Real Estate Projects Research Articles

BIM Driving Innovation in Construction Industry: Advancements in Building Lifecycle Management and Facility Management

With the rapid development of the traditional construction industry, China's construction market is becoming saturated and overcapacity, and the global macro economy is facing uncertainty. Negatively impacted by global events and the climate crisis, the willingness of traditional architectural firms to invest in real estate, infrastructure and other projects needs to be higher. The enhancement of digital information technology has brought greater freedom and openness, and traditional architects are looking to BIM technology to stimulate creativity and build more dynamic buildings. This paper analyses the development and application of BIM technology from the perspective of the BIM+ intelligent management model. It discusses the importance of upgrading the traditional construction industry, especially in building life cycle management. Through BIM+ intelligent management, the traditional construction industry can handle the information in all project stages more efficiently and achieve the goal of resource integration. At the same time, the combination of BIM and facility management can realise intelligent operation and monitoring of building projects. This paper reviews related research and looks forward to the future research direction of combining BIM and building facility management.

China's Real Estate Market: Issues and Countermeasures

The real estate sector plays a vital role in China's economy and is a crucial engine of economic growth. The massive investment and construction activity has promoted the upgrading of infrastructure and the development of manufacturing, construction, and related services, thus strongly supporting the expansion of the overall economy. However, with the rapid growth of the real estate market, some problems that cannot be ignored have also been exposed, including rising housing prices, intensified real estate "speculation," and the environmental impact of real estate projects. These problems may threaten the financial system's stability and negatively impact social equity and the ecological environment. This article aims to delve into the main issues facing the real estate industry today, explore their causes, and propose practical countermeasures, aiming to promote the development of the real estate industry in a healthier and more sustainable model to promote long-term stable economic growth.

Stakeholder Engagement and Communication Strategies in Real Estate Project Management

房地产项目管理中的利益相关者参与和沟通策略是确保项目成功的关键因素。利益相关者的广泛参与和有效沟通可以提高项目透明度、降低风险并促进项目的可持续发展。本文深入讨论了利益相关者参与房地产项目管理的重要性，沟通策略的实际实例，并给出了提高利益相关者参与和沟通效率的建议。研究结果表明，建立多层次利益相关者参与机制、采用多渠道沟通方式、注重沟通效果的评价和调整是有效提升项目管理质量的关键要素。

Analysis of the Causes and Countermeasures of the Phenomenon of “Unfinished Buildings”

Real estate is very important to the Chinese economy and has driven its rapid development in the past few decades. However, China’s real estate market has experienced fluctuations in recent years, causing numerous attentions from all over the word. With the continuous advancement of the real estate market, the problem of unfinished buildings is also a major hidden danger. The appearance of unfinished buildings not only brings great economic losses to the citizens but also brings huge negative effects to society. This study analyzes the causes of the unfinished buildings from various aspects, such as capital chain break, real estate project engineering problems, real estate lack of self-control, and economic disputes, and puts forward a series of preventive measures according to the causes, finally removing this hidden danger at the root. In order to maintain the balance of the real estate market and protect the good image of the city, new suggestions are provided.

A STUDY ON THE PROSPECTS TO SUSTAINABLE URBAN REAL ESTATE DEVELOPMENT IN FREETOWN, SIERRA LEONE

This research addressed the prospects to sustainable urban real estate development in Freetown, Sierra Leone. The study primarily focused on the following objectives: To identify the sources of accessing finance for real estate development by real estate firms. To learn how the land code of practice and population affect real estate development and to investigate technical constraints in providing real estate projects in Freetown. Data for this study were collected using a primary source, from which a semi-structured questionnaire was used for collecting the quantitative data. The study uses a case study design to achieve the study objectives. A non-probability purposively sampling was used to identify the respondents based on their experience after a line listing process of real estate firms and their employees in Freetown. For the quantitative data, a sample frame of 130 participants was drawn, of which 100 were chosen purposively based on their experience and understanding of real estate development, and 98 participated in the study. Data analysis for this study was done using descriptive (percentage, mean, and standard deviation) and inferential (Pearson correlation and regression analysis) statistical analytical methods. The study established that sources of finance, population impact, and technical constraints in real estate delivery have a positive significant association with urban real estate development, while land code of practice has a positive insignificant association with urban real estate development. The study recommends that, the country's financial institutions popularize a scheme that is of low interest to real estate firms so as to increase the source of income for real estate firms to expand their business; that the national land policy should be reviewed so as to create an avenue for access to land for real estate firms who are willing to provide affordable housing to the country; both the government and real estate firms should work accordingly in order to provide affordable housing for the population, and effective institutional capacity strengthening and enhanced collaboration between government parastatals and private real estate firms should be popularized and implemented. For further research, it is recommended that similar wider study should be done, which will be used for a broader generalization.

A Study of Administrative Regulations on Real Estate Project Finance and Recent PF Market Issues

Real estate project financing is the process by which real estate developers secure funding. This study categorizes the types of real estate finance and analyzes investment types based on the degree of financial companies’ participation. Financial companies invest in real estate development projects either through direct financing, using PF loans, or through indirect financing via mechanisms such as collective investment schemes. However, if a financial company is not merely a financial investor but also acts directly as a developing entity, appropriate regulation is required. From an investor protection perspective, the Financial Act aims to alleviate information asymmetry and enhance the financial soundness of financial companies. An important issue is the regulation of financial companies directly implementing real estate development projects. In particular, if a real estate development project fails, the implementer bears primary responsibility. Therefore, granting enforcement authority to a financial company that controls the funding mechanism may pose a risk to financial companies. Real estate financing suggests that administrative regulations should be organized in a way that facilitates collaboration among multiple administrative agencies. The regulatory frameworks of both the Construction Act and the Financial Act should govern financial companies’ participation in real estate development projects, necessitating close cooperation among different administrative agencies. In the complex and specialized administrative legislative process, overlapping responsibilities among multiple administrative agencies, such as those under the Real Estate Investment Company Act, may occur; conversely, gaps in responsibilities may also arise. With this in mind, it is necessary to acknowledge the role of financial companies beyond their fundraising function in real estate finance and to investigate the complex and diverse legal relationships that may arise as a result. In particular, given the current situation—marked by the downturn in the real estate PF market that began last year, the subsequent workout of Taeyoung Construction, and concerns about the deterioration of savings banks’ soundness—, it is crucial to explore an effective regulatory system for real estate development finance by integrating the Construction Act and the Financial Act.

Moderating Effect of Project Environment on Financial and Contract Management Practices and Construction Cost Overruns in Real Estate Project

Understanding the complex relationship between a project's environment, financial governance, and community involvement is crucial for managing construction costs in real estate. This research work, therefore, seeks to identify the extent of moderation of project environment on the association of the financial and contract management practices with cost overrun in real estate construction projects. The results of the multiple linear regression analysis as well as the Pearson correlation coefficient were significant; this indicates that the project environment had a moderating effect on the relationship between financial and contract management practices and the occurrence of cost overruns in real estate projects. Future research should explore additional variables to gain a more comprehensive view of construction cost overruns.

Environmental, Social, and Governance Scores and Loan Composition Inside United States Banks

We analyze the loan portfolios of United States banks from 2013 to 2023, showing that high environmental, social, and governance (ESG) banks have larger shares of consumer loans and commercial loans and smaller shares of construction loans and real estate loans. We also find that the governance pillar (G) is more tightly related to the bank loan composition compared to the environmental (E) and social (S) pillars. Furthermore, we show that construction loans and real estate loans decrease more considerably with bank ESG scores inside countries with high gas emissions, i.e., where ESG issues would arguably be more serious. Our interpretation is that sustainable banks are reluctant in lending money for real estate projects, exposing them to potentially high ESG risk. These findings contribute to developing a deeper insight about the relationship between ESG and bank lending, which, in the previous literature, has been treated more frequently in aggregate terms instead of separating loan types. Our outcomes suggest that sustainability is crucial for the availability of funds in the real estate sector, delivering important insights to bank and real estate managers, besides policy makers.

Tourism and Urban Development: The case of a coastal village in a small island state

This paper discusses how Marsascala, a coastal town in Malta, has been urbanized over the years, with particular attention to the development of the tourist industry. Young’s (1983) “general model of the process of ‘touristization’ and landscape change” is engaged with to study the impact of tourism development on the locality and local community. Different research methods were used, including qualitative interviews via thematic analysis, fieldwork, orthophoto maps, and analysis of secondary data. Findings show that tourism plays a major role in the local economy. Overdevelopment and population increase (fuelled by tourism and influx of foreign workers) are major challenges in the locality. The former fishing village has as a result reached stage six (intensive tourism consolidation) of Young's model. While more services are available to locals and visitors, the quality of life in the locality is deteriorating. This has raised questions about the need to redevelop the Jerma Hotel which will partly be a real estate project. The authors propose a seventh stage to Young’s model - ‘real estatation’ whereby more areas are taken over by real estate projects including for short-term rentals. This paper is linked to the EU Cost Action CA221222 Rethinking the Blue Economy: Socio-Ecological Impacts and Opportunities (RethinkBlue), in particular in relation to the themes covered by Working Group 3 - Port cities & coastal communities.

Industrial Heritage and Pathways for Cultural-Creative Development in Bamberg, Germany

This article contributes to the ongoing authorized heritage discourse, following recent heritage concepts such as open heritage, and examines the industrial heritage and pathways for cultural-creative development in the city of Bamberg, Germany. Bamberg is a UNESCO World Heritage Site, but not on account of its industrial heritage, although some former industrial sites are located within the borders of the current World Heritage Site. We describe three adaptively reused sites that have slightly differing forms of protected status (listed building and ensemble) and show that authorized listing helps to ensure the survival of buildings and material structures over time as documents of an industrial past. However, other industrial sites need the engagement of locals, and refer to what Laurajane Smith describes as heritage as a cultural process. Diverse concepts and cultural-creative developments are evident in the reuse of industrial sites in Bamberg, but these contribute little to urban development strategies. When industrial heritage assets feature in the city’s development strategy, they are seemingly leveraged to drive real estate projects, such as at the former Erba textile site. Additionally, the Otto-Friedrich University (through its Am Zwinger building), and an engaged bottom-up initiative to reuse a former boiler house, enable slightly different development pathways—knowledge-based versus art-based, respectively. The university has a long-term perspective and promising impulses for heritage uses, whereas the Kunstraum (Art House) initiative still struggles to secure support for its medium-term prospects. We argue that the industrial heritage sites need authorized support <em>and</em> agency through engagement, to ensure long-term perspectives for cultural-creative uses.

New Pentecostal urbanities in Harare: landscapes of everyday life and visions of the future

ABSTRACT At the height of Zimbabwe’s multi-layered crisis, emerged several Pentecostal-Charismatic Churches (PCCs). Led by youthful charismatic ‘prophets’, these PCCs gained significant traction in many urban spaces, especially in Harare, Zimbabwe’s capital, where they have sought to ‘Pentecostalise’ the cityscape. Public spaces in Harare have become saturated with Pentecostal aesthetics, which include, but are not limited to, church-branded stickers on vehicles, huge religious billboards at strategic spaces, impressive megachurch buildings, and spectacular public displays. This remarkable growth of PCCs saw them venturing into huge real estate projects that have dramatically reshaped the urban landscape. Through these projects, PCCs are creating ‘cities within cities.’ Drawing on ethnographic fieldwork in Harare, I examine how two PCCs have reconfigured urban landscapes through their projects, activities, and rituals. In addition to a focus on the quotidian dimension of urban life, I also focus on how these projects enable congregants and residents to reimagine the possibilities of a different kind of future and life in the city. Interestingly, the power of the ascendant PCCs is such that they are becoming de facto urban planners themselves and thus their vision for the urban future is creating new ways of relating to the present in the growing city.

Different factors affecting the real estate market in the Egyptian context

Purpose Real estate projects are capital-intensive and deeply intertwined with economic factors, making them subject to various influences besides local housing needs. This paper aims to comprehensively understand the dynamics of the Egyptian real estate market, examining real estate cycles, driving factors and their correlation and scale of impact. Design/methodology/approach The study conducts a literature review to explore real estate cycles and their driving factors, along with the relationship between real estate and macroeconomic cycles. It then delves into the dynamics of the Egyptian real estate market, followed by a time series analysis that incorporates five key indicators: economic indicator, demand indicator, supply indicator, capital flow indicator and cost indicator over a 12-year interval (2012–2023), to examine short-term cycle factors, followed by correlation and multi-linear regression analysis to elucidate interrelations among these factors. Findings Through measuring and comparing the prementioned indicators with different economic and social events, the study paints a comprehensive picture of the macroeconomic environment and the real estate cycle in Egypt. Where demand has been found to be more sensitive and directly affected by macroeconomic factors than the supply. With the economic factor as the factor with the highest impact, especially in times of economic fluctuations, the impact has been immediate and short-term. These findings support the idea that the demand in Egypt is speculative, laying a threat of longer recession periods in the long term and having greater and more direct impact. Originality/value This paper contributes to the understanding of the Egyptian real estate market by integrating insights from real estate cycles, macroeconomics and specific market dynamics. The application of time series, correlation and multi-linear regression analysis provides a nuanced understanding of the interplay between several factors shaping the real estate cycle. Ultimately, the findings offer valuable insights for decision-makers involved in urban development planning, facilitating more informed and precise decision-making processes.

Application of Business Information Management in Cross-border Real Estate Project Management

Cross-border real estate project management is inherently challenging due to its complexity and diversity. This study investigates the efficacy of business information management systems (BIMS) in managing such projects and employs machine learning models for performance prediction analysis. Utilizing data from 250 valid questionnaires and 15 in-depth interviews, multiple regression analysis, classification algorithms, and clustering analysis models were applied. The results indicate that system quality, information quality, and service quality significantly enhance project management efficiency and user satisfaction. Specifically, the adoption of BIMS reduces average project completion time and cost overrun rates, thereby improving management effectiveness. Commercial real estate projects reported the highest average investment at $70 million, mixed-use projects exhibited the longest average completion time of 25 months, and residential real estate projects achieved the highest management efficiency score, averaging 8.0. The regression model's coefficient of determination (R²) was 0.68, the classification model achieved an 85% accuracy in identifying risk factors, and clustering analysis categorized projects into high-efficiency management, risk-concentrated, and resource-intensive types. These findings underscore the substantial value of BIMS in cross-border real estate project management, providing robust management tools and decision support. However, the study's limitations include a small sample size and restricted data sources. Future research should aim to expand the sample size and incorporate more diverse data sources to enhance the findings' generalizability and accuracy.

Urban Environmental Planning in Shimla Smart City: Review of Related Literature

Urban environmental concerns are on rise due to increasing population pressure on finite natural resources, deforestation, over grazing, unplanned construction, networking of roads and large-scale modification of natural landscape. It has caused irreversible damage to the ecology of this Himalayan state. Number of ultra modern projects, road networking, hydropower projects, and SEZ and real estate projects are costing Himalayan ecology. Unplanned developmental activities and urban processes in city have resulted in several ecological problems like environmental pollution, noise pollution extreme climatic conditions, shortage of drinking water, landslides, sinking land and change in seasonal cycle. Poor urban planning will cause social, economic and environmental implications in long term. Cities needs to be planned professionally keeping in mind future sustainability. Before planning a city in hilly areas, needs proper understanding of complex and dynamic phenomena involving interaction between environmental and socio- economic and political factors with multi disciplinary approach and vision. Urbanization and industrialization on one side is contributing its share in economic development of a region but on the other hand, it is degenerating water, air, soil and natural resources resulting in the degradation of environmental quality (Anjum, 1998). Urban environmental degradation leaves direct impact on the ecology and causes ecological imbalance (Singh, 1996). The most striking reason for the environmental degradation is the changing man and environment relationship. (Dasman, 1976), Shah (2001). Developmental activities in Himalayan region need different treatment and systematic planning.

Success factors of real estate crowdfunding projects: Evidence from Spain

AbstractReal estate crowdfunding is a relatively new alternative financing and investing method. This research aims to identify factors which might increase investors' willingness to participate in real estate crowdfunding campaigns. We analyse 195 lending-based real estate crowdfunding campaigns from four Spanish platforms. Project success is measured by duration, i.e. the time required to reach the funding target. We assess the impact of the funding target, the annual return, the loan duration, several risk-related metrics and the minimum investment amount. We find that the higher the funding target and the minimum investment amount, the longer it takes to reach the target. We document that investors prefer projects where the maturity of the loan is shorter. We also find that construction-type projects reach the funding target faster than other type of fundraising goals. At the same time, we do not find any association between the annual return or risk-related metrics and project success. To assure successful fundraising, real estate crowdfunding platforms should prioritize those real estate projects which are highly popular among investors (i.e. construction-type projects with short maturity). Real estate developers, in turn, should crowdfund projects which are demanded by the crowdinvestors and use their traditional financing methods for the remaining projects.

Analysis on Lean Management of Real Estate Projects Oriented by Target Cost Management

At present, the state has more and more regulatory policies for the real estate industry, and the regulatory intensity is also greater. With the introduction of national policies and the impact of the downturn in the real estate market, industry competition has become increasingly fierce. Under this situation, if real estate companies want to avoid being eliminated by the market, they must rely on their own efficiency levels and management capabilities. Therefore, strengthening cost control on projects is an inevitable choice and important means for real estate companies. In recent years, with the slowdown of economic growth and the state's regulation of the real estate industry, the sustainable development of the real estate industry has faced increasing challenges. This article is oriented by target cost management and focuses on the lean process of real estate development projects. The key points of management and its management strategies are discussed to provide industry reference.

Assessing Users’ Demand for Library Space: Insights from an Architecture School

The purpose of this paper is to conduct a post-occupancy evaluation to assess users’ feedback on the use of the architecture school library at Thammasat University, Thailand. The proposed study also has a specific objective: to explore users’ demand for library space in terms of academic library attributes. A case study of the library in the Faculty of Architecture and Planning was conducted at Thammasat University. Multiple data collection methods were used, including document analysis, a questionnaire survey, a workshop, and focus group interviews, to gather information on users’ demand for the library space. The findings confirm the relevance of the variables in the conceptual model from previous studies, which encompass three key attributes regarding users’ demand for library space: physical, social, and digital spaces. Functional obsolescence and changing learning approaches are revealed as dominant influential factors affecting users’ demand for library space. The connection between post-occupancy evaluation (POE) and pre-design evaluation (PDE) in the redevelopment of a real estate project is considered as a shift from performance measurement to performance management, assisting in establishing agreed-upon performance goals for the operation. This study’s findings, derived from a single case study, do affect affect generalisability. However, the study provides insights into academic library design and renovation by emphasising the alignment of library spaces with user needs for improved service effectiveness and user satisfaction. The research introduces an integration of POE and PDE, proposing a methodological framework for future library space redevelopment that could contribute to the broader discussion on library design and user experience.

“Airport city” or “VIP” urbanism? Questioning the market-led land development strategies of airports

Airport authorities are gradually shaping urban spaces through their property development: hotels, business parks, conference centers, etc. This article challenges these development strategies pursued by increasingly financialized and privatized airports in the name of “airport city” policies. It shows that the changes underway are a vivid expression of a VIP model of urbanism, in which the airport authority, maximizing its revenues and land value, naturalizes its emphasis on high-end real-estate projects, and trivializing their social reach. The analysis draws on the case of the Paris city region, characterized by land scarcity and housing issues, and its airport authority, Aéroports de Paris (ADP), one of the largest landowners in the region. Using documents from ADP, a press corpus, and interviews, we highlight how the distinctive geography at play in air terminals changes scale by being projected onto real-estate “diversification” projects, as ADP opts for urbanization centered around the upper fractions of the flying public. This market-led development leads to a form of elite capture that seeks to dwarf or endogenize other existing and potential uses and users of airport land. This article further deconstructs this urban model by shedding light on the multiple tensions it generates and pleads for a more critical debate on airport land uses and planning.

Prediction of Delay Occurrence in Disputed Real Estate Projects: An Artificial Neural Network Approach

Prediction of Delay Occurrence in Disputed Real Estate Projects: An Artificial Neural Network Approach

The role of boarding houses in the urban housing system funds of Moscow at the turn of the XIX–XX centuries

The subject of this study is apartment buildings in Moscow during the turn of the 19th and 20th centuries, and their significance in the context of the urbanization and industrialization of the city. The research aims to investigate the architectural features, functional characteristics, and socio-economic impact of these apartment buildings on the urban landscape. Special attention is paid to the quantitative and qualitative growth of these structures, as well as their contribution to addressing the issue of housing shortages in light of rapid urban population expansion. The focus of the study is on apartment buildings in Moscow during this period. The article examines specific examples of these buildings, their architectural design, construction stages, ownership, and occupancy. Attention is given to analyzing how these buildings were integrated into the city's infrastructure and influenced Moscow's appearance. The research employs diachronic, statistical, and chronological methods. The novelty of this study lies in its exploration of the previously understudied history of apartment houses in Moscow from a financial, economic, and social perspective. Apartment buildings played a significant role in Moscow's urban life. On the one hand, they provided housing for different segments of the population, making housing more accessible and helping to solve the problem of housing shortages. It was common to rent a room or apartment. On the other hand, apartment buildings became not only a social, but also an economic phenomenon. They were attractive for investing capital and contributed to their proliferation. The success of constructing such buildings led to the formation of joint-stock companies that focused on building apartments. These companies invested in real estate projects, expecting to generate significant profits from renting out apartments. The emergence of these companies indicates that the residential real estate market was a lucrative business.