Real Estate Market Research Articles

법인 거래량 비율이 아파트 가격에 미치는 영향

This study focused on the steadily increasing proportion of corporate transactions in the total apartment transaction volume. It also investigated the correlation between this proportion and apartment prices. The analysis confirmed a positive relationship between the corporation's share in apartment transaction volume and the apartment sales index. In particular, the direction of this relationship varied depending on the corporation's market participation status. When a corporation participated as a seller (buyer), it positively (negatively) correlated with the apartment sales index. This study has implications for achieving the policy goal of curbing speculative demand from corporations. However, the system must be restructured to incentivize corporations to actively engage in real estate transactions as sellers to ensure price stability in the real estate market.

DECISION-MAKING OF DEVELOPERS IN THE IMPLEMENTATION OF RESIDENTIAL DEVELOPMENT PROJECTS IN THE CZECH REPUBLIC ENVIRONMENT

The research was conducted with the aim of analyzing the aspects that enter into the decision-making process of developers in the field of residential construction in the Czech Republic. To ensure the representativeness of a diverse range of companies active in the real estate market, a suitable group of respondents was carefully selected. The survey provided a sufficiently representative sample, based on which the key factors influencing the decision-making in the implementation of development projects were identified. The research found that developers primarily focus on seeking profitable opportunities, and their decision-making process is predominantly aimed at achieving financial gain. In this decision-making, they also consider other factors, such as mortgage interest rates, the quality of newly built homes with an emphasis on energy efficiency, and the use of modern technologies.

빈집정비사업에 대한 공법적 검토

The recent issues of population decline due to aging and low birth rates have led to an increase in unoccupied houses. This increase is associated with higher crime rates, deteriorating residential environments, urban slums, imbalances in the real estate market, and environmental problems. The necessity of unoccupied house improvement has been raised, yet public law reviews on this matter remain insufficient. The concept of unoccupied houses includes both usable and unusable houses, which vary according to the investigation period and methods. Demolition targets include unusable unoccupied houses classified as Grade 3 under the ｢ACT ON SPECIAL CASES CONCERNING UNOCCUPIED HOUSE OR SMALL-SCALE HOUSING IMPROVEMENT｣ or as ‘specific unoccupied houses’ under the ｢AGRICULTURAL AND FISHING VILLAGES IMPROVEMENT ACT｣. The constitutional basis for the demolition of unoccupied houses includes the state's coordination and intervention duties under the principle of the social state, Article 122 of the Constitution, and the housing rights of neighbor of unoccupied houses. Especially, the conflict between the housing rights of neighbor and the property rights of unoccupied house owners(conflicts between fundamental rights) is transformed into a constitutional review issue as the legislator introduced a demolition system that limits the property rights of unoccupied house owners. The most important perspective in the constitutional review is adherence to the principle of proportionality, and demolition and compensation must be carried out under stricter standards, shifting from ensuring the existence of property rights to guaranteeing their value. The management and improvement obligations of unoccupied house owners are specified in the ｢AGRICULTURAL AND FISHING VILLAGES IMPROVEMENT ACT｣ but not in the ｢ACT ON SPECIAL CASES CONCERNING UNOCCUPIED HOUSE OR SMALL-SCALE HOUSING IMPROVEMENT｣. Based on the constitutional duty of property rights for public welfare and social constraints, owners may bear police responsibilities under public law, but this needs to be explicitly stated in the law. Such regulations on the responsibilities of unoccupied house owners can serve as the legal basis for enforcement fines and potentially a future unoccupied house tax when demolition orders are issued. Local governments' ex officio demolition of unoccupied houses is deemed an administrative execution. However, demolition orders for unoccupied houses are only feasible in cases involving substantial illegality, such as when legal buildings are abandoned for extended periods, resulting in significant harm to residents. In this context, recognizing the process of becoming substantially illegal should be strictly judged under the principle of proportionality. Compensation for the demolition of unoccupied houses is challenging to include in traditional public law compensation, thus falling under special public loss compensation recognized by the legislature through special laws. The compensation amount for demolition is determined as the arithmetic average of the amounts appraised by two appraisers. Issues concerning offsetting demolition costs highlight that compensation amounts can vary between voluntary demolition and enforced demolition by administrative execution, necessitating objective standards for demolition costs offset by administrative authorities.

Testing the Relationship Between the Real Estate Market Index and the Saudi Stock Market Index for the Period from 2015 AD - 2022 AD

هدفت الدراسة إلى معرفة درجة الارتباط بين مؤشر سوق العقارات ومؤشر سوق الأسهم والتضخم في المملكة العربية السعودية خلال السنوات 2015م – 2022م، وقد استخدمت الدراسة المنهج القياسي، الذي يستخدم التحليل الإحصائي للسلاسل الزمنية لبيان طبيعة العلاقة بين مؤشر السوق العقاري ومؤشر سوق الأسهم السعودي والتضخم ، أثبتت اختبار الحدود غياب العلاقة في الأجل الطويل، كما أظهرت النتائج تقدير نموذج العلاقة في المدى القصير عدم تحقق أثر المؤشر العقاري ومؤشر التضخم على مؤشر الأسهم في حين تبت أثر مؤشر التضخم على المؤشر العقاري بأثر سالب، كما أظهرت النتائج عدم تحقق استقراريه كل من سلسلتي المؤشر العقاري، مؤشر الأسهم حيث تم أخذ الفروق الأولى لها لتصبح مستقرة وبالتالي فهي بالتالي متكاملة من الدرجة (1)، واظهرت أيضا تحقق استقراريه مؤشر معدل التضخم وبالتالي فدرجة تكاملها هي (صفر)، كما أظهرت النتائج الأثر السالب لمعدل التضخم على المؤشر العقاري.

부동산 중개업 조직 구성에 관한 연구

The domestic real estate market and brokerage market are gradually weakening their competitiveness due to the market structure centered on individuals and small businesses. Accordingly, in order to actively respond to changes in domestic and foreign conditions, expand services in the brokerage industry, and strengthen the competitiveness of the brokerage industry, the government is inducing the incorporation and enlargement of the real estate brokerage industry. In this study, it was revealed that incorporation and enlargement cannot be a solution to the organization of licensed real estate agents to promote the professionalism of brokers and improve brokerage services to the public while overcoming the smallness of private licensed real estate agents, and derived brokerage cooperatives as an alternative as a practical alternative. Currently, the legal conflicts between the “Licensed Real Estate Agents Act” and the “Framework Act on Cooperatives” can be resolved through the revision of the “Licensed Real Estate Agents Act”. In addition, under the current legal system, it is necessary to operate a cooperative focusing on supporting the brokerage business, such as strengthening the capabilities of “Licensed Real Estate Agents Act”, under the current legal system, which is one of the best ways to organize and operate immediately.

Intersection of Climate Beliefs and Sustainability: An Empirical Study of Energy Efficiency Premiums in the Residential Real Estate Market

Intersection of Climate Beliefs and Sustainability: An Empirical Study of Energy Efficiency Premiums in the Residential Real Estate Market

CRITICAL REVIEW ON INSTITUTIONAL REAL ESTATE INVESTMENT DECISION-MAKING MODELS

This critical review delves into the underexplored realm of institutional real estate investment decision-making, a domain that holds paramount significance in the financial landscape. Despite the extensive scrutiny of individual real estate investors' decision-making processes, there exists a noticeable lack of research on the pivotal role played by institutional investors. As the primary stakeholders armed with substantial financial resources, institutional investors, encompassing entities such as investment funds, insurance companies, and pension funds, wield unparalleled influence in the market. This paper aims to unravel the complex decision-making models employed by institutional investors, focusing on the period from 2000 to 2024. Employing the PRISMA model, the review meticulously incorporates 21 pertinent articles, and a comprehensive thematic analysis, facilitated by ATLAS.ti version 23.2.1, reveals three prominent decision-making models – the Normative Model, the Descriptive Model, and the Prescriptive Model. In dissecting the factors that shape institutional real estate investment, the study identifies four key influencers: political, economic, legal, and real estate market fundamentals. The intricate interplay of these factors forms the crux of decision-making strategies adopted by institutional investors, as they diligently safeguard the interests of their trustees. Moreover, a noteworthy revelation surfaces regarding the geographical bias in existing research, with a scarcity of studies in developing countries, notably in Malaysia. This observation not only underscores the need for more comprehensive exploration in these regions but also presents a compelling avenue for future research endeavors. This critical review not only contributes to the ongoing discourse but also paves the way for a more nuanced understanding of the dynamic landscape of institutional real estate investment decision-making.

User Cost of Housing Analysis of the German Real Estate Market

Background: This study looks at the development of the German real estate landscape, which recorded a continuous rise in prices between 2009 and 2022. These were due to a genuine excess demand, a shortage of supply and favorable financing conditions. In the course of 2022, mortgage rates then rose after a historically long period of low interest rates. Aim: This study aims in particular to assess whether the financial advantage of home ownership remains robust. The aim is to determine the relative attractiveness of home ownership compared to renting in all 401 German districts and independent cities. Methods: The owner-occupier costs are determined using the user cost of housing approach and compared with the current rental prices in the respective cities and districts. Various factors are taken into account, including the purchase price, financing costs, maintenance and rental prices. Results: The results of the analysis show that home ownership still offers a considerable cost advantage on average across Germany: In mid-2023, it is around 57% cheaper per square meter to invest than to rent. However, it is important to point out that this result does not take into account differences in the population’s ability to afford home ownership. Furthermore, the analysis raises questions about the sustainability of past house price growth and whether this increase is due to fundamental factors or low mortgage rates. In this sense, the study confirms that home ownership on the German real estate market remains economically favorable compared to renting, even with increased interest rates. It underlines how important it is to consider the long-term benefits for wealth accumulation when deciding between owning and renting. Practical relevance/social implications: The study is of practical relevance for people who rent an apartment or house in Germany and are considering whether it is sensible and economical for them to invest in property. The findings from the analysis are helpful for current purchasing decisions. Originality/value: It also offers original results and provides the reader with added value, as it captures and evaluates current real estate developments on the German market in a well-founded manner.

A Novel Risk-Perception Model Based on Blockchain for Supply Chain Finance of China Real Estate

More than 220 enterprises in China's real estate industry have gone bankrupt, causing serious losses. The National Bureau of Statistics of China showed that the country's investment in property development fell by 8.5% year-on-year, while domestic lending dropped by 11.5% and the use of foreign capital fell by 43%. Upon this, the development of supply chain finance can alleviate the pressure on enterprise funds and stabilize the real estate market. However, risk in supply chain finance is the biggest obstacle to the development of supply chain finance and current researches on risk assessment of supply chain finance face problems such as imprecise classification, slow assessment speed, a small number of samples, and data that is easily tampered with. Therefore, this study integrated graph convolutional neural networks into the smart contracts of the contract layer of blockchain. This integration established a novel intelligent perception model for supply chain finance risk. Based on a consortium chain with the government and enterprises as nodes, the model was established, including risk monitoring, assessment, and categorized early warnings. In the risk assessment part, we compared the graph convolutional neural network with multilayer perceptron and support vector machine finding that the accuracy rate of the graphic convolutional neural network is 94%, which is higher than the above models. The intelligent risk-perception model proposed in this paper operates faster than expert judgment assessments used by banks. It also provides accurate risk levels and quantifies the probability of enterprises being classified as high-risk, offering technical support to regulatory authorities in controlling supply chain financial risk.

A Study on the Electronic Service Quality of Digital Marketplaces in Real Estate Marketing

A Study on the Electronic Service Quality of Digital Marketplaces in Real Estate Marketing

Research on factors influencing housing prices in Beijing

This paper delves into the issue of soaring housing prices in Chinas real estate sector, with a particular focus on Beijing. Employing a multiple linear regression model, it conducts an empirical analysis to identify the factors influencing housing prices. Furthermore, it synthesizes scholarly perspectives to offer a comprehensive discussion on these influencing factors. The research highlights Beijings real estate development, residential investment, and residential sales area as pivotal determinants of housing prices. Building upon these findings, the study advocates for the implementation of effective measures such as land policy regulation and restrictions on real estate transactions to guide the real estate market development prudently and maintain housing prices within a rational range. Results show that real estate development residential investment has a significant positive impact on housing prices, while residential sales area has a significant negative impact. Ultimately, the research endeavors to furnish a scientific foundation for policy formulation and assess its impact, thereby fostering the healthy growth of the real estate market, ensuring stable economic progress, and enhancing the well-being of people.

“Connect” me! Social networking in commercial real estate

AbstractThe use of social networking sites (SNS) within professional contexts is increasingly prevalent, yet studies examining their impact within the real estate sector remain limited. In this study, using LinkedIn followers as an indicator of professional networks, we investigate the effect of professional networking on performance within the commercial real estate market. By leveraging an agent's LinkedIn followers, we introduce a novel measure of professional network into the real estate literature. Findings suggest that listing agents with a larger number of SNS followers tend to engage in more property transactions, achieve higher sales prices, and experience shorter sale times than agents with fewer SNS connections. Similarly, agents considered “active” on the SNS also perform better than agents that have an account but are not “active.” These findings persist after accounting for various agent, property, and location characteristics, suggesting that SNS can be a helpful tool for real estate agents in utilizing and expanding their professional network.

STIMULATING THE DEVELOPMENT OF RESIDENTIAL DEVELOPMENT THROUGH MORTGAGE LENDING

The article is devoted to stimulating the development of housing construction through mortgage lending. The purpose of the article is to determine the role of mortgage lending in the development of the housing sector, in particular through its impact on supply and demand in the real estate market and pricing in this sector. In the course of the research, data analysis, correlation analysis, and methods of forecasting economic trends were used. Graphical methods were also used to provide a clear understanding of how changes in the mortgage market affect the development of the real estate sector. The results of the study show that mortgage lending is a key element in stimulating the development of the housing sector, as it not only directly facilitates access to finance for potential property buyers, but also indirectly affects the pricing and investment attractiveness of the housing sector. The paper shows that fluctuations in mortgage rates have a significant impact on the dynamics of supply and demand in the residential real estate market, as well as on price trends. In particular, rising mortgage rates tend to reduce demand for housing, as households expect better investment opportunities. There is also a strong correlation between mortgage rate increases and slower price growth. The expansion of the mortgage lending market and, consequently, a reduction in mortgage rates boosts supply in the real estate market. Nevertheless, it is found that such changes can have complex and ambiguous consequences, including the risks of market overheating and the formation of price "bubbles" that threaten the stability of the sector in the long run. In addition, the study found that mortgage lending facilitates the implementation of new construction projects and the expansion of the housing stock, which is an important factor in stimulating economic growth. At the same time, the analysis showed that the impact of mortgage rates on the real estate market depends on a wide range of factors, including the economic situation, central bank policy, consumer confidence and other macroeconomic indicators. The practical significance of the publication is to provide recommendations for the development of a balanced policy in the field of mortgage lending aimed at supporting the stable development of the housing sector and preventing potential destabilising factors in the real estate market.

Research on the Risk Spillover among the Real Economy, Real Estate Market, and Financial System: Evidence from China

Research on the Risk Spillover among the Real Economy, Real Estate Market, and Financial System: Evidence from China

A dynamic model of wealth segregation

AbstractWe propose a dynamic model where the real estate market generates wealth segregation within a town. The model develops on the Schelling’s checkerboard dynamics with one main difference: Agents are fully characterized by their wealth, which changes with the progress of the model dynamics. The driver of the segregation is a positive neighborhood externality such that households’ utility is increasing in the average wealth of the neighbors. The identification of a potential function enables prediction of the long-run limiting behavior of the dynamics: Wealth segregation is an endemic result, unless a perturbation at the individual level is introduced. Public policies that mimic the perturbation can reduce wealth segregation.

The rise of corporate landlords in Latin America: The case of Santiago, Chile

ABSTRACT In the past years, the tenure patterns of the Latin-American population have tended to move toward the rental market, changing the traditional relationship between finance and housing through homeownership. The incorporation of corporate landlords in the region is creating shifts in the expansion and structure of housing patterns. Institutional financial actors are increasing their investment portfolios by owning and managing residential buildings, transforming them into financial capital assets. This model represents 3% of the housing market in Santiago, expanding a multifamily high-rise model in downtown areas. The article’s central question is: How are corporate landlords shaping and transforming real estate dynamics and the housing market in Santiago? The analysis is centered on characterizing who these landlords are, elucidating their financial mechanisms and the main socio-urban characteristics of the model. This paper argues that corporate landlords are changing the Chilean real estate dynamics by expanding new ownership strategies. After a first rental financialization through affluent individuals with wealth who saw housing as a commodification and a way of expanding their assets with low mortgage rates, a second wave in the rental financialization process is occurring in recent years, a shift into a real estate market that is focusing on institutionalized landlords.

Data-Driven Investment Strategies in International Real Estate Markets: A Predictive Analytics Approach

The study investigates the application of advanced predictive analytics in formulating investment strategies for the international real estate market. Utilizing extensive datasets, including real estate transaction records, economic indicators, and market reports, covering over ten years of data from 2010 to 2020 across multiple regions, we implemented predictive models such as linear regression, decision trees, random forests, support vector machines (SVM), neural networks, and gradient boosting machines (GBM). The results indicate that AI and machine learning models significantly outperform traditional statistical methods in forecasting market trends. Specifically, the neural network model achieved an R² of 0.822, while the random forest model attained an R² of 0.804, compared to an R² of 0.751 for the traditional linear regression model. Performance varied across regions and property types; for instance, the neural network model's MAE and RMSE in North America were 17,500 and 26,800, respectively, whereas in the Asia-Pacific region, the MAE and RMSE were 20,100 and 29,800. Additionally, these models resulted in an average reduction of 12.5% in operational costs and an 18.3% improvement in customer satisfaction. This study systematically integrates and compares multiple advanced predictive models, demonstrating that data-driven investment strategies offer significant competitive advantages in the real estate sector. These findings provide robust evidence supporting the use of predictive analytics to optimize investment decisions and highlight the transformative impact of these technologies on the real estate industry.

Trend of Foreign Direct Investment in Tanzania's Real Estate Industry From 2000 - 2020: A Systematic Review

Foreign direct investment (FDI) has become an area of concern to many developing nations due to the economic benefits it presents to the host nation. Despite the notable growth and potential of the Tanzanian real estate market, there is lack of comprehensive, empirical studies that analyze the specific patterns of FDI inflows in the real estate industry in Tanzania over an extended period and their contributions to national GDP and other economic indicators. This systematic review aims to examine the trend of foreign direct investment (FDI) in Tanzania’s real estate industry from 2000 – 2020. Further, this review helps to determine the contribution of FDI to growth of GDP and other economic indicators in the country. Result shows that there was an irregular trend of FDI inflows in Tanzania’s real estate activities with various asymmetrical decrease and increase throughout the period from 2000 – 2020. However, the FDI inflows in real estate activities is not significantly associated with national GDP, national GDP growth rate, total FDI inflows in the country or contribution of the real estate activities in national GDP. There was a higher growth rate (between 4.2% - 7.5%) of real estate activities from 2000 – 2010, but was followed by a sharp decline to less than 2% in 2011 and then a steady growth rate of above 4% from 2015 – 2020. The percentage shares of GDP by real estate activities was relatively higher and steady from 2000 – 2010, followed by sharp decline from 2010 – 2011 and further decrease towards 2020. Further analysis indicated that there was a general increase in contribution of real estate activities in national GDP from 2000 – 2020. It is concluded that, FDI inflows in Tanzania’s real estate activities show an irregular trend with various asymmetrical decrease and increase throughout the period. The annual growth rate (%) of real estate activities in national GDP displays an irregular trend from 2000 – 2020. Further, there is a general increase in contribution of real estate activities in national GDP during the review period.

Navigating the Nexus of Urbanization, Technology, and Global Economics in Real Estate Market Dynamics

This article provides a comprehensive analysis of the key factors shaping real estate markets, focusing on urbanization trends, technological advancements, and global economic shifts. Urban migration is fueling demand in metropolitan areas, leading to significant infrastructural developments and a reevaluation of property values. Concurrently, technological innovations like artificial intelligence, virtual reality, and blockchain are transforming real estate transactions and management, enhancing market efficiency and transparency. Additionally, the paper examines the impact of global economic conditions, including trade wars and policy changes, on real estate investment and market stability. By integrating these elements, the article forecasts potential market trends and offers strategic insights for navigating the complexities of the real estate sector. This synthesis not only highlights current influences but also projects future changes in the landscape of real estate, suggesting adaptive strategies for industry stakeholders.

Navigating the Nexus of Urbanization, Technology, and Global Economics in Real Estate Market Dynamics

This article provides a comprehensive analysis of the key factors shaping real estate markets, focusing on urbanization trends, technological advancements, and global economic shifts. Urban migration is fueling demand in metropolitan areas, leading to significant infrastructural developments and a reevaluation of property values. Concurrently, technological innovations like artificial intelligence, virtual reality, and blockchain are transforming real estate transactions and management, enhancing market efficiency and transparency. Additionally, the paper examines the impact of global economic conditions, including trade wars and policy changes, on real estate investment and market stability. By integrating these elements, the article forecasts potential market trends and offers strategic insights for navigating the complexities of the real estate sector. This synthesis not only highlights current influences but also projects future changes in the landscape of real estate, suggesting adaptive strategies for industry stakeholders.