Residential Property Sector Research Articles

Decision to Residential Purchasing in Denpasar Before and During the Covid-19 Pandemic

Indonesia's economic growth from 2018 to 2022 is volatile; the residential property sector is projected to follow macroeconomic trends. Based on interviews with members of Real Estate Indonesia in the Bali region, sales of the property sector, especially large-type residential housing in Denpasar for the 2018-2019 period, experienced growth but not significantly. In contrast to the 2020-2022 period, it experienced significant growth amid the COVID-19 conditions. This phenomenon was not spared from the role of the developers, who carried out a good strategy regarding consumer behavior amid the economic difficulties at that time so that they were able to boost sales of large-type residential dwellings in Denpasar. This study analyzes the decisions of residential purchasing in Denpasar before and during the COVID-19 pandemic. So, there are two groups of samples for two periods, namely the years 2018-2019 and 2020-2022. The selected samples include 87 respondents of consumers and 60 respondents of developers. Data were analyzed using Smart-PLS using the Multi Group Analysis feature to examine the differences in the analysis results for the two sample groups. Developers were involved as a sample because they were assumed to be able to recognize the preferences of consumers in deciding residential purchasing. The results show a similarity of factors before and during the COVID-19 pandemic, namely promotion and the developer's image, significantly influencing residential buying decisions. Meanwhile, the factor that distinguished the two sample groups was the price factor, which significantly influenced the decision to buy housing before the pandemic, while environmental factors significantly affected the decision to buy housing during the pandemic.

Decision to Residential Purchasing in Denpasar Before and During the Covid-19 Pandemic

Indonesia's economic growth from 2018 to 2022 is volatile; the residential property sector is projected to follow macroeconomic trends. Based on interviews with members of Real Estate Indonesia in the Bali region, sales of the property sector, especially large-type residential housing in Denpasar for the 2018-2019 period, experienced growth but not significantly. In contrast to the 2020-2022 period, it experienced significant growth amid the COVID-19 conditions. This phenomenon was not spared from the role of the developers, who carried out a good strategy regarding consumer behavior amid the economic difficulties at that time so that they were able to boost sales of large-type residential dwellings in Denpasar. This study analyzes the decisions of residential purchasing in Denpasar before and during the COVID-19 pandemic. So, there are two groups of samples for two periods, namely the years 2018-2019 and 2020-2022. The selected samples include 87 respondents of consumers and 60 respondents of developers. Data were analyzed using Smart-PLS using the Multi Group Analysis feature to examine the differences in the analysis results for the two sample groups. Developers were involved as a sample because they were assumed to be able to recognize the preferences of consumers in deciding residential purchasing. The results show a similarity of factors before and during the COVID-19 pandemic, namely promotion and the developer's image, significantly influencing residential buying decisions. Meanwhile, the factor that distinguished the two sample groups was the price factor, which significantly influenced the decision to buy housing before the pandemic, while environmental factors significantly affected the decision to buy housing during the pandemic.

Designing WLAN Network-Based Mail Server Using MDAEMON

PT. Marketing Sakti Perumahan Syariah Bengkulu Branch is a company engaged in the residential property sector. So far, the company does not have its own mail server that is used to send and receive emails internally within the scope of the company, therefore difficulties in providing information to every employee who is in the same network at PT. Marketing Sakti Perumahan Syariah. In the process of sending email, it is managed by a computer as a mail server by distributing incoming email and sending it to members who are registered on the mail server. WLan network-based mail server using MDaemon is done offline at PT. Marketing Sakti Perumahan Syariah. The process of sending e-mails is managed by a computer known as a mail server by distributing incoming e-mails and then sending them to members who are registered on the mail server. Based on the tests that have been carried out, the Mail Server that has been built is running well as expected, where registered users can send emails to other registered users and display the contents of incoming emails through the in

Forecasting on House Price Index using Artificial Neural Network

Forecasting the residential property sector is a crucial component in the decision-making process for investors and government in supporting asset allocation, developing property finance plans and implementing a relevant policy. The purpose of this study is to examine the determinants of Penang house price index and to develop a model to forecast Penang house price index in Malaysia. Estimation is done by using ordinary least square and artificial neural network method. Relevant data sets were obtained from the Monthly Statistical Bulletin, Bank Negara Malaysia and National Property Information Centre. The empirical analysis of this research is based on quarterly time series data which cover the periods from 2005Q1 to 2022Q1. The main findings reported that base lending rate and unemployment rate are negatively associated with and have significant impacts on Penang house price index. Meanwhile, gross domestic product is positively related to and has a significant impact on Penang house price index. Consumer price index shows a positive sign; however, it recorded an insignificant impact on Penang house price index. Even though there are three independent variables recorded significant impact on Penang house price index, yet gross domestic product is the most vital determinant of Penang house price index in Malaysia. The artificial neural network model was trained and tested using quarterly time series data from 2005Q1 to 2022Q1 and the model was validated using data from 2021Q1 to 2022Q1. Model validation indicates that artificial neural network has a high level of accuracy in its ability to learn, generalize, and converge time series data efficiently as well as able to generate reliable forecasting information.

Real Estate Market Performance in Nigeria: Longitudinal Evidence from Residential and Commercial Property Sectors in Port Harcourt

The low transparency characterization of the real estate market in Africa presents an antithesis to the promising potentials of the market to global real estate investors and mutual funds. In spite of this, there appears an asymmetric synchronicity between increasing global attention towards investment potentials of the Sub-Saharan African real estate industry and an almost 50% market opacity. In addressing this anomaly, the study examines residential and commercial real estate returns from a Nigeria, using Port Harcourt city as test market. It has objectives of determining the rental value trend of residential and commercial properties in Port Harcourt, Nigeria, and the longitudinal rental growth rate of residential and commercial properties in the study area. The study employed qualitative technique to collect, peruse and analyze data from valuation reports obtained from Estate Surveying and Valuation firms in the study area. The resulting data were subjected to content analysis, Analysis of Variance and Correlation. The population of the study was all residential and commercial properties which have been subjected to rental valuation by designated professionals over the periodic scope of the study. Therefore, the unit of analysis was all rental valuation reports on residential and commercial properties in the study area. Given the infinite nature of the population, Godden (2004) formula was used for sample size determination of 384. It was found that rents from residential and commercial property investments in Port Harcourt, Nigeria recorded a steady increase within 2009 to 2018, with mean rental growth rates of 10.8% and 17.8% for residential and commercial properties respectively. It was concluded that the real estate market in Port Harcourt is a high performing market, with the commercial sector offering high return on investment potentials for investors.

Barriers of implementing sustainable housing in Malaysian residential property sector

Designing and constructing sustainable housing by changing its design, construction and operation could help in reducing resource consumption and mitigate climate change. However, it is found that there are barriers impeding the implementation of sustainable housing. This research aims to determine such barriers in Malaysian residential property sector. A questionnaire was designed and distributed to the key stakeholders (i.e. engineers, real estate agents, contractors and home buyers) in Malaysia. This questionnaire asked the respondents to rate the relative importance of 21 barriers which were categorized into four key categories (i.e. design and technical barrier, economic barrier, institutional barrier and socio-culture barrier). The results showed that economic barrier is the most critical category among the four categories of barriers. Out of the 21 barriers, the top critical barrier is high capital/investment cost. This research identified the importance of different barriers based on the perceptions of and experiences of the respondents. While most studies focused on the professional stakeholders or home buyers, there are only few studies dedicated to the combination of the perceptions for both professional stakeholders and homebuyers in Malaysia. This research could contribute to both the knowledge and practices of sustainable housing implementation in Malaysia.

Stakeholders’ relevance in sustainable residential property development

PurposeThe purpose of this paper is to examine the relative awareness and influence of stakeholders on sustainable residential property development in Lagos, Nigeria. This is with a view to identifying the key stakeholders pertinent to enhancing sustainable residential property development in the country.Design/methodology/approachData on awareness and influence of stakeholders on decisions to adopt sustainable residential property were elicited from residential property users, building contractors, property investors, estate surveyors and valuers and government regulatory agencies in Lagos residential property sector. The data were collected by using a questionnaire and analysed using mean item score and analysis of variance.FindingsThe result showed that the government regulatory agencies and the building professionals were aware of sustainable buildings, as mean scores measuring their awareness were higher than 2.5 on a scale of 1–5. The level of awareness of users was, however, low (mean score of 2.39). The users and the government regulatory agencies were identified by the stakeholders as being most influential on their decisions to adopt sustainable residential property.Practical implicationsFindings from this study indicate that there is need to promote the users and government regulatory agencies’ activities on sustainable residential property development as the activities of these stakeholders have higher influence on sustainable residential property development decisions in the study area.Originality/valueThis study particularly examines the interrelationships between the activities of stakeholders in sustainable residential property development in Nigeria. This has not been adequately studied in extant literature.

THE INFLUENCE OF GDP, INTEREST RATE, WAGE, INFLATION AND EXCHANGE RATE ON RESIDENTIAL PROPERTY PRICE IN INDONESIA

Over the past years, Indonesia’s economic growth has been recorded among the top developing countries. The economic growth is believed to contribute to the increase on residential property prices. The main objective of this study is to analyse the influence of determinants of residential property prices in Indonesia by examining the dynamic relationships of residential property prices reflected through the Residential Property Price Index (RPPI) with Gross Domestic Product (GDP), investment interest rates, wages, inflation and the exchange rate against the US dollar using secondary data over a period of thirteen-years between 2002Q1 and 2014Q4. By applying the Engle-Granger co-integration testand the error correction model, this research aims to see the relationship between the variables both in the short- and long-term. The results of the study indicated that macroeconomic factors that were significantly related to Indonesian residential property prices were GDP, wages, inflation, and exchange rates against the US dollar, while the investment interest rate was not included in these factors. Furthermore, based on the results of the regression analysis on research data, government policy in setting minimum wage standards has the greatest impact on residential property prices in the property sector in Indonesia. Thus, the results of this research are expected to provide the government with better viewpoints that will assist them in enacting better policies in the residential property sector.

Predicting Consumer Perception and its Impact on Purchase Intention for Residential Property Market

The objective of this study is to investigate the effects of customer perceived value on customer purchase intention in the residential property market in Malaysia. The research proposes extension of Seth et al., 1991 model for property market by including relational aspect of the value as an added new parameter. Explanatory research design approach is used in this study with primary data collection through questionnaire survey of 172 respondents using convenience sampling method. The collected data and results are then analysed using SPSS 22 for Demographic analysis, Normality and Reliability test, Data Distribution. Finally, Pearson correlation analysis and Regression test is done to find the correlation between any two variables and relationship among the variables. The analysis indicated overall positive significant relationship with epistemic value being the highest among all. Regression analysis indicated functional value, social value, relational value, conditional value, and epistemic value shows positive significant effects on customer purchase intention while emotional value shows positive insignificant effect on customer purchase intention.The research is useful for marketers and researchers to understand perceived value based customer purchase intention for residential property sector among Malaysians and the tested model will be of great utility to property developers to devise appropriate value proposition based on consumer perceived value.

Predicting Consumer Perception and Its Impact on Purchase Intention for Residential Property Market

The objective of this study is to investigate the effects of customer perceived value on customer purchase intention in the residential property market in Malaysia. The research proposes extension of Seth et al., 1991 model for property market by including relational aspect of the value as an added new parameter. Explanatory research design approach is used in this study with primary data collection through questionnaire survey of 172 respondents using convenience sampling method. The collected data and results are then analysed using SPSS 22 for Demographic analysis, Normality and Reliability test, Data Distribution. Finally, Pearson correlation analysis and Regression test is done to find the correlation between any two variables and relationship among the variables. The analysis indicated overall positive significant relationship with epistemic value being the highest among all. Regression analysis indicated functional value, social value, relational value, conditional value, and epistemic value shows positive significant effects on customer purchase intention while emotional value shows positive insignificant effect on customer purchase intention.The research is useful for marketers and researchers to understand perceived value based customer purchase intention for residential property sector among Malaysians and the tested model will be of great utility to property developers to devise appropriate value proposition based on consumer perceived value.

The Green Building Concept: Is it a Trend?

The building industry is an important contributing element to the economy of the country. Evidence revealed that the building industry has contributed to the environmental impact in so many ways. Realizing this important role played by the building industry, most building projects have now adopted the concept of green building. In Malaysia, the green building concept has been gradually initiated into the building industry. Reference to the Green Building Index (GBI Malaysia) database shows an increasing number of buildings being certified day by day. Not only that, the green building concept indicated a positive escalation especially within the commercial and residential property sectors. In conjunction with the growing number of green buildings in Malaysia, several questions have arisen; one of which is whether this is just a passing trend or is it because of the benefits received from it. Therefore, this study is conducted mainly to investigate the reasoning behind the corporation’s involvement in green building industry. This study used the qualitative method whereby, semi-structured interview has been chosen as the best data collection method. Seven participants from different sectors were selected to generalize the results. Results indicated that at the initial stage of involvement in green building concept, most of the corporations were in it for the trend and novelty of trailblazing the evolutions of the world building industry. It was only recently that green building concept is embedded by corporations due to the benefits they received which indirectly boosted their business operations. Nevertheless, the government, non-governmental organizations (NGOs), and corporations still need to increase efforts to mould and embed the green culture for every Malaysian because the awareness level in the implementation of green building concept is still at an early stage.

The Green Building Concept: Is that a Trend

The building industry is an important contributing element to the economy of the country. Evidence revealed that the building industry has contributed to the environmental impact in so many ways. Realizing this important role played by the building industry, most building projects have now adopted the concept of green building. In Malaysia, the green building concept has been gradually initiated into the building industry. Reference to the Green Building Index (GBI Malaysia) database shows an increasing number of buildings being certified day by day. Not only that, the green building concept indicated a positive escalation especially within the commercial and residential property sectors. In conjunction with the growing number of green buildings in Malaysia, several questions have arisen; one of which is whether this is just a passing trend or is it because of the benefits received from it. Therefore, this study is conducted mainly to investigate the reasoning behind the corporation’s involvement in green building industry. This study used the qualitative method whereby, semi-structured interview has been chosen as the best data collection method. Seven participants from different sectors were selected to generalize the results. Results indicated that at the initial stage of involvement in green building concept, most of the corporations were in it for the trend and novelty of trailblazing the evolutions of the world building industry. It was only recently that green building concept is embedded by corporations due to the benefits they received which indirectly boosted their business operations. Nevertheless, the government, non-governmental organizations (NGOs), and corporations still need to increase efforts to mould and embed the green culture for every Malaysian because the awareness level in the implementation of green building concept is still at an early stage.

Hak Kepemilikan Tempat Tinggal bagi WNA di Bidang Properti

The residential property sector in Indonesia remains attractive even though there are several factors that have hampered growth over the past two years. The ownership for singles related to property refers to Government Regulation Number 40 of 1996 concerning Building Use Rights, Business Use and Use Rights to Land; Government Regulation Number 41 of 1996 concerning Housing or Residential Houses by Foreigners Domiciled in Indonesia; Law Number 25 of 2007 concerning Investment. Secondly, foreigners can buy or own a house in Indonesia above usufructuary rights, but the maximum time period given is 10 years for land under 2000 square meters. At present, more than 50% of Indonesia's population lives in urban areas. This means that there will be more houses, apartments and condominiums to be built in Indonesian urban areas to meet growing demand. This situation also implies that due to lack of land availability in urban areas, prices tend to rise rapidly, while developers need to increasingly focus on vertical property development such as apartments and condominiums.

HAK KEPEMILIKAN TEMPAT TINGGAL BAGI WNA DI BIDANG PROPERTI

Abstract : The residential property sector in Indonesia remains attractive even though there are several factors that have hampered growth over the past two years. The ownership for singles related to property refers to Government Regulation Number 40 of 1996 concerning Building Use Rights, Business Use and Use Rights to Land; Government Regulation Number 41 of 1996 concerning Housing or Residential Houses by Foreigners Domiciled in Indonesia; Law Number 25 of 2007 concerning Investment. Secondly, foreigners can buy or own a house in Indonesia above usufructuary rights, but the maximum time period given is 10 years for land under 2000 square meters. At present, more than 50% of Indonesia's population lives in urban areas. This means that there will be more houses, apartments and condominiums to be built in Indonesian urban areas to meet growing demand. This situation also implies that due to lack of land availability in urban areas, prices tend to rise rapidly, while developers need to increasingly focus on vertical property development such as apartments and condominiums. <br /> <br />Keywords: Residential, Ownership Right by Foreigners, Property

Buying a Dream Home - Considerations of Residential Property Consumers in Malaysia

The objective of the study is to investigate the key factors affecting consumer decision making on purchase of residential properties in Malaysia. A conceptual framework which is developed based on review of previous literature and then is tested on a sample of 150 respondents. A self-administrated survey was carried out based on the convenience sampling to uncover the impacts of these selected factors using correlation and regression analysis through SPSS 21. The study finds out a strong association between top three factors which are financial, neighborhood, and location factor and consumers decision making of residential property. The other two factors namely features and demo-graphical factors have weaker association. It is also found that there is a moderate impact on decision making of consumers according to different demographics consisting of gender, age, marital status, monthly income and education level. This research is useful for purchasers of residential property, private and common sectors such as investors, developers and local government. It creates deeper understanding of consumer behavior and preferences towards purchase of residential properties particularly in Malaysian context.

Malaysia property sector

Purpose Because Malaysia decided to liberalize its property sector, investors have shown a considerable interest in the country’s property investment. Divided into five sub-sectors, Malaysia’s real estate is sought actively by foreign investors. However, to date, the sub-sectors performance analysis has never been researched for the purpose of investment diversification within the property sector. This paper aims to examine the performance of sub-sectors in the property market, namely, residential, commercial, industrial, agricultural and development land. This paper also assesses the portfolio diversification benefits within the sectors. Design/methodology/approach Quarterly data from 2002 or 2014 are used to analyze the performance of the Malaysia property market. The analysis is conducted in three phases, pre-liberalization, post-liberalization and overall period, because it considers the liberalization policy introduced in 2009. Statistically, the risk-adjusted return featuring Sharpe’s index is used to observe how these sub-sectors perform relative to each other. Correlation analysis is used to observe the existence of diversification benefits in terms of a Malaysia property context. Findings It is found that Malaysia’s real estate sub-sectors have different rankings during the pre- and post-liberalization periods. The difference is due to changes in their average return and the risk. During the post-liberalization period, risk for all sub-sectors has increased but has been well compensated by the return. The residential property sector maintains its ranking position as the best sub-sector for every risk investor’s encounter. Research limitations/implications Due to wide range of differences and non-uniformity of costs associated with housings, for example tax rates, rental stream, LTV and others, this research focuses on values and data supplied by NAPIC only. Originality/value Although performance and portfolio diversification benefits have been tested in many Asian countries, none has tried to assess the Malaysia property. This research enables the policy maker to be informed on whether the sub-sectors are performing in accordance to country’s requirement and which sub-sectors need to be improved further.

Valuers’ strategies for coping with the dearth of market data in two Nigerian cities: Ibadan and Abeokuta

Access to and analysis of data, especially market-related data, remains central to professional valuation. This paper examines the ease of eliciting market data for valuation purposes by valuers in the residential property sector and the reaction to the dearth of data among valuers in the two south-western Nigerian cities of Ibadan and Abeokuta. A five-point Likert-type scale was used to measure respondents’ disposition towards alternative data sources with the results analysed using weighted mean score and logit regression. The study revealed that rental value and comparable sales price were most easily accessed with the greatest challenge being to access property yields and appropriate rates of depreciation. Given the difficulties in accessing data, it was found that valuers in the study area either make recourse to colleagues, shift to the next available method or adopt various alternative data-scooping measures, with years of practical experience, position in the firm and professional status exerting considerable influence on decisions. The paper suggests the establishment of a centralized databank for Nigerian valuers and a requirement for them to maintain a logbook of valuation computations with records of data used to justify otherwise inexplicable valuations, with further research into the interpretation and derivation of yields among Nigerian valuers recommended.

Evaluation of House Price Models Using an ECM Approach: The Case of the Netherlands

The research question of this paper is whether the Dutch housing market is overvalued or not. This is investigated by using different types of error correction models and by examining the impact of different variables that can explain house price changes in the Netherlands. The current financial crisis confirms the notion that developments in the residential property sector are important for the economy as a whole. For that reason it is important to fully understand the factors that affect the housing market. Therefore we need a long-run model approach that relates house prices to fundamentals. However the model should also be able to detect bubbles in the short run. As a first step, we look at the affordability of house prices and mortgage payments in order to check how well the housing market performs in the short run. In the medium to long-run, we estimate an error correction model relating prices to fundamentals, using variables like interest rate, labour income, financial assets of households, and household stock. The error correction model tests whether prices tend to revert to some equilibrium price level. We evaluate existing house price models for the Netherlands, which we use as a benchmark for comparison to our improved model. Finally, we try to forecast housing prices based on a few simple economic scenarios.

Investigating demand-side stakeholders’ ability to mainstream sustainability in residential property

Current sustainability approaches in the residential property sector for new home construction are deficient, yet crucial in reducing reliance on finite resources whilst providing better social outcomes. At present, efforts to improve dwelling sustainability are inhibited: as sustainability is considered an overly expensive additional extra; there is poor implementation of energy efficiency regulations; un-empowered consumers are unable to demand sustainability and consumers distrust the suppliers of sustainable initiatives. This research addresses an important issue to eliminate the “blame game” and transform the sustainability conversation, adoption and value in new home markets. It adopts an innovative demand-side approach to the residential property sector, in order to target large-scale standardised new home producers as the pivotal, demand-side player in mainstreaming sustainable solutions in new housing. By examining the sector from this new perspective, sustainability can be mainstreamed in the new housing property sector overcoming current inhibitors to sustainability adoption and implementation.

Adjudication in tenancy deposit scheme disputes: agents’ perspectives

Purpose – The purpose of this paper is to examine empirically the operation of tenancy deposit protection within England and Wales. The paper consciously focuses solely on the views and perspectives of letting agents operating in the various schemes. Design/methodology/approach – The paper is based on a series of semi-structured qualitative interviews with lettings agents in two distinct geographical urban areas, Birmingham and South Wales. Participants were selected for their market presence within a given area and the fact that they were all members of approved regulatory schemes. Findings – Overall, most agents were broadly happy with the process and considered adjudication to be an appropriate form of resolution for tenancy deposit disputes given the often small monetary value of the disputes and the large volume of cases. Concerns were raised, however, regarding the heavy bureaucratic burden placed on agents and on the perceived evidential burden on the landlord. There being a widely held view that a landlord could rarely “win” outright. Research limitations/implications – The qualitative data are based on a relatively small although representative sample of lettings agents’ active within the UK residential property sector. Originality/value – The paper provides original data on the attitudes and perspectives of agents who manage deposit disputes. This is an area of current interest that has yet to receive sustained attention. Although concerned with legislation in England and Wales, its findings and discussion are relevant in other jurisdictions facing similar issues.