Real Estate Issues Research Articles

인공지능(AI)과 한국 부동산의 부패방지에 관한 연구

This study attempted to present discussions and directions regarding artificial intelligence(AI) and the prevention of corruption in Korean real estate. This Paper dealt with moral hazard, corruption prevention, and trust using real estate, the 4th industrial revolution(4IR), AI, and intelligent information technology as keywords. Prior research is focusing on economic utility and technical benefits related to AI and real estate. In contrast, this study pointed out the risk of moral hazard and corruption arising from the combination of AI and real estate, and conducted a paper to prevent moral hazard and corruption. In this respect, there is a difference between this study and existing previous studies. This is where the originality of this study appears. The results of this study on anti-corruption of AI and Korean real estate are as follows. As a result of the study, the problems of AI and Korean real estate, and anti-corruption were presented in three major categories: 1. AI and the problem of changing times, 2. Korean real estate and corruption problem, and 3. AI and real estate problem. In relation to this, this study largely derived three measures as implications of the research. The contents include, first, responses to the issues of AI and changing times, second, responses to Korean real estate and corruption issues, and third, measures to respond to AI and real estate issues. This study hopes to restore market trust through Artificial Intelligence(AI) and the prevention of corruption in Korean real estate, and to build a future where the benefits and utility provided by real estate, AI, and intelligent information technology are desirable.

Practical Applications of Climate Risk and Real Estate Prices: What Do We Know?

In <b><i>Climate Risk and Real Estate Prices: What Do We Know?</i></b> from the October 2021 Special Real Estate Issue of <b><i>The Journal of Portfolio Management</i></b>, <b>Jim Clayton</b> of <b>York University</b> and <b>Steven Devaney</b>, <b>Sarah Sayce</b>, and <b>Jorn Van de Wetering</b>, all of the <b>University of Reading</b>, find that growing awareness of climate risks to real estate has had a sustained, if imprecise, effect on decision-making, including property pricing and lending practices. The authors analyze the connections between property values and extreme-weather events and climate risk. They review existing, often ambiguous, studies on climate risk’s effects on (primarily residential) property values and on associated real estate market activities. They then derive conclusions about how these risks, and perceptions thereof, may affect commercial property markets and investors. Because much of the existing research concerns the residential market and the mostly short-term impacts on pricing after weather events, more research is needed. Still, there are conclusions that real estate stakeholders can draw from the existing research: Property prices often modestly decline after weather events; climate change might have longer-term impacts on values, often depending on stakeholder beliefs; and sustained risk-mitigating government involvement might limit price declines in areas subject to increased climate risk.

Practical Applications of Portfolio Upside and Downside Risk—Both Matter!

Performance measurement for private equity real estate is quite different from that for public equity. One noticeable difference is how values and return performance are calculated and compared across assets. One of the many reasons for creating the NCREIF property index was to help private equity real estate investors produce accurate return attribution. In <b><i>Portfolio Upside and Downside Risk—Both Matter!</i></b>, from the 2021 special real estate issue of <b><i>The Journal of Portfolio Management</i></b>, authors <b>Jeffrey Fisher</b> (<b>Indiana University Kelley School of Business</b>) and <b>Joseph D’Alessandro</b> (<b>National Council of Real Estate Investment Fiduciaries</b>) contend that “traditional performance measures do not distinguish between upside risk and downside risk. Downside risk is based on returns that are below a target rate, below zero, below average, or below a benchmark and vice versa for upside risk.” Fisher and D’Alessandro also admit that academic literature contains research on the analysis of public market securities that introduces the differences between upside and downside risk measures. However, these have yet to be applied to private equity real estate research. Their article helps remedy the situation by employing downside risk measures and applying them to different property sectors and geographical areas within the NCREIF Property Index (NPI).

A scientometric view at real estate issues in risk management: Management research versus finance research

PURPOSE: The aim of the paper is to map the thematic landscape of real estate research in the context of risk management and to contribute to the identification and exploration of relationships between specific constructs in the management versus finance research. DESIGN/METHOD: This article applies some scientometric techniques. A combination of topic mapping has been used, as well as the author’s and journal co-citation analyses, and overlay visualisation of main and new topics in these fields. For the purposes of bibliometric analysis, the following tools and techniques have been used: trend analysis of the number of publications, citation analysis, the word co-occurrence method, and clustering (cluster analysis). The VOSviewer software and the data analysis tools available in the SCOPUS database were used for the analysis. RESULTS/FINDINGS: The main findings of this study are: the study of real estate issues in the context of risk management is a relatively new trend in academic research, which has been intensified over the past 10 years; the problems are studied mainly from the point of view of management research, financial research and engineering research; most of the leading researchers in this field combine aspects of management with aspects of finance in their studies; a relatively new trend in the study of the real estate issues in the context of risk management is the research on the use of artificial intelligence and the analysis of the impact of climate change on these processes. ORIGINALITY/VALUE: This article makes the important contribution to real estate research in the context of risk management in management research and finance research. The analyses revealed some patterns of convergence and divergence and the diversity of topics, specialisation, and interdisciplinary engagement in the context of real estate issues in the context of risk management in management and finance research, thus offering the latest insights into the state-of-the-art of the fields. KEYWORDS: real estate, risk management, scientometric analysis. JEL: G32, R39

A scientometric view at real estate issues in risk management: Management research versus finance research

PURPOSE: The aim of the paper is to map the thematic landscape of real estate research in the context of risk management and to contribute to the identification and exploration of relationships between specific constructs in the management versus finance research. DESIGN/METHOD: This article applies some scientometric techniques. A combination of topic mapping has been used, as well as the author’s and journal co-citation analyses, and overlay visualisation of main and new topics in these fields. For the purposes of bibliometric analysis, the following tools and techniques have been used: trend analysis of the number of publications, citation analysis, the word co-occurrence method, and clustering (cluster analysis). The VOSviewer software and the data analysis tools available in the SCOPUS database were used for the analysis. RESULTS/FINDINGS: The main findings of this study are: the study of real estate issues in the context of risk management is a relatively new trend in academic research, which has been intensified over the past 10 years; the problems are studied mainly from the point of view of management research, financial research and engineering research; most of the leading researchers in this field combine aspects of management with aspects of finance in their studies; a relatively new trend in the study of the real estate issues in the context of risk management is the research on the use of artificial intelligence and the analysis of the impact of climate change on these processes. ORIGINALITY/VALUE: This article makes the important contribution to real estate research in the context of risk management in management research and finance research. The analyses revealed some patterns of convergence and divergence and the diversity of topics, specialisation, and interdisciplinary engagement in the context of real estate issues in the context of risk management in management and finance research, thus offering the latest insights into the state-of-the-art of the fields. KEYWORDS: real estate, risk management, scientometric analysis. JEL: G32, R39

Introduction to the monograph - Real estate yesterday, today and tomorrow

The book that I am pleased to share with the Readers constitutes a special edition of the scientific quarterly “Nieruchomości@”, which is a shared monograph of co-authors as an achievement of the International Scientific Conference “Real estate yesterday, today and tomorrow”, which was held on 20 October 2021 in Warsaw under the auspices of the President of the Republic of Poland and gathered many representatives of the world of science and practitioners related to the real estate issues. When we accepted the challenge to create and implement a project for a scientific magazine “Nieruchomości@”, the idea was to create a platform for exchanging experiences of both theoreticians and practitioners who deal with the immovable property law, as well as those people who consider law regulations relating to immovable property in the public and private law.

Assessment of abandoned properties in geopolitical conflict zones

PurposeIn geopolitical conflict zones, the phenomenon of abandonment often correlates with challenges of legal definitions and ownership status. The abandoned properties in conflict zones share similar characteristics with what is commonly known as a brownfield site. However, due to the nature of geopolitical conflict zones, which is mixed with people and sentiments other than technical challenges, the usual solutions to the brownfield question, cannot provide enough tools to deal with the land management of areas engulfed in conflicts. This paper, therefore, aims to discuss and propose a land-use typology that describes abandoned properties in a geopolitical context.Design/methodology/approachThe proposed land-use typology serves as the main conceptual framework that integrates the sustainable brownfield regeneration approach with social theories of space and place. As an inductive research approach, this conceptual framework brought the fundamental and comparative literature on brownfield regeneration to support the main argument related to the similarities and challenges of the regeneration of abandoned properties in conflict zones. The approach used in this paper addresses the broader consideration of land management in geopolitical contexts and urban conflict zones that considers the relationship of exercise of extreme power over space.FindingsThe findings highlight an insufficient understanding of the origin of the property problems in geopolitical conflict zones, especially after a power struggle, producing significant land management issues. In a geopolitical context, urban planners and economists' perspective on definitions of space and place defined by maps, GIS data sets, Excel and other similar tools may not bring any practical or long-term solution to the land management challenges. The study suggests that dealing with abandoned properties and regeneration plans in conflict zones requires identifying and evaluating geo-political, geo-social, geo-economic characteristics of the area before any further action.Practical implicationsThis paper's findings are of particular interest to decision-makers and conflict stakeholders in geopolitical conflict zones, such as local governments, policymakers and peacekeeping agencies. The findings of this research can clarify and help them have an alternative understanding of the space engulfed in the conflict, other than a technocratic, mapping, GIS, statistical way of understanding and approaches to the complex aspect of a space.Originality/valueThis paper's conceptual framework provides a value-added contribution to the literature on land management in conflict zones by taking the reader's attention to the origin of the problems and their associated real estate issues in geopolitical contexts. For the first time, this inductive research proposes a land-use typology that considers the complexity of the interrelationship between land policies, land-use theory, social theories of space and place and the exercise of extreme power over space. This paper produced a concept that is not easily measurable by quantitative nor qualitative approaches.

INTRODUCTION: Resilient Real Estate

The editors of the special real estate issue introduce the articles contained in the issue and relate them to the concept of resiliency in real estate investments. COVID-19 had a major impact on returns to real estate. However, the resilience of property returns to COVID-19 varied significantly by location, by sector, and even across individual assets of the same property type in the same city. Resilient investments are those able to withstand the effect of not only acute disruptions in the market but also chronic longer-term threats. For real estate, these threats include pandemics, climate change, changing demographics, changes in tenant preferences, changes in technology, and even factors that are unknown and unpredictable at the moment but that may become important in the future. As some of these threats may not be insurable and may not be diversifiable, much of the work of risk management in creating resilient real estate portfolios will need to be at the property level. A number of approaches can be implemented to increase resilience at a property, but flexibility in building design may be among the most important. Key Findings ▪ COVID-19 had a major impact on returns to real estate. However, the resilience of property returns to COVID-19 varied significantly by location, by sector, and even across individual assets of the same property type in the same city. ▪ Resilient assets are those able to withstand the effects of not only acute disruptions in the market but also chronic longer-term threats. ▪ Traditional risk management often relied on diversification and insurance to control risks, but some long-term threats may not be insurable and may be nondiversifiable. Much of the work to create resilient real estate portfolios must be at the asset level, creating properties that can withstand long-term changes through their design.

SMART TECHNOLOGIES IN THE FIELD OF THE FACILITY MANAGEMENT

Facilities management is a set of solutions that helps to minimize the time and resources spent on real estate management issues and to extend the service life of the building and engineering systems. Smart technologies, which are discussed in the article, can be used to make facilities management more efficient. Facility managment can also be facilitated by a mobile app, the operating principles of which are described in the example in the article. During the research was interviewed by specialists of one facility management company. The analysis of the survey results allows us to conclude that facility management companies that provide their services in Vilnius use smart technologies, caste helps to perform facility managment services more efficiently.

Practical Applications of Multifamily Development:Can You Always Lease It Up?

Practical Applications Summary In Multifamily Development: Can You Always Lease It Up?, from the 2019 Special Real Estate Issue of The Journal of Portfolio Management, authors Mark Fitzgerald, Chenchao Zang, and Will McIntosh (all of USAA Real Estate Company) seek to validate the conventional wisdom that investing in multifamily property development is safer than investing in the development of other types of properties, because multifamily properties tend to have short lease-up periods. The authors examine the distribution of lease-up periods for US multifamily developments from 2008 to 2018. They also examine how the length of a property’s lease-up period affects its rents.

Practical Applications of Real Estate in Mixed-Asset Portfolios for Various Investment Horizons

Practical Applications Summary In Real Estate in Mixed-Asset Portfolios for Various Investment Horizons, from the Special Real Estate Issue 2019 of The Journal of Portfolio Management, Jean-Christophe Delfim and Martin Hoesli of the Geneva School of Economics and Management at the University of Geneva examine how US real estate performs in a mixed-asset portfolio over the course of multiple investment horizons. Unlike the authors of other studies, Delfim and Hoesli use nearly 30 years of data, including the global financial crisis (GFC). Considerations included direct real estate, real estate investment trusts (REITs), non-listed real estate funds, and alternative investments. The results reveal that direct real estate is best allocated as 10% to 20% of medium- to long-term investors’ portfolios. REITs may also be used in conjunction with direct investments over this time horizon. Short-term real estate investments, on the other hand, should include open-end core funds rather than direct investments. TOPICS:Statistical methods, real estate, risk management

Practical Applications of Another Look at Private Real Estate Returns by Strategy

<h3>Practical Applications Summary</h3> In <b>Another Look at Private Real Estate Returns by Strategy</b>, from the Special Real Estate Issue 2019 of <b><i>The Journal of Portfolio Management</i></b>, authors <b>Mitchell A. Bollinger</b> and <b>Joseph L. Pagliari, Jr.</b>, demystify the levels of risk-adjusted, net-of-fee returns that investors earn across value-add and opportunistic real estate funds, in comparison to the returns of core-strategy funds. The article also examines the fee structures across these various real estate strategies, and evaluates whether or not they are justified. They conclude that core strategies have outperformed both value-add and opportunistic strategies on a risk-adjusted net-of-fee basis.

Real Estate Issues of Walkability

Real Estate Issues of Walkability

The World’s Oldest Asset Class Enters the 21st Century: How Technology Is Transforming Real Estate Investment

In this article by the editors of this special issue, the authors discuss the changes being brought to real estate investment by new technology and how the other articles in the special issue nest into this broad theme. New technologies being applied specifically to property (proptech) are bringing changes to all aspects of commercial real estate, from construction to building management to investment to data collection. But, the authors argue, the greatest effect of new technology on commercial real estate investment will be from technology outside real estate and how it changes the way in which space is used by end users. Technology has already started to alter the way in which space is used and the types and locations of property being demanded. The authors argue that the ability to adopt technology into the investment process and adapt to how technology is changing the space market will be a key determinant of investment success in the future. TOPIC:Real estate Key Findings • In the ninth edition of the Journal’s special real estate issue, the editors review the evolution of the asset class and introduce the theme of how technology is rapidly reshaping our understanding of how real estate performs. • New technologies directly applied to real estate (proptech) are bringing rapid change, but perhaps more important is how technological advances outside real estate are altering the ways in which space is used. • Adopting new technology, and adapting to how technology is changing the space market, may be key determinants of investment success in the future.

Real Estate Economics, Management and Investments: New Perspectives and Frontiers

New perspectives and frontiers were highlighted in a Special Issue on “Real Estate Economics, Finance and Investments”. The twenty-eight papers that were selected and published emanated from scholars from universities all over the world with the aim to represent more recent advances in building management, mass appraisal methods, real estate risk management, economic evaluation of real estate investment projects, real estate market, property, social housing, real estate economics, real estate finance, building transformation and economic effects on environment. These papers helped to determine a unique and valuable opportunity to experiment with multiple approaches to these ever more crucial topics. This note proposes a brief review of the twenty-eight papers, concluding with some reflections about policy, practice and research on real estate issues.

Transferring outranking models to real estate management

PurposeFor the purpose of decision-making in real estate portfolio management, alternatives are to be collected, assessed and prioritized. Due to the complexity of real estate markets, investment products and management processes, the respective decision situations are subject to several parameters. Multi-criteria models must be used to exactly evaluate and prioritize alternatives. Such models can be found in other economic and social areas but must be transferred or re-developed for the purposes of real estate management. The paper aims to discuss these issues.Design/methodology/approachThe paper includes the transfer of the basic outranking methodology, the PROMETHEE (Preference Ranking Organization METHod für Enrichment Evaluations) method in particular, to real estate issues. Methods used outside the real estate industry are analyzed, selected and adapted by using real estate parameters (transfer approach).FindingsStructured multi-criteria processes such as PROMETHEE are suitable for the solution of complex real estate selection decisions. The methodology with regard to the respective issues is much more consistent and efficient. PROMETHEE avoids the restriction of criteria in mathematical calculations and the restriction of quality in simple scorings.Research limitations/implicationsThe target system and decision criteria of investors were used exemplarily. The individual parameters and criteria can lead to new model solutions.Practical implicationsMulti-criteria models such as PROMETHEE stringently and transparently solve complex decision problems and alternative evaluations in real estate portfolio management. They can be developed for strategic, tactical and operative decision situations. The decision quality and verification for compliance requirements improve.Social implicationsMulti-criteria models such as PROMETHEE can also be developed for social, societal and political decision situations.Originality/valueFirst adaption of the outranking procedure PROMETHEE to a real estate decision situation in market analysis and portfolio management.

Designing Transparent Real Estate Open Data Systems: Sydney, Dubai and London

The role of Real Estate Open Data Systems (‘RE-ODS’) is investigated by identifying and reflecting on the real estate backdrop, transparency initiatives and issues in Sydney, London and Dubai. Significant capital flows into these iconic cities has stimulated their housing markets and accentuated their position as global trade, tourism, financial and logistics hubs. However, rapid urban intensification has accentuated housing affordability pressures. The chapter reflects on the extent to which real estate systems in these three metropoli substantively address their respective real estate challenges. It found, first, that the RE-ODS needs to interact with other Spatial Administrative Systems. Second, to attenuate information asymmetry, the RE-ODS needs wide public engagement. Finally, an evolving RE-ODS is underpinned by capable institutions, professional meta-cognition, collaboration and policy learning

The Expansion of Real Estate

The definition of commercial real estate for institutional investment purposes is undergoing a change in two ways. First, real estate is increasingly being absorbed upward into more broadly defined asset buckets, such as real assets or private markets, in which the distinction between real estate and the other asset types is becoming increasingly fuzzy. Second, the asset class is expanding downward to include more specialty property types that were previously not considered suitable for institutional investors. In this article, the authors discuss these trends and their causes and consequences and relate them to the other articles contained in this special real estate issue.

特集「気候変動適応策と不動産問題」にあたって

特集「気候変動適応策と不動産問題」にあたって

Latent Semantic Analysis and Real Estate Research: Methods and Applications

In this paper, we discuss the potential applications and methodological challenges of using latent semantic analysis (LSA) to analyze unstructured data in real estate research. LSA is a statistical tool that allows for the analysis of large bodies of textual data by identifying specific topics or themes within the data. The purpose of this paper is to review the use of LSA as a way to understand real estate issues and to provide insight on the practical utility of the method. A typology for data complexity in the real estate context is presented. An in-depth discussion of the analytic process as a series of specific steps is provided, followed by three applications that illustrate the methodological decisions made by the analyst when LSA is performed.