Real Estate Property Research Articles

Investigation of disputes’ resolving over ecclesiastical and monastic land property in Greece using cadastral and land use data

Land disputes are among the primary issues that Land Administration Systems attempt to accommodate. They derive from a variety of purposes including law, history, culture, traditions, administration and local geographical characteristics. There is no uniform approach in addressing land disputes and each country implements different resolution techniques. Ecclesiastical and monastic institutions throughout the world are owners of immense real estate property to such an extent that can indeed affect land administration policies. Greece is in the limelight of international attention due to its economical crisis and actually under pressure to modernise its dysfunctional land policy framework and create a stable investment environment. Within this framework, this paper investigates issues hindering proper land administration in Greece through the examination of a the resolving process regarding a case study in the island of Crete; a complex legal land dispute between the Greek State, two ecclesiastical institutions, a monastery and a church, and squatters took place, lasting for nearly 40 years. In order to evaluate this procedure and its impact on the development of the disputed area, a variety of data sources were accumulated and processed through time-based analysis. In this direction, cadastral survey’s contribution was examined along with land use change analysis, indicating how uncertainties in securing property rights on land, result in illegalities and trespassing posing significant barriers in land administration and management in the course of time. Although old and ambiguous in describing land boundaries the monasterial documentation might be, it proved sufficient to prevail over other litigants claims; the monastery was even adjudicated more than twice the size of the area that was claiming. By this investigation process, the distinct role of ecclesiastical institutions in Greece regarding land acquisition and the defects and malfunctions within Greek Land Administration System are presented. The paper concludes with the authors’ suggestions for addressing similar real estate property situations concerning land disputes.

Ancrer le capital dans les flux logistiques : la financiarisation de l’immobilier logistique

Si la financiarisation de l’immobilier résidentiel, commercial et de bureau a été particulièrement investie par la littérature académique, un produit immobilier particulier a moins attiré l’attention : l’immobilier logistique. Or, sous l’impulsion de développeurs-gestionnaires de fonds internationaux spécialisés, ce dernier suit une trajectoire de financiarisation particulière qui offre un regard complémentaire sur les logiques contemporaines de la production urbaine. Dans cet article, nous analysons les ressorts de la financiarisation de l’entrepôt et nous mettons en lumière ses conséquences sur l’action publique locale. Nous montrons ainsi qu’en apportant une capacité à développer des zones logistiques dans des territoires qui en sont dépourvus, elle conduit à privatiser les politiques locales d’aménagement et, par suite, une grande part des outils de régulation de ce développement économique. De cette façon, nous montrons tout l’intérêt d’analyser la financiarisation de la production urbaine par un regard précis sur les politiques locales.

Explaining the Soaring Ethiopian Real Estate and Property Prices

Admittedly, in all countries of the world, Ethiopia included, the reasons behind rising property prices could be many. In the Ethiopian case, these factors include, among others, demand for and supply of real (estate) assets, rising population and urbanization, the existence of a large number of tenants working for donor communities (NGOs) and multinational institutions, huge influx of money that the diaspora community sends back home (remittances) that largely is poured onto the housing and real estate markets. This article, however, focuses on government policy-driven (infrastructure and service sector-focused) and the corruption fueled aspect of the fast-rising real estate and related property prices. This brief analysis paints the picture why Ethiopia is still an empire-like landed aristocracy (the government apparatchik being replaced by a new oligarchy) but dangerously wrapped with criminality and pyramidal schemes.

Adaptation strategies for the Greek agricultural cooperatives during the economic crisis

Because of the Greek economic crisis, almost all businesses are facing diffi cult times with severe consequences for employment and the whole economy. Responding to the economic crisis, the companies cut off investments, wages and reduced personnel. However, the companies have to adapt their business strategies to cope with the crisis. Th is paper conducts a strategic assessment of the Greek agricultural cooperatives during the fi rst half of 2013 using in-depth interviews with cooperative executives in order to illustrate how they have responded to the crisis and also to investigate their strategic options for the upcoming period. Th e results of the analysis show that agricultural cooperatives have chosen the retrenchment and cost-cutting strategies by restraining their activities while they appear eager to export their production. In addition, the cash shortage forced them to count exclusively on their members to fi nance any new economic activity. According to the cooperatives’ executives, their adaption strategies exclude abandoning the activities and selling the equipment and their real estate properties, while they involve exports, the experienced personnel and marketing investments. Th ese results could provide helpful directions not only for the agricultural cooperatives’ management boards but also for the food industry businesses operating under a severe economic situation such as the present Greek economic crisis.

“Integrated” public groups: insights on boundaries and divestment opportunities

This paper analyses recent tendencies of managing public real estate and public stake-holdings in a sample of Italian municipalities. The data, retrieved from the Italian Ministry of Interior (Central Department of Local Finances), has been analysed to understand if the local public group, intended in a wider sense and including both subsidiaries and real estate property, is changed over time, in terms of size and composition. The first results show that there has not been adequate divestment to postulate on a general reduction of the boundaries of the “Integrated” Public Groups.

Sustainability: Mitigating a waste epidemic

This paper considers four major trends in waste minimisation: traditional sustainability programmes, design for waste diversion, zero landfill verification, and managing organic waste more effectively. With practical know-how, case studies, and implications, the paper probes into how these trends are intertwined and impact the sustainable practices of a real estate property. The reader will be equipped with an understanding of possible evolving strategies on how to mitigate and eliminate the waste impact on their real estate portfolios.

The static microsimulation model of the Italian Department of Finance: Structure and first results regarding income and housing taxation

In this paper we present a first attempt to develop a representative and flexible static tax-benefit microsimulation model, based on an exact match among a representative sample survey of the Italian income and living conditions in 2009-2010, provided by the Italian Institute of Statistics, and corresponding personal income tax returns, as well as cadastral data of the real estate properties of each individual, provided by the Department of Finance of the Italian Ministry of Economy and Finance on the same tax year. This static tax-benefit model can evaluate tax revenue and the redistributive impact of property and personal income taxation based on income types and levels actually declared with details of tax deductions. It should allow more reliable and detailed results compared to those based only on survey data and incomes declared to interviewers

GIS를 이용한 감정평가의 개별요인 객관화 방안

감정평가방법에는 수익방식, 원가방식, 비교방식이 있다. 본 연구는 감정평가방법 중 토지의 가격을 평가할 때 주로 사용하는 비교방식을 수치화하여 감정평가 시 적용할 수 있는 방법을 제시하는 것이다. 비교방식은 부동산의 가치를 거래사례부동산과 평가대상 부동산의 시간적 격차, 공간적 격차, 시공간적 격차를 비교·조정함으로써 사례 부동산 가격으로부터 대상 부동산 가격을 산정하는 것이다. 감정평가 실무에서는 대체적으로 토지의 경우에 비교방식을 사용한다. 사례를 기준으로 할 때 사례가격, 시점수정, 지역수정, 개별요인으로 가치를 평가하며 공시지가 기준의 경우 공시지가, 시점수정, 지역수정, 개별요인으로 평가한다. 이 중 개별요인은 개별적 특성을 비교하는 중요한 과정으로서 감정평가사의 주관적 판단이 개입 할 수 있는 요소이다. 전문가인 감정평가사의 판단이 대체적으로 정확하지만 주관적인 판단이기 때문에 감정평가사에 따라 의견 차이가 있을 수 있으므로 감정평가 분쟁이 일어나기도 한다. 본 논문에서는 개별요인의 구성요소인 가로조건, 접근조건, 획지조건을 GIS분석을 통하여 감정평가의 주관적 판단을 수치화하여 적용할 수 있는 방법을 제시하고자 한다.

Pengaruh Price Earning Ratio (PER), Price Book Value (PBV) dan Debt to Equity Ratio (DER) Terhadap Return Saham (Studi Terhadap Perusahaan Properti dan Real Estate yang Listing di Indeks Saham Syariah Indonesia)

Every investor wants a secure investment and provides profit (in-return). This study aimed to analyze the effect of Price Earnings Ratio (PER), Price Book Value (PBV) and Debt to Equity Ratio (DER) on stock returns Vendor property and real estate listed in Indonesian Sharia Stock Index (ISSI) in the period 2011-2013. This study used quantitative analysis with panel data estimation methods with time series in 2011-2013 and cross section data of thirty-one companies used α = 5% significance level. The regression results in this study indicated that the independent variables Price Earnings Ratio (PER) and variable Debt to Equity Ratio (DER) significantly shown negative effect on stock returns, meanwhile the variable Price Book Value (PBV) significantly shown positive effect on stock returns. While simultaneously brought a significant effect on stock returns and real estate properties listed in Indonesian Sharia Stock Index (ISSI) in period 2011-2013.

Interaction among real estate properties in China using three submarket panels

Although the heterogeneity of real estate property submarkets has been discussed in a number of studies, little is known about their actual relationship. The purpose of this work is therefore to explore the dynamic interaction among the residential, office and retail markets in China using data from six Chinese mega cities for the period from 2003 to 2014 to create three submarket panels. Through application of the panel co-integration test, it is shown that there is no long-run equilibrium among them, namely, the three property submarkets are not all driven by common fundamentals. More importantly, the panel causality test of the three submarket panel returns reveals that changes in the residential market lead to changes in the commercial market. We may thus conclude that China's authorities should place special emphasis on the residential market in order to restrain today's rising real estate prices.

Sellers' Heterogeneity in Housing Market: Difference in Pricing Strategies

The present study analyzes Perm, Russia residential housing market supply focusing on sellers' heterogeneity. Many indicators of heterogeneity were considered in the previous research, and all of them were proved to have a great impact on housing prices and time on the market. However, the gap exists in evaluating sellers’ pricing strategies in dynamics mostly because of unavailable data. Current study clears out the effect of time on price using data on asking price dynamics. We employ semiparametric sample selection estimation procedure which accounts for the unobserved property characteristics and non-random selection of objects out of the sample. We consider two main types of sellers: real estate agents and property owners, and show that real estate agents appear to be more impatient compared to property owners. Specifically, they set a lower asking price initially and are more likely to revise it over time if the object is not sold.

Golf courses and land use patterns in the south-east of Spain

A large number of golf course projects were planned in the southeast of Spain from the late 1990s to 2010. Many of these projects, which multiplied the existing sports offer, were accompanied by residential developments composed of thousands of dwelling units, unlike the existing golf courses which were surrounded by open natural spaces. The aim of this article is to analyse the factors that have led to the spectacular expansion of golf course-residential developments in the southeast of Spain. The results show that these developments were motivated by the desire to make huge short term profits. The developments were, in turn, favored by the expansion of low-cost airlines, which has facilitated mobility for people who were from central and northern Europe and were interested in buying real estate properties in these regions, and by the decrease in profitability of the horticultural crops that were dominant in the region, which has facilitated the sale of the agricultural land.

“My life is elsewhere”: social exclusion and rural migrants’ consumption of homeownership in contemporary China

This paper examines the consumption of homeownership by migrant workers who are long-time residents in Beijing, but purchase real estate properties elsewhere. Most of these workers do not plan to move into their properties any time soon. So for them, homes are less the space they physically inhabit, but rather what anchors their hopes and aspirations and thus transform their class identities by generating feelings of security, fulfillment, and upward social mobility. This paper examines how social exclusion in the urban village and the lure of a booming real estate market cultivate a rural migrant desire for homeownership elsewhere. Many use homeownership as a remedy for their “in-between status” and assume that owning an urban home will allow them to move from migrant laborer to urban consumer. However, this rural migrant “in-between status” is not the result of a lack of affordable and decent places to live, but rather the outcome of being incorporated into a spatially divided production/consumption regime. As a result, not only does owning a home somewhere cannot put an end to their “in-between status,” but also it intensifies their experience of being “stuck” in an “in-between” environment/status. The more they desire home ownership, the more likely they will invest in the marketplace as laborers or producers. Meanwhile, the more they become successful in that market, the less likely it is that they will leave their adopted cities and live in the urban properties of their own.

The growth of railway ground vibration problems — A review

Ground-borne noise and vibration from railway lines can cause human distress/annoyance, and also negatively affect real estate property values. Therefore this paper analyses a collection of technical ground-borne noise and vibration reports, detailing commercial vibration assessments undertaken at 1604 railway track sections, in 9 countries across the world. A wide range of rail projects are considered including light rail, tram lines, underground/tunnelled lines, freight, conventional rail and high speed rail. It documents the rise in ground-borne vibration problems and trends in the prediction industry, with the aim of informing the current research area. Firstly, the reports are analysed chronologically and it is found that railway vibration is a growing global concern, and as such, assessments have become more prevalent. International assessment metrics are benchmarked and it is found that velocity decibels (VdB), vibration dose value (VDV) and peak particle velocity (PPV) are the most commonly used methods of assessment. Furthermore, to predict vibration levels, the physical measurement of frequency transfer functions is preferential to numerical modelling. Results from the reports show that ground vibration limits are exceeded in 44% of assessments, and that ground-borne noise limits are exceeded in 31%. Moreover, mitigation measures were required on approximately 50% of projects, revealing that ground-borne noise and vibration is a widespread railroad engineering challenge. To solve these problems, the most commonly used abatement strategy is a modification of the railtrack structure (active mitigation), rather than the implementation of a more passive solution in the far-field.

Estimating Residential Preference in Tokyo based on Real Estate Property Database

Estimating Residential Preference in Tokyo based on Real Estate Property Database

Economic transition and speculative urbanisation in China: Gentrification versus dispossession

Gentrification requires properties to be available for investment through market transactions. In mainland China which has gone through transition from a planned to a market economy, it is necessary to unleash decommodified real estate properties and make them amenable to investment. This entails inhabitants’ dispossession to dissociate them from claiming their rights to the properties and to their neighbourhoods. This paper argues that while China’s urban accumulation may have produced new-build gentrification, redevelopment projects have been targeting dilapidated urban spaces that are yet to be fully converted into commodities. This means that dispossession is a precursor to gentrification. Dispossession occurs through both coercion and co-optation, and reflects the path-dependency of China’s socialist legacy. The findings contribute to the debates on contextualising the workings of gentrification in the global South, and highlight the importance of identifying multiple urban processes at work to produce gentrification and speculative urban accumulation.

Undervaluation of Real Estate Properties in Disadvantaged Areas in the City of Johannesburg

AbstractSince the end of apartheid, the growth of the real estate market in the historically disadvantaged residential areas of South African cities has been quite remarkable. Transactions in this property market, which can take on several forms of exchange of ownership or occupation, in many respects defy de Soto's definition of dead capital. Yet, despite this booming market, large parts of these residential areas are still regarded by local government as having no capital value. Although the titling of properties cannot be regarded as the only or even the main immediate solution to alleviating poverty within these communities, it certainly presents a real and immediate potential opportunity to many of them. This paper attempts to determine the potential size of this market. It starts with perspectives on land values, the property market and the titling of informal properties and examines different methods used in the evaluation of properties both in the formal and informal residential sectors. Drawing on empirical literature and research findings, the paper makes an attempt at establishing the form and value of what is regarded as the degree of undervaluation of real estate capital by the local authority.

The Forced Sale of Real - Estate Property Aspects Regarding Procedure and Private International Law

Abstract Indirectly enforcement is regulated by the Code of Procedure, as a form of enforcement, seeks the recovery of the creditor’s claim through valorization of the debtor’s property or the seizure of income that it has to receive from a third party. Collection action on real estate as a form of indirect civil enforcement is made by the forced sale of immovable property belonging to the pursued debtor, so that the pursuing creditor would cover the claim. In this scientific approach we will examine the issues of pre-sale formalities, the sale and auctioning of real estate property and adjudicating the real-estate property in the regulation of the Code of Civil Procedure, which came into force in February 2013, as well as in the provisions of private international law incidental in the matter.

Sultan Abdülmecid Vakıflarından Çırağan Mecidiye Camii

Abstract Abdulmecid I, ascended the throne in 1839 after the death of his father, Mahmud II and ruled the Empire until his death in 1861. Despite his European point of view and life style, he maintained the traditional understanding of Waqf of the Ottomans and had many charity works constructed in different places of the Empire, particularly in Istanbul, as well as in the Holy such as Land Mecca, Medina and Taif. One of these works is Mecidiye Mosque in Ciragan. Eight personnel, including one preacher, two imams, three muezzins, one doorkeeper, one gatekeeper for the Sultan’s Lodge (Mahfil-i Humayun) and the heating room were employed in Mecidiye Mosque. Besides, there were many participants in the Ceremony of Holy Prophet Muhammad’s beard (known commonly as the “Sakal-i Serif”), organized every year. The cost of the personnel was covered from the incomes of the real estate property of the Waqfs within the Empire. After Mecidiye Mosque was built, Friday Salutation Ceremony was also held in there and the Sultan gave gratuities to certain people during this ceremony. Keywords: Abdulmecid I, Mecidiye Mosque, Waqf, Personnel, Friday Salutation Oz Sultan Abdulmecid, 1839 yilinda babasi II. Mahmud vefat edince Osmanli tahtina cikmis ve 1861 yilindaki olumune kadar tahtta kalmistir. Kendisi batili bir anlayis ve yasam tarzina sahip olmasina ragmen Osmanlilarin geleneksel vakif uygulamasini devam ettirmis, basta Istanbul olmak uzere Mekke, Medine ve Taif gibi kutsal topraklarla imparatorlugun degisik yerlerinde hayir eserleri insa ettirmistir. Bunlardan birisi de Ciragan’da bulunan Mecidiye Camii’dir. Bir vaiz, iki imam, uc muezzin, bir kapici, gazci ve mahfel-i humâyun bekcisi olmak uzere sekiz personelin gorev yaptigi camide, ayrica her yil duzenlenen Sakal-i serif merasimine katilan gorevliler de vardi. Personelin giderleri vakiflarin imparatorluk dâhilinde bulunan gayrimenkullerinden elde edilen gelirlerden karsilanmaktaydi. Cami insa edildikten sonra burada Cuma Selamligi torenleri de yapilmaya baslanmis, padisah gidis gelislerinde saray ve cami gorevlilerine bahsisler dagitmistir. Anahtar Kelimeler: Sultan Abdulmecid, Mecidiye Camii, Vakif, Cuma Selamligi.

Flip that house: visualising and analysing potential real estate property flipping transactions in a cold local housing market in the United States

The purpose of this exploratory case study is to use social network analysis techniques to visualise and analyse potential real estate property flipping transactions which may be a type of investment in Mansfield, OH. While real estate property flipping is typically associated with hot real estate markets, Mansfield's real estate market, interestingly, has been a cold one. Social network analysis is a method for analysing the structure of relationships among social entities through networks and graphs. We look at how homebuyers and grantees of mortgages relate to each other, utilising Gephi and UCINET software for visualisation purposes. We find that almost 50% of the mortgage grantees are from Ohio, which runs counter to our expectations based on the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. We also find that the topological structure is highly fragmented. In some cases, the components represent only a single transaction between one homebuyer and one grantee. In other cases, the clusters are more complex, indicating potential real estate property flipping.