Property Transactions Research Articles

부동산 관련 지방세제의 문제점과 개선방안

A local tax system is established as a taxation system that takes into account the price function for local government work and public services and the revitalization of the local economy. To strengthen the financial independence of local governments, there is a need to expand the fiscal decentralization and the size of local governments' own financial resources.
 The tax revenue from local government finances is composed mainly of local taxes, local nontax revenue, state subsidies, local grants, and local grant tax and other income. Much of the local tax is centered on property transaction tax, thereby being characterized by being closely related to the real estate business.
 A flow of real estate taxation imposes a heavy tax on multiple homeowners, thereby leading to pressuring selling as a measure to prevent a price from rising due to the lack of supply. This tax policy is functioning as a means of stabilizing the property prices and transactions by regulating real estate speculation, not the financing method that is the original purpose of the tax.
 Owing to a difference in economic conditions between regions, the inequality of local government's fiscal power poses another level of a problem. The problem of income disparity between regions makes it a rule to be dealt with at the level of national redistribution policy with the support from the central government. However, the income gap between regions can be resolved through the industrial policy or the balanced national development.

Blockchain’s Grand Promise for the Real Estate Sector: A Systematic Review

In recent years, blockchain technology has received increasing attention in the real estate literature. Moreover, recent evidence suggests that blockchains could provide some added benefits for the real estate sector even in the current hybrid settings, where blockchain is usually just an add-on to existing systems. This research provides an up-to-date and systematic understanding of blockchain’s theoretical potential, pros, and cons for the real estate sector. The research aims to understand why and where to apply blockchain in real estate by conducting a systematic review that identified 296 relevant documents and performed a thematic content analysis. The identified blockchain adoption proposals were classified using standardized real estate vocabulary. Most of the literature focused on blockchain possibilities within land administration, followed by property transactions, real estate investment, leasing and renting, and real estate administration. However, real estate development and real estate maintenance did not appear as attractive real estate subsectors for blockchain. This paper provides a detailed analysis of blockchain technology’s possibilities for each real estate subsector, i.e., blockchain merits, and discusses the pros and cons. Last, this review provides suggestions for future research directions.

Mining real estate ads and property transactions for building and amenity data acquisition

Acquiring spatial data of fine and dynamic urban features such as buildings remains challenging. This paper brings attention to real estate advertisements and property sales data as valuable and dynamic sources of geoinformation in the built environment, but unutilised in spatial data infrastructures. Given the wealth of information they hold and their user-generated nature, we put forward the idea of real estate data as an instance of implicit volunteered geographic information and bring attention to their spatial aspect, potentially alleviating the challenge of acquiring spatial data of fine and dynamic urban features. We develop a mechanism of facilitating continuous acquisition, maintenance, and quality assurance of building data and associated amenities from real estate data. The results of the experiments conducted in Singapore reveal that one month of property listings provides information on 7% of the national building stock and about half of the residential subset, e.g. age, type, and storeys, which are often not available in sources such as OpenStreetMap, potentially supporting applications such as 3D city modelling and energy simulations. The method may serve as a novel means to spatial data quality control as it detects missing amenities and maps future buildings, which are advertised and transacted before they are built, but it exhibits mixed results in identifying unmapped buildings as ads may contain errors that impede the idea.

Virtual property in the metaverse as an object of civil rights

The scientific article substantiates the need to include virtual property as an incorporeal object in the list of objects of civil rights. A comprehensive analysis of the development of the metauniverse, markets for the purchase of virtual property, the peculiarities of the legal regulation of legal issues in the Metauniverse in foreign countries, and the prospects for improving national legal regulation in this area was made. The author of the article analyzed the advantages of virtual property compared to real property and proposed to use smart contracts that use blockchain technology to settle legal issues in the Metaverse. The author of the article notes that currently there are no clear rules at the legislative level regarding the legal attributes and mechanism of virtual property transactions. Especially with the emergence of a new type of business such as Metaverse, the validation and use of relevant virtual properties will raise more complex legal issues that require further study. For Metaverse operators, in the process of creating virtual business scenarios, they should focus on providing a complete protection system for users' virtual property.
 In addition, there is a problem with the value of property, because in the metauniverse it is not constant. It is mainly determined by the consensus of the group or both parties to the transaction. This method of determining value is similar to determining the value of collectibles and works of art in today's real society. However, it would be foolish to treat everything in the Metaverse as collectibles and works of art. In terms of impacting the real-world economic order, it may also do more harm than good. Thus, even if the problem of ownership of the metauniverse and the medium of exchange can be largely resolved, the problem of realizing the ownership of the metauniverse will still arise. The author analyzed a number of problematic aspects on the way to the development of quality legislation for the regulation of virtual property in Ukraine and provided some recommendations for their further consideration when developing legislation in this area.

Externalities of residential property flipping

AbstractThis study investigates whether flipping activities impose an externality on the transaction prices of the neighboring nonflipped properties. Using a data set of residential property transactions in Clark County, Nevada for the period 2003–2013, we find that flippers impose a significant positive impact on the price of neighboring nonflipped properties in an up market, but a significant negative effect in a down market. This procyclical impact of flipping activity contributes to the volatility of housing prices, hence magnifying boom and bust cycles and increasing the likelihood of a mortgage crisis.

Robust clustering of Ethereum transactions using time leakage from fixed nodes

Ethereum has received increasing attention as the first blockchain platform to support smart contracts. Data mining has become an important tool for analyzing Ethereum transactions. However, existing methods have the disadvantage of covering partial transactions and being vulnerable to privacy-enhancing techniques. In this paper, we propose a scheme for transaction correlation with the node as an entity, which can cover all transactions while being resistant to privacy-enhancing techniques. Utilizing timestamps relayed from N fixed nodes to describe the network properties of transactions, we cluster transactions that enter the network from the same source node. Experimental results show that our method can determine with 97% precision whether two transactions enter the network from the same source node.

Decision-making biases in property investments in Prishtina, Kosovo

PurposeThe overall purpose of the study is to identify the impact of heuristics, prospect theory biases and personality traits on property investment decision-making of rank and file individuals in Kosovo, with a concentration in Prishtina, which is the city with the largest number of investors and property transactions in Kosovo.Design/methodology/approachThe present study used quantitative research with the questionnaire used as a research instrument. The questionnaire survey was conducted with 1,209 rank and file property investors in Prishtina, Kosovo. The sampling method used in this research was stratified random sampling.FindingsThe study finds that heuristics, prospect theory biases and personality traits as a whole model affect investment decision-making in Prishtina, Kosovo. Nevertheless, the study finds that not all dimensions of the constructed research model (heuristics, the prospect theory and personality) affect the property investment decision-making in Prishtina at the same level. Whereas prospect theory biases (regret aversion, framing and self-control) seem to very strongly influence property investment decision-making of rank and file investors in Prishtina, personality traits (conscientiousness, neuroticism and openness to new experiences) seem not to affect the real estate investment decision-making. Finally, heuristics biases also strongly influence the real estate investment decision-making with a strong statistically significant explanatory power but not to the same degree as prospect theory biases.Practical implicationsThe present study contributes toward the understanding of the role that is played by heuristics, prospect theory biases and personality traits in Kosovo's property investment industry. More importantly, the implication of the results of the present study is that it goes some way toward enhancing understanding of heuristic and prospect theory-driven biases and their influence on property investment decision-making in a developing economy. The present study paves the way to further analyze why personality traits do not influence property investment decision-making in Kosovo.Originality/valueThe present study is the first quantification of the impact of heuristics, prospect theory biases and personality traits on the investment decision-making of rank and file individuals in Prishtina, Kosovo.

Hedonic, residual, and matching methods for residential land valuation

Accurate estimates of land values on a property-by-property basis are an important requirement for the effective implementation of land-based property taxes. We compare hedonic, residual, and matching techniques for mass appraisal of residential land values, using data from Maricopa County, Arizona. The first method involves a hedonic valuation model estimated for transactions of vacant lots. The second approach subtracts the depreciated cost of improvements from the value of improved properties to obtain land value as a residual. The third approach matches the sales of vacant lots with subsequent sales of the same properties once they have been developed. For each pair, we use a land price index to inflate the land price to the time of the improved property transaction and then calculate land leverage (the ratio of land to total property value). A hedonic model is estimated and used to predict land leverage for all improved properties. We conclude that the matching approach is the most promising of the methods considered.

The effects of visual technology on price discovery for residential listings and transactions

PurposeThe purpose of this paper is to examine the effect of visual technology on the price discovery process in listings of residential properties in Singapore from 2015 to 2018.Design/methodology/approachThe authors empirically model the effects of 360 virtual tours and drone video on four dimensions in price discovery – buyers’ arrival rate, sale probability, transaction prices and time-on-market – using a comprehensive data set for the residential properties in Singapore.FindingsThe analysis shows that the availability of virtual tours or drone video in a listing increases the arrival rate from potential buyers, the probability of a successful sale and the selling price. These findings are consistent with the hypothesis that technologically enhanced tools improve the quality of information and the marketability of property. However, listings with virtual tours tend to be associated with longer marketing time, which is consistent with the prediction of the information overload hypothesis.Research limitations/implicationsThis paper extends the housing and price discovery literature by examining how technologically enabled new information affects property transactions.Originality/valueTo the best of the authors’ knowledge, this is the first paper to consider the impact of drone video on property market outcome.

Is Commercial Real Estate Gendered?

Gender differences in labor market outcomes are well-documented and are expected to be more pronounced in male-typed domains such as commercial real estate. In this study, we expand the literature examining gender dynamics in the labor market, focusing specifically on gendered parity in commercial real estate brokerage. Employing robust procedures, we find that the unadjusted observed male agent property sales price premium and shorter marketing time are completely absorbed by property and market attributes as male agents list/sell properties with superior property characteristics, specifically larger and higher quality properties, when compared to female agents. The findings suggest that initial gendered differences in sales price and TOM are due to industry-driven agent selection, in which women do not fully participate in the largest and best part of the office market. Despite these findings showing gender performance neutrality, female agents are involved in significantly fewer property transactions than their male counterparts. We find evidence that this unequal labor outcome is associated with a type of affinity bias known as 'homophilic’ behavior, in which buyers and sellers prefer to work with agents of their same gender, resulting in more male agent representation.

Exploring the trust mechanism of digital intellectual property transactions based on smart contracts

Exploring the trust mechanism of digital intellectual property transactions based on smart contracts

An Extended Fama-French Multi-Factor Model in Direct Real Estate Investing

Understanding risk-adjusted returns in real estate investment are crucial, but little is known about the risk-adjusted returns for direct real estate. This paper examines risk-adjusted total returns by developing an extended capital asset pricing model (CAPM) to investigate whether direct real estate returns compensate for their risk levels. Based on a panel dataset of the residential property transaction in 62 Territorial Authorities of New Zealand from 2002Q1 to 2018Q4, a direct real estate portfolio performance in the single-factor CAPM model is compared with the national housing markets stock markets and REITs markets in New Zealand before the pandemic. The results demonstrate that the direct real estate returns outperform the market returns with a significant positive alpha and beta smaller than one but positive. The alpha is further evaluated by the five-factor CAPM model, which includes the factors of liquidity risk, value risk, time risk, credit-rating risk, and currency risk. The assessment shows that most of the excess return (alpha) can be attributed to direct real estate market risks.

The determinants of non-residential real estate values with special reference to environmental local amenities

This paper presents the results of an empirical study of the determinants of non-residential real estate values in Los Angeles County. The data base consists of 13, 370 property transactions from 1996 to 2005. Separate spatial econometric models are developed for industrial, commercial, retail and office properties. The study focuses on the impact on property values of environmental local amenities.Our analytical results provide insights on how local amenities may affect non-residential properties values and how the impact may differ across property types. Our empirical results offer evidence that explicitly modeling spatial dependence is necessary for hedonic non-residential property models where there is interest in local amenities. We also show that it is important to account for the temporal dimension since ignoring it can lead to misinterpretation of the real measure of spatial dependence over time.We find that open space, typically an amenity considered to be jointly valuable to firms and households, has either weak or non-robust effects on non-residential property values. On the other hand, the joint amenities coastal access, air pollution, weather and crime appear to have stable spatial correlations with property values across specifications. In contrast, those amenities that are likely only valued by firms, such as transportation access and proximity to concentrations of skilled workers, have robust and significant correlations with non-residential values.

Form Specification of Smart Contract for Intellectual Property Transaction Based on Blockchain

In view of the current chaotic structure of smart contracts and no unified definition of smart contracts, the implementation of smart contracts for the same business in the same field is quite different due to different development institutions and operating platforms, resulting in a low level of smart contract sharing and high development costs, hindering the development of smart contracts. Combined with the intellectual property transaction scenario, this paper proposes a blockchain-based intellectual property transaction smart contract form specification, designs the overall structure and process specification of the smart contract in the intellectual property transaction process, formulates a standard for the standardization of smart contract writing in intellectual property transaction scenarios, and solves the current chaotic structure of intellectual property transaction smart contracts, which is conducive to the collaborative development of scholars in various fields.

Negative externalities of long-term vacant homes: Evidence from Japan

Employing parcel-level data on vacant houses in a depopulating city in the Tokyo metropolitan area, we provide the evidence of negative externalities of long-term vacant houses that persist for several years. Ownership of a vacant house continues, whereas the level of maintenance declines; thus, the Japanese context enables us to simply capture the long-run impact of neglect, separate from the foreclosure stigma in the US context. We find that the externality spills over to approximately 50 m and that one additional long-term vacant house within 50 m pushes property transaction prices down by approximately 3%. We argue that the externalities come at least partly from the disamenity channel, since they are not observed for vacancies that disappear within one or two years. Externalities are observed from three years after the houses become vacant, which are, often not put on the housing market, and the externalities diminish around the time the vacancies finally disappear. We also show that externalities exist only in areas where nearby long-term vacant houses are not yet common, as their existence stands out in those areas. These results imply that reducing the number of long-term vacant houses will help mitigate disamenities in areas that have not yet experienced severe declines.

Proximity and inter-firm corruption: A transaction cost approach

The aim of this study is to analyse inter-firm corruption and to ascertain whether the proximity of firms engaged in corruption is a significant factor. We draw on transaction cost theory to explore two forms of corrupt exchange (negotiated vs. productive) and the role of proximity in reducing transaction costs. We obtained original data from the judgements of the Italian Court of Cassation and clustered homogeneous proximities. We then used separate binomial logistic regressions to show how the relation between transaction properties, the consequences for transaction costs and forms of corrupt exchange lead to different outcomes for each subgroup of proximities. The results show that technological and geographical proximity are beneficial to both forms of exchange, leading to a reduction in exchange costs, in much the same way as legal activities. However, unlike legal exchanges, corrupt and in particular productive exchanges do not appear to benefit from social proximity.

The invisibility of Portuguese stepfamilies: the relationships between stepparents, stepchildren and half-siblings in eighteenth and nineteenth century Porto

ABSTRACT Stepfamily relationships in eighteenth – and nineteenth-century Portugal are often invisible because of the mobility of the population. Widows and widowers did not hesitate to remarry and create blended households of first and second marriage beds even though this option was criticized by Catholic clergy and targeted by legislation penalizing widows. Portuguese legislation was harsh on stepfathers as they were considered the ‘enemies of orphans’ whereas stepmothers were allowed by the authorities to have the guardianship of stepchildren after the death of the biological father. However, in practice, stepchildren and half-siblings were separated from the rest of the stepfamily by exit through marriage, entry into convents, or emigration at some point in the life cycle of the household and, thus, these step-relationships became invisible except through property transactions and inheritance at moments of death. This article considers the roles of stepparents, stepchildren and half-siblings within these newly formed families and if illegitimate children were also accepted into a family alongside legitimate half–siblings. The evidence for stepfamily patterns in Portugal has been collected from case studies within a large body of archival research to reconstruct trajectories of the stepfamilies as they can be traced in petitions, judicial and notarial records, inheritance procedures, marriage contracts, last wills and parish records. Through these sources we can build an idea of the kinds of relationships that stepparents, stepchildren and half-siblings created within these blended families in Portugal in the 1700s and 1800s.

A Conceptual Paper on Factors Affecting the Behaviour of Muslim Generation Y Towards House Acquisition in Malaysia

House is the most important basic need for the human survival, however many people especially those who are categorised in the category of generation Y do not acquire a house due to internal and external factors. In accordance, the volume of residential transaction and homeownership rate among youths in Malaysia has been decreasing for the past few years. It is proven as the number of residential property transaction has dropped from 272,669 transactions in 2012 to 198,812 transactions in 2021. Thus, it is important to examine the behavior of generation Y towards house acquisition in Malaysia. The research proposes to examine the internal factors (attitude) and external factors (house feature/attributes, house location, financing factors and house price) in influencing house acquisition behavior among Muslim generation Y. As such, this study proposes to adapt Attitude-Behavior-Context (ABC) theory in discovering the behavior.

Regulations of Network Virtual Property in Criminal Law

Although network virtual property exists only in cyberspace, it has the same exchange value in the real world. Therefore, it is justifiable and necessary to protect network virtual property. Network virtual property is not a legal concept in the strict sense, which leads to the lack of applicable legal norms to protect network virtual property and transactions despite the gradual expansion of the scale of network virtual property transactions in the real world. Based on this, this paper studies how to better protect network virtual property from the perspective of criminal law and regulation, how to correctly understand the essence of network virtual property protection in order to achieve the purpose of protection, and puts forward specific suggestions on how to improve the existing legal system.

Do real estate investors trade on momentum?

Real estate markets are known to be less-than-efficient for many reasons, but what roles short-term trading plays are unclear. Do short-term investors bring additional risk to the market and cause prices to deviate from fundamental values? Based on an extensive dataset of property transactions and a policy shock that substantially raised the cost of short-term trading in Hong Kong, we estimate ‘real estate risk’ with and without short-term trading based on return predictability, return volatility, and price dispersion. Our results show that as short-term investors exit the market, market returns are less predictable and less volatile, while prices are less dispersed cross-sectionally. Consistent with herding models in behavioral finance, the findings suggest that short-term investors are momentum traders who do not enhance price efficiency.