Property Market Research Articles

Understanding the impact of city government relocation on local residential property prices in Hangzhou, China

Public sector relocation represents a widely adopted place-based policy by national and local governments globally, serving a range of objectives such as promoting regional balance development and stimulating local growth. At the city level, local governments often anticipate substantial economic growth in the vicinity of the new government site, leading to an increase in residential property values. The new government site not only acts as a catalyst for economic activities, employment, and the concentration of amenities but also directly influences residential property transaction prices due to its impact on the market perception. This study aims to analyze the influence of government relocation on the prices of surrounding residential properties in Hangzhou, China. Hangzhou relocated its city hall from the old city center to a new central business district near the Qiantang River between 2015 and 2016. To understand the patterns of impact on residential property prices across time and space, we employ a combination of the hedonic pricing method, the difference-in-difference approach, and dynamic effect capturing techniques. Concurrent policies and amenities are considered to isolate the specific effect of government relocation. The findings reveal spatially concentrated and temporally transient positive effects. The average treatment effect over the seven-year post-relocation period was positive (4.76%), though it did not reach statistical significance. Particularly noteworthy was the significantly positive effect (12.7%) on transaction prices within a 5 km radius of the new city hall during the first year following relocation; however, this effect diminished rapidly in subsequent years. For transactions within 1 km of the new government site, the significant positive effect persisted for five years. These findings suggest that the arrival of a major public sector entity has limited direct effects on promoting the residential property market. Furthermore, the study highlights the concentrated nature of spillover effects associated with place-based programs, indicating that the positive effects are specific to certain spatial and temporal dimensions.

MARKETING PUBLIC RELATIONS AS A STRATEGY FOR RAY WHITE PROPERTY AGENT KEBAYORAN BARITO

The condition of the property market has begun to return to the positive direction which is also experienced by Ray White Kebayoran Barito as one of the property agents in Indonesia. But whether Ray White Kebayoran Barito has been able to reach the target customer target amid the many competitors that began to appear. Plus the market conditions that have now changed and varied into growth for the property world in the face of stagnation or decline. This study also examined the strategy pull and push Ray White Kebayoran Barito in getting customers. This study used a qualitative approach, and the type of descriptive research. The researcher involved 4 informants. Data collection through interviews. Data were analyzed qualitatively using a filling system. Triangulation used source triangulation and theory triangulation. The results of the study used the concept of seven's Cs which includes credibility, context, content, clarity, channel, continuity and consistency, capacity of the audience. The study also examined the strategy pull, push, and pass Ray White Kebayoran Barito for getting customers. Credible communicators who deliver communication messages clearly and continuously to the target. Communication messages delivered using simple, clear, and easy to understand language so as to achieve the target to get customers.

The Endowment Effect in China Rural Land and Property Market

To evaluate how the endowment effect be the obstacle in the agricultural and property market and to find key factors which have impact on endowment effect, this article re-defined what the endowment effect is in rural-land property market, which is mainly focus on how the decision-maker establish choices and evaluates the worth of the deals they hold. Then, this paper studies the phenomenon of price preference among supply and demand-side of farmland and property market in the application of Shaanxi province. Third, this paper exams the Chengdu's villagers voluntarily and compensation of the withdrawal from rural homesteads (WRH) with the obvious conflict between supplying and demanding of urban and agricultural building land resources. Based on the re-definition and main applications, this paper indicates that the key factors which affect the endowment effect includes emotional ties, degree of substitution of goods as well as products, income levels, price preferences on the demand sides as well as supply sides of the land market, perceived risk evaluation of future income situation, forecasted risk of the stability of the rural land property rights, the labour situation among various types of farmers, age, membership in cooperatives and whether there is a local intermarriage or not. This paper will also critically examine how endowment effect influence supply and demand relationships in the land and property markets, how the government might issue directives or create policies to support or discourage endowment effect in the farmland market and how to establish the innovation of "three rights of separation" in the land market. The potential remedies and suggestions are provided.

Too Big to Fail: An Analysis of Systemic Risk in the 2008 Financial Crisis

The recent bankruptcy of Silicon Valley Bank and the awarding of the Nobel Prize in Economics have both brought attention back to the issue of how to lower systemic risk in the banking industry and stop or lessen the severity of a financial crisis. To study this issue, this paper reviews the 2008 U.S. subprime mortgage crisis, explaining the causes of the crisis and its tremendous adverse effects from the perspectives of, among others, the U.S. monetary policy, the emergence of the Credit Default Swap (CDS) frenzied property market, and the lack of regulation in the financial sector. It also describes the measures taken by the government and banks to resolve the crisis from their perspectives. Further among them, the paper reviews the process of Basel III in strengthening the regulation of large financial institutions, prompting them to improve their capital adequacy ratios and reduce systemic risk. The key role played by systemic risk in preventing the crisis and reducing its impact is emphasized. Thereafter, this paper compares and unfolds the subprime crisis of 2008, the Japanese financial crisis of the 1990s, and the recent Covid-19 crisis to illustrate the responsibility of the banking sector to society. The paper also suggests that banks should increase their capital adequacy ratio, reduce excessive risky investments, reduce systemic risk, ensure their credibility in society, and prevent bankruptcies in today's fluctuating national monetary policies and tense economic situation.

Labour market rigidity and firm innovation

AbstractThis paper examines the impact of pro‐worker interference on wage contracts and innovation incentives in the labour market. Using a general equilibrium model, we find that excessive interference affects contingent wage contracts in innovator start‐ups and tech‐intensive firms, especially for complex innovation. When worker dismissal is restricted, high wages may not effectively drive innovation. Moreover, without an efficient intellectual property market, excessive labour market interference can lead to innovation stagnation. Our findings highlight the importance of balancing labour market regulations to foster innovation and ensure its continued growth.

Historicizing Real Estate: The East India Company in Early Colonial Bombay

Property-as-real-estate emerged in Bombay at least by the turn of the nineteenth century. Real estate is historicized through previously unexplored archival sources (qualitative and quantitative) by analyzing how property was transacted in a colonial port, and how it became embedded in global circuits of commerce and the accumulation strategies of locals and the English East India Company. The paper demonstrates the existence by this time of legal institutions of publicity and property registration, specialized intermediaries, price-finding mechanisms such as auctions, and imaginaries of a property market as an abstract entity marked by general trends and values. Contrary to the literature that sees prices in this period as erratic and inconsistent, a systematic analysis of prices suggests a rationalized and standardized property market. These findings push back the timeline usually associated with the development of real estate in India.

Don’t Look Up: House Prices in Emerging Europe

Abstract This paper investigates how housing prices respond to economic, financial and demographic conditions in emerging markets in Europe. We use quarterly data covering 10 countries over the period 1998–2022 and implement a panel quantile regression approach to obtain a granular analysis of real estate markets. Overall, economic, financial and demographic developments explain real house price growth in emerging Europe, with income growth having the most significant impact. Quantile regression estimations show that income growth matters more for higher quantiles of the property market. We also find that an increase in short-term or long-term interest rates has a price-dampening impact, indicating that a higher cost of borrowing is associated with lower real house price growth. These results indicate that the downturn in house prices could deepen with the looming economic recession and soaring interest rates.

Causes of Rental Delinquency in the Residential Property Market in Osogbo, Nigeria

Causes of Rental Delinquency in the Residential Property Market in Osogbo, Nigeria

Evaluating the Relationship Between Global Stock Markets and Real Estate Markets Before and After the Coronavirus Pandemic

The relationship between the stock market and the real estate market has been the focus of several studies in the past. The nature of this relationship continues to remain ambiguous, with results varying according to a country’s economic condition and the level of co-integration between the two markets. This paper reviews the variables that influence the behavior of the stock market and the property market in the United States and the UAE. It examines whether these markets appear to be interlinked in these countries. To make the research more relevant, we have also reviewed the relationship between these two markets and how they have been influenced by the Coronavirus pandemic. As per our findings, the key variables impacting this relationship include the wealth effect, the percentage of real estate assets owned by publicly-traded companies, the news, the number of mortgage-backed securities available in the market, and the amount of risk associated with these securities. Besides this, initial public offerings (IPOs) and market liquidity also play a vital role. Regarding the Coronavirus pandemic, the primary impacts of this health crisis appear to be limited to the short-term. The most significant effects include a rise in stock market volatility, a decline in buying and selling activity, and delays in real estate construction projects in response to government restrictions and new Coronavirus-related deaths. Keywords: Real estate, stock market, coronavirus pandemic, the impact of the stock market, property market, real estate prices, share prices, COVID-19 pandemic

Review: Factors That Can Contribute to Profit Maximizationin Real Estate

Profit maximization is a central business goal that can influence the strategies adopted by real estate developers, investors, companies, and sellers. Achieving profit maximization can ensure the continued sustainability of a real estate business and offer new avenues of progress and development within the real estate sector. Unfortunately, profit maximization remains a challenge in the UAE. The oversupply of homes in the UAE can diminish the potential for profit maximization and reduce the viability of real estate investments. It can also put the future of the sector at risk. Identifying the variables that impact real estate profitability can offer a solution to these challenges. Accordingly, this study reviews the factors that have an impact on real estate price levels in UAE and other countries. As per our findings, the key factors that impact profit maximization in real estate include GDP, inflation rate, financing methods, savings, Consumer Price Index, supply and demand ratio, land costs, construction costs, the sale of off-plan properties, buying capacity, and taxes and fees. We also offer suitable recommendations on the use of these variables for maximizing profit. Real estate developers, companies, sellers, and investors can attempt to integrate these variables in their pricing strategies for real estate and reap potential benefits. Keywords: Real estate, profit maximization, property market, real estate prices

RISK OF DEVELOPER INVESTMENTS ON THE CZĘSTOCHOWA HOUSING – PROPERTY MARKET

The aim of the article was to identify the risk accompanying investments carried out on the housing- property market in Częstochowa. The study was conducted using the diagnostic survey method and the questionnaire technique, while the research tool was a questionnaire. Risks with a high probability of occurrence and at the same time with very severe consequences for the implementation of development investments turned out to be the following risks: risk related to the economic situation of the country, force majeure risk, risk of overestimation or underestimation of costs, as well as the risk of an increase in the prices of production factors.

From Outbreak to Vaccination: An Analysis of the Commercial Property Market Reaction to COVID-19 in Malaysia

This paper examines the impact of the COVID-19 pandemic on the performance of the commercial property market in Malaysia. Differing from previous studies that focus on the first wave of COVID-19 that erupted in March 2020, we examine how the commercial property market reacted to the resurgence of COVID-19 cases and the subsequent response (lockdowns, fiscal support, and vaccination program) of the government in dealing with the threat of the COVID-19 pandemic. We find that abnormal returns of listed property companies, REITs, and hotel operators decrease following the implementation of the first nationwide lockdown. Subsequent nationwide lockdowns, however, do not exert a significant impact on abnormal returns. Moreover, we find that 1-day window abnormal returns during the first and third nationwide lockdowns increase with increases in COVID-19 cases. This suggests that investors believe in the ability of these nationwide lockdowns to slow down the spread of the COVID-19 virus. In addition, we document a positive impact of blanket loan moratorium announcements and change in vaccination rate on abnormal returns. The economic magnitude of the stock price changes in response to these announcements could be used as a reference point by policymakers and investors when faced with future pandemics of a similar scale.

FENG SHUI SUPERSTITIOUS BELIEF: DOES IT INFLUENCE YOUNG GENERATIONS IN HOUSING PURCHASE INTENTION?

Superstition is an indispensable part of every ethnic culture in Malaysia. Each race has its own culture and its own superstitions. This is certainly true in the multicultural landscape of Malaysia. Since superstition is part of daily life, it can even have an impact on the housing property market. This article aims to examine the superstitious beliefs in Feng Shui of the young generation’s intention to buy a house. This study focuses on the young generation with the prime working-aged between 25 and 40 years old in the Klang Valley. This study uses quantitative methods. A total of 2,600 questionnaires were distributed, however, only 97% or 2523 questionnaires are valid to proceed for data analysis. In summary, there is a significant correlation between the influences of superstition beliefs on the willingness of a young one to buy a house. Superstition is affecting the decision-making process of the Chinese community.

Development of Public Transportation and the Real Estate Market in London: Stylized Facts and Prospect

This paper aims to assess how further developments in London's public transport sector could affect the housing market and suggest potential improvements. It begins with a brief introduction to both public transport and the real estate sector in London, then discusses the potential benefit and negative effects that different ways of development can bring. The study will analyze the current state of public transport in London and its impact on the property market, as well as identify areas for improvement. Options for further development will be explored, with findings providing insights into how improving public transport infrastructure can lead to increased property values in the London residential market, as well as social welfare. Recommendations for potential improvements are expected to be made based on these findings.

The Impact of Three Red Lines Policy on Chinas Real Estate Industry

This paper seeks to comprehensively investigate the extent to which the Three Red Lines Policy has affected the real estate industry. The Three Red Lines policy are financial regulatory guidelines in China introduced in August 2020To figure out the impact of the Three Red Lines Policy, this paper studies the intentions of the policy, a case study on the comparative stock price changes of Vanke and Evergrande and predicting the future stock changes of Vanke through python, and an analysis of how property companies change. The findings suggest that the policy has cooled down the overheated property market, and because it limits the debts to the real estate sector, it has also changed the development trends of the industry. The Three Red Lines Policy would have a profound impact on the future development of the real estate industry.

The Impact of the COVID-19 Pandemic on Investment Management in the Housing Market in Turkey

COVID-19 significantly impacted the management of investments in the residential property market. Changes in property demand, shifts in market volatility, financing challenges, changes in property management and changes in local regulations and policies are presented. The pandemic created a more challenging and unpredictable investment management (IM) environment in the residential property market. However, with proper knowledge management (KM) and investment strategies, investors may have opportunities to thrive in this changing market. Investment KM refers to identifying, capturing, organising and sharing information and expertise related to investment activities within an organisation. KM in residential investment involves developing a system for gathering, organising and using information and expertise related to buying, owning, and selling a property. COVID-19 significantly affected the property market. Effective KM in residential investment can help individuals make informed decisions, identify potential risks, and maximise the value of their investment. Like many others worldwide, the Turkish residential market was hit by COVID-19. The Turkish residential market has a few key points: financing, shifts in buyer preferences, and regulation changes. The pandemic hit Turkey's residential property market, leading to property price changes. The Turkish government implemented several residential policies to support the residential market and help individuals and families facing financial challenges due to the pandemic. Those policies did not eliminate the challenges but mitigated some of the negative effects of the pandemic on the market and helped individual investors. This article discusses house price changes in Turkey during the COVID-19 period, the factors affecting price changes, and the property policies that affect property price changes. This article analyses IM challenges and explores how KM can help individual property investors.

Tracking Residential Real Estate Capital Growth In NSW by Constructing A Price Index from Sales Transactions

The main objective of this paper is to investigate residential real estate capital growth in the state of NSW (Australia). Tracking capital growth has been instrumental for tracing price variations & value growth of residential real estate. More specifically, residential real estate past sales transactions can be utilized to track capital growth using repeat sales approach. Ordinary least squared method was used to fit a linear model and construct a price index. The results were used to establish a yearly and quarterly price index for the whole state as well as for each respective district. The research shows that while using a mean price as a measure for tracking growth can produce misleading results, the capital growth-tracking can be carried out more accurately by the means of investigating repeat sales. Furthermore, the research reveals trends in the property market as well as areas with the highest and lowest growth. The results produced can help investors, banks, and government organizations to compare capital growth across different districts at different times and drive lending, investment, or development decisions.

The Patent Landscape of Polyhydroxyalkanoates Production by Algae and Cyanobacteria.

As global awareness regarding climate change and environmental pollution outcomes arise, eco-friendly and negative emission technologies emerge. In this scenario, polyhydroxyalkanoate (PHA)-accumulating microorganisms play an important role in the transition from the petrochemical-based non-biodegradable polymer to renewable, eco-friendly, and biocompatible materials. More specifically, CO2 can be converted to biopolymers through photosynthesis by cyanobacteria and algae, posing as a promising technology for renewable material, CO2, and petroleum-dependence mitigations. However, although many microorganisms can accumulate PHA intracellularly, limitations persist, such as the elevated cost and limited market availability. Herein is presented a patent-based mapping on technological trends of PHAs production, including its production by microalgae and cyanobacteria using the Questel Orbit Intelligence software (version 1.9.8) in complement with the Espacenet Patent Search database. The inquiry on PHAs retrieved 34,243 patents filed since 1912, whereas 156 are related to their specific production by photosynthetic microorganisms, evidencing a prospective market for intellectual property.

Real Estate Insights The clash of politics and economics in the UK property market–the case of leaseholds

PurposeThe aim of this Real Estate Insight is to comment upon the UK leasehold system, particularly focussing on new-build homes. This paper sheds light on the controversy surrounding this practice, public perception and the impact of a proposed ban on the housing and the impact, thereof, on property investment.Design/methodology/approachThis Real Estate Insight, through the lens of investment principles, dissects the rationale behind the initial pricing in the leasehold system and how potential future costs and benefits shape this mechanism. The nature of the “Insights” briefings means that this is a personal view of the author.FindingsWith the recent outcry over perceived unfair practices, the paper scrutinises whether the problem lies within the system itself or in the consumers' comprehension of the system. This paper suggests that enhancing consumer education and imposing stricter disclosure requirements might serve as a more effective solution than outright legislative prohibitions.Practical implicationsThe paper also briefly touches upon the concept of “gouging” in market function, highlighting potential inconsistencies in consumer behaviour.Originality/valueThis is a review of the UK leasehold market in relation to the legal title being offered at purchase.

Land Redevelopment, Real Estate and Capital in Urban Place-making: A Case Study of Siliguri, India

The geographies of real estate, land redevelopment and capital play crucial roles in India’s contemporary urban place-making. There is a significant knowledge gap in understanding the role of real estate development and the linkages with capital, the pre-existing propertied business class, emerging markets, and associated aspects in the rapidly changing non-metropolitan, medium-sized cities’ (MSC) context. This study analyses urban transition in Siliguri, a fast-growing MSC in eastern India. Unlike the large megacities, real estate development here has witnessed a considerable capital shift in a speculative property market. Real estate growth is primarily led by the local business and propertied class that eventually emerged as developers. The efforts have resulted in urban place-making of newly built environments, consumption spaces and gated condos through the land redevelopment process.