Development Of Real Estate Market Research Articles

Globalization effects on the effectiveness of real estate management services

The scientific article is devoted to the study of the impact of globalization on the effectiveness of real estate management services, taking into account the state of war in Ukraine. The article notes the general characteristics of globalization as a phenomenon, as well as the specifics of its impact on the real estate situation in Ukraine. The problems faced by the Ukrainian real estate market are identified, in particular in the conditions of the legal regime of martial law. The problems faced by the Ukrainian real estate market today, as well as the specifics of the negative and positive impact of globalization on the Ukrainian real estate market, are identified. The role of the Ukrainian real estate market in the world and European markets is determined, and the influence of the Ukrainian real estate market on the European real estate market due to the migration of Ukrainian citizens due to military operations in Ukraine is determined. It is determined how globalization processes should be used in Ukraine to stimulate the development of the Ukrainian real estate market and the exit of the Ukrainian real estate market to the European real estate market and the world market. Obstacles and problems that Ukraine faces today in the framework of the development of the Ukrainian real estate market are identified.

Detecting house price bubbles in G7 countries: New evidence and heterogeneous determinants

In recent years, the high growth of house prices in G7 countries has attracted some attention from all sectors due to the role of the real estate bubble in the global financial crisis of 2008. In this research, we analyzed the house price bubbles and their determinants in G7 countries. Firstly, we detected multiple house price bubbles in G7 countries between 1970 and 2022 and located when the house price bubbles emerged and burst. Second, we investigated the determinants of house price bubbles in each country and in the G7 countries as a whole. The results show that the level of house price bubbles and their determinants is significantly diversified over countries. However, total population, size of private debt, GDP per capita, and urbanization are among the common drivers of the whole G7 countries. Based on these results, we provide some suggestions on the critical points for a stable real estate market development.

From Administrative Price to Market Value of Real Estate. The Evolution of the Valuation System in Poland

Abstract The article applies the method of historical research, using a temporal perspective dating back to 1985, to trace the evolution of market valuation principles for real estate in Poland. These principles evolved similarly to those in many other post-socialist countries, influenced by political and socio-economic transformations and the resulting list of objectives for which these values became essential. The changing legal regulations allowing for the emergence and development of a free real estate market played a decisive role in this process. It was also a period of preparing real estate valuation professionals to meet these requirements. Today, the methodology of valuation, under increasing pressure from various real estate market entities and the rapid advancement of intelligent data collection and processing technologies, is undergoing further evolution. In many countries, including Poland, lively discussions and disputes are ongoing regarding the legal authorization of statistical tools and automated valuation models in valuation practice. These possibilities are being considered particularly in the context of mass property valuations for tax purposes. The methodology involves the analysis of Polish legal provisions, foreign literature, and documents proving the gradual marketization of valuation principles.

Analysis of the current state and forecasts of the development of the residential real estate market of the Republic of Kazakhstan

Purpose of the study – describe the state of the Kazakhstan residential real estate market, identify the features and trends of its development. The authors of the study pay special attention to the analysis of the main indicators characterizing the residential real estate market, as well as the processes taking place in the mortgage lending market. Methodology – the study was conducted using methods of economic and statistical analysis, graphic method, method of description and generalization. The research sources were offi cial statistical materials of the National Bank of Kazakhstan, analytical reviews of consulting companies and fi nancial organizations, the «Krisha.kz» real estate platform and the «Kn.kz» real estate information portal, scientifi c research by Kazakh and foreign authors, as well as materials of scientifi c and practical conferences. Originality / value of the study – the authors carried out a detailed analysis of the state and problems of the residential real estate market of the Republic of Kazakhstan in recent years and gave forecasts for its future development. Findings. According to the results of research and analysis of the current state of the Kazakh residential real estate market in recent years, the authors identifi ed problems and identifi ed current trends in the development of the housing market, as well as forecasts of its future development. The results of the scientifi c article can be useful for real estate agencies, industry experts, as well as the scientifi c community involved in studying the real estate market.

Research on factors influencing housing prices in Beijing

This paper delves into the issue of soaring housing prices in Chinas real estate sector, with a particular focus on Beijing. Employing a multiple linear regression model, it conducts an empirical analysis to identify the factors influencing housing prices. Furthermore, it synthesizes scholarly perspectives to offer a comprehensive discussion on these influencing factors. The research highlights Beijings real estate development, residential investment, and residential sales area as pivotal determinants of housing prices. Building upon these findings, the study advocates for the implementation of effective measures such as land policy regulation and restrictions on real estate transactions to guide the real estate market development prudently and maintain housing prices within a rational range. Results show that real estate development residential investment has a significant positive impact on housing prices, while residential sales area has a significant negative impact. Ultimately, the research endeavors to furnish a scientific foundation for policy formulation and assess its impact, thereby fostering the healthy growth of the real estate market, ensuring stable economic progress, and enhancing the well-being of people.

RETROSPECTIVE OF THE UKRAINIAN REAL ESTATE MARKET. CHANGES AND TRENDS

The article aims to study the secondary segment of the real estate market of Ukraine using geographic information systems. The authors research the secondary real estate market for four control time points of 2021, 2022, 2023, and 2024 in all regions of Ukraine. The article conducts a retrospective analysis of real estate values and rental rates based on data from open sources of information. Using the authors’ methods of statistical data collection, we analyse 10,604,201 real estate objects. It is noteworthy that property prices in settlements located in the frontline zone (areas of hostilities) are declining. In addition, there is a tendency to increase the number of offers for the sale of real estate, but the demand for the purchase has significantly decreased due to the high risk of destruction. At the same time, the demand for rental property has increased substantially, likely due to the large number of displaced persons leaving the regions and military personnel arriving instead. The article calculates the capitalisation rate and payback period on the Ukrainian secondary real estate market and makes conclusions about the trends in their changes from 2021 to January 2024. The study covers such segments of the secondary housing market as one-, two-, and three-room apartments. These calculations allow the authors to build informational and digital maps for all regions of Ukraine. The created infographic will assist investors in making well-informed decisions regarding the prospects for real estate market development in the future. It visualises the received data, allowing the analysis of large data sets in a shorter time interval. The article’s relevance lies in applying geographic information systems in studying a large volume of statistical information and creating information-digital maps by regions of Ukraine. The research result is information-digital maps with diagrams of real estate value changes in retrospect by regions of Ukraine. The results obtained by the authors will be relevant to realtors and appraisers for real estate value calculations and forecasting the situation of the real estate market in the future. Stakeholders can use conclusions made by the authors to determine the most attractive object for investment. Keywords: information and digital map, real estate, stakeholder, capitalisation rate, payback period, geographic information system.

A case study on finding efficient monetary policy to solve Shenzhen's excessive-priced housing

Background The real estate market has developed rapidly since 1980s in Shenzhen, China. This study aims to find and investigate an efficient monetary policy to solve the excessive-priced housing problem in Shenzhen. Methods By regulating the contractionary monetary policy which are open market operation, the discount rate and legal reserve deposit can decrease the accelerating rate of excessive housing price in Shenzhen. Firstly, the relationship between housing prices and the other three tools of monetary policy has been analyzed. Then, from collecting the secondary data online, models were established by using the ordinary least square to find the correlation between housing price and money supply from 2011 to 2017. Results This model shows the relationship with the change of the logarithmic form of the amount of M2 and housing index is significantly positive. With the decrease in change of the logarithmic form of the amount of M2, the increase in housing index can be controlled in a relative decelerated rate. Conclusions In the reduced monetary supply, the housing price can be managed to an ideal condition and then it can help the government to achieve the goal of maintaining Shenzhen’s healthy real estate market development.

Regulations on Conditions for Foreigners’ Housing Ownership in Vietnam: Inadequacies and Possible Solutions

In Vietnam, the concept of “settling down, having a good career” becomes an important goal of each individual. It means having a stable place to live can be guaranteed when you get a job. Therefore, home ownership becomes a basic human right. In the current integration trend, when the opening to trade between countries around the world is deepening, the demand for house ownership is not only limited to Vietnamese citizens, but also to foreigners. Vietnam has also recognized the problem of foreigners owning houses in Vietnam, but there are still restrictions on the number of houses, the area of houses owned and other issues. Currently, the Government is implementing a policy to attract investment in housing in order to exploit the development potential of this field in Vietnam as well as to solve the outstanding housing problem and expand the housing market. Therefore, the issue of foreigners’ home ownership becomes an important concern and is one of the research subjects to implement this policy.The article presents the provisions of Vietnamese law, international law on home ownership rights of foreign individuals and organizations in Vietnam, as well as conditions for foreign individuals and organizations to own housing in Vietnam, a guarantee of human rights. In addition, the article also points out to the shortcomings of the national legal regulation, thus making some recommendations to overcome the difficulties of the real estate market and housing development in Vietnam.

ТЕНДЕНЦІЇ РОЗВИТКУ ПЕРВИННОГО РИНКУ НЕРУХОМОСТІ

This paper analyzes the peculiarities of primary housing market development from economic and investment aspects. It describes trends in the development of the primary real estate market. In particular,it analyzes the total area of non-residential buildings at the start of construction and the area commissioned by type for the period 2021-2023. The structure of demand in the Ukrainian primary real estate market is changing significantly. As a result, the frontline regions experienced the largest decrease in construction volume, while Western Ukraine experienced a 15% increase in construction volume. This paper analyzes active sales by housing type and layout in the Ukrainian primary real estate market. Identifies the main trends and development prospects for mortgage lending in Ukraine. Presents the main factors that have a positive impact on the primary real estate market. Clearly presents the challenges and prospects for the development of the primary real estate market. The technological transformation of the primary real estate market is identified and demonstrated.

Рынок жилой недвижимости муниципального образования: тенденции развития и ориентиры совершенствования

The article is devoted to the development and improvement of the municipal residential real estate market. The residential real estate market of the largest city – the municipal formation “Ekaterinburg” – was chosen as the object of research. Dynamic analysis of statistical data on the volume of housing stock, the share of slum dwell-ing and dilapidated housing, the area of commissioned housing, price, supply and demand of the residential real estate market of the municipal formation “Ekaterinburg city” was carried out. The market condition is de-fined as “overheating”. In order to bring the market into a state of equilibrium, the author’s block diagram for the development of the residential real estate market has been proposed, which makes it possible to develop an effective mechanism for its regulation in various municipalities, taking into account their characteristics. Guide-lines for improving (methods of regulation) the development of the residential real estate market of the munici-pal formation “Ekaterinburg City” are proposed, which can be implemented in other types of municipal for-mations.

The Phenomenon of the Polish Warehouse Real Estate Market – Sources of Success and Prospects for Development

Abstract The article presents the development of the modern warehouse real estate market in Poland (from 2004 to 2022). The reference area is the European market. Against its background, Poland has become a fast-growing bank next to Germany and the fifth largest in terms of modern warehouse space. This happened despite the unstable and unpredictable macroeconomic and political situation in recent years, as well as the dangerous epidemic effects, e.g. connecting supply chains. The article is an attempt to find the sources of success of this Polish phenomenon, the search for a specific spatial configuration of the market and short- and long-term perspectives for the development of the warehouse market in Poland.

Цифровизация как форма инновационного развития рынка недвижимости

The article highlights the main trends in the innovative development of the Russian real estate market, which have emerged under the influence of the introduction of digitalization. It is shown that at present the real estate market is undergoing significant changes, moving to a new qualitative state. This is due to the emergence and introduction of innovative construction technologies, the global change in the types of urbanization, changes in the social requirements of the population, the improvement of legislative and organizational support for the functioning of the real estate market and, above all, the widespread use of digital technologies. The analysis of digital services used in the Russian real estate market is carried out. It is determined that a significant number of operations are involved in the process of managing real estate and infrastructure, which are subject to transformation and optimization through the use of innovative digital technologies. The existing problems of digitalization of the real estate market have been clarified and the key directions of their solution have been identified. It is concluded that digitalization will lead to a change in the behavior of all participants in the real estate market real estate market developers, sellers, tenants, agents, property owners.
 As a result, the real estate market will become more open and transparent.

ОСОБЕННОСТИ РАЗВИТИЯ РЫНКА НЕДВИЖИМОСТИ САНКТ-ПЕТЕРБУРГА В КРИЗИСНЫЙ ПЕРИОД

The features and prospects of development of the primary real estate market of St. Petersburg during the crisis period have been revealed, the volume of demand for real estate in the primary market of St. Petersburg has been estimated, the price dynamics in the primary and secondary real estate market of St. Petersburg for the period January 2020 – April 2023 has been presented. The main trends, problems and prospects of the retail real estate market have been revealed. The dynamic series of attendance rates in the shopping malls in 2022, the level of occupancy of retail facilities, the dynamics of rental rates for anchor tenants and space in the retail gallery were plotted. The levels of operating costs and profitability indicators for retail space have been revealed. The methods of synthesis, induction (inductive generalization (empirical)), concretization, comparison and analysis of dynamic series have been used in the work. The authors came to the conclusion that the prerequisites listed in the article for the analyzed period (demand decrease, economic crisis, drop of real incomes of population) will contribute to the reversal of growth tendency to the reduction of prices on the primary and secondary real estate market of St. Petersburg. It was noted that the crisis in the market of retail real estate in Saint-Petersburg has its own characteristics and requires from entrepreneurs to make non-standard decisions and be ready for the changes in the market.

Анализ стратегических тенденций факторов, влияющих на рынок недвижимости Москвы

The paper provides a strategic analysis of trends in the real estate market development in Moscow, which, in the author’s opinion, may indicate a strategic threat of the formation of an emergency period in the housing market of the capital city. The emergency period in the study refers to a period of cyclical growth in market prices, characterized by excessive investment due to long-term speculative expectations of investors. The residential real estate market is one of the most important socio-economic areas, reflecting the well-being of the population, as well as influencing many significant industries in Russia. Any disturbances and shocks regarding real estate prices can lead to social unrest among the population and, as a result, a deterioration in their quality of life. Apart from that, the real estate market is closely connected with the construction industry, which is one of the powerhouses of the Russian economy. To prevent instability in the housing market, national and regional strategies should consider its sustainable socio-economic advancement as a national (regional) strategic priority. The purpose of the study is to identify some strategic trends that are necessary for analysis at the forecasting stage at the beginning of the strategy formation process. The article shows that some emerging strategic trends point to the existing likelihood of an emergency period in the housing market in Moscow, however, the strategic management tools implemented by the government and the banking sector effectively resist its occurrence, as well as other external factors.

Spatial–Temporal Variation and Influencing Factors on Housing Prices of Resource-Based City: A Case Study of Xuzhou, China

The steady development of the real estate market is an important link in the transformation of resource-based cities. Taking the main urban area of Xuzhou, a typical resource-based city in China, as an example, this study used a spatial–temporal geographically weighted regression (GTWR) method guided by characteristic price theory to analyze the evolution of the spatial–temporal pattern of house prices in resource-based cities and the influencing factors. The results of the study showed that, from the time trend, Xuzhou’s main city house price trend underwent the obvious stages; from June 2015 to September 2016, the trend was stable, and from March 2017 to June 2018, it was an “up–down–up” trend. With respect to the spatial distribution of house prices, from June 2015 to June 2017, the traditional business district and the major city in the Xuzhou metropolitan area were the areas of highest house prices, and after September 2017, the structural features of the traditional business district, along with the main city of the metropolitan area and the new city, formed the areas of highest importance. With regard to the factors influencing house prices, the type of dwelling, according to the building characteristics, had the largest impact on house prices, and the enrichment of housing types became an effective way to regulate housing prices. The impact of location characteristics on house prices varied depending on differences in the public infrastructure surrounding housing, with the contribution of the planned metro stations to house prices not effectively emerging. The impact of neighborhood characteristics on house prices varied, with tertiary care hospitals having a ‘neighborhood avoidance effect’ on house prices, given that hospital-generated waste was too densely distributed around houses, suppressing neighborhood house prices. The results of this study indicated that, in the process of real estate market development in resource-based cities, the planning department should consider the different functions and division of labor in each region and scientifically formulate urban development plans to provide a good external environment for the healthy development of the city’s property market.

Analysis and Modeling of the Impact of Macroeconomic Factors on the Commissioning of Residential Real Estate in Russia

The system of statistical indicators, which is necessary for the construction of mathematical and statistical models that reflect modern domestic trends in the development of the residential real estate market is explained. The official data from the Federal State Statistics Service (Rosstat), the Unified Interdepartmental Information and Statistical System (EMISS), the Central Bank of the Russian Federation (CBR), and the Unified Housing Construction Information System (UIIS) served as information sources for the empirical component of the study.Based on quarterly data for 2010–2021 using ARIMA and SARIMA models, a time series of residential real estate commissions in the Russian Federation was modeled and predicted for 2022. Both models make it possible to account for the influence of the seasonal component. Based on results of the time series regression analysis, the authors selected a mathematical and statistical model with the best approximating characteristics. To model the volume of commissioning of residential real estate in the Russian market, with due regard to the influence of macroeconomic factors, the ARMAX model was used, which has significant explanatory power.The results of the study presented in the article may be of interest to analytical agencies, developers, banking professionals, financiers, economists, analysts of the real estate market or related areas, as well as authorities for strategic planning of the development of the real estate market.

СТРАТЕГИЧЕСКИЕ ИННОВАЦИИ В РАЗВИТИИ РЫНКА ЖИЛОЙ НЕДВИЖИМОСТИ В ГОРОДСКОМ ПРОСТРАНСТВЕ

The article is devoted to the development of the residential real estate market in the city. The content of this concept is presented by various specialists. The article gives the author's definition of the concept of the residential real estate market. It is noted that the real estate market can be conditionally divided into two fundamentally different segments. The first segment is the residential real estate market, focused on the population and on the needs of residents. The second segment is the non-residential real estate market, focused on the business and commercial component. This article discusses the residential real estate market, which can be divided into two types: the primary market (acquisition of housing at the stage of shared construction or newly built housing) and the secondary market (purchase of residential property from the previous owner). The characteristics of the primary and secondary markets in the urban district of Samara and its administrative intracity districts are presented. The problems of the residential real estate market in the urban district of Samara are shown: difficulties in obtaining mortgage lending, a decrease in demand for residential real estate, and the construction of small apartments. As a solution to the problems, the article proposes strategic innovations in the development of the residential real estate market in the city. For this, several directions of development are proposed, these include the following. The first direction is high-quality and affordable housing in an urban environment, which is aimed at improving mortgages and developing commercial rental housing. The second direction is the construction of housing in the urban environment, which is aimed at the development of construction and the activation of the involvement of land. The solution of these tasks and the implementation of the required measures should contribute to the effective implementation of the proposed strategic innovations for the development of the residential real estate market in the city of Samara.

Анализ стратегических тенденций факторов, влияющих на рынок недвижимости Москвы

The paper provides a strategic analysis of trends in the real estate market development in Moscow, which, in the author’s opinion, may indicate a strategic threat of the formation of an emergency period in the housing market of the capital city. The emergency period in the study refers to a period of cyclical growth in market prices, characterized by excessive investment due to long-term speculative expectations of investors. The residential real estate market is one of the most important socioeconomic areas, reflecting the well-being of the population, as well as influencing many significant industries in Russia. Any disturbances and shocks regarding real estate prices can lead to social unrest among the population and, as a result, a deterioration in their quality of life. Apart from that, the real estate market is closely connected with the construction industry, which is one of the powerhouses of the Russian economy. To prevent instability in the housing market, national and regional strategies should consider its sustainable socio-economic advancement as a national (regional) strategic priority. The purpose of the study is to identify some strategic trends that are necessary for analysis at the forecasting stage at the beginning of the strategy formation process. The article shows that some emerging strategic trends point to the existing likelihood of an emergency period in the housing market in Moscow, however, the strategic management tools implemented by the government and the banking sector effectively resist its occurrence, as well as other external factors.

ВЛИЯНИЕ ДЕМОГРАФИЧЕСКИХ ПРОЦЕССОВ НА РАЗВИТИЕ ЛОКАЛЬНЫХ РЫНКОВ ЖИЛОЙ НЕДВИЖИМОСТИ

The development of the residential real estate market is determined by the macroeconomic situation, the level of uncertainty in the industry, its potential profitability, investment opportunities and many other factors. At the same time, demographic processes taking place in urban settlements significantly influence the prospects for the development of local housing markets. This article analyses the impact of natural and migration flows on the price situation and the structure of supply and demand in local residential real estate markets on the exampleof a "growing city" (Krasnodar) and a "shrinking city" (Bratsk). Particular attention is paid to the study of the relationship between the structural gender and age changes in the population of the cities and their agglomeration development, as well as the assessment of the preconditions for the explosive growth of demand in the local housing markets. In addition, it was found that macro fac-tors are dominant in local residential real estate markets, while demographic factors are of a lower order, which is evi-dent in periods of uncertainty and increased risks in the economy. It has been noted that the average family size of cities practically does not influence the structure of supply on the primary housing market: thus, despite the ongoing govern-ment policyaimed at increasing the housing availability of the population and increasing the share of families with one or more children, the flat design of new residential complexes on the primary property markets is transformed today mainly due to the growing share of studios and one-room small-sized flats. This trend on the market is only intensifying, as de-velopers seek to maximise their profits by offering the market liquid residential properties in an affordable price range, while buyers, in turn, are limited in their financial capabilities.

The influence of environmental and economic turbulence on civil construction in the region

This article is devoted to the analysis and forecasting of the development of civil engineering in the region in the context of recurring macro-shocks that create political and economic turbulence. The dynamics of the commercial real estate market in St. Petersburg have been studied. The purpose of the article is to study the influence of various factors (including vacancy levels) on market price indicators and to predict the dynamics of its development. Objectives of the study: analyse office, retail, and warehouse real estate in the city, study the degree of influence of the vacancy rate of objects on the market situation; build a forecast of the dynamics of market development, considering the influence of the dynamics of the share of vacant space; identify market trends in an unstable economic situation. The result of the study is a forecast of the dynamics of development of the commercial real estate market in St. Petersburg and, accordingly, civil construction in this region. Based on regression analysis, factors influencing the dynamics of price indicators for commercial premises were identified. The study confirmed the hypothesis about the connection between the dynamics of commercial real estate market segments and key events in the economy. This suggests the need to identify time stages at which the composition and number of key factors changes. The study shows that different segments of the commercial real estate market react differently to the level of vacancy, which is due to their specific functioning.