Modern approaches to building interpretable models of the property market using machine learning on the base of mass cadastral valuation

Subject. This article focuses on the strengthening of structural imbalances in the global economy, which create significant risks to the economic security of individual countries. Objectives. The study aims to identify key structural imbalances in the global economy, and confirm the author's scientific hypothesis on the transformation of the structure of international economic relations and security. Methods. For the study, we used the methods of scientific analysis, economic and mathematical statistics, and methodological approaches based on new analytical tools and techniques for processing large datasets. Results. The article assesses the impact of structural changes on the dynamics of foreign trade volumes, investments, and the distribution of income from intellectual property. It also demonstrates the influence of global economic imbalances on Russia's economic security. Conclusions. It is necessary to intensify efforts to create infrastructure for science and technology. Special importance is attached to the development of the intellectual property market to protect and commercialize assets that can become sources of positive change and contribute to the long-term sustainable development of countries.

The purpose of this research is to find out The implementation of the Acquisition Duty of Rights on Land and Buildings (BPHTB) policy serves as an essential fiscal instrument in increasing the locally generated revenue (PAD) of Palembang City. This study aims to analyze the implementation of the BPHTB policy based on Regional Regulation Number 4 of 2023 using the Thomas B. Smith implementation model, which consists of four variables: idealized policy, target group, implementing organization, and environmental factors. The research employed a qualitative approach with data collected through in-depth interviews, observation, documentation, and triangulation to ensure the validity and reliability of findings. The results indicate that Palembang City has established a strong regulatory foundation and clear Standard Operating Procedures (SOPs) to support the acceleration of BPHTB services. However, the implementation still faces several challenges, including digital system disruptions, inconsistencies in taxpayer-submitted data, a high verification workload, and dependence on specific officials for document authorization. On the taxpayers’ side, low administrative and digital literacy, the tendency to report transaction values below market price, and limited understanding of BPHTB requirements often hinder the service process. From the implementing organization’s perspective, variations in staff competence, suboptimal internal coordination, and inconsistent service responses remain significant obstacles. Meanwhile, environmental factors such as fluctuations in property market prices, the economic capacity of taxpayers, and coordination with PPAT, the National Land Agency (BPN), and banking institutions also influence the effectiveness of implementation.This study concludes that the success of BPHTB policy implementation is strongly determined by the synergy between a solid regulatory framework, technological readiness, human resource quality, data accuracy, and the level of taxpayer participation and compliance. Therefore, the study recommends strengthening digital governance, enhancing the capacity of public officials, optimizing inter-agency coordination, and improving socialization strategies for taxpayers to enhance the overall effectiveness of BPHTB implementation in Palembang City.

Purpose The success in the real estate business depends on the three streams – technology adoption, consumer behaviour and sustainability. While the technology of artificial intelligence (AI) has gained popularity in the marketing of property, the earlier research remains fragmented across the three streams. This paper aims to develop an integrative conceptual model, the AI–consumer–sustainability nexus, to connect these streams in a property–market context. Design/methodology/approach A systematic literature review and thematic synthesis were conducted on 118 Scopus-indexed publications between 2015 and 2025. Themes were coded and consolidated to map pathways and derive hypotheses. To strengthen the conceptual integrity, semi-structured interviews with the stakeholders were conducted (a total of 24 interviews, including 11 with academicians and 13 with practitioners) to assess construct clarity and linkage plausibility. Findings The framework places AI tools in real estate as the main driver and identifies consumer trust, perceived authenticity and value expression as key mediating variables. These variables shape near-term outcomes (purchase intention and market efficiency), which in turn influence longer-term sustainability outcomes. Policy and regulation operate as boundary conditions that can strengthen or weaken the proposed links. A total of 11 hypotheses are presented to guide future empirical testing. Research limitations/implications In this conceptual study, hypotheses are not empirically tested. The review conducted is limited to Scopus literature (2015–2025). The framework guides future operationalisation and testing across housing-market and regulatory settings. Practical implications AI adoption in housing depends on trust, authenticity and value expression, not accuracy alone. Platforms/developers should embed transparency and sustainability cues; regulators can use standards and disclosure to reduce uncertainty and support sustainable outcomes. Originality/value This study provides a housing-specific integrative framework linking AI tools to behavioural and sustainability outcomes, strengthened through stakeholder validation (n = 24) and sets an actionable research agenda.

Rising geopolitical tensions and fluctuating financial market conditions have increased volatility and negatively impacted property returns across BRICS countries, yet this critical area remains underexplored despite its significant implications for policy reform and investor participation. To this extent, the objective of the study is to examine the effect of geopolitical uncertainty on BRICS property market returns under changing market conditions. Using a Markov regime-switching model for the period February 2011 to June 2025, the findings reveal regime-specific effects. That being said, Brazil’s property market returns are affected positively (negatively) by South Africa’s (China’s) geopolitical uncertainty, whereas India’s and South Africa’s property market returns are affected negatively and positively by Russia’s geopolitical uncertainty, respectively. These findings were further evident in the bear market condition, as Russia’s geopolitical uncertainty has a significant negative effect on Brazil’s property market returns. Similarly, BRICS countries’ returns are dominated by bear market conditions, revealing negative returns, suggesting the BRICS property market returns are less resilient to periods of uncertainty. The findings underscore the need for new policy reforms to regulate BRICS members’ participation and minimize spillover effects, while investors should closely monitor geopolitical uncertainty within BRICS countries to manage return prospects effectively.

This study provides an in-depth assessment of the regulatory and institutional framework governing the establishment and operation of Real Estate Investment Trusts (REITs) in Tanzania. Although REITs were formally introduced under the Capital Markets and Securities framework in 2011 as a mechanism to mobilize long-term capital for real estate development, the market has remained largely underdeveloped. The study employs a qualitative research design drawing on documentary analysis of legislation, regulations, and policy instruments, complemented by stakeholder consultations with regulators, fund managers, and institutional investors. The findings indicate that stringent minimum capital requirements, regulatory complexity, lack of a clear tax pass-through regime, and weak institutional coordination have constrained the development of REITs. A light policy-context update incorporating developments between 2019 and 2024 shows that, despite progress in capital market deepening and housing finance reforms, structural rigidities continue to limit the effectiveness of REITs. The study concludes that targeted regulatory reform, enhanced institutional coordination, and improved tax clarity are essential to unlock the potential of REITs as a sustainable real estate financing vehicle in Tanzania.

This article explores the politics of expertise in financialized real estate markets. It questions: What expertise is valued in decision-making? How does the type of knowledge demanded by market actors reflect a prioritization of particular forms of expertise and their corresponding experts? In turn, what does this mean for how problems, in this case the question of sustainable property, are understood and navigated in real estate markets? To explore these questions, I interrogate the motivations behind sourcing experts and data in Zurich’s property market. Drawing from interviews with investors and consultants in sustainable real estate, I explore how financial sector sustainability agendas become usable in urban contexts. Building on ideas from the politics of expertise and knowledge coalitions, I show how sustainability is translated into financial(ized) processes: increasing demand for finance-aligned data and consultancies. This reconfigures urban expertise and renders sustainability a financial issue with an urban materiality, rather than an urban issue with financial roots.

This study develops a localized house price index by employing an Artificial Neural Network (ANN) forecasting model to enhance the organization and efficiency of the Malaysian property market. Traditional Malaysian House Price Index (MHPI), based on a hedonic model, exhibits multicollinearity among house attributes, limiting its ability to accurately capture house price trends. While MHPI provides aggregate indices, the construction of disaggregate indices remains underexplored, potentially reducing the effectiveness of local housing market analysis and long-term planning. This research aims to identify key house attributes influencing prices and to evaluate the capability of ANN in forecasting the Johor Bahru house price index. The study applies ANN to disaggregate transaction data of double-story terrace houses in Taman Mutiara Rini and Taman Bukit Indah, comparing actual and forecasted prices using R-squared (R²), Mean Absolute Percentage Error (MAPE), Root Mean Square Error (RMSE), and Mean Absolute Deviation (MAD). Findings reveal significant differences between forecasted and actual indices, demonstrating ANN’s superior ability to capture local price variations. The study highlights ANN as a robust tool for constructing disaggregate house price indices, offering improved insight and efficiency for monitoring and planning within local housing markets in Malaysia.

Despite the potential of Blockchain Technology (BCT) to optimize real estate practice, there is dearth of research on its adoption in emerging property markets. This article examines how technological, organisational, and environmental factors influence the adoption of BCT in the Lagos property market. The study employed survey data collected from 139 property companies, analysed using descriptive and inferential statistics. Also, qualitative data from 10 professionals were collected and analysed manually. Findings showed that influencing factors include technological (readiness, compatibility, and relative advantage), organisational (readiness/support, and culture and behaviours), and environmental (regulatory support and institutional environment, market and competitive pressure, and external technological infrastructure and support). The interview result revealed additional factors: technological (value proposition and cost-efficiency, and knowledge and training), organisational (leadership vision, financial capacity, and risk tolerance and scalable structure), and environmental (awareness and institutional environment, collaboration, and pilot testing). The findings suggest that stakeholders prioritise integration of BCT with the existing systems, strategically allocate financial resources and develop regulatory framework.

ABSTRACT We examine the momentum effect in the Canadian residential property market across 11 metropolitan areas from 1990 to 2019. Consistent with prior research on the US housing market, we find strong evidence that Canadian metropolitan areas tend to continue their historical trajectories in housing market performance, demonstrating a strong momentum effect. Using zero-cost long-short portfolios formed based on lagged metropolitan-level housing market performance, we document average returns of up to 0.45% per month, which annualizes to approximately 5.54% per year using monthly compounding. These returns are both statistically and economically significant and remain robust across various formation and holding periods. The momentum effect is most pronounced during the 2000s and becomes stronger during housing market booms. Finally, we analyse the drivers of residential property appreciation in each metropolitan area, providing robust evidence on potential channels through which the momentum effect manifests in Canadian real estate markets.

While academic research on the mechanisms of production of the built environment has often focused on large-scale real estate projects in alliance with public authorities, the nature and scale of micro-projects and small-scale investors are rarely explored. This article proposes to examine the ‘ordinary fabric of the city’ through these micro real estate projects, which oscillate between formal and informal practices, based on a qualitative study conducted with mainly resident investors and small-scale developers in a peripheral municipality of the Algerian capital, Algiers. Our starting point is the hypothesis that urban production is increasingly moving towards more insecure and unpredictable cities as a result of private initiatives that are less visible, but nonetheless decisive in urban transformation. The study examines the conditions under which these investments emerge, in undervalued urban spaces and in a partially or wholly informal context. It also focuses on the bricolage of the ordinary fabric, analyses forms of ‘tactics’ used by actors to mimic legality, takes into account the conflictual aspects of emerging projects and bears witness to the emergence of a quasi-informal property market. The findings point to a strong potential for policy to formalise informal practices. The results also indicate that a significant part of the city depends on free market mechanisms that are partially free of constraints, where non-conforming transactions and constructions shape a mixed urbanisation.

Incursions upon agricultural land within metropolitan peripheries: Deadlocks and geo-legal trajectories of regularization in Paris and Mexico-city

China’s land finance–driven state entrepreneurialism is threatened by an unprecedented property market downturn and the imposition of strict state regulations on land financialization. As such, it is important to consider how local governments and chengtou companies (urban investment and development companies) adapt to this new context to re-theorize state entrepreneurialism. Drawing on a case study of a Chinese eco-city, we theorize two types of strategies to reduce dependency on land financing. Vertical strategies use scalar politics to elevate the urban project area’s administrative level, allowing chengtou companies to restructure their equity and increase their decision-making power, financing, and investments in new sectors. Horizontal strategies entail adjusting business offerings through technological and organizational innovation to pursue new market opportunities. The results highlight how chengtou companies transformed to ensure the continued functioning of state entrepreneurialism beyond land financing.

How do wealthy individuals use offshore financial structures like shell companies to protect personal assets? And how is such offshore wealth structuring itself variably organized? Moving beyond conceptualizations of offshore as concerning only individual tax havens, this article investigates offshore wealth structuring as a fundamentally relational practice to supply the first systematic image of the patterns between two key layers of offshore structures within a specific asset class. We analyze the overseas entities that hold expensive residential properties in the UK to make three contributions to debates around offshore. First, we identify a specific regional offshore circuit in its flows and magnitude by isolating two key layers, namely the entry layer, which is used to connect into the UK property market, and the action layer, which is used for the actual or projected appearance of managing the offshore structure. We next examine the interstices between these layers to revealthree patterns of offshore formations. These we term global funnel, selective gateway, and self-stacker, and we discuss their implications. Finally, we offer indirect evidence of which jurisdictions people are more likely to choose for "brass plate" incorporation and which they employ for more complicated structuring, either in actuality or in appearance, which has implications for policymaking. By identifying significant variation in the interstitial patterns between jurisdictions, we not only pinpoint which jurisdictions are used in relation to others and to what extent, but also provide indirect evidence of how they are used differently and discuss why. Our findings supply a pioneering analysis of the scope, scale, and interstitial formations of the offshore structures that wealthy individuals use to hold personal property.

Purpose Residential solar photovoltaics (PV) have expanded rapidly in many countries, yet little is known about how solar features are communicated in property marketing or how they are capitalised in housing markets with low incentives and limited uptake. Existing international research primarily focuses on price effects in higher-penetration settings and has not included large-scale analysis of listing narratives. This study aims to address these gaps by examining how solar homes are described in real estate advertising and whether solar installations influence sale prices and days on market in Aotearoa New Zealand. Design/methodology/approach The analysis draws on a four-year set of 79,944 matched listings and sales, combining nearest-neighbour propensity score matching, fixed-effects regression and topic modelling of listing descriptions. Findings Results show that solar homes are marketed through lifestyle, rural and quality cues rather than explicit sustainability framing, suggesting that PV is bundled with broader amenity signals rather than positioned as a distinct attribute. PV-equipped homes command an average sale price premium of 1.34%, with no significant difference in days on market. Effects do not vary with solar irradiance or local solar penetration, indicating limited salience of site-specific energy benefits in buyer decision-making. Originality/value The study contributes theoretically by integrating price capitalisation, behavioural economics and marketing narratives. It offers an explanation for why sustainability framing may be limited in a setting where financial incentives are weak. Practically, the findings highlight a need for clearer communication of PV performance and financial benefits in real estate markets, along with policy measures that strengthen the salience for prospective buyers.

The paper examines the impact of unfair competition on the intellectual property (IP) market in the digital economy. The main features and trends of the IP market are considered: the dominance of digital assets, market globalization, new monetization models, the growing role of industrial property, the impact of new technologies, risks and threats. The characteristics and new forms of unfair competition in the digital economy, IP vulnerabilities in the digital landscape, economic and innovation consequences, legal and regulatory challenges and responses are analyzed. It is concluded that the main problem lies in the systemic vulnerability that arises due to the rapid development of technologies and the constant lag of the regulatory framework. interdisciplinary nature of digital violations. This leads to significant economic losses, stifles innovation, concentrates market power in the hands of dominant players and limits consumer choice. This requires adaptation of legislation, creation of new regulatory instruments, strengthening international cooperation to address cross-border problems, and proactive strategies on the part of rights holders. Keywords: intellectual property, unfair competition, legal regulation, digital economy, economic consequences.

What Next for the Dublin Office Vacancy Rate? A Framework to Examine Short-run Scenarios

This study aims to analyze the determinants of market value of luxury condominium units in Medan City, Indonesia, by focusing on unit-specific physical attributes and building management quality. Rapid urbanization, land scarcity, and vertical housing development have positioned condominiums as an important segment of urban residential markets. However, despite regional economic growth, luxury condominium prices in Medan have shown relatively stagnant, fluctuating trends, indicating a discrepancy between macroeconomic performance and property market behavior. This research employs a quantitative approach using multiple linear regression analysis based on 96 condominium units from major luxury developments in Medan. The independent variables include unit size, floor level, view, facilities, and maintenance fee, while market value serves as the dependent variable. Prior to hypothesis testing, classical assumption tests were conducted to ensure the reliability of the regression model. The empirical results demonstrate that unit size, facilities, and maintenance fee have a positive and significant effect on the market value of luxury condominiums. In contrast, floor level and view are found to have no significant influence. These findings suggest that, in the context of Medan, market value is more strongly driven by functional attributes and management quality rather than aesthetic or vertical differentiation. For property developers and investors, these results imply that investment decisions should prioritize functional amenities and quality management systems over vertical positioning or view premiums, as these factors yield stronger returns in market valuation within Medan's luxury condominium segment.

The COVID-19 pandemic has accelerated changes in consumer behavior in Indonesia’s property sector, especially the shift toward digital channels. This study examines how digital transformation in property marketing shapes post pandemic consumer behavior and evaluates the mediating role of perceived value. A quantitative survey using structured closed ended questionnaires collected data from 100 respondents, consisting of 50 property consumers and 50 property industry professionals in Indonesian urban areas. The instrument measured digital transformation, perceived value, and consumer behavior on five point Likert scales. All constructs met standard reliability and validity criteria. Using Hayes’ PROCESS Macro Model 4, the results show that digital transformation has a positive and significant total effect on consumer behavior (b = 0.4512, p < 0.001). When perceived value is included, the direct effect remains significant (b = 0.3015, p = 0.001), and the indirect effect through perceived value is also significant (b = 0.1497, BootCI 0.0723 to 0.2341), indicating partial mediation. The model explains 22.5 percent of the variance in consumer behavior (R² = 0.225). Digital features such as virtual tours, real time interaction, and personalised services enhance perceived value, which strengthens trust, engagement, and purchase propensity. The findings highlight that property firms gain competitive advantage when they design customer oriented digital strategies that emphasise experiential value and digital trust in the post pandemic market

Property valuation in emerging markets often relies on asking prices due to limited access to verified transaction data. This reliance requires a data-type adjustment to reduce the gap between asking and transaction prices. Meanwhile, literature suggests a potential relationship between price concessions and time on market (TOM). This study aims to examine whether listing duration is significantly correlated with the magnitude of data-type adjustment in Jakarta’s residential property market. Using 331 verified transaction data from the Directorate General of State Assets (DJKN), the research applies descriptive statistics, chi-square tests, and polychoric correlation analysis. The results show that although 67.7% of properties were sold within six months, no significant correlation was found between TOM and data-type adjustment (r = 0.08, p = 0.74). Instead, the role of intermediaries such as brokers and agents appeared to have greater influence on narrowing the gap between asking and transaction prices. The findings indicate that the price–duration trade-off commonly reported in developed markets does not apply in Jakarta. This study highlights the importance of empirical evidence in determining adjustment practices and provides practical implications for valuers, brokers, and policymakers in emerging markets.