Real Estate Investment Opportunities Research Articles

Current Concepts in the Business of Orthopaedics.

Practice management within orthopaedic surgery demands a multifaceted skillset including clinical expertise, technical proficiency, and business acumen, yet the latter is rarely taught during orthopaedic training. As the healthcare system evolves in the United States, surgeons continue to face challenges such as decreasing reimbursements, increased regulatory burdens, and potential for practice acquisition. To remain competitive and provide exceptional care for patients, orthopaedic surgeons must cultivate a business-minded approach. This article highlights the growing significance of the business of orthopaedics and offers guidance on ambulatory surgical center ownership models, effective management of ancillary services, the effect of private equity in orthopaedic practice, real estate investment opportunities in medical office buildings, and the importance of brand recognition. By understanding these concepts, orthopaedic surgeons can exercise greater control over their practice's finances while providing quality care for their patients.

A Study of the Investors Behavior in Making Investment Decision for Post Office with Special Reference to Rural Areas

In the 21st century of the digital era, due to globalization and economic liberalization lot of business expansions, industrial development and infrastructure changes and growth, an increase in foreign investment and personal financial assets are created rapid growth in investment and which makes a passionate situation for each and every investor who wants to take part in taking a risk in investments, gaining knowledge and capacity to save money and invest in the stock market, gold, real estate, insurance, post office, Mutual funds, and others similar different investment opportunities accessible in India for of small investors. There are very few studies that have explored investors’ behavior in the field of equity, mutual fund and other avenues. However, the investors’ behavior in rural areas is yet to be explored, and this empirical study is an attempt to examine the investors’ behavior of various investment avenues in rural areas for this study, Primary data using simple random sampling through questionnaire structured questionnaire was used to collect data as well as secondary data from a wide range of literature from various journal publications were utilized.

Sharing Places: Local Socio-Economic Organization and Inequality in Contemporary Short-Term Rental Markets

Research on markets distinguishes niche markets, characterized by local community engagement and specialization, from mass markets, characterized by arms-length exchange and large-scale production. Yet, this research often overlooks how inequality differentially underpins these forms of exchange. Building on this work, I explore how local socio-economic disparities may structure different segments of short-term rental markets in the platform (i.e., “sharing”) economy. Drawing on cross-sectional analyses of over 300,000 Airbnb listings clustered in 277 U.S. metropolitan areas, I find that microentrepreneurial short-term rental markets—involving small-scale exchanges that typically demand more personal investment and social interaction—are embedded in civically active communities struggling with economic and housing precarity. Large-scale short-term rental markets—typically involving more socially distant exchanges in which operators rent multiple properties—are prevalent in expensive housing markets, where there are real estate investment opportunities to capitalize on housing vacancies. This study thus builds on understandings of market formation and segmentation, incorporating the role of local inequality, while also illuminating the tensions within platform economy markets more broadly.

The increasing importance of environmental sustainability in global real estate investment markets

PurposeWithin the context of ESG (Environment, Social and Governance), environmental sustainability has taken on increased global importance in recent years. Similarly, real estate investment managers in developing their global real estate investment portfolios need a fuller understanding of the ESG and environmental sustainability dimensions of these global real estate markets for more informed real estate investment decisions. Using the JLL GRETI sustainability sub-index, this paper examines the environmental sustainability transparency status of 99 global real estate markets over 2016–2020 and explores various strategic issues regarding ESG and environmental sustainability; particularly the critical issues relating to climate risk mitigation, climate resilience and zero-carbon. The current status of environmental sustainability in these 99 real estate markets is assessed, with areas for “best practice” improvement identified to the benefit of real estate investment managers; particularly the improvements needed in ESG to support real estate investment in the emerging real estate markets.Design/methodology/approachThe JLL GRETI sustainability sub-index is analysed to examine strategic issues relating to environmental sustainability transparency. 99 real estate markets are assessed globally for a range of critical ESG issues over 2016–2020. Differences between the developed and emerging real estate markets are highlighted.FindingsConsiderable variation was seen in the ESG and environmental sustainability practices, procedures and frameworks across these 99 real estate markets. This was particularly evident amongst the emerging real estate markets. Compared to the other five dimensions for real estate market transparency, environmental sustainability was seen to be well behind these other dimensions in most markets. Progress has been made in recent years, but it has been slow and steady rather than at a dynamic level. Clearly, more is needed globally to enhance the stature of environmental sustainability in the context of an increasing focus on ESG and specifically on climate risk mitigation, climate resilience and zero-carbon in real estate investment.Practical implicationsWith ESG and environmental sustainability taking on increased importance across the international real estate markets, it is important that real estate fund managers have a full understanding of the ESG and environmental sustainability status of these real estate markets where they may be considering real estate investment opportunities; this includes both the developed and emerging real estate markets. This is essential to ensure future capital raising for new funds, as well as supporting the global ESG agenda by the real estate investment community. Specific strategies are also identified for emerging real estate markets to improve their environmental sustainability practices and ESG status.Originality/valueThis is the first paper to use the JLL GRETI sustainability sub-index to assess the environmental sustainability status of 99 real estate markets globally; providing strategic insights for real estate investment managers as they develop their global real estate portfolios and more fully embrace the challenges of ESG and environmental sustainability in the real estate space going forward. Specific strategies are clearly identified for all markets to improve their environmental sustainability ratings to the benefit of both global real estate investment and the broader communities.

РОЗВИТОК ІНВЕСТИЦІЙНОГО КЛІМАТУ В УКРАЇНІ В УМОВАХ ВІЙНИ

The article reveals key prospects for the development of the investment climate in Ukraine in wartime conditions. It was determined that the full-scale war in Ukraine is the main negative factor affecting Ukraine's investment attractiveness. The dynamics of direct and portfolio investments were considered and it was determined that the net inflow of direct foreign investments for eight months of 2022 is estimated at 47 million dollars USA. The directions for the development of the investment climate in Ukraine during the war and in the post-war period are singled out, in particular, it is envisaged to: unite the Personal Income Tax and Taxation and Establish a single rate of 25%; replace the income tax with a capital withdrawal tax; reform the tax system to create incentives for entrepreneurship and accelerate economic growth (subject to coordination with international partners in accordance with current international financial agreements in Ukraine); implement indicative planning for the implementation of the investment menu project; carry out privatization of non-strategic state assets; create conditions for insurance against the risk of war; provide real estate investment opportunities. It was determined that the state should support the development of the investment climate in Ukraine primarily through financial stimulation. To ensure this process, it is proposed to create the National Fund for Structural Transformation of the Economy. It was found that a unique electronic platform Advantage Ukraine has already been created to attract foreign investors to the Ukrainian economy. It was determined that in the future, Ukraine aims to create high-tech military-industrial parks thanks to European and world military technologies, to attract investments in the development of projects and the construction of military factories. It was established that during the war, Ukraine established itself as a legal state, demonstrating the coordinated interaction of institutions at various levels, aimed at preserving the state order and comprehensive support of all types of economic activity during this period.

Understanding of Real Estate investment Risk and Opportunity (Study Business and Economic Management)

Understanding the risks and opportunities in real estate investing is an exciting study for academic purposes and business applications in the field. The author believes that this question is very relevant to be discussed to understand the opportunities and risks if someone wants to run a property business, which is a very lucrative business opportunity. To complete the discussion of this theme, we have conducted a series of electronic data searches on several publication databases, journals, books, and websites that actively discuss the risks and opportunities of investing in real estate, both nationally and internationally. We cannot describe the data validly and adequately if we do not do an in-depth study first, involving a data coding system and a thorough evaluation to get data findings that can answer. We carried out data published in the last ten years from 2010 to 2021, considering that today's data is so fast that it continues to change and evolve. Based on the phenomenological study we saw from the extensive data exploration. We found several points which in general were understanding the opportunities of the risk of investing in property, so based on this discussion, we can conclude that the opportunity is this considering that property is a business that never runs out and cannot be as easy as others are in motion and the sale and purchase, they only need to maintain, and the risk will usually occur if mismanagement and natural disasters such as floods and fires, the rest of the property business opportunities are indeed very promising. Thus, this finding should be a complement to the same studies.

Real option analysis. The viability of real estate projects

Traditional methods used for real estate project valuation, such as the static Net Present Value, have some limitations, as these methods do not consider the possibility of a change in the initial conditions of the project or during its development. On the other hand, the real options approach allows for flexibility in evaluating a real estate project, improving the decision-making process as it helps identify the optimal strategy and timing for the construction phases. The paper deals with evaluating an actual real estate project in La Rioja (Spain) using different options to estimate its final Net Present Value. The results show that the real estate project would be profitable under several scenarios, although the valuations can vary significantly among the different types of options. This is because some options add more value to the project than others, depending on their cost and the uncertainty they eliminate. In contrast, the results obtained using the traditional static method would have led a real estate developer to discard the project completely, as its Net Present Value would have been negative. This confirms that the introduction of flexibility in real estate developments creates additional value by allowing developers and investors to dynamically react to changes in the market, thus making better investment decisions and finding real estate investment opportunities that otherwise would not be considered at all.

“A ‘Golden Child’ for Investors”: the assetization of urban childcare property in NZ

ABSTRACT Childcare services are a key part of the social infrastructure of cities. Yet childcare property has recently been signaled as one of the fastest growing alternative real estate investment opportunities within a number of neoliberalized childcare markets. Shedding light on this phenomenon, in this paper I examine how urban childcare property has become an attractive option for individual investors in Aotearoa/New Zealand. Speaking to the literature on urban financialization and the neoliberalization of care, I examine the relationship between the privatization of childcare services and the growth of the childcare property market; the work of property agents as key intermediaries in shaping the terrain of investment into childcare property; and the passive investor subject which is envisioned. Ultimately, I argue that the role of the state has been crucial to the formation of this recent property investment trend in NZ, setting in place the conditions for assetization to occur.

Are Home-biased REITs Worthwhile?

Due to the unique features of each real estate investment opportunity, real es- tate investment trust (REIT) asset managers gen- erally prefer to focus on domestic investments, for which they have more available information. While there is evidence of this trend in the U.S. market, there is little evidence in the rest of the world. In this paper, we examine a sample of geographically diversified REITs, focusing on the degree of home bias in different countries and compare the extra performance achieved by home- biased and non-home-biased REITs. The results show that home bias is more significant for certain countries and geographical areas and that home country portfolio concentration does not always imply higher average returns or a higher probabil- ity of return persistence.

Student Housing in Malaysia: A Hidden Resilient Real Estate Investment Opportunity

Student Housing in Malaysia: A Hidden Resilient Real Estate Investment Opportunity

Real Estate Investment as a Panacea for Economic Instability in Nigeria: Evidence from Northeastern States of Nigeria

Real estate investment is an emerging business in many countries of the world. Real estate investment was thoroughly investigated to come up with solution faced by the transaction of land and building. Real estate investment is strictly related to the housing price. It has been pointed out by many researchers that the housing price is affected by many factors, such as interest rate, land supply, government policies and inflation rate. The research highlighted most important aspects of the outcomes. An increase in international real estate capital flows could foster increasing demand for stronger institutions across a global real estate market. The method adopted in this research was quantitative through which 100 questionnaires were developed and distributed within the study area (Bauchi, Gombe, Adamawa and Yobe States). The simple percentage was used to analyzed the data collected. The research is exploratory in nature; hence, a non-probability purposive sampling technique was used for the study. The finding of the research vindicated that real estate investment has a significant role in sharpening the economy of the region, and also the findings revealed that real estate investment opportunity is huge. And again for suggested that housing provision cannot be realized only by private individual excerpts through government intervention. The study concludes that real estate investment, if explore it will create a reliable return to the investment owners, the benefits that can be derived from real estate investment, has been revealed by this study. The study also highlighted that private developers are key important for real estate investment in Nigeria. The conclusion drawn by this research shows that real estate investment has a capacity of transforming economic hardship in the country.

Housing price appreciation, investment opportunity, and firm innovation: Evidence from China

The impact of housing price appreciation on firm innovation may be negative. Housing price appreciation generates real estate investment opportunities with high returns, making manufacturing firms more likely to diversify into the real estate industry. With limited resources, once investing in real estate development, these firms will invest less in innovation. By examining manufacturing firms in China for the period 1999–2007, we provide evidence by finding that housing price appreciation negatively influenced manufacturing firms’ innovation propensities. Additionally, we further explore the underlying mechanism by examining the likelihood of listed firms’ diversification into the real estate industry, and how the diversification influenced their patenting. Consistent with the investment opportunity hypothesis, we find that (1) housing price appreciation stimulated firms to enter the real estate industry, and a firm's invention patenting was negatively influenced subsequent to its real estate diversification; (2) the negative effect was more pronounced where housing price growth rates were higher.

Are Home-biased REITs Worthwhile?

Executive SummaryDue to the unique features of each real estate investment opportunity, real estate investment trust (REIT) asset managers generally prefer to focus on domestic investments, for which they have more available information. While there is evidence of this trend in the U.S. market, there is little evidence in the rest of the world. In this paper, we examine a sample of geographically diversified REITs, focusing on the degree of home bias in different countries and compare the extra performance achieved by home-biased and non-home-biased REITs. The results show that home bias is more significant for certain countries and geographical areas and that home country portfolio concentration does not always imply higher average returns or a higher probability of return persistence.

Determinants of Foreign Versus Domestic Real Estate Investment: Property Level Evidence from Listed Real Estate Investment Firms

We examine the determinants of foreign real estate investment relative to the domestic case using the portfolios of a large sample of publicly traded real estate investment companies; where foreign investment is defined as the property owner headquarters being located in a different country than a given asset. The cross-sectional results provide strong evidence that real estate firms are more likely to take a smaller stake in larger assets when investing abroad. The penchant for large assets holds when controlling for economic activity, real estate investment opportunities, depth and sophistication of the capital markets, investor protection and the legal framework, administrative burdens and regulatory limitations, and the socio-cultural and political environment at both the property nation and headquarter nation levels. In general, foreign ownership is less likely with industrial, office, retail, and self-storage properties. Capital market development is consistently negatively related to foreign investment.

The Indomitable Renminbi

The Indomitable Renminbi

Passport to Development? Local Perceptions of the Outcomes of Post-Socialist Tourism Policy and Growth in Nicaragua

Enduring decades of dictatorship under the Somoza dynasty, several highly destructive natural disasters, a major “unnatural” disaster in the form of revolutionary conflict, and a subsequent civil war have all taken a serious toll on Nicaraguan society. Today overall poverty is second highest in the hemisphere, with 80% of the population surviving on less than US $2 a day. Crippling debt contributes to a desperate need for foreign exchange, and with an attractive tax incentive package promoting external investment, the government is turning to tourism as its passport to development. After a virtual absence in the 1980s, tourism quickly skyrocketed to the top of Nicaragua's export list in less than a decade and has remained there since 2000. Yet after more than a decade of open-door policy to foreign investors, the wealth distribution remained the second most unequal on the planet. This paper briefly describes Nicaragua's history of dictators, disasters, and delayed development, and how this relates to the nature of tourism development taking place there. Through exhaustive review of development research, government agency documents, personal work experience as an assistant ecolodge administrator, and ethnographic research with rural residents involved in the tourism industry just north of the Costa Rican border, it is concluded that tourism is not delivering on the assumed promise of economic development. By placing well-heeled travelers in a carefully controlled idyllic setting where they are presented with bargain real estate speculation and investment opportunities along the country's Pacific coast, tourism as it is currently developing in southwestern Nicaragua appears to be exacerbating inequalities by allowing greater accumulation of capital among both wealthy Nicaraguan elites and a growing number of foreign/ex-patriot investors, while furthering impoverishment of rural residents through increasing costs of living, land displacement, and legal marginalization.

Do Asian real estate companies add value to investment portfolio?

PurposeThe purpose of this paper is to examine the role of Asian real estate companies with regard to their “value‐added” performance and portfolio diversification benefits in Asian mixed‐asset portfolios, as well as in international real estate securities portfolios over 1996‐2005.Design/methodology/approachFirst the risk‐return performance for all 13 Asian as well as the US and UK real estate securities markets is compared. For each country, next the correlation profiles between real estate, common stock, bonds and cash are assessed. The value‐add benefits of Asian real estate securities in an unconstrained and constrained mixed asset portfolio are then assessed in relation to portfolio return, risk and terminal wealth. Finally, the paper explores whether there are benefits derived from international diversification with a universe of Asian real estate securities from the perspectives of the US and UK investors.FindingsIt was found that, whilst there is little evidence of diversification benefits and superior risk‐adjusted performance of Asian real estate companies in Asian mixed‐asset portfolios, diversification into Asian real estate stocks can provide positive portfolio implications for international investors. Thus investing in Asian real estate securities portfolios rather than investing in Asian mixed‐asset portfolios may be seen to be the more effective diversification strategy over this period.Originality/valueThe study has provided some interesting and important insights into the dynamics and performance of Asian real estate securities. With an increased emphasis on international property investment and as the regional upturn becomes more evident, Asian real estate companies potentially provide an important real estate investment opportunity for international property fund mangers.

Perception of Real Estate Investment Opportunities in Central/South America and Africa

Executive Summary.This study examines the attitudes and perceptions of institutional real estate investors towards real estate investment opportunities in Central/ South America and Africa. This research included a survey sent to 1,068 institutional investors (250 investment managers, 601 pension funds, and 217 REITs) who were asked about the characteristics of investors in these markets and the factors influencing their decisionmaking process. The results indicate that these investors are sensitive to higher returns and political stability and that exposure to real estate in Central/South America and Africa is currently extremely limited, although there are some interested investors. It is surprising how little attention has been given to real estate in these areas, despite the relatively high levels of funds flowing into real estate around the world.

The Role of Non-Traditional Real Estate Sectors in REIT Portfolios

Executive Summary.Recent years have seen increased attention given to the real estate investment opportunities available from the non-traditional real estate sectors such as self-storage, healthcare, and other specialty real estate sectors. In particular, these non-traditional real estate sectors in equity REITs currently account for over $43 billion in 23 REITs, representing 14.5% of the equity REIT sector market capitalization. This paper will assess the performance of these non-traditional real estate sector REITs compared to traditional sector REITs from 1994:Q1 through 2005:Q3. In particular, their risk-adjusted performance and portfolio diversification benefits will be compared to the more traditional REIT sectors (office, retail, industrial, residential, etc.) and to real estate, stocks, and bonds. Sub-period analyses will also be performed to assess whether the investment dynamics and portfolio diversification benefits for these non-traditional real estate sector REITs have been enhanced in recent years.

Public Versus Private Real Estate Equities: A More Refined, Long-Term Comparison

In this article we compare public and private real estate equities. In so doing, we control for three of the main differences between these investment alternatives: property-type mix, leverage and appraisal smoothing. With these two restated indices, we then run tests to determine in a statistical sense whether the restated means and volatilities of the two series were different from one another. The clear answer is that they were not. The results of the statistical tests combined with the fact that the average difference between the two (restated) return series has substantially narrowed (to approximately 60 basis points) in the more recent (1993–2001) period jointly suggest a seamless real estate market in which public- and private-market vehicles display a long-run synchronicity. This has important implications for portfolio management. First, public- and private-market vehicles ought to be viewed as offering investors a risk/return continuum of real estate investment opportunities. Second, while the “platform” did not matter in terms of observed return characteristics, the platform may matter with regard to liquidity, governance, transparency, control, executive compensation and so forth; an apparent clientele effect hints at these issues being valued differently by large and small investors.