anh Nguyen","doi":"10.1080/09599916.2023.2222377","DOIUrl":"https://doi.org/10.1080/09599916.2023.2222377","url":null,"abstract":"ABSTRACT Sector mispricing represents the deviation of current and long-run sector fundamentals indicating either over- or undervaluation. We focus on the response of informed market participants to property sector mispricing in the context of equity REITs. We argue that REIT market participants such as institutional REIT investors and analysts have an informational advantage due to their access to commercial real estate market data. As a result, they are expected to respond to property sector mispricing. Using a sample of 2,637 firm-quarters of pure play equity REITs over the period of 1993 to 2020, we find that sector mispricing indeed impacts the decision-making of informed REIT market participants. The more overvalued (undervalued) a property sector is, the more institutional investors behave as net sellers (buyers) for REITs with the respective property type specialisation in the next quarter. Similarly, property sector overvaluation (undervaluation) results in lower (higher) net buy recommendations by analysts for REITs in the respective sector in the next quarter. However, our results are driven by smaller REITs and REITs with higher growth options. The sensitivity of institutional REIT investors and analysts to property sector mispricing also varies across different states of trading and recommendations respectively.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44219114","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":"Trade vs. daily press: the role of news coverage and sentiment in real estate market analysis","authors":"Franziska Plößl, Nino Martin Paulus, Tobias Just","doi":"10.1080/09599916.2023.2199764","DOIUrl":"https://doi.org/10.1080/09599916.2023.2199764","url":null,"abstract":"ABSTRACT Each week, thousands of newspaper articles on real estate topics are read by market participants. While the market is comparatively intransparent, readers hope to find valuable information. This raises the question of whether this investment of time pays off and whether different types of newspapers are an equivalent source of information. This paper examines the relationship between news-based coverage of real estate topics respectively news-based market sentiment and total returns of the asset classes of residential, office and retail. Using methods of natural language processing, including word embedding, topic modelling and sentiment analysis, three sentiment indicators for each asset class can be derived from 137,000 articles of two trade and two daily newspapers. Our results suggest that trade newspapers outperform daily newspapers in the prediction of future total returns and that the generated sentiment indicators Granger-cause total returns. Moreover, the results indicate that daily newspapers report more negatively on rising returns in the residential market than the trade press. To the best knowledge of the authors, this is the first study to quantify news coverage and sentiment for the main real estate asset classes through means of textual analysis, and to assess different sentiments in trade and daily press.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44099032","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":"Automated valuation models: improving model performance by choosing the optimal spatial training level","authors":"Bastian Krämer, Moritz Stang, Vanja Doskoč, Wolfgang Schäfers, Tobias Friedrich","doi":"10.1080/09599916.2023.2206823","DOIUrl":"https://doi.org/10.1080/09599916.2023.2206823","url":null,"abstract":"The academic community has discussed using Automated Valuation Models (AVMs) in the context of traditional real estate valuations and their performance for several decades. Most studies focus on finding the best method for estimating property values. One aspect that has not yet to be studied scientifically is the appropriate choice of the spatial training level. The published research on AVMs usually deals with a manually defined region and fails to test the methods used on different spatial levels. Our research aims to investigate the impact of training AVM algorithms at different spatial levels regarding valuation accuracy. We use a dataset with 1.2 million residential properties from Germany and test four methods: Ordinary Least Square, Generalised Additive Models, eXtreme Gradient Boosting and Deep Neural Network. Our results show that the right choice of spatial training level can significantly impact the model performance, and that this impact varies across the different methods.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135158788","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":"Analysis of the factors affecting petrol station values in Turkey","authors":"Celal Erdogdu, K. Arslanli","doi":"10.1080/09599916.2023.2199758","DOIUrl":"https://doi.org/10.1080/09599916.2023.2199758","url":null,"abstract":"ABSTRACT This study aims to provide the users with formulas for petrol station value estimation activities in Turkey. Firstly, 432 advertisements were used to estimate the asking price of the real estate listings dataset. Secondly, data obtained from 239 valuation reports were used to estimate value. The data were analysed with regression analysis, the variables were found to explain 68.7% of the asking price in the advertisement data and 90.7% of the value in the valuation reports. The results indicated that users could estimate the value of a petrol station by using some of the advertisement data or valuation reports in the estimation. This study can help valuers, especially in cases where access to the actual sales data is required for the market approach, the data needed for the cost approach, and the time needed for value estimation are limited. Our findings indicate that the share of ancillary revenues in the total revenues of petrol stations increased. In Turkey, the revenues of petrol stations, and the revenues from sales of petroleum products increased by 189%, and ancillary revenues by 326% from 2016 to 2021. Moreover, the value of petrol stations belong to one of the five major dealers increase by 24.4%.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2023-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44803531","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":"‘It’s the hope I can’t stand’: planning, valuation and new community building","authors":"N. Phelps, Julie T. Miao","doi":"10.1080/09599916.2023.2183887","DOIUrl":"https://doi.org/10.1080/09599916.2023.2183887","url":null,"abstract":"ABSTRACT What are the recursive effects of planning on valuations of land, value capture and returns to developers and hence what urban planning can achieve in the building of new urban fringe communities? Valuations affect returns on investment in ways that impact on developer contributions while planning fuels hope in ways that land value capture instruments can never fully realise. We illustrate the discussion with reference to Melbourne, Australia drawing on research interviews with local and state and private sector planners, real estate brokers and valuers. In conclusion, we note the implications of the hope generated by planning for the capture of land value uplifts in the name of new community building; the desirability of integrating insights from the property and planning disciplines; further investigating the temporalities of planning; and the contribution of built environment professions in shaping discourses surrounding the value of planning.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2023-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45149511","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}