Development Of Real Estate Market Research Articles

Influence of Factors on the Development of the Russian Commercial Real Estate Market

Influence of Factors on the Development of the Russian Commercial Real Estate Market

Fuzzy logic method of valuation supporting sustainable development of the agricultural land market

AbstractThis article proposes the possibility of applying fuzzy logic theory to perform the tasks of determining the market value of agricultural lands. These tasks are of a multi‐criteria character, as multiple factors are taken into consideration during the land value valuation process. The market value of agricultural land plots, calculated using fuzzy logic methods, can provide a basis for further use in the processes that are directly related to their turnover, that is, during auctioning, setting of a land tax, determining of the value of pawn in the land bank. Methodic approach to the determination of the market value of agricultural lands with the application of the methods of fuzzy logic and the package Fuzzy Logic Toolbox of the computing system Matlab is universal. It can be used for assessment of the value of a land plot with any number of indices, having no crisp mathematic model. The proposed method is particularly useful for countries where the agricultural real estate market is still in its early stages of development and will contribute to making it more transparent and thus it can be a significant tool supporting the sustainable development of the agricultural real estate market. Agricultural land market is a vital ingredient of the system for sustainable development of rural areas.

Selected Aspects of the Residential Property Market in the Context of Creating a City Image (an Example from Rzeszów)

The main goal of the article is to evaluate the city’s real estate sub-product and identify the impact of perception of this urban sphere on the overall image of Rzeszów city among students. A thesis was accepted by the authors that the attractive image of Rzeszów determines the development of the residential real estate market, attracting especially young, educated people to the city. On the basis of a literature analysis of the subject, information obtained from secondary sources on the topic of Rzeszów, as well as surveys carried out in 2018 among students (n = 325), the thesis was confirmed. Thanks to the fast, modern development of the city and consistently implemented marketing activities, Rzeszów is perceived as an innovative city that is friendly to residents, investors and students. This contributes to the inflow of new, usually young, educated residents and investors, which in turn translates into high dynamics in the residential real estate market. Questionnaire surveys carried out among students have shown that they highly appreciate the current image of Rzeszów and, most after graduation, plan to stay in the city which in their opinion is an attractive place for everyday life.

Major Trends in the Primary Residential Real Estate Market: Economic and Statistical Analysis <i>(Case Study: The City of Moscow)</i>

The authors present results of the study of the domestic residential real estate market, using the city of Moscow as an example. Importance of this study comes from the fact that the residential real estate market occupies a significant place in the national economy; that said, it is necessary to take into account its scale and development dynamics. On one hand, the development of the residential real estate market is always considered within our country’s social policy that is targeted at raising standards of living. Оn the other hand, players in various markets participate in the housing construction industry because in it are concentrated significant volumes of financial flows. For a more detailed economic and statistical analysis, the authors chose the most dynamically developing segment of residential real estate in Moscow - the market for new buildings. According to the authors, dynamics, and nature of change in the indicators of the capital market of primary real estate along with general market conditions was affected by legislative changes that have occurred in the construction and banking sectors.Given the heterogeneous development of the capital market in a large metropolis such as Moscow, the authors applied the clustering of districts using the results of comprehensive studies of the primary real estate market of previous years. For this study, four groups of factors were identified: characteristics of apartments, indicators of transport accessibility, the level of infrastructure development and the state of the environment. The information sources included databases of leading real estate companies such as CIAN, Metrium, Domofond (as of the end of May 2019), as well as official statistics from Mosgorstat, Mosecomonitoring, Unified Transport Portal. After the preliminary analysis of the data, sample was made of new buildings of the mass segment (economy and class comfort).Using regression analysis, the authors constructed models of the dependence of the cost per square meter of residential real estate on the market of new buildings in Moscow on several factors and identified the most significant of them. The results of the study presented in the article may be of interest to consulting companies, real estate agencies, employees of the banking sector, as well as local authorities for strategic planning of the development of the real estate market.

DEVELOPMENT OF THE RESIDENTIAL REAL ESTATE MARKET: REGIONAL ASPECT

The real estate market in Ukraine has always been an indicator of the development of the country's economy as a whole, as the housing market plays an important role in the national economy structure. The article examines the stages of development of the residential real estate market of Ukraine and its regional aspects. According to the research results, while depicting current situation in the residential real estate market of Ukraine, eight stages of its formation should be considered. The modern Ukrainian housing market began to take shape in the early 1990s as part of the process of transition from the planned economy model to the market one. The last stage - the eighth - began in 2009 and continues until now. At the eighth stage low activity of real estate sales is observed, and the value of objects depends on the type of real estate and location (region). As it was defined today the Ukrainian real estate market is stagnant, but the formation of regional housing markets in Ukraine is a very complex process and its development is affected by a large number of factors. Factors are classified into six groups: territorial, economic, legal, demographic and socio-psychological factors and factors that comprise qualitative characteristics of housing. Specific process of regional housing markets formation also affects rental price in the cities around the country. This article presents and compares the average apartment rental cost (by type) in the regional centers of Ukraine in January 2019 and 2018. Prices have risen the most in the cities of Lutsk and Sumy. The real estate rental market is a reflection of the socio-economic situation in the country as a whole, or a particular region or even a particular localition. The main driver of modern residential real estate market development in the regions of Ukraine and overcoming the state stable and depressed economy is to establish a balance between people’s ability to pay and pricing policy of developers.

Gentrification through Green Regeneration? Analyzing the Interaction between Inner-City Green Space Development and Neighborhood Change in the Context of Regrowth: The Case of Lene-Voigt-Park in Leipzig, Eastern Germany

Green regeneration has become a common strategy for improving quality of life in disadvantaged neighborhoods in shrinking cities. The role and function of new green spaces may change, however, when cities experience new growth. Set against this context, this paper analyzes a case study, the Lene-Voigt-Park in Leipzig, which was established on a former brownfield site. Using a combination of methods which include an analysis of housing advertisements and interviews, the paper explores the changing role of the park in the context of urban regeneration after the city’s turn from shrinkage towards new growth. It discusses whether the concept of green gentrification may help to explain this role. As a result of our analysis, we argue that Lene-Voigt-Park has indeed operated as a trigger for structural, social, and symbolic upgrades in the growing city of Leipzig, but only in combination with real estate market developments, which are the main drivers of change. The concept of green gentrification does help to better understand the role of different factors—first and foremost that of green space. We also discovered some specifics of our case that may enrich the green gentrification debate. Leipzig serves as an example for a number of regrowing cities across Europe where green gentrification might represent a challenge.

Efficiency of Chinese Real Estate Market Based on Complexity-Entropy Binary Causal Plane Method

Real estate market is a complex system. A rational real estate market is not only helpful to people's living standards but also beneficial to countries’ macroeconomic stability. Is Chinese real estate market rational? This paper attempts to study the efficiency of Chinese real estate market by using the complexity-entropy binary causal plane method. We firstly discuss the formation mechanism of real estate price, which provides a theoretical basis for testing the efficiency, and compute the real estate market efficiency of 70 main Chinese cities. The results show that neither the whole market nor the main cities have reached the weak efficiency, and the efficiency and complexity of each city are different, and the relationship between them is significantly negative. In addition, this paper also compares the efficiency and complexity of Chinese real estate market with American real estate market. Then, some suggestions for the healthy development of Chinese real estate market in the future are put forward.

The Impact of Covid-19 Pandemic on the Real Estate Market Development Projects

The Impact of Covid-19 Pandemic on the Real Estate Market Development Projects

ECONOMIC AND FINANCIAL ELEMENTS, FEATURES AND FUNCTIONS REGIONAL REAL ESTATE MARKET

The development of the Ukrainian real estate market correlates with the general trends of macroeconomic processes in the country and its regions. The article defines the economic and financial elements, features and functions of the regional real estate market of Ukraine. It is found that the regional real estate market is a set of organizational and economic relations, a means of land redistribution, buildings, structures and other property between owners and users economic methods based on competitive demand and supply in the territory of region (area). The basis of the regional real estate market is existing land, buildings and structures for various purposes, as well as money or financial capital. According to the research results, the regional real estate market in Ukraine as a self-regulatory system consists of seven basic economic and financial elements, namely: demand, supply, price, management, marketing, infrastructure and business procedures. The basis of the regional real estate market is the existing land plots of region and the newly created ones, reconstructed and expanded enterprises, buildings and constructions of different purpose, as well as money or financial capital. The features of the regional real estate market are follow: market localization, real estate transactions are exclusive and confidential, demand is determined by their location, low elasticity of supply, high degree of market state regulation by legislative norms, real estate market serves as an object of investment, there was a small variability in demand by regions, districts and districts. The regional real estate market has a great impact on all aspects of people's lives and activities, performing a number of general and special functions. The functions of the regional real estate market include setting of equilibrium prices, information, regulation, commercial, sanitation, redistribution, intermediary, stimulating, investment, social. Further research should be conducted in the context of identifying regional features of the real estate market.

The Study of the Residential Real Estate Market in the Republic of Kazakhstan

In this study, we assess the residential real estate market in the Republic of Kazakhstan and develop measures to improve its affordability. We use comparative and retrospective analysis of statistical indicators to assess the trends in the development of the residential real estate market in Kazakhstan, as well as the state of the housing credit system. The results show that despite the growth in housing construction, affordability remains low in comparison with developed countries. Experts believe that government support measures that include the formation of a rental non-commercial housing market, the creation and development of unitary rental property funds, as well as the shift from shared financing to project financing of residential construction will lead to affordable housing.

Housing finance for internally displaced persons: availability and opportunities

The article is devoted to the theoretical and empirical aspects of the financial support for the residential real estate market development and the implementation of the practical recommendations in the context of the maxim of social justice realization to meet the needs of internally displaced persons in Ukraine. The priorities of residential real estate financing have been considered, taking into account the social value of housing and the legal basis of its property. The expediency of investment processes state regulation in the residential real estate market and formation of transparent relations of real estate ownership have been substantiated, since real estate investment is characterized by high multiplier effect and reduction of social tension in society. A systematic approach to the study of financial support for the development of the residential real estate market is the methodological basis of the article. Empirical studies make it possible to diagnose groups of regions according to the ratio of specific gravity by total gross floor area and population and the rating of Ukrainian regions by total floor area per thousand permanent residents. It has been determined that the state housing policy in the part of housing financing for internally displaced persons is the state's actions regarding targeted financing and provision of housing for persons who have left their place of residence due to war, natural disasters and internal conflicts. Emphasis has been placed on the appropriateness of taking into account the age of the displaced persons and the types of housing offered to them (social or affordable) when choosing mechanisms for financing the housing of internally displaced persons. When implementing the new «Smart Cities» doctrine and the regional development program «Innovation economy and investment» to improve the living situation and raise the quality of life standards, it has been proposed to prioritize the creation of a Project and financial center for the financial awareness of internally displaced persons in developing targeted regional programs. Residential real estate development should be accompanied by the priority development of related socio-economic spheres and territories.

Development of statistical classifications to study the content and structure of the primary real estate market

Statistical study of the primary real estate market is always associated with the problem that the object is in a constant, and very intense change, both in quantitative terms and in its internal content. Therefore, the issues of constant adaptation of statistical methodology in relation to the primary real estate market are relevant continuously. Among the tasks that are constantly in the field of statistical science and practice in relation to the primary real estate market are the following. First, a critical analysis of the content of the modern primary real estate market, which should allow to identify its fundamental features as an object of statistical research, to systematize the economic relations of the subjects of this market segment for a comprehensive statistical analysis of its functioning and development in any region of Russia. Secondly, it is the construction of analytical classifications of the primary real estate market, systematization of criteria for their construction, which should allow for a qualitative analysis of the structure of this market segment in the modern market economy. Third, the continuous improvement of the system of statistical indicators of the primary real estate market, which should be constantly supplemented by various blocks of indicators, the use of which will link the development of the primary real estate market with indicators of the standard of living of the population and socio-economic development of a particular region on the basis of the formation and ordering of its various subsystems, which will increase their consistency with indicators of living standards and socio-economic development. To Develop the theory and statistical methodology of the complex study of the primary real estate market in terms of the development of criteria for the division of the object into homogeneous groups by typological characteristics and the construction on their basis of statistical classifications necessary for the structural analysis of the primary real estate market. To obtain scientific results in this article, General scientific methods of cognition, such as scientific abstraction, analysis and synthesis, are used, since it is a question of dividing a single whole into typologically homogeneous complexes, the organic relationship between which ensures the integrity and unity of the studied object – the primary real estate market. In addition, the use of the statistical grouping method is considered throughout the work, as it is an applied application of typological criteria. The main classification features of economic assets traded in the primary real estate market of the region are Substantiated and formulated. The development of criteria for the typological division of the object allowed to build statistical classifications necessary for a comprehensive analysis of the structure and structural changes in the primary real estate market. In the scientific article deals with the problematic aspects of a statistical study of the primary real estate market in parts of its etymology on the basis of clear criteria against which to understand the quality and properties of the traded on its economic assets, to build a statistical classification. All this is a step in the first stage of the statistical study in the sequence that is classically considered by the General theory of statistics. Statistical classifications and groupings by typological features precede the science-intensive substantiation and application of complex mathematical and static methods for factor analysis and forecasting of primary real estate market indicators.

Research on The Development of Real Estate Market Based on Population Change in China

China is a populous country, and population problem is always one of the key factors restricting the development of national economy. From the beginning of the founding of the people’s Republic to now, the population policy has been changing constantly, and the population structure has also undergone remarkable changes. At the same time, the real estate industry, as a new growth point in the national economy, to a large extent, has promoted the development of the national economy, and has become a pillar industry in the national economy. In recent years, some scholars consider the change of population structure when studying the change of real estate market, but less consider the macro factor of population quantity behind the change of real estate market. So this article will pass through the short term in the future The influence of population change trend on real estate market in China is studied and discussed.

Content and boundaries of the primary real estate market as an object of statistical research

The primary real estate market is one of the youngest segments of the market economy in modern Russia. If the genesis of the modern secondary market was observed in the pre-reform period: barter relations in terms of urban housing, the purchase and sale of suburban areas were freely carried out, small suburban real estate, garage buildings, etc., the real market relations with the relevant legal framework in terms of ownership rights in the primary market became possible only with the change of economic formation. All participants in the rapidly emerging primary real estate market quickly became familiar with pricing, market conditions, utility criteria and many other parameters inherent in this market segment. However, issues of managing business processes on the primary market of real estate, including a balance of opportunities for sellers and customer needs, pricing, adequate information support to all management levels, still are a problem and remain open.Purpose.The relevance and social need for statistical study of the primary real estate market determined the purpose of scientific work as a clarification of the nature, content, boundaries and participants of the market in order to improve and develop statistical methodology.Materials and methods.To make the research and form the adequate conclusions when writing a scientific paper, the extensive material of theoretical, methodological and applied nature was used, the authors of which are both domestic and foreign scientists in the field of statistics, management, investment, marketing and technical sciences. The paper uses a wide range of general scientific methods of knowledge, the use of which together allowed to abstract from the non-essential aspects and mutually reinforcing factors that do not ultimately have a tangible impact on the state and dynamics of the primary real estate market - methods of abstraction and idealization; moving from the general laws of the real estate market, to form private conclusions concerning the segments and even objects of the primary real estate market as an object of statistical research – the method of deduction; to comprehend the object as a whole and at the same time as an interconnected mechanism represented by all its structural components – methods of analysis and synthesis; to conduct a comparative analysis of objects and identify possible vectors of the market development – methods of analogy and mental-symbolic modeling.Results. Qualitative analysis allowed to determine the place and importance of the primary real estate market in the entire system of multi-market economy; to identify the life cycle of the objects of the market and on their basis to structure it; to identify the factors of development of the primary real estate market, quantitative assessment of the impact of which will be subsequently given on the basis of regression analysis; to summarize the set of risks that determine the diverse variation of the primary real estate market. The development of statistical methodology for the study of the primary real estate market can be based only on a clear understanding of the nature and internal content of the studied object. At the same time, so sensitive to the market and general economic situation in the country and each region, the market is constantly changing: it does not have a stationary point. Therefore, it is necessary not only quantitative analysis of the object on the basis of statistical methods, but also continuous monitoring of all economic phenomena that contribute to the modification of the primary real estate market.

The Mathematical Model of Forecasting the Price Level in the Regional Market of Residential Real Estate

The purpose of this article is to develop a mathematical model for estimating the value of a real estate object, taking into account the trends in the residential real estate market using indicators of the object’s state and indicators of the real estate market. The real estate market is a complex mechanism that includes subjects, objects, processes and infrastructure. The real estate market has its own characteristics that distinguish it from the market of goods and services related to the duality of real estate, its special characteristics. Despite the high conservatism, there are certain innovative trends in the development of the residential real estate market (innovations in construction, architecture, services and marketing, logistics, customer focus). The article considers the residential real estate market as a complex socio-technical system, to predict the development of which it is advisable to use a combination of classical forecasting methods and soft computing or intelligent data processing methods. A forecast of the development of the residential real estate services market was made using foresight technologies (industry roadmap). The analysis was carried out and the main factors acting on the market were identified, and their influence on the development of market trends was determined. A mathematical model for predicting the value of residential real estate based on the theory of fuzzy sets has been developed.

Urban Redevelopment, Cultural Philanthropy and the Commodification of Artistic Authenticity in Toronto

This article offers a multiscalar, sociohistoric account of the spatial struggles of Toronto artists from 1970 until the present to secure affordable living and work space downtown that foregrounds the contemporary role of the cultural philanthropist–developer. It argues that the cultural capital of artists to identify and embody authenticity facilitated temporary spatial claims that supported the development of a local art scene on Queen Street West, but one that became dependent upon, yet vulnerable to, the sociospatial unevenness of cultural philanthropy. Benevolence in arts and culture is not distributed evenly across time and space. Instead, as the case study of the 401 Richmond arts hub reveals, benevolence in its alliances with the real estate market and property development is concentrated in individualized commitments to particular neighborhoods, buildings, and local relationships, which temporally and operationally constrains its policy–transforming potential.

Sustainable Development of Real Estate Market and its Assessment Opportunities: Case Study of Latvia

Nowadays, more and more attention is being paid to the country's economic development, for which sustainable development of real estate market is important. The topicality of the research is driven by variety of regulations, economic and environmental issues worldwide and the research has a high social, economic and environmental importance. The aim of the research is to analyse significant aspects of sustainable development of real estate market, and to make its assessment in Latvia. Questions that have a high importance for sustainable industry development were analysed in the research as well. Research methods include a combination of quantitative and qualitative research methods, such as analysis, synthesis, statistical data processing, focus group and expert questionnaire and other methods. The survey is focused sectors Construction and Real Estate Operations – primary on managers and employees of enterprises who are working in development of building projects, construction of residential and non-residential buildings, real estate agencies, management of real estate on a fee or contract basis, renting and operating of own or leased real estate, buying and selling of own real estate. Theoretical overview includes world and European experience on the research question and the related problems. The research includes integrated approach of assessment of the real estate market. Key words: Assessment, case study, Latvia, real estate market, sustainable development

DYNAMICS OF REGIONAL RESIDENTIAL REAL ESTATE MARKETS IN UKRAINE

The dynamics of the general price index and price index on the primary and secondary residential real estate market (2015–2019) for one-room, two-room and three-room apartments is constructed in the article. The state and tendencies of development of the residential real estate market are considered, which in turn is characterized by: imperfection, problems of uneven development of certain parts of the market, closeness, unreliability and insufficient information about: value, subjects, objects, real supply and demand in the given economic sphere of our country in the conditions of disintegration processes. The regulatory framework by which the control and regulation of this type of market is carried out is not perfect enough. Different scientists, both domestic and foreign, have conducted research and determined a set of factors and methods used in the study of real estate, its assessment, analysis of trends in a certain period of time. A map of Ukraine, containing data on the average price per square meter of housing in all regional centers as of September 2019 is presented and comparative analysis with September 2018 is done; the cities with the largest or smallest price change has occurred are identified. The dynamics of the construction price index (2015–2019) was analyzed; it characterizes the changes and has a significant impact on the final value of real estate in a certain period of time during the construction process, the factors that influence the change of this index are identified. The dynamics of the average price per square meter of residential real estate in different regions of Ukraine is also presented, the factors that determine this dynamics for 2012–2019 were identified – in such cities as Kiev, Lviv, Donetsk, Kharkiv, Odessa, Sevastopol, Simferopol. Psychological factors that influence rise or fall in the value of residential property in selected major cities of Ukraine and in the cities near hostilities (Severodonetsk, Lisichansk) during and after the pre-war period were also identified.

Research on the Development Mode of Old-age Real Estate for Small and Medium-sized Enterprises in China

With the deepening of the population aging and the growth of the economy in China, the demand for improving the lives of the elderly groups is increasing, and the prospects of the old-age industry, especially the real estate market for the old-age, are bright. Small and medium-sized enterprises (SMEs) play an important role in promoting the development of the old-age real estate. The development of the old-age real estate for SMEs is not only conducive to the healthy development of the old-age real estate market, but also conducive to the middle and low-income elderly to enjoy high-quality and convenient old-age services. The method adopted in this paper is mainly to compare the modes that SMEs can adopt in the three links of development, financing and operation of the old-age real estate, to calculate the costs and benefits of various modes, and to analyze their advantages and disadvantages. The types of enterprises suitable for various modes are also discussed. The conclusion of this paper is that for different links, SMEs should adopt different modes in the process of developing old-age real estate. In terms of development mode, SMEs should choose to cooperate with service agencies because SMEs have weak capital strength and risk tolerance, narrow financing channels and less market resources. In terms of financing mode, SMEs should choose government-enterprise cooperation because it can reduce the development cost, especially the cost of land, also can obtain policy support and administrative approval convenience. In addition, this mode can well reflect the profitability and welfare characteristics of the old-age real estate and can achieve social spillover benefits. In terms of operation mode, SMEs should choose only construction but not operation so as to avoid the risks brought by the latter operation.

Development of the Urban Real Estate Market in Ribeirão Preto during the Old Republic (Brazil, 1889-1930)

Analysis of urban real estate market is made in the city of Ribeirao Preto, Sao Paulo, Brazil, due to the impact of coffee production and its development in the region.