Property Development Sector Research Articles

The Global Rise of the British Property Development Sector, 1945–1975

Abstract In the three decades after 1945 the British property development sector exploded in size and began operating on a worldwide scale. The largest property companies in the world were British in this era and they built office blocks, shopping centres and hotels in cities all over the world. These overseas property developments overlapped firmly with the pre-existing political and economic geographies of empire, and their speculative transnational financing was made possible by allying with London’s financial sector and the world of ‘gentlemanly capitalism’. This article surveys the rise, financialization, and imperially inflected internationalization of the British property development sector in this period, showing how property companies capitalized upon post-war Britain’s developer-friendly urban renewal order, internationalist financial sector, and inherited imperial advantages even as many of the formal political structures of empire were being dismantled. In the post-war decades, the remnants of empire as a commercial world system provided Britain’s property developers with vital stepping stones towards the fully globalized forms of financialized real-estate development that shape cities around the world today.

RELATIONSHIP BETWEEN WORKING CAPITAL MANAGEMENT PRACTICES AND FINANCIAL PERFORMANCE BY REGISTERED PROPERTY DEVELOPERS IN KENYA

Purpose: Working capital management is acknowledged as a very significant element in examining performance of firms. In property development sector, large developers dominate the market but there still exist a huge housing hollow. Property development firm faces challenges in areas of working capital management that limits them in fulfilling the housing needs of citizens and further exposes the firms to poor financial performances. The current study sought to establish the relationship between working capital management practices and financial performance by registered property developers in Kenya. Specifically, the study sought to investigate the relationship between debtors’ management practices, inventory management practices, cash management practices and creditors’ management practices and financial performance by registered property developers in Kenya.
 Methodology: The study was anchored on Agency Theory, The Theory of Working Capital Management, The Trade- off Theory and The Pecking Order Theory. The population of the research was seventy-six registered property developers in Kenya. The unit of observation comprised of finance managers. A census approach was employed in the study. The study utilized both primary and secondary data where structured questionnaires were used to gather primary data while a secondary data collection was used in gathering secondary data from the respective firm’s financial reports. Both inferential and descriptive statistics were employed in analyzing the collected data and results presented in form of tables and figures.
 Findings: The results of the analysis revealed that Cash Management Practices, Debtors’ Management Practices, Creditors’ Management Practices and Inventory Management Practices positively and significantly relates with financial performances of registered property developers in Kenya. The study concluded that Cash Management Practices, Debtors’ Management Practices, Creditors’ Management Practices and Inventory Management Practices positively and significantly relates with financial performances of the property developers.
 Unique contribution to theory, policy and practice: The study recommends the management of registered property developers in Kenya to enhance their practices in Cash Management, Debtors’ Management, Creditors’ Management and Inventory Management since the practices positively and significantly relates with financial performance of the property developers.

A Simulation Study on The Simulated Annealing Algorithm in Estimating The Parameters of Generalized Gamma Distribution

The gamma distribution is one of the most widely used statistical distribution in fitting various real life data set in the field of the reliability to fit failure data, because it is sufficiently flexible to deal with decreasing, constant, and increasing failure rates. In this article, the stock investment valuation model has been presented on the assumption of Gamma distribution. The purpose is to analysis profitability of investment in the property development sector in Malaysia based on the investment rate of return on investment. The flow of the investment cash and the accumulation of the share units over the investment period have been presented. it demonstrated the computing of MIRR by the case of a company which experienceed distributing a treasury share dividend, which increases the small portion of investor’s share units instead of receiving the dividend in cash. As the MIRR might exhibit negative values, the Gamma distribution of the transformed MIRR for certain investment periods is developed and the method of moment is applied to estimate the parameters. The study revealed that the transformed MIRR is well fitted with Gamma distribution for four years to eight years investment periods. It is shown that this approach has a better performance return on investment in Malaysia property sector from 2008 to 2018.

Organizational Learning and Risk Management Maturity: Systematic and Meta-Analyses Approach

This paper summarizes the arguments and counterarguments within the scientific discussion on the issue of investigating the role of developers in the economic development of the country. The relevance of this scientific problem decision is that the risk management maturity on the part of developers is often underestimated when researching developing real estate markets. Systematization of the literary sources and approaches for solving the problem of risk management proved the presence of a significant number of studies that confirm the hypothesis that some of the developers have not reached the normalized risk management maturity scale. The main purpose of the paper is to explore the role of organizational learning in enhancing risk management maturity, as a means of setting research agenda for its empirical evaluation in emerging economies. Using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) approach, the article systematizes the scientific literature on the importance of organizational learning in managing real estate investment maturity risks in emerging economies like Nigeria. The object of the research was indexed studies on Web of Scholar, Google Scholar, Emerald and Pubmed databases. Qualitative analysis methods have become a methodical toolkit for determining the parameters of organizational learning that contribute to the achievement of risk management maturity. The paper confirms and theoretically proves that risk knowledge acquisition, integration and transformation had potentials of respectively leading to sustainable risk identification, assessment and mitigation in property development projects. The results of the study form the basis for the understanding by scholars, practitioners and policy makers of their contribution to scientific research on the issues of a risk management mature property development sector in emerging economies. The strengths of this study are that it aims to identify the importance of organizational learning in risk management mature property investment in emerging markets.

Umowa sprzedaży nieruchomości jako rzeczy przyszłej na tle prawnoporównawczym

In this article the author presents the construction and functions of a contract of sale of future goods, in particular pertaining to real property under construction. The sale of future goods contract guarantees the buyer that he will obtain the property right of the sold good automatically upon its existence (or sometimes at a later stage), the seller, that he will sell this good to the buyer. Consequently, the buyer may gain from the fact that the seller will not sell such goods to a third party and the seller may gain the price paid upon the signature of the contract, which will enable him to finance the construction of the future good. Such benefits of the sale of future goods contract can also be used in order to sell real property that is under construction. The guarantee and financing function of the sale of future goods contract is especially important in real property development projects. The sale of future goods contract has been evolving since ancient times. Presently, this type of contract has been experiencing a dynamic evolution, especially in respect to future real property. Such an evolution is though subject to legal regulations pertaining to the transfer of ownership rights of real estates that are in force in different national legal systems. Polish regulations incorporated in the Civil code enable parties to conclude sale of future goods contracts. Upon the signature of such a contract, the buyer obtains the right to acquire the ownership right of the future good. The ownership right is transferred onto him at the time when the buyer obtains the possession the now existing future good. Regulations pertaining to sale of real property differ substantially in most European countries. In some, such as Poland and Germany, real property may not be sold under the condition that it will be erected by the seller, or a third party in the future. Only existing real property may be sold. Such regulations are justified by the need to ensure the certainty of real property sales. In other countries, such as France, future buildings or apartments may be sold under a contract La Vente l’Etat Futur d’Achevement (hereinafter called VEFA). Under such a contract the buyer acquires all the existing parts of the sold real estate, while the remaining part – which is to be constructed – is acquired by the buyer automatically during the process of the construction. The seller receives his remuneration upon the completion of consecutive stages of the construction process. Also it is important to mention the construction of the sale of future goods contract as regulated in the Draft Common Frame of Reference. There, apart from the obligation of the seller to transform onto the buyer the real property rights of the sold goods, the seller is obliged to make all other necessary actions in order to enable such a transfer of rights. If the Draft Common Frame of Reference would be referred to the sale of future real property under construction, such an obligation would include the obligation to construct the real property. The analysis in this article indicates that the sale of real property under construction has been regulated in some countries and that such constructions as VEFA have had a positive impact on these legal systems. Such regulations stimulate the real property development sector and ensure better protection of consumers buying future real property. Also, as it has been shown, that the European model rules of the Draft Common Frame of Reference clearly underline the importance of the sale of future goods functions. These – namely the guarantee and financing functions – may also be used in the construction of a sale of future real property contract.

“Do they mean what they say?” Measuring greenwash in the sustainable property development sector

PurposeThis study aims to measure the greenwash construct in the sustainable property development (GSPD) context. Property development products such as residential homes, which are generally high-priced, require a long-term financial commitment from the consumers. It makes the property development sector unique. Hence, a specific scale is required to measure greenwash activities in this specific context by the marketers. However, the scale available to measure the greenwash construct is general which is not suitable to use in this particular context. The present study is an attempt to fill this gap in the literature.Design/methodology/approachThree studies were conducted to develop the GSPD measure in different phases. In developing the scale, qualitative interviews (study 1) were conducted to generate the initial pool of items. The preliminary set of questions were then validated (content and face validity) by experts' opinions. Exploratory factor analysis (using SPSS) was conducted to extract the factor structure of the newly developed measure (study 2) which was then again validated to ensure predictive reliability and nomological validity by using the SEM-PLS technique (study 3).FindingsThe exploratory factor analysis result revealed that greenwash in sustainable property development (GSPD) is a multi-dimensional construct. The dimensions are namely, false claims and misleading claims. The confirmatory composite analysis confirmed these two dimensions.Practical implicationsThis newly developed GSPD scale will enable the researchers to measure the greenwash activities practiced by some of the housing developers. Marketers will be conscious to avoid such activities. Moreover, the government agencies may use this scale to monitor measure and deter greenwashing activities by property development companies.Originality/valueThis is a pioneer study that develops and validates a new scale to measure greenwash construct in sustainable property development in a developing context i.e. Malaysia. In addition, this study operationalized the greenwash construct in sustainable property development as a multi-dimensional behavioural construct determined by two dimensions i.e. false claims and misleading claims.

Identification of Going-Concern Risks in CSR and Integrated Reports of Polish Companies from the Construction and Property Development Sector

The question of non-financial and risk disclosures in corporate annual statements has been discussed globally for over a decade. The stakeholders of socially responsible organisations report a constantly growing demand for financial and non-financial information, including that related to threats and risks connected to the organisation’s activity. The aim of this paper is to determine whether companies from the construction and property development sector disclose financial risk in a CSR or integrated reports, and whether it is possible to assess going-concern risks based on the reports. The author analysed the content of selected CSR and integrated reports to describe the scope and structure of going-concern risk information in Polish companies from the construction and property development sector. The author reached two key empirical findings. Firstly, the results may suggest that companies are at different stages of the process of adopting integrated reporting, depending on the year of issue of the first CSR report. Secondly, less than half of the analysed companies disclose their financial data and risk, as well as describe their risk management systems. The study also shows that the ‘soft’ solutions set out in the regulations give companies considerable freedom in disclosing risk information, which is sometimes counterproductive. Therefore, it is of key importance to develop a single integrated standard for risk disclosures. In this paper, the author demonstrates a logical process of reasoning ensuing from the literature review through empirical research down to the implementation stage of conceptual model for disclosures on financial and going-concern risks in CSR and integrated reports. The present study makes a valuable contribution to CSR and integrated reporting theories and constitutes a breakthrough in identifying risks affecting socially responsible companies in Poland. The study fills a research gap in the area of non-financial (including information on risk) disclosures in annual reports of listed companies and other companies from the construction and property development sector.

Digitization of the property development industry: overview of current literature and research gaps

The construction industry has a high status in Germany. Property developers historically come from the construction industry. In terms of digital maturity, however, they lag well behind the general construction industry. In this paper, the author analyzes the current literature on digital transformation and digital maturity, focusing on the construction industry and property developers. The method he chose was a structured literature review. The aim is to identify the current state of research, particularly on the topic of 1) digitization of the construction industry and 2) digitization within the property development sector. The question arises as to why the topic of digitization is so underrepresented among property developers. Even without considering the impact of the COVID-19 pandemic, recent years have seen no acceleration in the use of digitalization among builders than other industries. The literature review shows that developers need to change their business strategies to reposition their business and respond to environmental changes. The current good economic situation overshadows any further digitization pressure caused by the Covid-19 pandemic, but to achieve competitive advantages in the long term, digitization of the value chain is necessary. In this context, gaps in current research will also be identified, which will be the starting point for future research.

Implications of COVID–19 Outbreak on the Construction and Property Development Sector in the South-East Nigeria

Pandemic like Covid-19 usually affects the productivity of man, let alone when there is a consequent total lock-down effect in the society. Construction and property development sector among others therefore is bound to suffer enormously since it involves the services of variety of labour force. The study therefore explores the implication and consequences of the Covid-19 outbreak on the construction and property development sector in the south eastern region of Nigeria. Data were collected electronically using field survey method of research design from the sampled respondents of building professionals in the area. Tau-b correlation method was adopted in the statistical analyses to determine the most commonly observed Covid-19 measures, most common vulnerable factors leading to spread and contraction of the pandemic in the study. Findings reveal that majority of the establishment in the area shutdown their operations according to the directive of the government; while about the three quarter of these establishments who were in active operations are observed as public owned corporations or projects. It is also discovered that hand washing, wearing of face mask and social distancing were mostly complied with. On the other hand, economic hardship, inflation, and difficulty in accessibility to fund noticeably affect the flow and progress of work projects. Despite the considerable compliance with the preventive measures, there is no significant relationship between conformity to social distancing and shut-down policy, and the volume of construction works in progress during the shut-down in the study area. In conclusion therefore, it is recommended that shut-down of economic activities should not be total but, in part and alternate form among the various sections of the economic activities within the society. Attention to the operations of the private construction and property development projects like in the and the public structure is also recommended for a more holistic arrangement, towards cushioning the effect of similar economic crisis occasioned by any pandemic like Covid-19 in general.

Incorporating simulated annealing algorithm in the Weibull distribution for valuation of investment return of Malaysian property development sector

In this study, a simulated annealing algorithm(SAA) has been incorporated in the Weibull Distribution (WD) for Valuation of Investment Return. The purpose is to examine the behaviour of investment's attractiveness in the Malaysian property development sector (MPDS) for a long-term investment period. The research intends is to produce parameters estimates of the WD using MIRR data extracted from the financial report of MPDS for 5 years investment period. The shape parameter of the WD reflects the effectiveness in maximizing the investment performance on MPDS with lower returns and is represented as the slope of the fitted line on a Weibull probability plot. The estimated results obtained using the Simulated annealing algorithm (SAA) has been compared with Differential Evolution (DE) and other existing estimation methods in terms of root mean square error (R-MSE) and coefficient of determination (R-Square). The findings revealed that Weibull distribution parameters estimated via Simulated annealing algorithm have good agreement with parameters estimated via Differential Evolution (DE) and other existing methods based on the transformed MIRR data from the MPDS. The study is expected to provide an overview of the investment behaviour for the long-term investment return in the MPDS. Therefore, SAA in estimating the WD parameters can serve as a good alternative approach for the assessment of the investment potential using MIRR data. The study will be extended to accommodate the growth rate arising from the financial data such as investment growth and insurance claim data.

Barriers, drivers and prospects of the energy efficiency code in the Lagos real estate market

This paper explores potential bariers and drivers to the uptake of new regulations for energy efficiency currently being introduced into the Lagos real estate market and how professionals percieve this, and then discusses how these might impact on achieveing SDG 7.2. An online survey of thirty real estate professionals involved in property development sector was carried out to ascertain this. The sampled real estate professionals are those listed in directories of Real Estate Developers Association of Nigeria, as well as professionals who had taken part in a federal government sponsored energy efficiency training in Lagos. Analysis of the close-ended questionaire was carried out using simple descriptive statistics, while open ended questions were analysed using ATLAS.ti 8, a computer aided qualitative data analysis software.There is a very positive outlook for the adoption of the energy efficiency code in Lagos, although professionals believed most of the prescriptions of the code are achievable only in the long term (that is not before the next five years). In reality, this signifies a risk to the process as policy push-backs from change in government has been experienced in recent times. Actions towards promoting policy entrenchment of the code in planning agencies, voluntary adoption of the code by professionals and their clients and engagement of a wider range of built environment professionals are recommended to ensure that Lagos attains a sigificant level of energy efficiency in its real estate development sector in the short to medium term.

THE BUILDING PLAN APPROVAL PROCESS FOR RESIDENTIAL DEVELOPMENT IN ONE STOP CENTRE. CASE STUDY: SUBANG JAYA MUNICIPAL COUNCIL, SELANGOR

The building plan approval involved with regulations, laws and guidelines to ensure systematic and orderly development. The growth in construction activities in Malaysia since the 1980’s has given rise to the need for more statutory controls in obtaining permissions from the relevant authorities to initiate and to construct a facility and upon its completion to occupy and use the completed facility. The understanding of building plan process is important to understand whether the development follows the building regulations. Thus, the construction failures can be limited. Nevertheless, little is known about the effectiveness of building plan process in the local authority though the enhancement of mechanism delivery system of the process known as One Stop Centre (OSC) has been established. The study was conducted to investigate the effectiveness of building plan approval process in Subang Jaya Municipal Council (MPSJ). Forty-seven (47) questionnaires survey has been distributed to respondents from the MPSJ's internal technical departments. Most of the respondents felt that the ineffectiveness of the building plan approval process was due to the incomplete documents submitted to the OSC, lack of knowledge among the Principal Submitting Person (PSP) and the incapability of staffs in handling development applications. The findings present a synthesis of results for town planners, architects, developers and government agencies to have a better understanding of how the effective and efficient building plan process can rationalize the success of property development sector in Malaysia.

Smart Digital Marketing Capabilities for Sustainable Property Development: A Case of Malaysia

Digital tools and marketing have been widely adopted in various industries throughout the world. These tools have enabled companies to obtain real-time customer insights and create and communicate value to customers more effectively. This study aims at understanding the principles and practices of sustainable digital marketing in the Malaysian property development industry by investigating the extent to which digital marketing has been adopted, the impediments to its adoption, and the strategies to improve digital capabilities for the local context. Digital marketing theories, practices, and models from other industries are adopted and applied to the local property development industry to lay the foundation for making it smart and sustainable. This paper proposes a marketing technology acceptance model (MTAM) for digital marketing strategy and capability development. The key factors used in the model are ease of use, perceived usefulness, perceived cost, higher return, efficiency, digital service quality, digital information quality, digital system quality, attitude towards use, and actual use. The model and hypothetical relationships of critical factors are tested using structural modeling, reliability, and validity techniques using a sample of 279 Malaysian property development sector representatives. A quantitative approach is adopted, using an online questionnaire tool to investigate the behavior of respondents on the current digital marketing practices and capabilities of Malaysian property development companies. The results show that the sample property development companies are driven by the benefit of easily obtaining real-time customer information for creating and communicating value to customers more effectively through the company brand. Further strategies, such as creating real-time interactions, creating key performance indicators to measure digital marketing, personalization, and encouraging innovation in digital marketing are most preferred by local professionals. An adoption framework is provided based on the reviewed models and results of the current study to help transform the Malaysian property development sector into a smart and sustainable property development sector by facilitating the adoption of digital technologies. The results, based on real-time data and pertinent strategies for improvement of the local property sector, are expected to pave the way for inducing sustainable digital marketing trends, enhancing capabilities, and uplifting the state of the property development sector in developing countries.

Financial natives: Real estate developers at work

Financialization, even contested, is a major focus of contemporary urban studies. The growing interest of institutional investors in real estate investments has been the subject of in-depth analyses that have suggested the need to critically examine their weight in contemporary urban production. Have investors become the new masters of the urban fabric, to the detriment of historical players such as property developers or local authorities? This article informs the discussion by looking at developers at work and identifying how financial profitability calculations could have invaded their activities. Based on a qualitative survey conducted in France on practising or retired professionals, it shows that there has actually been a surprising degree of stability in professional practices over the past 50 years, even though the economic environment changed at the beginning of the 1990s. Since the origins of the property development sector in France, the real estate firms have had close ties with the financial industry and have been using financial instruments. This is why they were considered as ‘financial natives’, while employees at the operational level remain outside the scope of the colonization of organizations by financial quantifications. The specific nature of real estate work, particularly its political component, means that decisions lower down in these companies cannot be guided solely by financial ratios. The extent of the changes triggered by the massive arrival of financial investments has not been as great as it may seem, since developers appear to have maintained most of their ability to influence contemporary urban governance.

ONE STOP CENTRE (OSC): LESSONS ON BEST PRACTICES IN PLANNING SYSTEM DELIVERY

Malaysia has been experiencing rapid development since its independence in 1957, which has transformed its economic base from agriculture to industry. Rapid urbanisation has, itself, led to the continued rise of economic growth, and an acceleration of neoliberal market values. In turn, these have (re)shaped Malaysia’s planning system. Certainly, planning systems have a role in contributing, often directly, to the country’s needs and aspirations, particularly in the decision-making process. This effort is evidenced by the improvement of the planning system’s delivery mechanism, known as One Stop Centre (OSC). The OSC was initiated by the Ministry of Urban Wellbeing, Housing and Local Government on the 13 th of April, 2007 to improve the planning system delivery and procedures at all local planning authorities by coordinating and shortening the approval process. However, relatively little is known about the effectiveness of OSC in the property development sector. Hence, this paper presents a synthesis of results on the effectiveness of OSC in other countries, with the objective of developing an understanding of how OSC rationalizes the success of the property development sector through its policies and planning practices. The knowledge of these theoretical situations serves as a basis for future strategic planning decisions, and as a guide in the planning system delivery of real estate development, particularly in the Malaysian context.

ONE STOP CENTRE (OSC): LESSONS ON BEST PRACTICES IN PLANNING SYSTEM DELIVERY

Malaysia has been experiencing rapid development since its independence in 1957, which has transformed its economic base from agriculture to industry. Rapid urbanisation has, itself, led to the continued rise of economic growth, and an acceleration of neoliberal market values. In turn, these have (re)shaped Malaysia’s planning system. Certainly, planning systems have a role in contributing, often directly, to the country’s needs and aspirations, particularly in the decision-making process. This effort is evidenced by the improvement of the planning system’s delivery mechanism, known as One Stop Centre (OSC). The OSC was initiated by the Ministry of Urban Wellbeing, Housing and Local Government on the 13th of April, 2007 to improve the planning system delivery and procedures at all local planning authorities by coordinating and shortening the approval process. However, relatively little is known about the effectiveness of OSC in the property development sector. Hence, this paper presents a synthesis of results on the effectiveness of OSC in other countries, with the objective of developing an understanding of how OSC rationalizes the success of the property development sector through its policies and planning practices. The knowledge of these theoretical situations serves as a basis for future strategic planning decisions, and as a guide in the planning system delivery of real estate development, particularly in the Malaysian context.

The Effectiveness Of Building Plan Approval. Case Study: Subang Jaya Municipal Council, Selangor

The growth of construction activities in Malaysia has given rise to the need for more statutory controls to ensure systematic and orderly development. This process of statutory approval refers to obtaining permissions from the relevant authorities to ensure the development follows the standards laid down in the building regulations and certain stages of the construction are inspected by officers from the local authority. This effort is evidenced by the improvement of mechanism delivery system of building plan process, known as One Stop Centre (OSC). In fact, the building plan and construction permit approval come as the most important stage in development as it will determine the exact date for construction to start. However, relatively little is known about the effectiveness of building plan process in the local authority. Therefore, a study has been carried out to investigate the effectiveness of building plan approval process in Subang Jaya Municipal Council (MPSJ). A questionnaires survey has been conducted to forty-seven (47) respondents from the MPSJ’s internal technical departments that involved in the process. The respondents have mostly felt that the ineffectiveness of the building plan approval process was due to the incomplete documents submitted to the OSC, lack of knowledge among the Professional Submitting Person (PSP) and the incapability of staffs in handling development applications. Hence, the findings present a synthesis of results for town planners, architects, developers and government agencies to have a better understanding of how the effective and efficient building plan process can rationalize the success of property development sector. Thus, the knowledge serves as a basis for future strategic planning decisions and guidance in the delivery system in Malaysia.

Intangible assets as a source of competitiveness of real-estate developers

Motivation: resources of an enterprise are understood widely and include both tangible means as well as immaterial assets. Currently, there is an increasing emphasis on the importance of intangible resources in building the competitive advantage of an enterprise. Competitive advantage is identified with the status desired by an enterprise, which operates in a competitive environment. It can be defined as a disproportion among enterprises, which allows one company to compete better than others on the market. The purpose of the analysis is usually therefore to determine the sources of competitive advantage. The knowledge is particularly important for enterprises operating in the property development sector, which is characterized by a considerable volatility resulting from changes in the economic situation in the whole construction sector. Aim: the purpose of the article is to answer the question of what factors are important in the process of building a competitive advantage of real-estate developers, in particular, what is the role of intangible resources. Results: conclusions of the analysis made it possible to formulate a summary of intangible assets that contribute most to building a competitive advantage of real-estate developers. These factors were included in several areas, inter alia: enterprise market, relations, finances, product, human resources.

Multivariate Analysis of the Condition of the Property Development Sector: Selected Local Real Estate Markets in the European Union

The aim of the study is to serve as a multidimensional analysis of relationships between the economic and financial standing of property developers and the residential property market situation. The discussion concerns the property development market situation in the context of the construction market situation, with particular emphasis on residential housing investment in selected EU countries. Property development companies whose activities focused on residential housing were assessed with respect to performance in the selected market on the stock exchange. Individual companies were classified using economic and financial indices. Despite the ongoing economic downturn in real estate markets, the results for these companies did not indicate poor performance on the stock exchange. In the study, a synthetic measure of development was used in linear ordering.

Strategic adaptation to environmental jolts: an analysis of corporate resilience in the property development sector in Dubai

Strategic adaptation to environmental jolts: an analysis of corporate resilience in the property development sector in Dubai