Journal of Property Research最新文献_第4页

What determines the mean reversion speed of NAV spreads? 是什么决定了资产净值息差的均值回归速度?

IF 1.9

Journal of Property Research Pub Date : 2022-08-08 DOI: 10.1080/09599916.2022.2105251

Alexander Schiller, René-Ojas Woltering, Christian Weis, Steffen P. Sebastian

引用次数: 0

House price prediction with gradient boosted trees under different loss functions 不同损失函数下梯度增强树的房价预测

IF 1.9

Journal of Property Research Pub Date : 2022-05-24 DOI: 10.1080/09599916.2022.2070525

Anders Hjort, J. Pensar, I. Scheel, D. E. Sommervoll

{"title":"House price prediction with gradient boosted trees under different loss functions","authors":"Anders Hjort, J. Pensar, I. Scheel, D. E. Sommervoll","doi":"10.1080/09599916.2022.2070525","DOIUrl":"https://doi.org/10.1080/09599916.2022.2070525","url":null,"abstract":"ABSTRACT Many banks and credit institutions are required to assess the value of dwellings in their mortgage portfolio. This valuation often relies on an Automated Valuation Model (AVM). Moreover, these institutions often report the models accuracy by two numbers: The fraction of predictions within and range from the true values. Until recently, AVMs tended to be hedonic regression models, but lately machine learning approaches like random forest and gradient boosted trees have been increasingly applied. Both the traditional approaches and the machine learning approaches rely on minimising mean squared prediction error, and not the number of predictions in the and range. We investigate whether introducing a loss function closer to the AVMs actual loss measure improves performance in machine learning approaches, specifically for a gradient boosted tree approach. This loss function yields an improvement from to of predictions within of the true value on a data set of transactions from the Norwegian housing market between 2013 and 2015, with the biggest improvements in performance coming from the lower price segments. We also find that a weighted average of models with different loss functions improves performance further, yielding of the observations within of the true value.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42309261","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}

引用次数: 11

Changing tenant covenant perceptions and flexibility in the lease model in UK city centres 英国市中心租户契约观念的变化和租赁模式的灵活性

IF 1.9

Journal of Property Research Pub Date : 2022-04-03 DOI: 10.1080/09599916.2022.2057866

A. Orr, A. Gardner, Cath Jackson, James T. White

{"title":"Changing tenant covenant perceptions and flexibility in the lease model in UK city centres","authors":"A. Orr, A. Gardner, Cath Jackson, James T. White","doi":"10.1080/09599916.2022.2057866","DOIUrl":"https://doi.org/10.1080/09599916.2022.2057866","url":null,"abstract":"ABSTRACT The retailing industry in the UK is experiencing unprecedented structural change. The impact on retailers has often dominated headlines, along with the impacts on local services and economies, but with little attention given to the implications for property owners and practitioners. Exploring and understanding the responsiveness of landlords, and their behaviours, is essential to understanding the adaptiveness of a retailing system. This study employs semi-structured interviews to examine the short- and long-term changes in the retail market and the actions of landlords in response. The findings span the period prior to and during the first year of the Covid-19 pandemic in 2020, and reveal that fundamental changes have occurred to establish tenant covenant norms and the traditional retail leasing model. The paper explores these changes, including a shift in tenant risk, reposition of the leasing model in favour of tenants, generally, and greater application of turnover rents. The pressing challenge for current valuation practitioners, therefore, is to incorporate these fundamental changes within the market into the pricing of retail assets. Significant progress in this area to date, as explored in the paper, has been limited although greater application of discounted cashflow techniques is set to be encouraged by the RICS.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41999414","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}

引用次数: 4

Uncertainty and commercial real estate excess returns in European markets 欧洲市场的不确定性与商业地产超额回报

IF 1.9

Journal of Property Research Pub Date : 2022-03-24 DOI: 10.1080/09599916.2022.2054353

Elmar Lang, Ferdinand Mager, Kerstin Hennig

引用次数: 0

Property use diversity and spatial accessibility within urban retailing centres: drivers of retail rents 城市零售中心内的物业使用多样性和空间可达性：零售租金的驱动因素

IF 1.9

Journal of Property Research Pub Date : 2022-03-14 DOI: 10.1080/09599916.2022.2046138

A. Orr, J. Stewart

{"title":"Property use diversity and spatial accessibility within urban retailing centres: drivers of retail rents","authors":"A. Orr, J. Stewart","doi":"10.1080/09599916.2022.2046138","DOIUrl":"https://doi.org/10.1080/09599916.2022.2046138","url":null,"abstract":"ABSTRACT This study investigates the relationship between use and investor diversity, spatial accessibility, and high street retail rents. Spatial quantitative analysis of the high street retail sector remains an underdeveloped area so this paper seeks to bridge this gap and contribute to the debate on the adaptability of urban retailing centres by adopting a spatial fixed-effects panel modelling approach. The empirical findings reveal that diversity and richness in property use tend to have a significant positive impact on retail rental values. The influence of ownership richness on rents is positive implying that rents tend to be higher on streets where there is a greater range in the type of landlords. Walkability, as a measure of spatial accessibility, is found to have a negative relationship with market rents. This is perhaps surprising as it had been expected that the most walkable streets in retailing centres to be the most connected and have the highest rents. This contrary finding may be due to large developments interrupting the street network and restricting the choice and movement of pedestrians. Location on the prime retail pitch has a significant positive relationship with shop rents, whereas proximity to transportation nodes has a less consistent influence.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45619760","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}

引用次数: 6

Factors affecting land value in an Indian city 影响印度城市土地价值的因素

IF 1.9

Journal of Property Research Pub Date : 2022-01-05 DOI: 10.1080/09599916.2021.2014937

B. Binoy, M. Naseer, P. P. Anil Kumar

{"title":"Factors affecting land value in an Indian city","authors":"B. Binoy, M. Naseer, P. P. Anil Kumar","doi":"10.1080/09599916.2021.2014937","DOIUrl":"https://doi.org/10.1080/09599916.2021.2014937","url":null,"abstract":"ABSTRACT Land valuation is the process of determining the value of the landed property, excluding all human-made improvements. This paper presents a comprehensive assessment and modelling of the land value and its determinants. Thiruvananthapuram, the capital city of Kerala state, is selected as the study area. Land value modelling applied in this study is divided into three stages. The first stage uses a standard hedonic price model for land value estimation and spatial autocorrelation diagnostics. The spatial error model is appropriate for variable selection and modelling based on Moran’s I and Lagrange Multiplier test statistics in the second stage. The last stage of the study uses the spatial error model for land value analysis, and the results are compared with OLS regression. Proximity to major highways, disaster history, concentration of commercial establishments, and permissible FAR are the major factors affecting land value in the study area. Few other parameters like water frontage and noise pollution have a reverse relationship with similar studies in developed countries. The results indicate that factors influencing land value in Indian cities are different from the European and American cities. The study provides critical insights into the land price variation of an Indian city at a micro-level..","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43690092","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}

引用次数: 2

The impact of COVID-19 on house prices in Northern Ireland: price persistence, yet divergent? 新冠肺炎对北爱尔兰房价的影响：价格持续，但存在分歧？

IF 1.9

Journal of Property Research Pub Date : 2022-01-05 DOI: 10.1080/09599916.2021.2023610

M. McCord, D. Lo, J. McCord, P. Davis, M. Haran, P. Turley

{"title":"The impact of COVID-19 on house prices in Northern Ireland: price persistence, yet divergent?","authors":"M. McCord, D. Lo, J. McCord, P. Davis, M. Haran, P. Turley","doi":"10.1080/09599916.2021.2023610","DOIUrl":"https://doi.org/10.1080/09599916.2021.2023610","url":null,"abstract":"ABSTRACT The recent onset of the COVID-19 pandemic has had a pervasive impact on all economies and indeed housing markets. This research investigates the regional impact of the pandemic on the Northern Ireland housing market and provides a unique opportunity to measure short-term reactions to epidemic shocks. Applying a unique dataset, the research measures whether price switching effects are evident as a consequence of the epidemic, and to what extent. In order to achieve this, the research applies spatial lag models to account for the effect of COVID-19 on housing market pricing behaviour. The findings show that the autocorrelation of house prices increased after COVID-19, revealing price persistence driven by behavioural changes. The results further show that a price divergent effect is observable, with the detached sector ‘leading’ the price changes. This price divergence is also apparent for rural dwellings and for neighbourhoods with higher socio-economic standing making them more resistant to the outbreak of COVID-19. This is an important finding as it reveals that epidemics of this nature impact upon housing markets in a heterogeneous way in the short-term, with a clear premium observed for larger housing in healthier and wealthier areas, which may serve to reinforce housing market inequalities.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43647942","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}

引用次数: 8

‘It’s a man’s world’: the lived experiences of women working in the New Zealand professional commercial property industry “这是一个男人的世界”:新西兰专业商业地产行业女性的生活经历

IF 1.9

Journal of Property Research Pub Date : 2021-11-12 DOI: 10.1080/09599916.2021.1993314

D. Levy, B. Plester, Raewyn Hills, J. Horan

{"title":"‘It’s a man’s world’: the lived experiences of women working in the New Zealand professional commercial property industry","authors":"D. Levy, B. Plester, Raewyn Hills, J. Horan","doi":"10.1080/09599916.2021.1993314","DOIUrl":"https://doi.org/10.1080/09599916.2021.1993314","url":null,"abstract":"ABSTRACT Gender diversity in the workplace results in the increased effectiveness of an organisation. However, within the commercial property profession in many countries including New Zealand (as in a number of other professions), only a small number of women are reaching senior positions. This research investigates why this might be. The study comprises one-to-one in-depth interviews with women currently working or who have previously worked in the commercial property profession in Auckland, New Zealand, to develop an understanding of what forces are at play in women’s choices to participate in the commercial property industry in Auckland – or not. Common lived experiences are identified including passion for the industry and the importance of an effective human resources department, they demonstrate gender imbalance, issues around having children, and difficulties around promotions and wage negotiations. Common challenges were workplace bullying, attitudes towards women, socialising, ‘fitting-in’ and coping with male banter. The study concludes that women working in the commercial property profession in New Zealand have thrived through mentorship, taking ownership of their careers and finding a good employer. The insights as to how women perceive the professional commercial property industry can be used to increase effectiveness by increasing gender diversity and inclusion.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2021-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48595412","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}

引用次数: 1

Is e-commerce an investment risk priced by retail real estate investors? An investigation 电子商务是由零售房地产投资者定价的投资风险吗？调查

IF 1.9

Journal of Property Research Pub Date : 2021-11-02 DOI: 10.1080/09599916.2021.1996447

Carina Kaiser, J. Freybote

引用次数: 6

Second-hand house price index forecasting with neural networks 基于神经网络的二手房价格指数预测

IF 1.9

Journal of Property Research Pub Date : 2021-11-01 DOI: 10.1080/09599916.2021.1996446

Xiaojie Xu, Yun Zhang

引用次数: 27