Enforcement of forest regulations on selling forestlands that have lost their forest character in Türkiye: a study of Kızılcahamam district in Ankara province

Risk expresses the change in the expected values and is the key factor in making decision on large-scale investments with fixed capital. However, unlike uncertainties, risks can be foreseen and incorporated into project plans. The real estate development risks in academic studies vary according to classification types and approaches. Basically, risks are divided into four main groups, which are environmental risks, economic risks, sector-specific risks, and project-specific risks. Costs have recently been following a certain trend in Turkey and housing supply has been increasing based on the increasing demand. There is a requirement for risk management in the real estate development process to keep the risks under control and prevent undesired consequences. The steps to be taken in risk management can be listed as identification of risks, analyzing risks, development of response strategies, and monitoring procedures. In this study, a macroeconomic risk management framework for a mixed-use real estate project that had been started in 2010 was established and the identification, quantification, analyzes of the risks were made. The scenario-sensitivity method was used to analyze the risks. Retrospective response planning (avoid, mitigate, accept and transfer) scenarios were developed and their impact was evaluated for the selected project. In addition, if-then analyzes were used to investigate the actual and target values were and reasons thereof were investigated. According to the research results, macroeconomic variables such as real estate rent index, exchange rates, interest rates, and economic outlook were effective in the deviations from the expected values.

Study on sustainable urbanization literature based on Web of Science, scopus, and China national knowledge infrastructure: A scientometric analysis in CiteSpace

In urban America, land development and residential real estate have passed through a number of different phases during the post-WWII era. In contemporary discourse on urban sustainability, attention is often expressed in terms of intensity of land development, lot sizes, and square-footage of housing units. In this paper, we reconstruct the land development trajectory of a rapidly growing southern city in the United States and assess whether this trajectory has experienced any reversal in the face of socio-economic transformations that have occurred over the past decade or so. Starting with current land and real estate property records, we reconstitute the urban map of Charlotte using World War II as a starting point. Results highlight a decline in the average single family lot size over the past decade, while the average home size has consistently grown, suggesting that the city of Charlotte and its county have witnessed a densification trend along a path towards greater land development. This analysis both helps situate Charlotte with respect to other U.S. urban regions, and provides support for potential land-use policies, especially densification, when a balance between urban development, environment preservation, energy savings, and the achievement of quality of life for current and future generations are concerned.

The article examines the main aspects of the tax on real property other than land plot (further – the tax on real property), which is paid by agricultural commodity producers, and the reflection of this tax in accounting. The tax on real property, which is paid as part of the property tax, belongs to local taxes. With regard to the tax on real property, local councils can implement a flexible tax policy that will allow territorial communities to achieve greater financial independence. Local councils have the right to set the maximum rate of the tax on real property, taking into account the location and types of real estate. An analysis of the norms of the Tax Code of Ukraine, which regulate the procedure for payment of the tax on real property, was carried out. The object of taxation for the tax on real property is the object of residential and non-residential real estate, including its share. If agricultural commodity producers own residential and non-residential real estate (parts thereof), they are tax on real property payers. Considering the important role played by agricultural commodity producers in the economy of Ukraine, it is advisable to ensure their support when building a domestic tax mechanism. A rationally constructed tax mechanism allows taking into account both the fiscal interests of the state and the interests of taxpayers, including agricultural commodity producers. In some cases, the tax legislation makes it possible not to pay the tax on real property, even when the taxpayer, including an agricultural commodity producer, owns certain objects that belong to real estate. The right not to pay the tax on real property depends not only on the types of real estate, but also on the category of persons who own this real estate. The conditions under which certain real estate objects belonging to agricultural commodity producers will not be subject to the tax on real property have been studied. The explanations of the representatives of the State Tax Service of Ukraine regarding the possibility of agricultural commodity producers not paying the tax on real property from certain real estate objects have been summarized. The composition of information on real estate objects, which agricultural commodity producers must accumulate in the accounting system, is considered.

A property tax (or millage tax) is a levy on real estate that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the real estate property is located; it may be paid to a national government, a federated state, a county or geographical region, or a municipality. Multiple jurisdictions may tax the same property. This is in contrast to a rent and mortgage tax, which is based on a percentage of the rent or mortgage value. There are four broad types of property: land, improvements to land (immovable man-made objects, such as buildings), personal property (movable man-made objects), and intangible property. Real property (also called real estate or realty) means the combination of land and improvements. Under a property tax system, the government requires and/or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value. Forms of property tax used vary among countries and jurisdictions. Real property is often taxed based on its classification. Classification is the grouping of properties based on similar use. Real estate properties in different classes are taxed at different rates. Examples of different classes of property are residential, commercial, industrial and vacant real property. In Israel, for example, property tax rates are double for vacant apartments versus occupied apartments.

This paper adopts an inductive research approach and is divided into three sections. The first section is a theoretical inductive overview of Economics Market in Egypt and discusses the role of financial markets in resources mobilization and division of financial market in Egypt. Aiming to read the current situation of the Egyptian economic market. The second section describes the key players in the capital market by reviewing the role of financial markets economic growth. The third part introduces the reading in the real estate market in Egypt with Real Estate’s Big Picture. The overall economic sector has a number of distinctive focal points, one of which is real estate, a primary sector of the economy. Between 30% and 50% of high and middle-income assets consist of real estate property and the percentage is even higher for lower-income Egyptian families. Moreover, the market capitalizations of land corporations publicly listed on the Egyptian Stock Market has been boosted by double-digit revenue growth, and the real estate sector has also been growing markedly at the macro level; with a growth rate exceeding 20%, its overall contribution to GDP has surpassed 10%. It is to be noted that the Egyptian real estate market is not one uniform sector; it is divided between principal residences located in Greater Cairo (mainly dominated by large and mid-scale developers), vacation homes on the coast (assorted real estate developers) and real estate in other areas across the country (generally developed by individual owners). Finally, with the results and recommendations, we will find that as a part of the whole urban development it is a very important part of the economic growth of Egypt.

The article is devoted to the coverage of priorities for improving the legal mechanism of real estate property taxation and legal concepts of reformation of administration of tax on real estate property, different from land plot, taking into account the current legal regime of martial law and the prospects of the post-war period in Ukraine. In the context of solvency, the property owner uses affordable and high-quality public goods and services. They are financed from the local budget, where this property owner рауs local taxes and fees, performing economic activity and / or living in the territorial community. For last years in Ukraine there has been an increase in income from the real estate property tax. It may indicate the strengthening of its fiscal significance and the need for further filling of the State Register of Property Rights to Real Estate Property and improving the administration of this tax. Administration costs shouldn’t be burdensome. Attention is paid to the debatable nature of the existing real estate property tax administration trends and proposals for further reforming the procedures for collection of this tax. It leads to the search for effective legal ensuring of the optimal model of taxation of real estate objects in Ukraine both during the legal regime of martial law or state of emergency, and in the post-war period. Proven need to use of cadastral valuation in determining the value of real estate object as a tax base for the annual real estate property tax. It will help to avoid discrimination in the taxation of real estate property owners and ensure an objective tax burden. It is noted that during martial law and in the medium-term post-war perspective, Ukraine lacks economic and legislative prerequisites for the introduction of cost and physical indicators for determining the tax base for this tax.

In this study, considering the problems encountered in real estate tax, it is aimed to show that it is possible to use mass appraisal systems in order to ensure a fair tax system and to prevent tax losses caused by the inability to determine the tax value, and therefore the tax base, in accordance with the truth. In this context, the results of a field study carried out on the “land” qualified real estate owned by the Treasury, which was subject to sale in Ankara province, Gölbaşı district in 2017, were examined. According to the results and findings of the field study, it was observed that there is a significant difference between the tax values of real estate and the realized purchase and sale values, the same fair value is applied to the real estates with different characteristics, and this situation causes an unfair taxation for the owners According to the result of Multiple Regression Analysis and Artificial Neural Networks models, which are the mass appraisal methods, the sale price or value of a real estate varies depending on its characteristics. It’s also understood from the data set that the property tax value varies according to the property’s location. With the implementation of the mass appraisal system, the results show that tax values may be determined close to market values, in accordance with international standards, in a short time, with less cost, and without subjective judgments, and thus, problems related to tax value and collection can be solved.

Economic Aspects of Housing Investments and The Requirement of Rational Management Strategies for Mass Housing Facilities in Ankara Province of Turkey

This summary highlights the findings of the PhD-thesis ‘Woningcorporaties en Vastgoedontwikkeling: Fit for Use’ (‘Housing associations and Real Estate Development: Fit for Use?’). A large part of the thesis contains a description of the complex organization of real estate development by housing associations. This summary contains the background, most important findings and answers on the main research questions. Background and objectives of the research Real estate development and housing associations seem like a logical combination. Real estate development has been one of the main activities housing associations have always been undertaking: developing dwellings for specific target groups, renovating dwellings and, since the 90’s of last century, investing and other real estate as well. The context of real estate development by housing associations is highly dynamic, the institutional context and real estate market has been changing thoroughly throughout the last decades. Housing associations reacted and are reacting differently to cope with these changes. Little is known about their way of working and organizing themselves, but big differences between housing associations are visible. The development of real estate has been one of the main subjects housing associations are being questioned on in recent years. There is much criticism, but directions on how to solve the problems in real estate development by housing associations are hardly being researched. Dreimüller (2008) emphasizes the complexity in his thesis: ‘in the study on criticism on the functioning of housing associations real estate development of new dwellings is not taken into account: ‘all together the complexity of the problems of the production of real estate is big, even for insiders hard to judge’.’ The problem in real estate development by housing associations is best illustrated by a quote of one of the employees of a housing association (respondent AX): ‘You could describe the situation with desultory commissioning, an unclear division of responsibilities and a cultivation of ‘let’s develop something nice’. This resulted in projects which had to be redeveloped or to be continued knowing it would not be successful. There were no projects where people involved were proud of or felt happy about the project: not within the organization, not with tenants or buyers nor with the municipalities and involved market parties.’ Even though housing associations have been developing real estate for many years, it is still unclear which organizational setup is successful. We hardly know what is exactly needed to organize the activity of real estate development successfully within an organization which is focusing on different activities at the same time. We do not know what exactly causes so many questions and debate on real estate development by housing associations. This PhD-research aims to contribute to the further development and knowledge on real estate development by researching real estate development from an organizational angle. The first objective of this research is to describe the organization of real estate development by housing associations. The second objective is to contribute in solving the problems which occur in the process of real estate development by housing associations by giving insight in the origin of these problems. This insight is not automatically the answer or solution itself, but is a step towards a solution. As Verschuren and Doorewaard (2007) define in classification of research objctives: the objective within the research is to give insight where the problems occur, the objective of the research is to contribute in finding the solution for the problems which are found within the organization of real estate development by housing associations. The research will emphasize on the division of responsibilities between employees of the housing associations involved in the process of real estate development. Three main research questions are formulated: 1 What is real estate development? 2 How is real estate development organized within housing associations and which problems are experienced by housing associations organizing real estate development? 3 Which troubles 33 can be seen in the division of responsibilities between employees from housing associations involved in the process of real estate development? This research can be defined as both an explorative research and a research by design. A survey has been conducted in 2009 of 56 housing associations, over thirty interviews are held throughout the research and three explorative case studies have been executed. This empirical exploration has unraveled the tangle of problems as De Leeuw (2003) defines in perception problems, goal-setting problems and actual problems. Further research has been focused on the found actual problems in the division of responsibilities. A method of analysis is specifically designed to be able to give a structured overview on this division. This normative diagnostic model has been used and tested in three case studies with housing associations, selected by variation in size of the organization and organizational structure. Research question 1: What is real estate development? Literature describes real estate development from two different angles: real estate development as part of the business discipline of real estate management and real estate development from the perspective of the real estate life cycle. The two angles combined describe the complete activity of real estate development, as shown in figure 44. The first phase of the real estate life cycle corresponds with the formulated demand for transition of the existing stock in the business discipline on the level between portfolio- and asset management, resulting in the initiative of a plan. The demand, objectives and conditions are defined as well as the first rough idea of the project. The next phase is the development of this first idea to a realized project, the design and the construction phase. Throughout this phase, which is conducted by the developer, tuning has to be done (partly depending on the amount of freedom given by the framework of the project and organizational agreement which is made) with the future owner and user of the real estate. The next phase, the exploitation phase, starts with the delivery to the party responsible for future exploitation of the project. The definition of real estate development within this research is, by the combination of the tow different angles, the process from the initiative of (re)developing real estate by an organization with a demand for transition of their real estate stock till the acceptance and transfer to the user of the realized real estate by an exploiting company. Research question 2) How is real estate development organized within housing associations and which problems are experienced by housing associations organizing real estate development? A clear and univocal answer cannot be given on how housing associations organize real estate development. A few distinctive elements, however, can be identified and described: • Housing associations cannot univocally be identified with a specific characterization of their position as developer of real estate. However, most housing associations recognize the movement made until 2009 from a exploiting real estate owner developing dwellings to a both social and commercial project- and area developer. Since 2009 housing associations have been refocussing on being a (social) developer of living areas and dwellings. • The position of real estate development within the organization structure varies strongly, but relates to the size of the organization. If the size of the organization increases, the position of real estate development within the organizational structure is more independent. The independent development organizations, however, are regrouping within the organizational structure of housing associations since 2009. • In the area of project-control nearly all housing associations admit that they had to learn how to act as a developer. Housing associations are still evolving and professionalizing on this subject, in different ways and speeds, and are mainly concentrating on defining a solid framework of demands for developing, improving their real estate development process and developing steering instruments for project-control. Project-control is experienced as a big concern by most housing associations. • Respondents from housing associations say they experience a lot of problems during the execution of the process of real estate development, especially in the initiative and definition phase of a project. Details of these problems will be discussed under research question three. • An entrepreneurial culture, needed for real estate development according to most respondents, is missing at housing associations even though ambition torealize numerous projects is high. In addition, employees of housing associations experience different cultures within the housing association itself. This strongly occurs between real estate related departments and departments focusing on services and between employees with a more commercial and with a more societal background. The diversity and correlation between experienced problems in the organization of real estate development is complex and plural. The problems occur within different elements of the organization at the same time, with hardly any possibility to distinct the impact of a separate problem. All respondents, however, state that the organization of real estate development by housing associations can be improved. The goal-setting problems respondents indicate can, from a research point of view, be related to the problems in defining and executing the (real estate) strategy of the housing association. This corresponds to the findings of Nieboer (2009) and Dankert (2011). The perception problems relate to an expected possibility of always being able to improve an organization, independently from a specific topic. These problems are logical in a sector which context has been highly dynamic in recent years. The experienced actual problems are mainly related to the way employees and departments interact, their division of responsibilities, within the organization and during the process of real estate development. A systematic overview of these problems is not yet available and further research will focus on this division of responsibilities. Research question 3) Which troubles can be seen in the division of responsibilities between employees from housing associations involved in the process of real estate development? A diagnostic model is designed to analyze the troubles in the division of responsibilities between employees from housing associations involved in the process of real estate development. The formal, as formulated and officially defined within the organization, and the experienced, as involved employees say they actually work, way of working will be researched using this model. The troubles which are found can be divided in organizational troubles (the set-up of the organization contains (theoretical) inconsistencies, gaps or is not univocal) and experienced troubles (troubles which are pointed out by employees involved). The division of responsibilities within an organization on the area of real estate development is defined by: • The formal position of an employee within an organization, defined by their job description and position in the organizational structure; • The way employees act during the process in which the functions decisive, accountable, executing and advising can be identified; • The ‘role’ of the employee in the organization, which can differ in: • Investor: defining the exploitation program and the demand for transition with linking objectives and conditions. • Developer: organizing the real estate development process from the moment the demand is formulated till delivery. • Manager: managing the exploitation process. • Decision maker: considering the different interests of the organization. • Operator: allocating the resources of the organization. The method of analyses is applied in case studies on three housing associations, HW Wonen, Woonstad Rotterdam and SWZ. The first steps of the real estate development process contain a relatively large amount of troubles. This is reflected by organizational troubles in missing objectives and a missing framework for real estate development. Experienced troubles are relatively less on these subjects in the first steps of the development process, but they occur nevertheless when the conditions for realizing the real estate development ambition has to be concretized. Troubles with the role of the Investor occur by the missing objectives and conditions for development. The role of the Investor is largely missing in the first phase of the development process. The role of the Decision maker is troubled with a discussion on commissioning and by lack of or diffusive decision making itself. Formally this seems to be well organized, but nevertheless troubles are experienced. This is specifically mentioned at the moment where different interest of the organization come together, for example at the determination of the Program of Demands. In further steps of the development process troubles, organizational troubles as well as experienced troubles, are less univocal. All organization experience troubles between the roles of the Developer and the Manager and between the Developer and the Operator, but these troubles differ from one organization to another and can therefore not be generalised. The results of the case studies are used to reflect on the problems which were found in the general explorative study. A big part of the troubles can be related to problems found in the different elements of the organization. Troubles with the role of the Investor and in the first steps of the process can be strongly related to the problems found with the diffusive and non-univocal defining of a vision and strategy for real estate development. The identified problems in project-control are, as far as problems in the process concerns, logically overlapping. However, no specific relation has been undoubtedly found between a specific way of organizing and troubles which were found. The formal structure and way of working differs (strongly) in these three organizations. One slight relation can be found: where the organizational structure is formed following the company division structure seems to experience less troubles in the process than organizations with a traditional structure. Each structure, however, has his own (dis)advantages and is influenced by specific other elements of the organization. More research has to be done to find these relations, in which elements such as project-organizations and involved parties outside the organization have to be taken into account. Troubles in the division of responsibilities do not relate to all problems found in the empirical exploration. Problems with competencies of employees or with the organizational culture can be seen separately from the troubles in the division of responsibilities. Respondents from the researched housing associations are unanimously positive about the content of the method of analysis. It helps them to understand and structure (part of) the problems which they experience during the development process. The results of applying the method invites them to discuss and reflect possible solutions to improve the process of real estate development. The results itself are not surprising, but the structured way of analyzing helps them to see the context and relation of the different troubles together. The unraveling of the different roles (Investor, Developer, Manager, Decision maker and Operator) combined with the insight in division of responsibilities adds to finding a solution for the troubles they encounter in their organization. Recommendations This research aimed to describe the activity of real estate development by housing associations and aids to find solutions to problems housing associations encounter in the organization of real estate development. An immediate solution cannot be found through the complexity and diversity of the problems and troubles this research has exposed. A direction for the solutions has been found as some of the troubles can be categorized. Further research on the subject of real estate development by housing associations can and should be continued in this direction. The market conditions on the real estate market and the institutional context of housing associations have changed dramatically during the unfolding of this research. This has intensified the debate on the position and organization of housing associations as societal entrepreneurs. Different directions are proposed, for example the ‘driekamergedachte’ by Conijn (2013), the subdividing of the housing association in a societal investment-company and a market driven real estate company by Vlak (2011), thoughts on a director-organization by Dreimüller et al (2013) or even scenarios in which housing associations cease to exist (Idenburg 2013). Other thoughts are heading towards new cooperation models between housing associations, market parties and tenants or house-owners themselves. Independently from these futures developments, the activities in real estate development housing associations are undertaking now have to be conducted in the future as well. The organizational context might change, the activity still has to be done. This emphasizes the importance of thinking from the perspective of the identified roles and functions in real estate development. Future research and development is therefore recommended to take the findings on the division of responsibilities in the process of real estate development into account. Some suggestions can be made for each role. The importance of the Investor will increase. To fulfill long-term objectives in cooperation with other organizations, with limited own means or in new organizational models, insight in the (im)possibilities of the existing real estate stock is essential. This requires strengthening of the Investor-role, by research or by experience in practice. The position of the Developer is insecure within the current organizational set-up of housing associations. It is not unlikely the Developer will be organized completely besides the current organization, while the housing association focusses on his (social) investment obligations. The interaction between Investor and associated Developer will need to be developed further to eliminate the current troubles. Another option is a different set-up on the investment or institutional side of the organization: real estate development will be simplified to project- of building management in order to realize projects within tight boundaries set by the ‘new institution’. The Manager faces a same dilemma, but the direction is more clear: the Manager will be confronted with increased pressure on the (financial) result of the exploitation. The Operator will need to adapt to different organizational models and arrange to optimize the use of available means. The role of the Decision-maker might shift outside the organization, for example in a corporate of cooperative board with other stakeholders. This increases the need to make decisions on subject matter instead of hierarchical decision making. Another three directions of further research are recommended, based on the findings in this research. One direction could be based on measuring and calculating the efficiency and effectiveness of different ways of organizing the activity real estate development. In addition to ongoing research on supply chain management (for example the ‘Ketenmonitor’ by CPI which is already aiming to measure the correlation between organizational approaches and results of projects), research can be extended to measuring actual costs of all efforts made by organizations or experiment with different models of cooperation, following the thoughts on the division of responsibilities as shown in this research. The second direction is to extend this research to related organizational elements such as culture, competences of employees of leadership in real estate development. Third direction is to extend the analysis of the division of responsibilities to other parties involved in the process. The troubles in the division of responsibilities as shown in this research reveal the gaps and inconsistencies in the process of real estate development by housing associations. It is logical to assume that this diffuse division of responsibilities is causing a difficult insight in the actual process and critical decision making for the supervisory board or external commissioners. Insights from this research might not explain why excesses and incidents over the past few years have happened in the housing sector. But the lack of clarity in who is responsible for what certainly adds to the difficulty to maintain a clear and realistic view on the process of real estate development. The results of this research show that the process of real estate development by housing associations is vulnerable to (un)intentional misacting by individuals. This opens up possibilities for people to, even without speaking of questionable handling, let projects end up in a situation which is beyond control or repair. Are housing associations ‘fit for use’ to conduct the activity of real estate development? Housing associations have evolved ever since the balancing and grossing act of 1995, but this research shows that multiple and complex problems and troubles still exist in the organization of housing associations. The balance between different parts of the organization is still not found. The needed roles for successful real estate development are not clear enough to perform a flawless process of real estate development. In different stages of the development process troubles occur, which leads employees involved to state that the efficiency, the effectiveness and the quality of the real estate developed is suffering from it. The insights given by the analysis with the method used in this research are seen as a helpful step towards improvement of the organization of real estate development by housing associations. Housing associations are not ‘fit for use’ at this moment, but are able to take the next stept to get ‘fit for use’.

Woningcorporaties en Vastgoedontwikkeling: Fit for Use?

Woningcorporaties en Vastgoedontwikkeling: Fit for Use?

Woningcorporaties en Vastgoedontwikkeling: Fit for Use?

Woningcorporaties en Vastgoedontwikkeling: Fit for Use?

This research addressed the prospects to sustainable urban real estate development in Freetown, Sierra Leone. The study primarily focused on the following objectives: To identify the sources of accessing finance for real estate development by real estate firms. To learn how the land code of practice and population affect real estate development and to investigate technical constraints in providing real estate projects in Freetown. Data for this study were collected using a primary source, from which a semi-structured questionnaire was used for collecting the quantitative data. The study uses a case study design to achieve the study objectives. A non-probability purposively sampling was used to identify the respondents based on their experience after a line listing process of real estate firms and their employees in Freetown. For the quantitative data, a sample frame of 130 participants was drawn, of which 100 were chosen purposively based on their experience and understanding of real estate development, and 98 participated in the study. Data analysis for this study was done using descriptive (percentage, mean, and standard deviation) and inferential (Pearson correlation and regression analysis) statistical analytical methods. The study established that sources of finance, population impact, and technical constraints in real estate delivery have a positive significant association with urban real estate development, while land code of practice has a positive insignificant association with urban real estate development. The study recommends that, the country's financial institutions popularize a scheme that is of low interest to real estate firms so as to increase the source of income for real estate firms to expand their business; that the national land policy should be reviewed so as to create an avenue for access to land for real estate firms who are willing to provide affordable housing to the country; both the government and real estate firms should work accordingly in order to provide affordable housing for the population, and effective institutional capacity strengthening and enhanced collaboration between government parastatals and private real estate firms should be popularized and implemented. For further research, it is recommended that similar wider study should be done, which will be used for a broader generalization.