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The risk-adjusted performance and drivers of French healthcare property Journal of European Real Estate Research Pub Date : 2024-03-18 Graeme Newell, Muhammad Jufri Marzuki
Purpose Healthcare property has become an important alternate property sector in recent years for many international institutional investors. The purpose of this paper is to assess the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French healthcare property in a French property portfolio and mixed-asset portfolio over 1999–2020. French healthcare property
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Turkey, the second home for Iranians: push and pull motivations in Turkish housing market Journal of European Real Estate Research Pub Date : 2024-03-14 Safar Ghaedrahmati, Ebrahim Rezaei
Purpose This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad. Design/methodology/approach This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that
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Factors influencing investment into PropTech and FinTech – only new rules or a new game? Journal of European Real Estate Research Pub Date : 2024-03-14 Andreas Joel Kassner
Purpose Many studies have analysed the impact of various variables on the ability of companies to raise capital. While most of these studies are sector-agnostic, literature on the effects of macroeconomic variables on sectors that established over the last 20 years like property technology and financial technology, is scarce. This study aims to identify macroeconomic factors that influence the ability
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The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion Journal of European Real Estate Research Pub Date : 2024-02-09 Rizky Yudaruddin, Dadang Lesmana
Purpose This study aims to investigate the market reaction in the real estate market to the announcement of Russia’s invasion of Ukraine. Design/methodology/approach This study uses the event study method to assess the market reaction to the announcement that Russia is invading Ukraine. The sample in this study comprises 2,325 companies in the real estate market. We also conduct a cross-sectional analysis
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The added value of environmental certification in the Dutch office market Journal of European Real Estate Research Pub Date : 2024-01-22 Rens van Overbeek, Farley Ishaak, Ellen Geurts, Hilde Remøy
Purpose This study examines the relationship between environmental building certification Building Research Establishment Environmental Assessment Method (BREEAM-NL) and office rents in the Dutch office market. Design/methodology/approach A hedonic price model was used to assess the impact of BREEAM certification on office rents. The study is based on 4,355 rent transactions in the period 2015 to mid-2022
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Commercial real estate prices in Europe after COVID-19 Journal of European Real Estate Research Pub Date : 2023-11-17 Martin Hoesli, Richard Malle
Purpose The article aims to analyze the behavior of commercial real estate prices in Europe, with a focus on the post-coronavirus disease 2019 (COVID-19) pandemic period. The authors use national and city-level data for the various commercial real estate sectors in ten countries, as well as listed real estate data, to assess any differences across property type and space. Design/methodology/approach
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International diversification and European firm value: the role of operating efficiency Journal of European Real Estate Research Pub Date : 2023-11-09 Islam Ibrahim, Heidi Falkenbach
Purpose This study aims to investigate the impact of international diversification on the value and operating efficiency of European real estate firms. Design/methodology/approach The study is conducted using a panel fixed effects regression model to estimate the relationship of international diversification with firm value and operating efficiency. International diversification is mainly measured
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The underestimated global warming potential of refrigerant losses in retail real estate: the impact of CO2 vs CO2e Journal of European Real Estate Research Pub Date : 2023-10-27 Chiara Kuenzle, Julia Wein, Sven Bienert
Purpose This paper investigates the impact of CO2 vs CO2 “equivalents” (CO2e) by analyzing fugitive emissions, with a particular focus on Fluorinated gases (F-gases), arising from refrigerant leakages in buildings. F-gases are an especially powerful set of GHGs with a global warming potential hundreds to thousands of times greater than that of CO2. Design/methodology/approach The significant impact
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A reconceptualisation of the housing cycle based on household upgrading desires Journal of European Real Estate Research Pub Date : 2023-10-19 Colin Jones
Purpose The paper sets out a conceptualisation of the housing cycle centring on households' desire to upgrade their housing consumption. Design/methodology/approach The paper begins by studying house price trends and cycles in OECD countries since 2000 to identify housing cycle patterns. It then assesses existing theories partly in relation to these patterns. It then proposes a new conceptualisation
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International retiree migration and housing markets. Evidence from Spain Journal of European Real Estate Research Pub Date : 2023-09-27 Paloma Taltavull de La Paz, Karen Martin Gibler
Purpose Large numbers of Northern European retirees have migrated to Southern European countries. A relevant part of this migration is not driven by work purposes but rather the desire to establish residence in a warmer country. These migrants come from different countries and exhibit diverse socioeconomic characteristics and preferences, including varying income levels, housing tastes and cultural
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Does the absence of share deals distort commercial real estate indicators? Journal of European Real Estate Research Pub Date : 2023-09-07 Farley Ishaak, Ron van Schie, Jan de Haan, Hilde Remøy
Purpose Commercial real estate (CRE) indicators typically include asset deals and exclude share deals. This study aims to explore the phenomenon of real estate share deals and assess whether omitting these transactions results in indicators that do not accurately reflect the market. Design/methodology/approach Various registers in the Netherlands were used to estimate transaction volumes, total values
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Choosing annuities for a home reversion: the case of the French viager market Journal of European Real Estate Research Pub Date : 2023-09-05 Jean-Baptiste Coulomb, Fabrice Larceneux, Arnaud Simon
Purpose The authors analyzed annuitization preferences when retired people extract cash from their homes. Based on 2,608 viager (home reversion) transactions, the authors study the relations between annuitization, negotiation, cash extraction, age, gender and marital status. Design/methodology/approach A database comprising 2,608 transactions is used. The three-stage least squares (3SLS) and moderation
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What is real estate? Five ontological questions for the discipline Journal of European Real Estate Research Pub Date : 2023-08-10 O.A. K'Akumu
Purpose The study seeks to identify and document definitional challenges that hamper the delineation of the scope of real estate as a discipline and as an industry. Through literature review the article distils the perception of body of knowledge (BOK) of real estate within the academia. Two main issues are flagged up: the problem of undefined BOK and the collegiate dilemma. Later the study looks at
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A factor analysis of landlords’ and retail trade tenants’ different beliefs in lease negotiations: evidence from the Swedish market Journal of European Real Estate Research Pub Date : 2023-07-18 Berndt Allan Lundgren, Cecilia Hermansson, Filip Gyllenberg, Johan Koppfeldt
Purpose The purpose is to increase knowledge of rent negotiations by investigating differences in beliefs held by property landlords and retailers on factors that they deem important in rent negotiation. Design/methodology/approach This study investigates differences in subjective beliefs held by landlords and retail trade tenants on factors that affect rent levels during the rent negotiation process
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Quantifying the drivers of residential housing demand – an interpretable machine learning approach Journal of European Real Estate Research Pub Date : 2023-07-17 Marcelo Cajias, Joseph-Alexander Zeitler
Purpose The paper employs a unique online user-generated housing search dataset and introduces a novel measure for housing demand, namely “contacts per listing” as explained by hedonic, geographic and socioeconomic variables. Design/methodology/approach The authors explore housing demand by employing an extensive Internet search dataset from a German housing market platform. The authors apply state-of-the-art
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Leveraging supplementary modalities in automated real estate valuation using comparative judgments and deep learning Journal of European Real Estate Research Pub Date : 2023-07-11 Miroslav Despotovic, David Koch, Eric Stumpe, Wolfgang A. Brunauer, Matthias Zeppelzauer
Purpose In this study the authors aim to outline new ways of information extraction for automated valuation models, which in turn would help to increase transparency in valuation procedures and thus contribute to more reliable statements about the value of real estate. Design/methodology/approach The authors hypothesize that empirical error in the interpretation and qualitative assessment of visual
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Recycling English town centres – from retail to healthcare: surveys, views and next steps Journal of European Real Estate Research Pub Date : 2023-07-11 Grazyna Aleksandra Wiejak-Roy, Gavin Hunter
Purpose Many town centres in England exhibit high retail property vacancies and require regeneration. Several alternatives for the replacement of town centre retail (TCR) have been suggested, one of which is healthcare. The healthcare sector in England is in distress, with the National Health Service (NHS) tackling extensive patient waiting lists, whilst operating from an ageing estate. This paper
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House price bubble detection in Ukraine Journal of European Real Estate Research Pub Date : 2023-05-26 Alona Shmygel, Martin Hoesli
Purpose The purpose of this paper is to present a framework for the assessment of the fundamental value of house prices in the largest Ukrainian cities, as well as to identify the thresholds, the breach of which would signal a bubble. Design/methodology/approach House price bubbles are detected using two approaches: ratios and regression analysis. Two variants of each method are considered. The authors
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Auditor choice in real estate firms: a quality signal? Journal of European Real Estate Research Pub Date : 2023-05-22 Peter Palm, Helena Bohman
Purpose Real estate is a capital-intensive industry for which the asset values tend to be highly volatile and uncertain. Transaction costs in the industry are therefore high, and transparency for investors may be low. The need to signal reliable estimates of property assets, in the communication to external stakeholders, can therefore be expected to be of extra importance in this sector. The purpose
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‘Space-as-a-service’: A premium to office rents? Journal of European Real Estate Research Pub Date : 2023-04-24 Sotiris Tsolacos, Stephen Lee, Hoi Tse
Purpose This study aims to examine the impact of “space-as-a-service” (SAAS) provision on office rents in the UK and quantify premia to office rents. Design/methodology/approach Using hedonic modelling techniques the authors are able to quantify the impact of a number of SAAS features on office rents in the City of London using CoStar data. The authors control for the quality of the buildings by focussing
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Fat cats or sociable wolves? Swedish real estate brokers and intrinsic rewards - A quantitative empirical generalization Journal of European Real Estate Research Pub Date : 2023-04-14 Martin Ahlenius, Jonas Kågström
Purpose Intrinsic motivation affects job satisfaction and turnover intention. Still, previous motivational studies among real estate brokers (brokers) have primarily focused on extrinsic rewards, leaving intrinsic rewards/motivation practically unexplored. The purpose of this study is therefore to evaluate the role of both satisfaction with intrinsic rewards (SIR) and satisfaction with extrinsic rewards
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Creating a strategy framework for investor real estate management Journal of European Real Estate Research Pub Date : 2023-04-10 Pauli Autio, Lauri Pulkka, Seppo Junnila
Purpose The aim of this paper is to introduce a framework that helps to identify strategic themes on which real estate investors form their strategies. A holistic approach to strategic management in real estate management has enjoyed popularity in corporate real estate research, while similar research has been lacking from the investor-based real estate management. Design/methodology/approach The research
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Buyer behaviour and price expectations: a spatial analysis of the Athens residential market Journal of European Real Estate Research Pub Date : 2022-09-16 Michael White, Dimitrios Papastamos
Purpose This paper examines the price setting behaviour over time and space in the Athens residential market. In periods of house price inflation asking prices are often based upon the last observed highest selling price achieved for a similar property in the same micro-location. However, in a falling market, prices may be rigid downwards and less sensitive to the most recent transaction prices, weakening
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Strategic vendor due diligence in real estate transactions Journal of European Real Estate Research Pub Date : 2022-08-22 Grazyna Aleksandra Wiejak-Roy
Purpose In light of the ever-growing complexity of real estate transactions, the need for vendors and buyers to better understand the role of vendor due diligence (VDD) is imperative. The purpose of this paper is twofold: firstly, it provides a detailed literature review regarding the role of VDD from both the vendor's and buyers' perspectives. Secondly, it analyses the value of VDD over and above
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Identifying how the time on the market affects the selling price: a case study of residential properties in Paphos (Cyprus) urban area Journal of European Real Estate Research Pub Date : 2022-08-05 Philippos Nikiforou, Thomas Dimopoulos, Petros Sivitanides
Purpose The purpose of this study is to investigate how the degree of overpricing (DOP) and other variables are associated with the time on the market (TOM) and the final selling price (SP) for residential properties in the Paphos urban area. Design/methodology/approach The hedonic pricing model was used to examine the association of TOM and SP with various factors. The association of the independent
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Drivers behind the accuracy of self-reported home valuations: evidence from an emerging economy Journal of European Real Estate Research Pub Date : 2022-07-20 Mateusz Tomal
Purpose This paper aims to explore the drivers behind the accuracy of self-reported home valuations in the Warsaw (Poland) housing market. Design/methodology/approach In order to achieve the research goal, firstly, unique data on subjective residential property values estimated by their owners were compared with market-justified ones. The latter was calculated using geographically weighted regression
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What property attributes are important to UK university students in their online accommodation search? Journal of European Real Estate Research Pub Date : 2022-07-06 Olayiwola Oladiran, Adesola Sunmoni, Saheed Ajayi, Jiarong Guo, Muhammad Azeem Abbas
Purpose This paper examines the categories of property attributes that are important to UK university students in their online accommodation search. It also analyses the volume of information displayed regarding the property attributes and explores the influence of some of the information provided on the attractiveness and by extension, the booking potential of the property. Design/methodology/approach
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House price dynamics in Iberian Metropolitan Statistical Areas: slope heterogeneity, cross-sectional dependence and elasticities Journal of European Real Estate Research Pub Date : 2022-07-05 António M. Cunha, Júlio Lobão
Purpose This paper studies the dynamics and elasticities of house prices in Spain and Portugal (Iberia) at the Metropolitan Statistical Area (MSA) level, addressing panel regression problems such as heterogeneity and cross-sectional dependence between MSA. Design/methodology/approach The authors develop a two steps study. First, five distinct estimation methodologies are applied to estimate the long-term
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The occupational life cycle of real estate brokers: a cohort study Journal of European Real Estate Research Pub Date : 2022-06-28 Martin Ahlenius, Björn Berggren, Tommy Gerdemark, Jonas Kågström, Lars-Johan Åge
Purpose The purpose of this article is to describe and analyze the occupational life cycle of Swedish real estate brokers. Design/methodology/approach Voluntary turnover among real estate brokers could lead to occupational turnover and/or employee turnover and has been described as problematic by both practitioners and researchers alike. Most previous studies focusing on this issue have explored connections
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Does size matter? Is there an optimal size for tenant–owner associations? Journal of European Real Estate Research Pub Date : 2022-06-06 Peter Karpestam, Peter Palm
Purpose The authors investigate how prices of condominiums are affected by the size of the tenant-owner associations that they belong to. Design/methodology/approach The authors use data of sold apartments in the Swedish municipality Malmö 2013–2018 and estimate hedonic price regressions. The authors also perform semi-structured interviews with three senior professionals in real estate companies. Findings
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Modelling credit spreads on commercial mortgage loans Journal of European Real Estate Research Pub Date : 2022-05-10 Sotiris Tsolacos, Nicole Lux
Purpose This paper offers empirical evidence on factors influencing credit spreads on commercial mortgage loans. It extends existing work on the pricing of commercial mortgage loans. The authors examine the relative significance of a range of factors on loan pricing that are lender, asset and loan specific. The research explores and quantifies the sources of spread differentials among commercial mortgage
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Guest editorial: urban conflict and real estate Journal of European Real Estate Research Pub Date : 2022-04-05 David McIlhatton,Jim Berry,David Chapman
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Hijacking the auction – seller's or buyer's curse? Journal of European Real Estate Research Pub Date : 2022-03-21 Marte Flått, Jon Olaf Olaussen, Are Oust, Ole Jakob Sønstebø
Purpose This paper aims to investigate the likelihood and price effects of auction hijacking – transactions conducted before a planned auction – in the residential real estate market. Design/methodology/approach Using a sample of 84,203 residential properties in Oslo, Norway for the period 2007–2017, the authors employ a probit sales choice model to study the likelihood of auction hijacking and hedonic
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Institutional factors and the timing of land development: a survival analysis applied to the GZM Metropolis in Poland Journal of European Real Estate Research Pub Date : 2022-03-15 Katarzyna Reyman, Gunther Maier
Purpose The purpose of the article is to improve the understanding of the role of institutional factors in real estate development. The authors take into account zoning (existence and type), type of right of disposal and type of buyer and seller of property in a multivariate econometric estimation. Dependent variable of the analysis is the time between acquisition of empty land and the application
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The housing cycle as shaped by prices and transactions: a tentative application of the honeycomb approach for Italy (1927–2019) Journal of European Real Estate Research Pub Date : 2022-03-14 Elisabetta Marzano, Paolo Piselli, Roberta Rubinacci
Purpose The purpose of this paper is to provide a dating system for the Italian residential real estate market from 1927 to 2019 and investigate its interaction with credit and business cycles. Design/methodology/approach To detect the local turning point of the Italian residential real estate market, the authors apply the honeycomb cycle developed by Janssen et al. (1994) based on the joint analysis
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The impact of crimes on house prices in LA County Journal of European Real Estate Research Pub Date : 2022-01-19 Paloma Taltavull de La Paz, Jim Berry, David McIlhatton, David Chapman, Katja Bergonzoli
Purpose This paper focusses on analysing the impact of crime on the housing market in Los Angeles (LA) County. By looking at different types of crime instead of general crime measures and controlling by spatial dimension of prices and crime as well as endogeneity, a model is developed that allows for the understanding of how a specific crime impacts the housing market transaction price. To perform
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Influence of the global environment on capital flows in the London Office market Journal of European Real Estate Research Pub Date : 2022-01-12 Olawumi Fadeyi, Stanley McGreal, Michael J. McCord, Jim Berry, Martin Haran
Purpose The London office market is a major destination of international real estate capital and arguably the epicentre of international real estate investment over the past decade. However, the increase in global uncertainties in recent years due to socio-economic and political trends highlights the need for more insights into the behaviour of international real estate capital flows. The purpose of
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Product differentiation and populistic entry strategies in a mortgage market with Bertrand competition Journal of European Real Estate Research Pub Date : 2021-12-21 Trond Arne Borgersen
Purpose The purpose of this paper is to analyse the interaction between a profit maximising mortgagor and a newcomer to a mortgage market with Bertrand competition where the newcomer has a populistic entry strategy and undercuts mortgage market rates. The intention of the paper is to relate the populistic entry strategy to mortgage market characteristics and the strategic market position of both the
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Calibration of impact of attributes in the real estate mass appraisal Journal of European Real Estate Research Pub Date : 2021-12-17 Krzysztof Dmytrów, Wojciech Kuźmiński
Purpose Our research aims in designation of a hybrid approach in the calibration of an attribute impact vector in order to guarantee its completeness in case when other approaches cannot ensure this. Design/methodology/approach Real estate mass appraisal aims at valuating a large number of properties by means of a specialised algorithm. We can apply various methods for this purpose. We present the
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Interdependence dynamics of corporate equity and public real estate markets Journal of European Real Estate Research Pub Date : 2021-10-28 Kim Hiang Liow, Jeongseop Song
Purpose With growing interdependence between financial markets, the goal of this paper is to examine the dynamic interdependence between corporate equity and public real estate markets for the USA and a select group of seven European developed economies under a cross-country framework in crisis and boom market conditions. Dynamic interdependence is related to four measures of market linkages of “correlation
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Long run apartment price dynamics in Swedish and German cities Journal of European Real Estate Research Pub Date : 2021-08-10 Sviatlana Engerstam
Purpose This study examines the long term effects of macroeconomic fundamentals on apartment price dynamics in major metropolitan areas in Sweden and Germany. Design/methodology/approach The main approach is panel cointegration analysis that allows to overcome certain data restrictions such as spatial heterogeneity, cross-sectional dependence, and non-stationary, but cointegrated data. The Swedish
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Commercial real estate prices and COVID-19 Journal of European Real Estate Research Pub Date : 2021-10-11 Martin Hoesli, Richard Malle
Purpose The article analyzes the effects of the coronavirus disease 2019 (COVID-19) pandemic on commercial real estate prices, with a particular focus on European markets. Design/methodology/approach The authors start by highlighting caveats to bear in mind when referring to direct real estate indices. The authors then analyze the behavior of commercial real estate prices during the pandemic, emphasizing
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Assessment of abandoned properties in geopolitical conflict zones Journal of European Real Estate Research Pub Date : 2021-08-31 Mohsen Shojaee-Far
Purpose In geopolitical conflict zones, the phenomenon of abandonment often correlates with challenges of legal definitions and ownership status. The abandoned properties in conflict zones share similar characteristics with what is commonly known as a brownfield site. However, due to the nature of geopolitical conflict zones, which is mixed with people and sentiments other than technical challenges
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Counterterrorism protective security as part of the planning, design and development of crowded places in Australia: where are we now? Journal of European Real Estate Research Pub Date : 2021-08-30 Pernille H. Christensen
Purpose Between 2013 and 2016 Western countries experienced a nearly 600% increase in terrorist attacks. Among the most significant shift in terrorism trends during this time is the recent focus on civilians in crowded places as a frequent target. Although crowded places have become critical targets for terrorist attacks, there remains a dearth of research studying crowded places or the built environment
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Location, location, location!*: a quality-adjusted rent index for the Oslo office market Journal of European Real Estate Research Pub Date : 2021-08-27 André Kallåk Anundsen, Christian Bjørland, Marius Hagen
Purpose Commonly used rent indices are based on average developments or expert opinions. Such indices often suffer from compositional biases or low data coverage. The purpose of this paper is to overcome these challenges using the authors' approach. Design/methodology/approach The authors construct a quality-adjusted rent index for the office market in Oslo using detailed data from 14,171 rental contracts
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Real estate risk, yield modelling and market sentiment: the impact on pricing in European office markets Journal of European Real Estate Research Pub Date : 2021-08-24 Tony McGough, Jim Berry
Purpose The financial and economic turmoil that resulted from the Global Financial Crisis (GFC), included a marked increase in the volatility in real estate markets. Property asset prices were impacted by the real economy and market sentiment, particularly concerning the determination of risk. In an economic downturn, the perception of investment risk becomes increasingly important relative to overall
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Do segregated housing markets have a spillover effect on housing prices in nearby residential areas? Journal of European Real Estate Research Pub Date : 2021-05-27 Mohammad Ismail, Abukar Warsame, Mats Wilhelmsson
Purpose The purpose of this study is to analyse the trends regarding housing segregation over the past 10–20 years and determine whether housing segregation has a spillover effect on neighbouring housing areas. Namely, the authors set out to determine whether proximity to a specific type of segregated housing market has a negative impact on nearby housing markets while proximity to another type of
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Applying the Fama and French three-factor model to analyze risk/reward in the Spanish REITs: an ARDL approach Journal of European Real Estate Research Pub Date : 2021-06-10 Zhenyu Su, Paloma Taltavull
Purpose This paper aims to analyse the risk and excess returns of the Spanish real estate investment trusts (S-REITs) using various methods, though focusing primarily on the Fama-French three-factor (FF3) model, over the period from 2007Q3 to 2017Q2. Design/methodology/approach The autoregressive distributed lag model is used for the empirical analysis to test long-term stable relationships between
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Aggressive bidding strategies in real estate auctions – a structural equation modelling (SEM) approach Journal of European Real Estate Research Pub Date : 2021-05-27 Simen Dalland, Randi Hammervold, Henrik Tangen Karlsen, Are Oust, Ole Jakob Sønstebø
Purpose This paper aims to study aggressive bidding strategies in real estate auctions – a structural equation modelling (SEM) approach. Design/methodology/approach The authors use two data sets to study aggressive bidding strategies. First, the results from a survey with 1,803 participants examining real estate auctions are used to identify bidding strategies and related motivations. Second, the authors
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Inhibitors and facilitators of corporate real estate dynamic alignment Journal of European Real Estate Research Pub Date : 2021-05-20 Howard Cooke, Rianne Appel-Meulenbroek, Theo Arentze
Purpose This paper aims to identify the importance of individual variables in the corporate real estate (CRE) decision-making process. Design/methodology/approach Nine experts received a posed scenario of a changed business strategy requiring a CRE reduction in individual interviews. Based on their suggested response, a decision network was modelled for each expert using the causal network elicitation
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The “glocalisation” of Istanbul's retail property market Journal of European Real Estate Research Pub Date : 2021-07-12 Fatih Eren, John Henneberry
Purpose The continuation of globalisation and liberalisation processes has prompted the restructuring of many national and local property markets. The research examines the evolution of Istanbul's retail property market to identify how global and local agents engage with one another to produce a unique “glocalized” outcome. Design/methodology/approach The morphogenetic approach is adapted and applied
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What effect does gun-related violence have on the attractiveness of a residential area? The case of Stockholm, Sweden Journal of European Real Estate Research Pub Date : 2021-07-06 Mats Wilhelmsson, Vania Ceccato, Manne Gerell
Purpose This study aims to analyse the effect of gun-related violence on housing values, controlling for the area's crime levels and locational factors. Previous studies that aimed to find a causal connection between crime and housing values used instrument variables to solve the endogeneity problem. Here, the authors have instead been able to take advantage of the fact that shootings have occurred
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Using system dynamics modelling to understand behaviour in UK commercial property markets Journal of European Real Estate Research Pub Date : 2021-07-06 Edward Trevillion
Purpose The purpose of this paper is to outline the benefits of using system dynamics modelling as a research tool to understand the dynamics of commercial property markets in the UK and their long-term behaviour. It highlights areas for future work. Design/methodology/approach This is a concept paper that outlines a simple systems model of rental change in UK commercial property markets as a way of
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Cyclicity of real estate-related trends: topic modelling and sentiment analysis on German real estate news Journal of European Real Estate Research Pub Date : 2021-07-01 Franziska Ploessl, Tobias Just, Lino Wehrheim
Purpose The purpose of this paper is to identify and analyse the news coverage and sentiment of real estate-related trends in Germany. Trends are considered as being stable and long-term. If the news coverage and sentiment of trends underlie cyclicity, this could impact investors’ behaviour. For instance, in the case of increased reporting on sustainability issues, investors may be inclined to invest
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The idiosyncratic characteristics of Turkish REITs: evidence from financial ratios Journal of European Real Estate Research Pub Date : 2021-06-29 Emre Çelik, Kerem Yavuz Arslanli
Purpose This paper aims to determine the specific financial ratio's effects on market value and return of assets for Turkish real estate investment trusts (REITs) traded at Istanbul Stock Exchange (ISE). The paper intends to define liquidity ratios, financial structure ratios, return ratios and stock performance ratios related to market value and return of asset. Design/methodology/approach The study
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Prior information in econometric real estate appraisal: a mixed estimation procedure Journal of European Real Estate Research Pub Date : 2021-06-24 Mariusz Doszyń
Purpose The purpose of this paper is to present how prior knowledge about the impact of real estate features on value might be utilised in the econometric models of real estate appraisal. In these models, price is a dependent variable and real estate features are explanatory variables. Moreover, these kinds of models might support individual and mass appraisals. Design/methodology/approach A mixed
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The determinants of real estate prices in a European context: a four-level analysis Journal of European Real Estate Research Pub Date : 2021-06-22 Antonio M. Cunha, Júlio Lobão
Purpose This paper explores the real estate price determinants at four geographical levels: in the European Union as a whole, in the 28 European Union countries, in one European Union country (Portugal) and in 25 Portuguese metropolitan statistical areas (MSAs). Design/methodology/approach The authors run two time series regression models and two panel data regression models with observations of potential
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The embeddedness of sustainability in real estate investment decision-making Journal of European Real Estate Research Pub Date : 2021-06-14 Cath Jackson, Allison Orr
Purpose The importance of real estate’s sustainability rating has increased significantly. Studies undertaken in 2007 and 2016 show that, at acquisition, the rating rose from 7th to 3rd most important attribute. This shift in priorities parallels the RICS embracing the 10 principles of the UN Global Compact (RICS, 2015). However, while sustainability value premia appear common in some international
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Real estate development in the city of Athens during the financial crisis Journal of European Real Estate Research Pub Date : 2021-06-08 Maria Nikitidou, Fragiskos Archontakis, Athanasios Tagkalakis
Purpose This study aims to determine how the prices of residential properties in the Greek real estate sector are affected by their structural characteristics and by the prevailing economic factors during recession. Design/methodology/approach Based on 13,835 valuation reports for the city of Athens, covering a period of 11 years (2006–2016), this study develops a series of econometric models, taking
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Advancing futures thinking in the real estate field Journal of European Real Estate Research Pub Date : 2021-03-22 Saija Toivonen
Purpose The purpose of this paper is to study the user experiences of the futures wheel method to investigate its suitability to advance futures thinking in the real estate field. Design/methodology/approach The user experiences of the futures wheel method are investigated through questionnaire answers of 114 master’s level students and real estate experts taking part in future wheel workshops. Findings