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PATH ANALYSIS ON ESCALATION OF COMMITMENT OF INVESTORS IN DIFFERENT PROJECT SCENARIOS OF PPPS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2022-04-21 Qi Luo,Ruolan Gao,Jicai Liu,Yahui Li
In public-private partnerships (PPPs), escalation of commitment (EOC) of investors often occurs when receiving negative feedback, leading to a great waste of resources and not conducive to the sustainable development of PPPs. The degree of project completion and decision-making responsibilities of investors with different conscientiousness and neuroticism may affect subsequent resource allocation and
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FORECASTING SPATIALLY CORRELATED TARGETS: SIMULTANEOUS PREDICTION OF HOUSING MARKET ACTIVITY ACROSS MULTIPLE AREAS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2022-04-11 Changro Lee
This study involved the development of an approach to forecast house prices and trading volumes across multiple areas simultaneously. Spatially correlated targets, such as house prices, can be predicted more accurately by leveraging the correlations across adjacent areas. A multi-output recurrent neural network, a deep learning algorithm specifically developed to analyze sequence data, was utilized
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EVALUATION OF INFRASTRUCTURE PROJECTS BY A DECISION MODEL BASED ON RPR, MABAC, AND WASPAS METHODS WITH INTERVAL-VALUED INTUITIONISTIC FUZZY SETS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2022-02-22 Sina Salimian,Seyed Meysam Mousavi,Jurgita Antuchevičienė
Infrastructure projects (IPs) face numerous challenges to reach the predefined aims over their life-cycle. There are many difficulties in projects because of the variety of elements in project’s tendency and the dependency of the project on mainly national factors. Due to these difficulties and their practices, the projects meet with uncertainty. In this paper, an interval-valued intuitionistic fuzzy
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REAL ESTATE VALUATION MODELS PERFORMANCE IN PRICE PREDICTION Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2022-02-11 Adela Deaconu,Anuța Buiga,Helga Tothăzan
Using a sample of 900 apartments from Cluj-Napoca, Romania, containing selling transactions for the second semester of 2019, and data for 33 locational, physical and neighbourhood-related attributes (socio-cultural, environmental, and urbanism related), our research objective is to test the performance in price prediction, and hence the utility, of the Artificial Neural Networking (ANN), as artificial
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THE IMPACT OF URBAN RENEWAL ON NEIGHBORING HOUSING PRICES: AN APPLICATION OF HIERARCHICAL LINEAR MODELING Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2022-01-17 Chun-Chang Lee,Chih-Min Liang,Wen-Chih Yeh,Zheng Yu
This study explored the impacts of urban renewal projects on neighboring housing prices. Hierarchical linear modeling (HLM) was employed to analyze urban renewal projects in Taipei City. The Level 1 independent variables pertained to a house itself (19,157 pieces of data), such as its structure and neighborhood attributes. The Level 2 variable pertained to an urban renewal project (23 cases of urban
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AN ONLINE REVIEWS INFORMATION FUSION METHOD AND ITS APPLICATION TO PUBLIC PROPERTY SERVICE QUALITY EVALUATION Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2022-01-14 Shanshan Lin,Wenjin Zuo,Hualin Lin,Qiang Hu
With the rapid development of computer networking technology, people pay more and more attention to the role of online reviews in management decision making. The existing methods of online reviews fusion are limited to rational decision-making behavior, which does not accord with the characteristics of evaluators’ behavior characteristics in the real environment. In order to solve the online reviews
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INCENTIVE MECHANISM FOR PERFORMANCE-BASED PAYMENT OF INFRASTRUCTURE PPP PROJECTS: COUPLING OF REPUTATION AND RATCHET EFFECTS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2022-01-06 Huimin Li,Limin Su,Jian Zuo,Xianbo Zhao,Ruidong Chang,Fuqiang Wang
The performance-based payment PPP model has been widely used in the infrastructure projects. However, the ratchet effect derived from performance-based reputation incentives has been largely overlooked. To overcome this shortcoming, ratchet effect is considered in the performance-based payment incentive process. A multi-period dynamic incentive mechanism is developed by coupling the reputation and
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INCENTIVE MECHANISM FOR PERFORMANCE-BASED PAYMENT OF INFRASTRUCTURE PPP PROJECTS: COUPLING OF REPUTATION AND RATCHET EFFECTS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2022-01-06 Huimin Li,Limin Su,Jian Zuo,Xianbo Zhao,Ruidong Chang,Fuqiang Wang
The performance-based payment PPP model has been widely used in the infrastructure projects. However, the ratchet effect derived from performance-based reputation incentives has been largely overlooked. To overcome this shortcoming, ratchet effect is considered in the performance-based payment incentive process. A multi-period dynamic incentive mechanism is developed by coupling the reputation and
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MACROECONOMIC VARIABLES INFLUENCING HOUSING PRICES IN VILNIUS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-12-02 Alfredas Laurinavičius,Antanas Laurinavičius,Algimantas Laurinavičius
The way macroeconomic variables such as unemployment/GDP per capita/inflation/wages/internal migration influenced housing prices (nominal house prices and housing rent prices) in Vilnius in 2006–2019 has been investigated in the research. Conditions under which different macroeconomic variables could influence housing prices were established in the research. Lower unemployment, higher GDP per capita
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THE IMPACT OF JOB SATISFACTION ON VALUERS’ ATTITUDES TOWARDS PROFESSIONAL ETHICS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-11-04 Agnieszka Małkowska,Mateusz Tomal,Małgorzata Uhruska,Justyna Pawlak,Gunther Maier,Alina Nichiforeanu
Professional ethics is one of the two pillars of the valuer’s business practice, alongside expert knowledge. Ethical principles are usually formulated within a code of professional ethics which valuers are obliged to follow. The approach to professional ethics is a complex problem and it is conditioned by several factors. In our study, we pose the question whether higher professional satisfaction of
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THE INFLUENCE OF THE TECHNICAL DIMENSION, FUNCTIONAL DIMENSION, AND TENANT SATISFACTION ON TENANT LOYALTY: AN ANALYSIS BASED ON THE THEORY OF PLANNED BEHAVIOR Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-10-11 Chun-Chang Lee,Lou-Jung Ting,Wen-Chih Yeh,Zheng Yu
This study primarily explored the influence of the technical dimension, functional dimension, and tenant satisfaction on tenant loyalty. The theory of planned behavior served as the basis of this study, and the three aforementioned factors (the technical dimension, the functional dimension, and tenant satisfaction) were incorporated into a conceptual framework for tenant loyalty. Structural equation
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URBAN HOUSE PRICES AND BUSINESS ESTABLISHMENT IN MALAYSIA: A SECTORAL APPROACH Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-10-07 Hassan F. Gholipour,Sabai Khin,Angela Tan-Kantor,Heath Spong
The purpose of this study is to examine the long-run and short-run relationship between house prices and business formation in various industries. Using data from Malaysian states over the period of 2000–2016 and applying ARDL/PMG models, our results show that changes in house prices have a positive and significant association with business establishment in specific economic sectors, including manufacturing
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PENSION SERVICE INSTITUTION SELECTION BY A PERSONALIZED QUANTIFIER-BASED MACONT METHOD Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-09-27 Zhi Wen,Huchang Liao
With the emergence of a variety of pension service institutions, how to choose a suitable institution has become a strategic decision-making problem faced by pension service demanders. To solve this problem, this study identifies key evaluation criteria of pension service institutions through the analysis of the relevant literature. Then, this study proposes a mixed aggregation by comprehensive normalization
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THE ECONOMIC EXPLAINABILITY OF MACHINE LEARNING AND STANDARD ECONOMETRIC MODELS-AN APPLICATION TO THE U.S. MORTGAGE DEFAULT RISK Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-07-13 Dong-sup Kim,Seungwoo Shin
This study aims to bridge the gap between two perspectives of explainability−machine learning and engineering, and economics and standard econometrics−by applying three marginal measurements. The existing real estate literature has primarily used econometric models to analyze the factors that affect the default risk of mortgage loans. However, in this study, we estimate a default risk model using a
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REAL OPTION AND VERTICAL MIXED-USE DEVELOPMENT Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-07-08 Jiawei Zhong,Eddie C. M. Hui
Vertical mixed-use development is a favourite choice in urban development in high-density Asian cities to increase the land use efficiency. The flexibility of construction timing and the restrictions by lease contracts in vertical mixeduse projects are usually different from horizontal ones and single-use properties. To improve the valuation for vertical mixed-use projects, this study re-examines the
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EVALUATION OF COST-OPTIMAL RETROFIT INVESTMENT IN BUILDINGS: THE CASE OF BRAGANÇA FIRE STATION, PORTUGAL Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-07-08 Sónia Cova,Carlos Andrade,Orlando Soares,Jorge Lopes
Office buildings built before the entry into force of the first thermal regulation in 1991 constitute a relevant group for analysing the energy performance of the Portuguese building sector. A dynamic energy simulation was used to assess the energy performance of an existing office building located in the town of Bragança, Portugal. Four energy efficiency measures were selected and a financial evaluation
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UNDERSTANDING THE DYNAMIC BEHAVIOUR OF THE AUSTRALIAN RETIREMENT VILLAGE INDUSTRY: A CAUSAL LOOP DIAGRAM Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-06-30 Bo Xia,Qing Chen,Jerry Walliah,Laurie Buys,Martin Skitmore,Connie Susilawati
The retirement village industry in Australia has been accommodating an increasing number of residents in recent decades. However, a thorough understanding of the dynamic behaviour of the industry remains largely unknown, which prevents a better prediction of its future growth. This study incorporates system dynamics thinking into residents’ relocation decisions and aims to develop a causal loop diagram
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HOUSING PRICE CYCLES IN POLAND – THE CASE OF 18 PROVINCIAL CAPITAL CITIES IN 2000–2020 Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-06-09 Radoslaw Trojanek
Using a unique dataset of 4,5 million offers, the housing cycles in 18 Polish provincial capitals were identified between 2000 and 2020 before and after the financial crisis. Differences in the course of the cycles depending on spatial diversity are presented, as well as differences in the strength of decreases and increases in individual phases. The examined housing markets in Poland have experienced
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U.S. REIT INDUSTRY PROFITABILITY: A BENNET DECOMPOSITION OF INDUSTRY DYNAMICS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-06-01 Zhilan Feng,Stephen M. Miller,Dogan Tirtiroglu
This paper considers the aggregate profitability performance of the REIT industry. The aggregate performance depends on the underlying microeconomic dynamics within an industry – the growth of individual REITs (the within effect), the reallocation between existing REITs (the between effect), the entry of new REITs (the entry effect), and the exit of the existing REITs (the exit effect). We apply an
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HOUSE PRICES, RENTAL COSTS, AND MORTGAGE INTEREST RATES Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-05-31 Che-Chun Lin,I-Chun Tsai
Studies have typically adopted the price-rent ratio to determine whether housing exuberance exists and the periods of imbalance between house prices and rental costs. Using the price-rent ratio to conduct tests without considering the effects of mortgage interest rates on user costs may overestimate episodes of exuberance. This study uses data of the overall housing market and those of 10 major metropolitan
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CONSUMPTION AND INVESTMENT VALUES IN HOUSING PRICE: A REAL OPTIONS APPROACH Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-05-26 Chih-Hsing Hung,Shyh-Weir Tzang
Homeowners can be viewed as the put option holders who can sell housing to lenders when the housing price is lower than its mortgage value and sell houses when the housing price rises above a certain threshold. On the basis of the theory of investment under uncertainty, we model the housing value from the perspective of houseowners who can choose to either live in their houses or switch houses for
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RISK-RETURN PERFORMANCES OF REAL ESTATE INVESTMENT FUNDS IN TURKEY INCLUDING THE COVID-19 PERIOD Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-05-25 Mehmet Emre Çamlibel,Levent Sümer,Ali Hepşen
The purpose of this research is to give an insight into the Turkish real estate investment funds (T-REIFs) by comparing their risk-return performances with the main benchmark investment tool Istanbul Stock Exchange-100 (BIST-100) Index. This study evaluated the performance of T-REIFs in four different periods between January 2017 and December 2020 (2017m1–2017m12, 2018m1–2018m12, 2019m1–2019m12 and
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CAN RAINMAKERS JUSTIFY THEIR PAY? THE ROLE OF INVESTMENT BANKS IN REIT M&AS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-05-20 Weiwei Zhang,Tiezhu Sun,Patrick Han Lin Goh,Zilong Wang,Nick Mansley
This study explicitly rejects the prima facie proposition that the top-tier investment banks are capable of delivering supernormal value creation to the shareholders of a REIT acquirer in a corporate acquisition. Using the event study method, we find that REIT acquirers advised by market-leading investment banks suffer an average cumulative abnormal return of −4.41% following the M&A announcement,
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NET BENEFITS OF URBAN SLUMS REDEVELOPMENT POLICIES ON THE VALUE OF ADJACENT RESIDENTIAL PROPERTY Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-04-13 Touseef Hussain,Zou Wei
Over time, the government of Pakistan introduced several strategies to deal with the issue of slums in its capital city, Islamabad. Contrary to the traditional strategies that primarily focus on the tenure security of occupants, the strategy of slum redevelopment is more composite. It involves the up-gradation of slums in their existing sites as well as the demolition of slums from the posh areas.
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INFLUENCE OF GOVERNMENT CREDIT RISK ON PPP PROJECTS IN OPERATION STAGE Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-04-06 Yining Zhou,Jicai Liu
In PPP projects, insufficient risk management may lead to the breakdown of partnerships and even project failures. Among them, the government credit risk is regarded as unbearable risk and a key risk affecting PPP projects because of its high frequency and impact. Therefore, based on the contractual relationship between both sides, a principal-agent model for the optimal choice of investors and the
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UNDER INVOICING IN THE RESIDENTIAL REAL ESTATE MARKET IN PAKISTAN Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-03-05 Abdul Wahid,Edmund H. Mantell,Muhammad Zubair Mumtaz
In this paper the meaning of “under invoicing in a real estate market” signifies that the market value of real property exceeds its record value appearing in government documentation. The purpose of this study is to identify the level of under invoicing and determine the factors that affect the under invoicing in real estate markets in Pakistan. We apply OLS and Extreme Bounds Analysis techniques to
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PREDICTING LAND PRICES AND MEASURING UNCERTAINTY BY COMBINING SUPERVISED AND UNSUPERVISED LEARNING Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2021-02-23 Changro Lee
Despite the popularity deep learning has been gaining, measuring the uncertainty within the result has not met expectations in many deep learning applications and this includes property valuation. In real-world tasks, however, rather than simply requiring predictions, assurance of the certainty of the predictions is also demanded. In this study, supervised learning is combined with unsupervised learning
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A DYNAMIC SIMULATION MODEL FOR FINANCING STRATEGY MANAGEMENT OF INFRASTRUCTURE PPP PROJECTS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-12-03 Yuqing Zhang,Wenhua Hou,Yan Qian
Strategic management is vital for significant infrastructure public-private partnership (PPP) projects characterised by a heavy and irreversible investment over a long period. In PPP projects, the financing strategy relates to the capital structure of the project and the coordination of the participants’ requirements. In this paper, a system dynamics (SD) model is described to analyse the impacts of
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DEVELOPING A STRATEGIC SUSTAINABLE FACILITY PLAN FOR A HOSPITAL LAYOUT USING ELECTRE AND APPLES PROCEDURE Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-11-23 Vimal K.E.K,Jayakrishna Kandasamy,Simon Peter Nadeem,Anil Kumar,Jonas Šaparauskas,Jose Arturo Garza-Reyes,Eva Trinkūnienė
Today healthcare globally is growing at a rapid pace and despite the huge technological advancement, healthcare still faces primitive challenges and hence results in the poor service and facility to the needy. Layout planning acts as one major reason which requires improvements for the effective and efficient working of the healthcare facilities. This research aims at optimizing several quantitative
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THE IMPACT OF STRUCTURAL CHANGES ON CORPORATE REAL ESTATE OWNERSHIP: EVIDENCE FROM GERMANY Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-11-09 Julian Seger,Andreas Pfnür
Although real estate resources represent a high percentage of the corporate assets of non-property companies, their future role is unclear. Longevity and difficulty in revising property-related decisions clash under dynamically changing environmental conditions. This makes it necessary to consider the ownership strategy and its altering role in order to avoid inefficiencies and not to hinder companies
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DYNAMICS AND ASYMMETRIC RENT ADJUSTMENTS IN THE OFFICE MARKET IN WARSAW Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-11-06 Krzysztof Nowak,Michal Gluszak,Stanislaw Belniak
Dynamics of rent, vacancy, supply and demand on the office market of emerging commercial real estate markets have long been under-researched. The paper fills the gap in economic literature by investigating the growing office market in Warsaw. In particular, we evaluate whether the influence of demand and supply shocks differ depending on the current market conditions. Using Error Correction Model approach
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INVESTMENT DECISION ANALYSIS OF INTERNATIONAL MEGAPROJECTS BASED ON COGNITIVE LINGUISTIC CLOUD MODELS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-10-26 Xiaomei Mi,Huchang Liao,Xiao-Jun Zeng
The investment decision analysis of international megaprojects is a major area of interest. The choice of international megaprojects usually depends on the multi-discipline knowledge from experts. Besides, experts may not be able to provide accurate or crisp evaluations such as deterministic numbers on each criterion because of the complexity of the decision problem. In this case, natural evaluation
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A FRAMEWORK FOR BUYERS’ HOUSE SELECTION CRITERIA VS. POST-OCCUPANCY RESIDENTIAL SATISFACTION LEVELS IN NORTH CYPRUS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-10-26 Mehmedali Egemen
Intense competition existing in speculative house-building market creates an industry dominated by client groups. This paper provides insights into house-buyers’ perceptions of a set of criteria contributing to their selection of the product (house) to buy together with the post-occupancy residential satisfaction levels reached after their selections, by presenting survey findings of 320 house-buyers
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BIM ADOPTION IN THE AEC/FM INDUSTRY – THE CASE FOR ISSUING BUILDING PERMITS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-10-16 Kaleem Ullah,Christopher Raitviir,Irene Lill,Emlyn Witt
BIM adoption is a complex process and relatively little information exists on the BIM adoption processes of public authorities. This research aims to address this gap by examining how a contemporary public authority is approaching BIM adoption for their building permitting process. Firstly, a systematic literature review was carried out to understand extant descriptions of BIM adoption processes and
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VALUE OF INVESTORS’ ESCALATION OF COMMITMENT IN PPP PROJECTS USING REAL OPTION THINKING Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-09-30 Ruolan Gao, Jicai Liu
Escalation of commitment (EOC) is a common behavior among investors who receive negative feedback (NF) in public-private partnership (PPP) projects, and this behavior typically leads to sizable losses. Recognizing this, investors set a mental threshold and track investments for escalation. Once losses reach the threshold, investors will terminate the escalation behavior, namely, they will transfer
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IMPACT OF HOUSING AFFORDABILITY AND OTHER SOCIOECONOMIC VARIABLES ON INTERNAL MIGRATION IN LITHUANIA Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-09-30 Alfredas Laurinavičius, Antanas Laurinavičius, Algimantas Laurinavičius
The way housing affordability/wages/unemployment influenced internal migration of the population in Lithuania within the period of 2005−2019 is being analyzed in the article. Correlation-regression analysis is used to determine the relationships between the analyzed social phenomena. First, the correlation between housing affordability/wages/unemployment (their changes) and internal migration indicators
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DOES DEFAULT RISK MATTER FOR INVESTORS IN REITS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-09-23 Yezhou Sha,Zilong Wang,Ziwen Bu,Nick Mansley
We investigate the relationship between default risk and REIT stock returns. A default risk long-short investment strategy generates a return of 15% per annum. We also evaluate a large number of potential explanations for the negative relationship between default risk and subsequent stock returns. We do not find robust evidence that the default risk premium can be explained by firm size, book-to-market
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NONLINEAR RELATIONSHIP BETWEEN HOUSING SUPPLY AND HOUSE PRICE IN MALAYSIA Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-07-23 Geok Peng Yeap,Hooi Hooi Lean
The novelty of this paper is to ascertain a nonlinear relationship between housing supply and house price. This study is conducted based on panel dataset of four different types of houses in Malaysia from 2002Q3 through 2016Q4. Although housing supply has been theoretically assumed to be positively and linearly related to house price, we observed that the number of new houses build in Malaysia has
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MODELING DYNAMICITY OF WILLINGNESS TO PAY MECHANISM IN THE CASE OF SPECIAL ASSESSMENT DISTRICT Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-06-23 Deog Sang Bae, Seok Kim
A new public project usually provides economic benefits to property owners. In general, a delay caused by a government budget shortage proportionally reduces the future cash flow of the private developer potentially benefitted from a new public project. Based on that eventuality, this study examines a mechanism of willingness to pay, which asks private developers to voluntarily participate in sharing
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FACTORS INFLUENCING URBAN INVESTMENT ATTRACTIVENESS: AN FCM-SD APPROACH Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-05-25 Joana S. R. Correia, Fernando A. F. Ferreira, Ieva Meidutė-Kavaliauskienė, Leandro F. Pereira Pereira, Constantin Zopounidis, Ricardo J. C. Correia
The increasing concentration of populations in urban areas in recent decades has strengthened the interest in – and the importance given to – these zones. Cities have become quite attractive from investors’ point of view because of the wide array of opportunities and growing need for investment in urban areas. Thus, city strategic planning quite often requires an understanding of the determinants that
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MOONA SOFTWARE FOR SURVEY CLASSIFICATION AND EVALUATION OF CRITERIA TO SUPPORT DECISION-MAKING FOR PROPERTIES PORTFOLIO Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-05-22 Ismael Cristofer Baierle,Jones Luis Schaefer,Miguel Afonso Sellitto,Leandro Pinto Fava,João Carlos Furtado,Elpidio Oscar Benitez Nara
The MOORA for Neural Networks Analysis (MONNA) software was created to classify variables and evaluate the degree of correlation between them, helping to choose a property portfolio and facilitating decision making involving multiple criteria. The MONNA software presents the classification of the alternatives calculated automatically by the MOORA (Multi-Objective Optimization on the Basis of Ratio
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RISK DISTRIBUTION AND BENEFIT ANALYSIS OF PPP PROJECTS BASED ON PUBLIC PARTICIPATION Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-05-21 Yinglin Wang, Ruolan Gao
This paper aims to formulate a new PPP project public-participation mechanism that uses “public satisfaction” as a direct influencing factor in conjunction with the public-private benefit model to achieve a substantial response from project stakeholders regarding public satisfaction and ensure the transparency of PPP project operation. The proposed model, combined public satisfaction assessment with
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HOLISTIC APPROACH TO THE SUSTAINABLE COMMERCIAL PROPERTY BUSINESS: ANALYSIS OF THE MAIN EXISTING SUSTAINABILITY CERTIFICATIONS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-03-24 Aliane Vieira de Castro, Gema Ramírez Pacheco, Fco. Javier Neila González
Sustainability is no longer a new concept. However, applying, measuring and reporting on the sustainability initiative is still a somewhat confused and subjective issue. There is a huge variety of sustainability guidelines and green building schemes of differing natures, meanings and wordings. Despite this, there is no one guideline providing a crossreference between corporate social responsibility
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THE RESIDENCE PLOT SELECTION MODEL FOR FAMILY HOUSE IN VILNIUS BY NEUTROSOPHIC WASPAS METHOD Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-03-17 Romualdas Baušys, Birutė Juodagalvienė, Rytė Žiūrienė, Ina Pankrašovaitė, Juozas Kamarauskas, Ana Usovaitė, Dovydas Gaižauskas
Good quality dwelling and the environment are related to the values of citizens’ existence. It can be highlighted as important questions in creating a sustainable living environment. The research and analysis carried out so far include global planning of the plot of a particular country or city according to economic aspects. Meanwhile, our model, which covers the key social aspects of choosing a residential
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ARE MARKETS ADAPTIVE? EVIDENCE OF PREDICTABILITY AND MARKET EFFICIENCY OF LODGING/RESORT REITS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-02-17 Fahad Almudhaf, Ramya Rajajagadeesan Aroul, J. Andrew Hansz
We investigate the degree of return predictability of lodging/resort real estate investment trusts (REITs) from January 1994 to May 2016. We test the Martingale hypothesis by using linear (automatic portmanteau and automatic variance ratio with rolling windows) and nonlinear tests (generalized spectral shape tests and Dominguez-Lobato consistent tests). Our findings support the Adaptive Market Hypothesis
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A HOUSE PRICE VALUATION BASED ON THE RANDOM FOREST APPROACH: THE MASS APPRAISAL OF RESIDENTIAL PROPERTY IN SOUTH KOREA Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-02-03 Jengei Hong, Heeyoul Choi, Woo-sung Kim
Mass appraisal is the standardized procedure of valuing a large number of properties at the same time and is commonly used to compute real estate tax. While a hedonic pricing model based on the ordinary least squares (OLS) linear regression has been employed as the traditional method in this process, the stability and accuracy of the model remain questionable. This paper investigates the features of
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GOVERNMENT SUBSIDIES IN PUBLIC-PRIVATE PARTNERSHIP PROJECTS BASED ON ALTRUISTIC THEORY Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-01-17 Yinglin Wang,Ruolan Gao,Bon-Gang Hwang,Jicai Liu
Nowadays, the public-private partnership (PPP) scheme has been widely adopted in infrastructure projects around the world. In PPP projects, the governments participate as a principal and the investors play the role of an agent, and therefore their behaviours and incentive strategies can be explained and designed by the principal-agent theory. As “economic men” with limited rationality, both the governments
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NEIGHBORHOOD SELECTION FOR A NEWCOMER VIA A NOVEL BWM-BASED REVISED MAIRCA INTEGRATED MODEL: A CASE FROM THE COQUIMBO-LA SERENA CONURBATION, CHILE Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-01-10 Sarfaraz Hashemkhani Zolfani, Fatih Ecer, Dragan Pamučar, Saulius Raslanas
Nowadays, cities are developing differently according to their needs, limitations and certain strategic plans. Moreover, conurbation areas will be more common in so many countries like Chile when there are two or more cities developing one next to another, leaning on each other. In this atmosphere, typical residents live in a region or a neighborhood based on certain criteria, so they know how and
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GREEN BENEFITS ON EDUCATIONAL BUILDINGS ACCORDING TO THE LEED CERTIFICATION Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2020-01-02 Ji-Myong Kim, Kiyoung Son, Seunghyun Son
Countries around the world are making efforts to develop and introduce green building certification systems to save energy and reduce greenhouse gas emissions. As a result of these efforts, green certification systems are rapidly spreading. Consistent with this, certification systems are also being developed and research related to various technologies and regulations is ongoing. However, most research
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WILLINGNESS TO PAY FOR ACCESSIBLE ELDERLY HOUSING IN KOREA Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2019-10-16 So Young Lee, Sungeun Yoo
The demands and requirements for accessible housing of a diverse population can vary considerably, especially considering that “aging in place” is a growing trend among the elderly. In an aging society, accessibility can be a housingmarket commodity, and the demand in Korea for this commodity is expected to increase. The purpose of this study is to investigate the value of accessible housing and the
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INTERNAL CREDIT RATING FRAMEWORK FOR REAL ASSET INVESTMENT Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2019-10-10 Deog Sang Bae
Real asset investment, which is assumed to be worthier than traditional assets in regards to exposure to income volatility, has become central to investment portfolios in financial institutions. However, the features of illiquidity and uniqueness involved in an individual real asset deal require private investors to review the full dimensions associated with the transaction structure. Banks and global
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ROLE OF PROPERTY MANAGEMENT IN SERVICE DEMANDS OF ELDERLY RESIDENTS OF APARTMENT COMPLEXES Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2019-10-09 Ying-Hua Huang, Pei-Chen Lee
An aging population results in an increased demand for services designed to meet the needs of elderly people. To enable elderly individuals to age successfully in their original residence environments, property management companies that provide services to apartment complex residents play an important role as service providers. The purpose of this study was to identify possible services that property
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A PRE-PLANNING FOR HOTEL LOCATING ACCORDING TO THE SUSTAINABILITY PERSPECTIVE BASED ON BWM-WASPAS APPROACH Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2019-09-30 Sarfaraz Hashemkhani Zolfani, Sepideh Mosharafiandehkordi, Vladislavas Kutut
Finding an appropriate location from any kind of perspectives is a really vital issue for businesses. Searching for the best location to meet a business perspective which can be also a sustainable one would be really challenging and it needs pre-planning. Locating for business issues in tourism industry for instance hotel locating is one of the major complicated topics in this area. Locating can come
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HESITANT FUZZY LINGUISTIC DNMA METHOD WITH CARDINAL CONSENSUS REACHING PROCESS FOR SHOPPING MALL LOCATION SELECTION Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2019-09-30 Song Nie, Huchang Liao, Xingli Wu, Ming Tang, Abdullah Al-Barakati
The hesitant fuzzy linguistic term set is an effective tool to express qualitative evaluations since it is close to human reasoning and expressing habits. In this paper, we propose a multi-expert multi-criterion decision-making method integrating the double normalization-based multi-aggregation (DNMA) method with a cardinal consensus reaching process, where the assessments of alternatives over multiple
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SUSTAINABLE INFRASTRUCTURE PROJECT SELECTION BY A NEW GROUP DECISION-MAKING FRAMEWORK INTRODUCING MORAS METHOD IN AN INTERVAL TYPE 2 FUZZY ENVIRONMENT Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2019-09-30 Vahid Mohagheghi, Seyed Meysam Mousavi, Jurgita Antuchevičienė, Yahya Dorfeshan
Project management is a process that is involved with making important decisions under uncertainty. In project management often the existing data is limited and vague. Sustainable project selection ha
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DOES FAITH HAS IMPACT ON INVESTMENT RETURN: EVIDENCE FROM REITS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2019-09-04 Weiwei Zhang, Tiezhu Sun, Zilong Wang, Vishnu Raj Kumar, Yechi Ma
This paper investigates whether faith has impact on investment returns. Specifically, we choose the Shariah compliance and REITs investment for the purpose of investigation. Synthetic Shariah compliant portfolios are constructed with various interpretation of compliance. We compare the performance of Shariah compliant portfolios with US Equity REIT portfolio during 1993–2017 by examining the abnormal
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A BIBLIOMETRIC OVERVIEW OF THE INTERNATIONAL JOURNAL OF STRATEGIC PROPERTY MANAGEMENT BETWEEN 2008 AND 2019 Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2019-08-19 Wei Zhou,Zeshui Xu,Edmundas Kazimieras Zavadskas
The International Journal of Strategic Property Management (IJSPM) is an interdisciplinary journal which provides a forum for a broad range of strategic property management research. The topics such as asset and facilities management, property policy, risk management, residential property value enhancement, and housing finance are included in the scope of the IJSPM’s investigation. The aim of this
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STATUS QUO AND FUTURE DIRECTIONS OF FACILITY MANAGEMENT: A BIBLIOMETRIC – QUALITATIVE ANALYSIS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2019-07-11 Yongkui Li, Yan Zhang, Jianjun Wei, Yilong Han
Facility management (FM) has received extensive attention from practitioners and researchers. While FM is continuously maturing as a scientific discipline and relevant studies are constantly growing, there are no holistic reviews of current research. The information in previous studies is generally scattered, and existing literature reviews mostly focused on specific aspects of FM. It is necessary
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REAL ESTATE DEVELOPER'S PRODUCT POSITIONING: AHP-UTILITY-BASED MODEL Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2019-05-28 Ting-Yi Chiang
Inappropriate land development decisions lead to wasted land resources; such bad decisions can negatively impact urban landscapes and the environment, which makes the decision of an appropriate residential environment difficult. Therefore, a suitable assessment model is required to resolve this complexity. The present study applied the fuzzy Delphi method, analytical hierarchy process, utility theory
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A DYNAMIC SIMULATION MODEL FOR ECONOMIC FEASIBILITY OF APARTMENT DEVELOPMENT PROJECTS Int. J. Strateg. Prop. Manag. (IF 2.591) Pub Date : 2019-05-20 Kwangchae Lee, Sunkuk Kim, Seunghyun Son, Doyeong Kim Kim
Many factors influence the success of apartment development projects, but it is difficult to quantitatively measure them. In terms of risk control, the five most direct influence factors are sales ratio, unit sale price, financial cost, land cost, and construction cost. These factors will vary during the project, from planning to land purchase to design to sale to construction, and the levels of these