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A Proposal for a Residential Housing Price Index in Cyprus Through Analysis of Transaction-Based Data and Comparison With Existing Indices

This research suggests improvements to the macroeconomic housing indices of a thin real estate market, such as that of Cyprus, by testing various index construction methods with transaction-based data. Authors employ around 80% of the total number of apartment transfers documented at the Department of Lands and Surveys (DLS) of Cyprus, spanning from the first quarter of 2015 to the second quarter of 2022. They utilize this data to generate comprehensive indices at both the national and district levels. Authors studied, analyzed, and identified the deficiencies of the DLS database and tested the sample with six different methods. Log-linear time dummy hedonic models were found to explain the variation of prices better than other methods, mainly due to their ability to handle the diversity of properties in terms of location and physical characteristics and proposed techniques to deal with the issues of the standard time dummy (STD) and rolling time dummy (RTD) methods, regarding index revisions and low transaction volume during periods of downturns, respectively. Furthermore, a hybrid dependent variable of actual and appraised prices, that is, the accepted price, extracts explicit significantly better statistical measures. Additionally, the overall model fit was enhanced by introducing locality dummy variables and, through different combinations of attributes, captured the optimal results per district. Eventually, when the introduced transaction-based indices were compared to the corresponding existing published indices, which are based on non-actual data, we saw some resemblances, but overall, there were wide deviations.

Research and Citation Trends in Sustainable Real Estate

Interest in sustainable real estate has grown since 2009 when the American Real Estate Society launched its open access Journal of Sustainable Real Estate. Using this as a catalyst, we abstracted and analyzed 265 articles published in the nine other journals in the ARES/IRES sustainable real estate space, documenting the evolution of sustainable property research for research topic, geography, methods, and property types. From an article count, the most numerous types of studies in this corpus are from North America, using regression analysis or another quantitative technique to evaluate residential property. Popular research topics of late were the sustainable/green category, building efficiency/operations, negative proximity influence and urban form. Dynamic research topics that are consistently of interest over the past ten years are climate change and flood, earthquake, hurricane risk. Green retrofitting of buildings and green development were popular over the past five years. Regression analysis using citations as the dependent variable revealed that variables positively associated with more citations are green certification, survey research, theory building, and JRER. On the negative side, Asian markets, case study, financial and economic analysis, other research methods, building operating efficiency, and other property types are less likely to be cited.

Criteria for Assessing Self-Help Housing Projects Affordability: A Critical Literature Review

Extant studies on Self-Help Housing (SHH) have centered on the types, processes, value, and challenges, but rare on the criteria for assessing its affordability. This paper presents a comprehensive review on the criteria based on published literature in 32 peer-reviewed journals. 81 relevant peer-reviewed papers were used for the study. A total of 8 criteria set, including 31 associated determinants were identified to have influence on SHH affordability. The criteria were; financing, access to land, building quality, development controls and planning regulations, building cost, location, infrastructure and services, and social issues. A framework method was adopted to select the papers. Authors from both developed and developing countries were noted to have made various pioneering contributions to SHH studies. The mean SCImago Journal Rank indicator obtained was above1.00, which showed that the journals used for the review were quality within the time frame of 1997 to 2020. Limitations were mainly seen in our dependence on Scopus, the few search engines, and the selected papers used. This study's outcome will broaden understanding of SHH affordability in developing countries on; policy formulation, housing market conditions, and research This review provides the opportunity for further empirical studies on SHH affordability metric development.