Development Of Housing Sector Research Articles

Enhancing Housing Finance for Socio-Economic Stability in Uzbekistan

This study is devoted to the analysis of the current state and prospects for improving housing finance in Uzbekistan in the period from 2018 to 2023. The purpose of the work is to identify key factors affecting the socio-economic stability of the country through the prism of housing sector development, and to develop practical recommendations for optimizing housing finance mechanisms. An analysis of the dynamics of key indicators of the housing sector in Uzbekistan for 2018-2023 revealed a positive trend in the growth of housing construction by 28.6% (from 12.3 million square meters in 2018 to 15.8 million square meters in 2023), an increase in the share of mortgage lending in the structure of housing finance from 23.4% to 41.7%, as well as an increase in the level of housing provision for the population increased from 15.9 sq.m. per person in 2018 to 17.4 sq.m. in 2023. At the same time, there are still imbalances in the territorial distribution of housing construction volumes and the availability of mortgage loans for various segments of the population. The econometric analysis showed that an increase in housing construction by 1% leads to an increase in GDP by 0.28%, and an increase in the share of mortgage lending by 1 percentage point contributes to a decrease in the unemployment rate by 0.14 percentage points.

Development of Housing sector in Rural Areas

Development of Housing sector in Rural Areas

Assessment On Abandoned Housing Project: Impact and Revitalization in Malaysia

The housing development sector was a key factor in the growth of Malaysia’s economic income since 1970s due to rapid urbanization. Unfortunately, housing construction in Malaysia still facing the abandonment issues due to financial constraints and many other factors. Abandoned housing project give a huge impact to the environment and socio economic to the stakeholder involved directly or indirectly. The purpose of this study is to overview the impact of abandoned housing project and to study the best solution in preventing the issues. Through extensive literature review from previous study and semi-structured interview session with 10 expert panels, several factors and impacts had been listed. Aqualitativeresearch methodology was conducted for data collection through anextensive literature review, semi-structured interviews and discussions with expert panels. From the discussion, the abandoned housing project give an impact to all parties and the proper financial management, amend the development concept, study the market signal properly, amend the initial policy of housing development and finally takeover the problematic development by the governmentis the best solution in preventing it.

The impact of oil price on housing prices: an empirical analysis of Pakistan

PurposeThis study aims to explore the impact of oil prices on housing prices using Pakistani annual data from 1973 to 2021.Design/methodology/approachThe Augmented Dickey–Fuller (ADF) and Phillips–Perron (PP) tests were used for unit-root testing, whereas the johansen-juselius test was used for cointegration. For the short-run, the error correction model is used and the robustness of the model is checked using the dynamic ordinary least squares (DOLS) and fully modified OLS (FMOLS). The cumulative sum (CUSUM) and CUSUM of Squares tests were used to check the stability of the model, while parameter instability was confirmed by the Chow breakpoint test. Finally, the impulse response function was used for causality.FindingsAccording to the findings, rising oil prices, among other things, have an impact on housing prices. Inflation is the single most important factor affecting not only the housing sector but also the entire economy. Lending and exchange rates have a significant impact on housing prices as well. The FMOLS and DOLS results suggest that the OLS results are robust. According to the variance decomposition model, housing prices and oil prices are bidirectionally related. The Government of Pakistan must develop a housing policy on a regular basis to develop the country’s urban housing supply and demand.Practical implicationsIt is suggested that in Pakistan, the rising oil prices is a problem for the housing prices as well as many other sectors. The government needs to explore alternative ways of energy generation rather than the heavy reliance on imported oil.Originality/valuePakistan has been experiencing rising oil prices and housing prices with the rapid urbanisation and rural–urban migration. The contribution to the literature is that neither attempt (as to the best of the authors’ knowledge) has been made to check the impact of rising oil prices on housing sector development in Pakistan.

An exploration of the role and significance of specialist land promoters in the housing land development market in the UK

ABSTRACT Of all the inputs into housing production, land can be the most challenging to source. Over the last decade, the land promotion sector has taken a much more prominent role in converting the planning status of land in return for a proportion of the resultant increase in land value. This paper explores the significance of specialist land promoters in the strategic housing land market in the UK. The paper makes three contributions. First, it maps the range of organisations that promote land through the UK planning system and demonstrates the diversity and definitional fuzziness of the organisations operating in the contemporary UK land market. Second, in contrast to prior studies which have grouped specialist land promoters with other types of market actor, it finds that specialist land promoters made a relatively small contribution to the supply of housing land in the study period. Third, the paper shows that housebuilders account for a minority of planning consents for residential development, thereby suggesting that the degree of vertical integration in the land and housing development sector in the UK may be lower than presumed.

Prospects for the Development of Competition in Housing Development Sector in Conditions of Project Financing

The introduction of project finance using escrow accounts has had a mixed effect on the industry. On the one hand, the problem of deceived equity holders was largely resolved, housing construction received stable and rhythmic financing, on the other hand, the introduction of strict restrictive measures against developers when receiving project financing led to the fact that the housing construction market «shrank». As a result, the volume of current construction has declined, and in a number of regions housing construction has stopped altogether. The main negative result of the first years of project financing was the reduction of competition. The purpose of the article was to study the factors influencing competition in housing construction in order to determine the prospects for its development. The importance of the development of competition in this construction sector was shown, the choice of the model for the analysis of factors influencing competition was justified, and its modification was carried out, which allows studying these factors in the system. It was concluded that the leading determinant that combines factors that directly and indirectly affect competition is the ‘Actions of the Government determinant’. The pros and cons of a number of recent anti-crisis decisions of the Government of the Russian Federation aimed at supporting housing construction were studied and conclusions were drawn about the prospects for the development of competition in this sector.

HOUSE OWNING CHALLENGES AND SOLUTIONS FOR MALAYSIAN FIRST HOME BUYERS IN THE POSTCOVID- 19 PANDEMIC ERA

This study intended to identify the factors and solutions that help first home buyers successfully purchase their first home after the COVID-19 pandemic where the current issues and challenges faced by first home buyers in Malaysia should be investigated. The housing prices are still pricey and the prices are progressively rising every year, as the economy develops. However, household income has not increased in lockstep, which is the primary cause of Malaysians’ inability to purchase a home. Furthermore, during the COVID-19 pandemic, this scenario intensifies as economic containment tactics have a negative impact on the economy and social aspects. This study adopted a quantitative research method where the primary data were collected through online survey. The survey was conducted through internet platforms such as Facebook, Instagram, and WhatsApp to collect more responses as online survey brings convenience to respondents. 155 feedbacks were collected from the respondents. From the results, the personal income has the highest impact on the affordability of respondents to purchase their first property in Malaysia where the respondents think the government should promote more incentives and initiatives in helping youngsters to purchase their first home. The government should emphasize the housing sector development as this sector is linked with social development significantly in term of citizens’ satisfaction level with the government policies. The outcomes can be referred to by first home buyers when they encounter similar situations as guidance to help them understand the problems. Although, the government has implemented several housing measures, including allocating available homes to qualifying homebuyers but it is insufficient. The outcomes can help the solutions developed by the government and private banking companies in resolving and alleviating the challenges reported by first home buyers in Malaysia.

Effect of Structural Funds on Housing Market Sustainability Development—Correlation, Regression and Wavelet Coherence Analysis

Effective acquisition of funds, including European Union (EU) funds, designated for example, creating economic and social processes, may have a real impact on the elimination of the negative outcomes of the current position of the EU on the global scale. The aim of the research is to indicate the impact of spending funds from the Regional Operational Program of the Opolskie Voivodeship 2014–2020 (ROP OV) on a key macroeconomic area of the economy, i.e., the housing development sector in the region. The practical aim is to formulate recommendations and solutions that can offer guidelines for more effective spending of EU funds and their effect on the macroeconomic dimensions of the economy. The article proposes an innovative approach to linking EU payments in the region with the real estate market. The results of the research and the analyses made on this basis showed a positive impact of the payments made from the ROP OV on selected macroeconomic indicators, i.e., the number of permits issued for the construction of new apartments and the number of currently implemented housing investments. The obtained results should be used in the decision-making process at the level of regional and national authorities responsible for the payment of EU funds. In this article, prior to the research process, a literature review was made. It covered various aspects of the evolution and development of research in the area of regional development. The research process was based on innovative methods of time variability analysis, correlation between the investigated determinants and coherence analysis for the studied dimensions. Data on payments from the ROP OV concern the years 2015–2020.

Comparative inter-country analysis of assessment of the effectiveness of state housing policy: statistical instruments

The article provides a comparative analysis of assessment of the effectiveness of housing policies in Austria, Germany and Russia in the context of the adequate housing concept. In modern world management practice, there is no universal set of criteria for assessing the housing policy effectiveness, however, there are sets of indicators in the public information resources of these countries that can reflect such an assessment. The only problem is information asymmetry, in which each country forms its own set of estimated indicators, which leads to their incomparability. At that, the need for such data exists in connection with the need to update the current results of the housing policy implementation and the assessment of current trends in the housing sector development.
 Each country has its own mechanism for assessing the effectiveness of housing policy, based on its own set of parameters corresponding to the determined goals and directions of the housing sector development.
 Adequate housing as a criterion for assessing the effectiveness of the housing policy implementation allows a full demonstration of the effectiveness of measures implemented by the state in the housing sector.
 The concept of adequate housing, as an actual doctrine of the national development of the housing sector, allows for a comparative analysis of the housing policy of different countries by assessing and comparing the effects of its implementation.
 According to the study of housing policy in Austria, Germany and Russia, it was determined that the national model of housing policy evolves in the development of concepts, goals, implementation mechanism and depends both on the level of satisfaction of the need for housing, and on historical experience, traditions and socio-economic characteristics of management at this stage.

Economic Assessment of Permafrost Degradation Effects on the Housing Sector in the Russian Arctic

This article is devoted to the methodology and analysis of the results of economic assessment and forecasting of the consequences of global climate change in the form of permafrost thawing and degradation for the housing sector in eight regions of the Russian Arctic. Changes in the state of permafrost soils during the implementation of the most negative (scenario RCP 8.5) of the IPCC forecast options as the most appropriate to the conditions of the Russian Arctic were taken as a physio-geographic basis for the assessment. It is shown that, under a conservative scenario of the housing sector development in this macroregion of Russia in 2020–2050, the annual average cost of maintenance and restoration of the lost housing stock will exceed ₽30 bln. With the implementation of the modernization scenario, the cost above will increase to ₽36 bln. The maximum expected loss is predicted in the Yamalo-Nenets Autonomous Okrug and Krasnoyarsk krai, and the minimum, in the Chukotka and Khanty–Mansi autonomous okrugs.

The Investment and Construction Activities Transformation at the Modern Development Stage of Russia

Global changes related to demographic and migration processes, technological revolution, anthropological shifts call for quality changes in the capital fund structure. Their qualities, purpose of uses, location and other aspects are determined by the readiness of the investment and construction activities to solve crucial issues in the country’s social and economic development. It requires the transformation in the investment and construction activities. The methodology. Taking into account the country’s economic condition, the project approach to development will affect all the industries and spheres of the national economy. The necessity of applying systemic, structural and projective methods for investment and construction activities analysis is being updated. Systemic and dynamic modelling of evolutionary trends in various types of construction activities will require the development of ways to bring them into mutual conformity, as well as the adoption of approaches for the territorial localization implementation, which together will make it possible to give methodological tools an expedient nature, as well as justify not only “points of increase”, but also the negative trends’ “break points”. The results and their discussion. The debatable perspective for specification of goals and measures for the construction development currently mainly deals with housing development sector, the creation of the environmental amenity, relocating the citizens from the failing housing stock, as well as digitalization. Particular types of the construction activities, infrastructure construction, and organizational, economic, technical and technological aspects of the investment and construction activities are still left beyond the scope of the National Projects and Development Programs. The conclusions. Following the established line of research, the development of new objectively sought-after investment and construction activities characteristics shall provide for its target mode and give national economy capital funds development the sustainable anti-crisis nature.

Environmental Technologies in Housing Construction: Investment Features

In the present-day world, dominated by technological progress, humanity is beginning to realize the real danger of an environmental disaster, which can become a threat to the existence of contemporary civilization. This realization marked the beginning of the development of new types of economic activities that involve not only economic growth, but also positive impact on the environment and society. The use of environmental technologies in construction can serve an example of such activities and has significant development prospects because it simultaneously solves both social issues of increasing housing security and environmental issues, primarily the energy conservation issue. Based on an expert survey, the key drivers of supply and demand for investments in environmental technologies in the construction sector, as well as the benefits of implementing and using environmental investments, were identified. The article presents the investment experience of the EU countries in the housing development sector.

Architectural and Urban Planning Microclimate Evaluation for Vladivostok City Area

Many factors are impacting our comfort feeling in the city, and in physical sense climate has a critical importance: the solar radiation and the wind are making serious adjustments to thermal acceptability perception. These particular vector climate factors can be controlled by the means of architecture and urban planning in the most effective way. Computer modelling of air flows and insolation allows to conduct the comprehensive aerial assessment and to differentiate territories with respect to climate comfort characteristics. In Vladivostok conditions with its complex terrain and strong winds this kind of analysis is very important as a potential basis for the city planning regulation standards regarding specific climatic features. The research was conducted for the space-planning regulations development (consulting bureau “Strelka”) under the order of foundation for the housing development sector elaboration in 2018.

Mainstreaming Disaster Risk Reduction into Housing Development in Keko Machungwa

In Tanzania 80% of the population live in informal settlements. Most of these settlements are built in areas that are susceptible to extreme weather conditions such as flooding. Such conditions have significantly contributed to the destruction of housing stock and other valuable properties. There is considerable awareness amongst people living in the informal settlements, government representatives and other key stakeholders about the various flood risks affecting informal settlements. Based on this understanding, several attempts to minimize flood risks have been initiated in Dar es Salaam, Tanzania, yet these initiatives have largely failed to deliver the desired impacts. This article aims to investigate core reasons for this through a case study of Keko Machungwa Informal settlement in Dar es Salaam City. The study explores the extent to which mainstreaming of disaster risk reduction (DRR) in housing development in informal settlements has been considered and implemented, and recommends measures for improvement. Key methods employed for the research included physical observation, household interviews, mapping, photographing, and in-depth interviews. Overall, the study found that mainstreaming of DRR in housing development was hardly practiced at the household level, as houses were predominantly being built without resistant building materials and supervision of relevant professionals. In order to mainstream DRR in housing development in informal settlements, it is recommended that mainstreaming DRR be embedded in laws and policies, highly vulnerable parts of the settlement be declared protected wetland and that the government direct its efforts towards regulating, controlling and monitoring the housing development sector. That letter can be achieved by emphasizing the use of flood resistant building materials and establishing resilient infrastructures for flood mitigation in every flood prone informal settlement.

Relación entre la volatilidad de los rendimientos accionarios del sector desarrollo de vivienda y la actividad económica mexicana

This paper analyzes the relationship between the volatility of two companies that are typical of the housing development sector in Mexico (ARA and SARE), and the Global Indicator of Economic Activity (IGAE for its acronym in Spanish). This relationship may be used as a real economy pace early indicator. A cointegration analysis was made, and the estimation of a multivariate GARCH was performed, using IGAE as an explatory variable for the condicional variance equation of each return. The results suggest the existence of a cointegration relationship between the IGAE and stock price of ARA and SARE. Moreover, evidence of an inverse relationship between the IGAE and the volatility of both stock returns is presented. Finally, an asymmetric effect is observed, which could possibly be explained by the different approaches to public policy of the housing developing sector that the federal administration has implemented.

Housing sector development in socio-economic space of agglomeration

The paper is aimed at studying the influence of balanced housing sector development on the cohesion level of the socio-economic space (SES) in agglomerations. Statistical and comparative analytical techniques are used as the basic methods in this research. The paper presents indicators that measure the level of integration and balance in the housing sector. It proposes a set of mechanisms aimed at promoting a more balanced development of the housing sector in order to achieve SES cohesion in the Tomsk agglomeration. The relevance of the study is associated with intensification of agglomeration processes and the need for new methods and techniques to assess the balanced state of housing sector development in agglomeration SES.

Housing sector development in socio-economic space of agglomeration

Housing sector development in socio-economic space of agglomeration

The Development of Housing Sector and Residential Real Estate Market After Economic Recession in Latvia

Abstract The study is concerned with an examination of resource distribution in order to promote sustainable development of housing sector in the context of evolving residential real estate market after the economic recession period in Latvia. The statistical and comparative analysis methods have mainly been applied in the study, and the recommendations on the implementation of conceptual solutions for promoting the efficient management of housing sector according to the public needs have been provided. The findings of the study may significantly contribute when improving the housing policy and appropriate institutional environment in Latvia.

Barriers to building institutional capacity in the Malaysian housing development sector

Scholars have identified institutional capacity as key to effective policy-making and local economic success. The Malaysian housing sector has been found, however, to be afflicted with various institutional deficiencies: poor payment practices, a trust deficit between key actors, poor construction quality and housing oversupply, and an ineffective housing planning framework. These long-standing issues indicate a need to examine institutional conditions in the Malaysian housing sector and to consider measures to promote institutional capacity as a potential solution. Various theorists have put forward ‘recipes’ for building institutional capacity and identified social, knowledge and political resources as ‘essential ingredients’. The empirical research examined in this paper, however, identifies key shortages of these three resources. It appears thus imperative that institutional relations are developed in order to overcome communication barriers and power imbalances that will improve performance in the housing sector.

Business success and psychological traits of housing developers

Although the issues on entrepreneurship in the real estate industry are disparaging and have received little interest from global researchers, the significant roles played by the industry players warrant further investigation. The personal traits of the owners/managers are deemed to be the key factors to the business success of housing development firms. This paper examined the main determinants of successful business in the housing development sector under the lens of psychological traits of the owners/managers. To identify the success factors of housing development firms, interviews were conducted on 10 housing developers in Peninsular Malaysia. The study shows the significant psychological traits that distinguish the business success of housing developers compared with those in the existing literature. These factors are (1) high confidence and ambition, (2) vision and foresight, (3) industriousness, (4) perseverance and (5) integrity. As housing development is a risky industry, developers can use these findings as a guideline in managing their business toward superior performance.