Property Management最新文献

{"title":"Composite property price index forecasting with neural networks","authors":"Xiaojie Xu, Yun Zhang","doi":"10.1108/pm-11-2022-0086","DOIUrl":"https://doi.org/10.1108/pm-11-2022-0086","url":null,"abstract":"Purpose The Chinese housing market has gone through rapid growth during the past decade, and house price forecasting has evolved to be a significant issue that draws enormous attention from investors, policy makers and researchers. This study investigates neural networks for composite property price index forecasting from ten major Chinese cities for the period of July 2005–April 2021. Design/methodology/approach The goal is to build simple and accurate neural network models that contribute to pure technical forecasts of composite property prices. To facilitate the analysis, the authors consider different model settings across algorithms, delays, hidden neurons and data spitting ratios. Findings The authors arrive at a pretty simple neural network with six delays and three hidden neurons, which generates rather stable performance of average relative root mean square errors across the ten cities below 1% for the training, validation and testing phases. Originality/value Results here could be utilized on a standalone basis or combined with fundamental forecasts to help form perspectives of composite property price trends and conduct policy analysis.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135776656","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, compensation and rehabilitation for expropriation and its impact on the expropriated households in Ethiopia: evidence from Debre Markos city","authors":"Embial Asmamaw Aschale, Habtamu Bishaw Asres","doi":"10.1108/pm-06-2023-0056","DOIUrl":"https://doi.org/10.1108/pm-06-2023-0056","url":null,"abstract":"Purpose The purpose of this paper is to examine expropriation, valuation, compensation and rehabilitation practices and their impacts on expropriated households. Design/methodology/approach This study employed a mixed research approach. The target populations of the study were expropriated households in Debre Markos City from 2019 to 2022. The study uses purposive and systematic random sampling techniques. The data were analyzed using descriptive statistics, narration and thematic clustering. Findings The findings of this study revealed that the expropriation process was not participatory and the right holders were not treated as what is expected. It is further found that economic losses, moral damage and social disturbance payments were not considered in the compensation package. The displacement compensation given was also inadequate and sometimes delayed and the time value of money was not taken into account for delayed payments. This creates social and economic problems. The rehabilitation and resettlement program was inadequate and ineffective. The expropriation, valuation, compensation and rehabilitation practice in general lack transparency and accountability. Practical implications To ensure efficient and effective expropriation, valuation and compensation, there should be a well-organized government system that provides an accurate valuation on the one hand and restores the livelihood of the displaced on the other. Originality/value This paper is the first on expropriation, valuation, compensation and rehabilitation within the framework of transparency, accountability, effective rehabilitation and resettlement and institutional arrangements to ensure the sustainable livelihoods of affected households.","PeriodicalId":46102,"journal":{"name":"Property Management","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":"135162961","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 relative significance of behavioural finance factors in the investment decisions of Australasian REITs","authors":"Terence Y.M. Lam, Taylah O. Hasell, Malvern L.D.B. Tipping","doi":"10.1108/pm-08-2023-0072","DOIUrl":"https://doi.org/10.1108/pm-08-2023-0072","url":null,"abstract":"Purpose Referring to “behavioural finance” and “normative model” theories, this study explores the relative significance of behavioural heuristic biases in the investment decisions of real estate investment trusts (REITs) when compared with the conventional normative decision factors, with an ultimate aim to identify the significant behavioural factors that should be avoided to ensure rational asset acquisitions and market efficiency. Design/methodology/approach A triangulation approach was adopted. Qualitative multiple case studies were conducted, with four cases selected from Australian and New Zealand REITs across the industry, to identify what normative and behavioural finance factors are involved in investment decisions. This formed the basis for the subsequent expert review survey to explore how significant the behavioural factors were manifested in the judgement when compared with the normative factors. Findings Three out of four theoretical behavioural factors manifested themselves in the investment decisions: investor sentiment, anchoring factors and overconfidence. The overall impact of these three behavioural factors was that they were as significant as normative factors in investment decisions. The heuristic availability of information was found to have no significant effect on experienced REIT fund managers. Research limitations/implications The findings were based on four multiple cases and an expert review survey of six frontline fund managers, which form a baseline upon which further research can be conducted to widen the scope of research to cover all REITs in Australasia so that the results can become more robust to benefit the entire market in the region. Practical implications As behavioural factors are significant in the decision-making process, REIT fund managers should raise awareness to avoid the significant behavioural factors identified, in particular investor sentiment, which was found to be the most significant one. Originality/value This study confirms the relative significance of behavioural factors in property investment decisions within the context of Australasian REITs and alerts fund managers to the ways they should follow to ensure rational investments and market efficiency. It also extends the scale of existing studies to cover not only Australia but also New Zealand for the benefit of the entire Australasian market.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136018766","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":"Towards a higher-order knowledge of law in the built environment: Delphi analysis of a quantity surveyor's scenario-based legal advice","authors":"Alolote Amadi","doi":"10.1108/pm-07-2023-0063","DOIUrl":"https://doi.org/10.1108/pm-07-2023-0063","url":null,"abstract":"Purpose This study is carried out to evaluate how well legal knowledge can be demonstrated by a built environment professional via the scenario-based approach to the learning of law modules. Design/methodology/approach A Delphi analysis of the advice provided by an MSC quantity surveying student, on a scenario-based legal problem arising due to a property contract, is carried out. The tendered legal advice was submitted as part of the assessment requirements for an MSc law module, following the university criteria, after the teaching of a law module. The student report, which attained an A-grade, and the assessment criteria used for marking/grading by the university were subsequently sent to 18 practicing lawyers, who were selected to constitute an expert panel, to independently judge the extent of legal knowledge demonstrated in the student report. Findings The Delphi analysis outcome showed that the expert panel holds a similar consensus view to the university on the level of legal knowledge demonstrated and by extension the effectiveness of the law module in imparting legal knowledge to a non-lawyer. The study outcome shows how well legal knowledge can be acquired and applied by a non-lawyer, within the context of the built environment, via scenario-based teaching of a law module. Originality/value This study serves as a preliminary step necessary to arouse further research toward empirically profiling the current outlook of a wider range of graduating students receiving scenario-based legal education in the built environment.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135667026","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 property orientation preferences and local variations","authors":"Changro Lee","doi":"10.1108/pm-06-2023-0048","DOIUrl":"https://doi.org/10.1108/pm-06-2023-0048","url":null,"abstract":"Purpose Properties with specific orientations are preferred in South Korea, depending on the real estate market. This preference is usually considered during property transactions and in designing buildings. Despite the importance of property orientation, the magnitude of preference for favored orientation has rarely been empirically estimated in the literature. This study attempts to estimate the value of favored orientation in a quantitative manner and interpret the results. Design/methodology/approach Using a geographically weighted regression model, this study obtains nationwide property price data and estimates the strength of orientation preference, that is, the premium for favored orientation. Among the various property types, residential sites and forests were investigated because the orientation of these two property types is known to influence their sales prices in the Korean real estate market. Findings The results show that premiums for south-facing residential sites exist in the market, varying locally and ranging from zero to 13.2%, over residential sites with non-south orientations. The results for forests are mixed in that a south-facing forest commands a maximum of 33.1% premium in a certain region, over a forest with a non-south direction, while it also commands a maximum of 33.8% negative premium (discount) in another region, indicating significant local variations in premiums. Originality/value These findings are expected to be utilized in fields such as property valuation, house architecture and design.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135343030","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":"Indoor environmental quality and energy use intensity: an empirical post-occupancy evaluation test of on-campus university student housing in Ghana","authors":"Williams Miller Appau, Elvis Attakora-Amaniampong, Iruka Chijindu Anugwo","doi":"10.1108/pm-07-2023-0058","DOIUrl":"https://doi.org/10.1108/pm-07-2023-0058","url":null,"abstract":"Purpose To significantly adopt and improve indoor energy efficiency in building infrastructure in developing countries can be a challenging venture. Thus, this study aimed to assess the satisfaction of indoor environmental quality and its effect on energy use intensity and efficient among student housing. Design/methodology/approach The study is quantitative and hinged on the contrast theory. A survey of 1,078 student residents living in purpose-built student housing was contacted. Using Post-Occupancy Evaluation and Multiple Linear Regression, critical variables such as thermal comfort, visual comfort and indoor air quality and 21 indicators were assessed. Data on annual energy consumption and total square metre of the indoor area were utilised to assess energy use intensity. Findings The study found a direct relationship between satisfaction with indoor environmental quality and energy use intensity. The study showed that students were more satisfied with thermal comfort conditions than visual and indoor air quality. Overall, these indicators contributed to 75.9% kWh/m 2 minimum and 43.2% kWh/m 2 maximum energy use intensity in student housing in Ghana. High occupancy and small useable space in student housing resulted in high energy use intensity. Practical implications Inclusions of sustainable designs and installation of smart mechanical systems are feedback to student housing designers. Again, adaptation to retrofitting ideas can facilitate energy efficiency in the current state of student housing in Ghana. Originality/value Earlier studies have argued for and against the satisfaction of indoor environmental quality in student housing. However, these studies have neglected to examine the impact on energy use intensity. This is novel because the assessment of energy use intensity in this study has a positive influence on active design incorporation among student housing.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135344745","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 the intention to use co-working spaces in emerging markets: an analytic hierarchy process approach","authors":"Smitha Girija, Devika Rani Sharma, Thorani Yeediballi, Chudamani Sriramneni","doi":"10.1108/pm-03-2023-0026","DOIUrl":"https://doi.org/10.1108/pm-03-2023-0026","url":null,"abstract":"Purpose Co-working spaces bundle all real estate services into a package and leverage shared economy trend to create new opportunities for growth. This sector is anticipated to expand significantly due to changes in mobility and office design driven by the development of remote or hybrid work settings. The current study attempts to identify key motivating factors for users in emerging economies in choosing co-working spaces. Design/methodology/approach Using analytic hierarchy process (AHP) methodology and the self-determination theory framework, a total of 4 criteria-level factors, along with 13 sub-criteria level factors were identified as key motivators for adapting to co-working spaces. Findings The study highlights a few factors and their relative importance, which could help firms/organizations to start or offer co-working spaces within emerging economies. Originality/value The study contributes to literature by advancing the understanding of key motivators for users of co-working spaces within the ambits of emerging economies. In the process, the authors enlist a few factors vis - à - vis their relative importance, which could help firms/organizations to start or offer co-working spaces within emerging markets.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135010904","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":"Intergenerational transfer, parental support and housing: a literature review","authors":"Xueqi Wang, Graham Squires","doi":"10.1108/pm-04-2023-0037","DOIUrl":"https://doi.org/10.1108/pm-04-2023-0037","url":null,"abstract":"Purpose This paper aims to define intergenerational housing support and assesses and synthesizes the existing literature on intergenerational support for housing to identify trends and possible areas for future research. Design/methodology/approach The methodology employed in this paper is a systematic literature review. A total of 32 articles were chosen for assessment. Upon thorough review, summary and synthesis, general trends and three specific themes were identified. Findings The review of 32 papers found that intergenerational support is a crucial strategy to help younger generations achieve homeownership. However, it also highlights the potential for social inequity resulting from unequal distribution of housing resources within families, especially regarding housing. Several potential gaps in the current research are identified, including the need for explicit attention to the provider's intention, exploration into the size and form of financial support for housing, understanding how parental housing resources differ in their transfer behaviors, and examining how parental motivations influence them to provide housing support. Originality/value This paper provides recommendations for further research on the topic, while also adding perspective to understand the micro-social mechanisms behind the intergenerational reproduction of socioeconomic inequality, especially in the housing market.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134989991","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 accuracy in the residential property markets in Minna and Abuja, Nigeria","authors":"Umar Saba Dangana, N. Udoekanem","doi":"10.1108/pm-03-2023-0028","DOIUrl":"https://doi.org/10.1108/pm-03-2023-0028","url":null,"abstract":"PurposeThe rising concern for the accuracy of residential valuations in Nigeria has created the need for key stakeholders in the residential property markets in the study areas to know the level of accuracy of valuations in order to make rational residential property transactions, amongst other purposes.Design/methodology/approachA blend of descriptive and causal designs was adopted for the study. Data were collected via structured questionnaire administered to 179 estate surveying and valuation (ESV) firms in the study areas using census sampling technique. Analytical techniques such as median percentage error (PE), mean and relative importance index (RII) analysis were employed in the analysis of data collected for the study.FindingsThe study found that valuation accuracy is greater in the residential property market in Abuja than in Minna, with inappropriate valuation methodology as the most significant cause of valuation inaccuracy.Practical implicationsThe practical implication of this study is that a reliable databank should be established for the property market to provide credible transaction data for valuers to conduct accurate valuations in these cities. Strict enforcement of national and international valuation standards by the regulatory authorities as well as retraining of valuers on appropriate application of valuation approaches and methods are the recommended corrective measures.Originality/valueNo study has comparatively examined the accuracy of valuations in two extremely different residential property markets in the country using actual valuation and transaction prices.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48535080","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":"Adoption of professional indemnity insurance among estate surveying and valuation firms in Oyo State, Nigeria","authors":"Immaculata Anthony Ekpo, T. Oladokun","doi":"10.1108/pm-10-2022-0079","DOIUrl":"https://doi.org/10.1108/pm-10-2022-0079","url":null,"abstract":"PurposeErrors or negligence are inherent parts of professional services, thus necessitating the adoption of professional indemnity insurance (PII) as a risk management tool to protect professional interest. This paper sought to examine the adoption of PII among Estate Surveying and Valuation firms in Oyo State, Nigeria.Design/methodology/approachThe quantitative research methodology was adopted, and primary data were collected via questionnaires distributed to 84 purposively selected Estate Surveyors and Valuers (ESVs) who are mostly principal partners or branch managers in the study area. Sixty-three questionnaires representing 75.0% were returned and found useable. Data collected were analysed with the aid of descriptive statistics of percentages and relative importance index (RII).FindingsThe study found that the influence of foreign investors as well as the requirements of PII by the professional body as a basis for annual license renewal were responsible for higher level of awareness among the practitioners. However, about average of the firms had adopted PII with few taking professional insurance policy of as low as ₦500,000 per annum. The study recommends that NIESV/ESVARBON should sensitize, monitor and enforce the adoption of PII by ESVs as a means to increase public confidence and credibility of valuers while rendering professional services to clients.Research limitations/implicationsThe current study was limited in coverage to Ibadan thus necessitating a study with wider area of coverage of national status.Practical implicationsThe study has major implications on real estate education and practice in Nigeria. There is an urgent need for the professional body to devise means of enforcing compliance with the adoption of PII so as to be able to get the confidence of their teeming clients for subsequent patronage.Originality/valueThe paper is one among the scanty studies that provides a useful guide to real estate practitioners in developing countries towards adopting PII to shield the company from unnecessary negative exposure and financial loss.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48207801","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}