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Understanding the disruption-driven investment decision-making strategy of listed property trusts in New Zealand Journal of Property Research Pub Date : 2024-03-06 Muhammed Bolomope, Abdul Rasheed Amidu, Deborah Levy, Olga Filippova
Property investors operate in environments characterised by market disruptions, which necessitate their adaptation to changing market environments as they make investment decisions. Although severa...
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Writing effective narrative valuation reports: the storytelling imperative Journal of Property Research Pub Date : 2024-02-23 Abdul-Rasheed Amidu, Deborah Levy, Hassan Shuaibu Liman, Jessica Sneha Gray
The modern valuation profession faces a significant challenge in providing high-quality narrative reports that are both effective and customisable. Clear communication of the valuation story is ess...
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The implementation of long-term prudent valuation models across the UK and Mainland Europe for financial regulation purposes Journal of Property Research Pub Date : 2024-02-21 Neil Crosby, Aart Hordijk
The Basel 3 guidance on bank regulation includes a new definition of real estate valuation which differs from existing bases. Prudently conservative valuation or prudent value includes four criteri...
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Urban ground leases: a cross-country comparison Journal of Property Research Pub Date : 2024-02-05 Alan R. Pope, Martin R. Young
The ground lease is a form of land tenure where the property rights are split between the lessor (landowner) and the lessee (land user). Additional ground lease features, such as the obligation to ...
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Age-related depreciation of older properties Journal of Property Research Pub Date : 2024-01-24 Mats Wilhelmsson, Henrik Roos
The value of a property tends to decrease over time as it ages, resulting in a reduced ability to generate the same value. Property depreciation is a multifaceted concept that encompasses both tech...
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Urban clusters and land price variation in Jakarta, Indonesia Journal of Property Research Pub Date : 2024-01-24 Ahmad Gamal, Risty Khoirunisa, Iman Muhtadi
Jakarta’s dynamism is impacted profoundly by the growing economic activity of urban agglomeration. The high intensity of urban economic activities has transformed the capital’s spatial configuratio...
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Exploring needs, choices, and preferences of homebuyers in Islamabad, Pakistan Journal of Property Research Pub Date : 2023-11-24 Nida Naeem, Irfan Ahmad Rana
Given the multitude of factors to consider, selecting a home to buy or rent is a significant decision, and consumer behaviour plays a crucial role in this process. This study aims to shed light on ...
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Tenant stock market performance and retail Real Estate prices Journal of Property Research Pub Date : 2023-09-05 Carina Kaiser, Julia Freybote
We investigate the predictive value of tenant stock market performance for retail real estate transaction prices. In our empirical investigation, we focus on discount and non-discount (i.e. premium...
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Do informed REIT market participants respond to property sector mispricing? Journal of Property Research Pub Date : 2023-06-22 Ramya Aroul, Julia Freybote, Anh Nguyen
Sector mispricing represents the deviation of current and long-run sector fundamentals indicating either over- or undervaluation. We focus on the response of informed market participants to propert...
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Trade vs. daily press: the role of news coverage and sentiment in real estate market analysis Journal of Property Research Pub Date : 2023-05-15 Franziska Plößl, Nino Martin Paulus, Tobias Just
Each week, thousands of newspaper articles on real estate topics are read by market participants. While the market is comparatively intransparent, readers hope to find valuable information. This ra...
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Automated valuation models: improving model performance by choosing the optimal spatial training level Journal of Property Research Pub Date : 2023-05-02 Bastian Krämer, Moritz Stang, Vanja Doskoč, Wolfgang Schäfers, Tobias Friedrich
The academic community has discussed using Automated Valuation Models (AVMs) in the context of traditional real estate valuations and their performance for several decades. Most studies focus on fi...
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Analysis of the factors affecting petrol station values in Turkey Journal of Property Research Pub Date : 2023-04-07 Celal Erdogdu, Kerem Yavuz Arslanli
This study aims to provide the users with formulas for petrol station value estimation activities in Turkey. Firstly, 432 advertisements were used to estimate the asking price of the real estate li...
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‘It’s the hope I can’t stand’: planning, valuation and new community building Journal of Property Research Pub Date : 2023-03-09 Nicholas A. Phelps, Julie T. Miao
ABSTRACT What are the recursive effects of planning on valuations of land, value capture and returns to developers and hence what urban planning can achieve in the building of new urban fringe communities? Valuations affect returns on investment in ways that impact on developer contributions while planning fuels hope in ways that land value capture instruments can never fully realise. We illustrate
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Connectedness structure of Pan-European Equity REITs Journal of Property Research Pub Date : 2023-02-26 Naoufal Nassili, Arnaud Simon, Richard Malle
ABSTRACT This paper examines the interconnectedness among European equity REITs (Real Estate Investment Trusts) due to increased financialization of the real estate sector and European economic integration. It uses two models, Diebold and Yilmaz's generalised variance decomposition and Barunik and Krehlik's time-frequency dynamics framework. The study covers a sample of 42 Pan-European REITs over a
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Empirical effects of the designation of milieu protection areas on the residential property market in Berlin Journal of Property Research Pub Date : 2023-02-22 Lion Lukas Naumann, Holger Lischke, Michael Nadler
ABSTRACT Milieu protection areas (MPAs) are a frequently used urban policy regulation method in large German cities such as Berlin or Munich. MPAs protect residents from displacement by restricting property rights in designated zones through limitations on modernisation and the conversion of rental apartments into condominiums. Policymakers expect this to have a price-dampening effect and slow gentrification
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Blockchain tokenization of real estate investment: a security token offering procedure and legal design proposal Journal of Property Research Pub Date : 2023-01-29 Gurcan Avci, Yaman Omer Erzurumlu
ABSTRACT The article addresses the legal design challenges of real estate crowdfunding, proposing potential solutions that combine blockchain technology, tokenisation, finance, and law. We propose a blockchain tokenised security design, based on a sertificate similar to Sukuk, an Islamic finance asset, that draws inspiration from Equipment Trust Certificates and is managed by a Special Purpose Vehicle
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Shifting prime retailing pitches. A GIS analysis of the spatial adaptations in city centre retail markets Journal of Property Research Pub Date : 2022-11-26 Allison M Orr, Joanna L Stewart, Cath C Jackson, James T White
ABSTRACT In this paper, the density and location of retail properties located within the primary retailing areas of Edinburgh, Glasgow, Hull, Liverpool and Nottingham are investigated over a 17 year period. The study is novel due to the original spatial databases developed and unique combination of established methods employed to explore spatial change within these northern UK cities. The paper starts
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Ability to work and health & safety: property user concerns and satisfaction Journal of Property Research Pub Date : 2022-10-30 Julia Freybote, Riëtte Carstens
ABSTRACT The satisfaction of property users with facilities and property management has been found to be affected, amongst others, by building features. However, we argue that the importance of building features for user satisfaction varies across user concerns about their ability to work and health & safety. We hypothesise that building comfort increases in importance for the satisfaction of users
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The impact of cash financing on housing prices: a theoretical framework and empirical evidence from a volatile United States market cycle Journal of Property Research Pub Date : 2022-09-13 Ramya R. Aroul, J. Andrew Hansz
ABSTRACT This study examines cash financing transaction price implications over a 12-year United States (U.S.) housing market cycle centred around the 2008 Housing Crisis, a period of unprecedented transaction price volatility. We establish theoretical reasoning and empirical confirmation of the mortgage contingency pricing effect, operationalised as a cash financing discount. We document that cash
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The impact of brand affiliation on asset values: the case of UK hotels Journal of Property Research Pub Date : 2022-09-13 Ramya Rajajagadeesan Aroul, Demian Hodari, Giuliano Bianchi, Gwen Martignoni
ABSTRACT Using the hedonic pricing method, we study more than 400 hotel transactions in the United Kingdom between 2000 and 2015 to determine the impact of brands on hotel market values. We initially find that hotel brands are negatively associated with hotel values in our sample. However, after controlling for endogeneity, we find that brand affiliation produces no significant impact on hotel transaction
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An exploration of the role and significance of specialist land promoters in the housing land development market in the UK Journal of Property Research Pub Date : 2022-08-22 P. McAllister, E Shepherd, P. Wyatt
ABSTRACT Of all the inputs into housing production, land can be the most challenging to source. Over the last decade, the land promotion sector has taken a much more prominent role in converting the planning status of land in return for a proportion of the resultant increase in land value. This paper explores the significance of specialist land promoters in the strategic housing land market in the
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What determines the mean reversion speed of NAV spreads? Journal of Property Research Pub Date : 2022-08-08 Alexander Schiller, René-Ojas Woltering, Christian Weis, Steffen Sebastian
ABSTRACT In this paper, we study the mean reversion behaviour of NAV spreads for a global sample of 219 listed real estate stocks. We find NAV spreads for companies trading at a high discount to mean revert fastest. Remarkably, we also provide evidence that online search attention impacts the mean reversion speed of NAV spreads: Stocks with lower levels of online search attention mean-revert significantly
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House price prediction with gradient boosted trees under different loss functions Journal of Property Research Pub Date : 2022-05-24 Anders Hjort, Johan Pensar, Ida Scheel, Dag Einar Sommervoll
ABSTRACT Many banks and credit institutions are required to assess the value of dwellings in their mortgage portfolio. This valuation often relies on an Automated Valuation Model (AVM). Moreover, these institutions often report the models accuracy by two numbers: The fraction of predictions within ±20% and ±10% range from the true values. Until recently, AVMs tended to be hedonic regression models
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Changing tenant covenant perceptions and flexibility in the lease model in UK city centres Journal of Property Research Pub Date : 2022-04-03 Allison M. Orr, Alan Gardner, Cath Jackson, James T. White
ABSTRACT The retailing industry in the UK is experiencing unprecedented structural change. The impact on retailers has often dominated headlines, along with the impacts on local services and economies, but with little attention given to the implications for property owners and practitioners. Exploring and understanding the responsiveness of landlords, and their behaviours, is essential to understanding
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Uncertainty and commercial real estate excess returns in European markets Journal of Property Research Pub Date : 2022-03-24 Elmar Lang, Ferdinand Mager, Kerstin Hennig
ABSTRACT We examine the link between uncertainty and the excess returns of direct commercial real estate markets using the well-established economic policy uncertainty index (EPU) and a novel measure of uncertainty, the world uncertainty index (WUI). Using a panel dataset of 17 European markets, we find a strong positive relation between the two uncertainty measures and excess returns in our univariate
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Property use diversity and spatial accessibility within urban retailing centres: drivers of retail rents Journal of Property Research Pub Date : 2022-03-14 Allison M Orr, Joanna L Stewart
ABSTRACT This study investigates the relationship between use and investor diversity, spatial accessibility, and high street retail rents. Spatial quantitative analysis of the high street retail sector remains an underdeveloped area so this paper seeks to bridge this gap and contribute to the debate on the adaptability of urban retailing centres by adopting a spatial fixed-effects panel modelling approach
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The impact of COVID-19 on house prices in Northern Ireland: price persistence, yet divergent? Journal of Property Research Pub Date : 2022-01-05 M McCord, D Lo, J McCord, P Davis, M Haran, P Turley
ABSTRACT The recent onset of the COVID-19 pandemic has had a pervasive impact on all economies and indeed housing markets. This research investigates the regional impact of the pandemic on the Northern Ireland housing market and provides a unique opportunity to measure short-term reactions to epidemic shocks. Applying a unique dataset, the research measures whether price switching effects are evident
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Factors affecting land value in an Indian city Journal of Property Research Pub Date : 2022-01-05 B V Binoy, M. A Naseer, P P Anil Kumar
ABSTRACT Land valuation is the process of determining the value of the landed property, excluding all human-made improvements. This paper presents a comprehensive assessment and modelling of the land value and its determinants. Thiruvananthapuram, the capital city of Kerala state, is selected as the study area. Land value modelling applied in this study is divided into three stages. The first stage
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‘It’s a man’s world’: the lived experiences of women working in the New Zealand professional commercial property industry Journal of Property Research Pub Date : 2021-11-12 Deborah Levy, Barbara Plester, Raewyn Hills, Jane Horan
ABSTRACT Gender diversity in the workplace results in the increased effectiveness of an organisation. However, within the commercial property profession in many countries including New Zealand (as in a number of other professions), only a small number of women are reaching senior positions. This research investigates why this might be. The study comprises one-to-one in-depth interviews with women currently
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Is e-commerce an investment risk priced by retail real estate investors? An investigation Journal of Property Research Pub Date : 2021-11-02 Carina Kaiser, Julia Freybote
ABSTRACT Over the last 20 years, online shopping has evolved into a major threat to the physical retail store. We investigate whether retail real estate investors price e-commerce as an investment risk. In particular, we analyse whether e-commerce sales have informative value for retail real estate returns. Focusing on institutional-grade shopping centres over the period of 2000 to 2018, we find that
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Key investors and their strategies in the expansion of European student housing investment Journal of Property Research Pub Date : 2021-10-29 Danielle Sanderson, Sara Özogul
ABSTRACT The aim of this paper is to understand the expansion process of investment into Purpose Built Student Accommodation (PBSA) in Europe by examining transformations in student housing investment landscapes and uncovering the profiles and strategies of key investors between 2010 and 2020. Using data from Real Capital Analytics, trends in capital structures and profiles of PBSA investors are identified
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The impact of real estate allocation on investors’ ability to generate real income Journal of Property Research Pub Date : 2021-08-26 Randy Anderson, Eli Beracha, Spencer Propper
ABSTRACT Endowments, wealthy families and retired individuals are often concerned, first and foremost, about preserving their wealth or avoiding the possibility of depleted funds during their lifetime. This paper examines the extent to which a variety of real estate asset types, in addition to a traditional stocks and bonds allocation, can help preserve wealth or avoid a financial shortfall event subject
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The revival of private residential landlordism in Britain through the prism of changing returns Journal of Property Research Pub Date : 2021-08-18 Colin Jones, Abdulkader Mostafa
ABSTRACT Unlike many other countries, Britain had a weak private rented sector (PRS) in decline for most of the twentieth century. A revival began from the turn of the millennium. The platform for this rebirth was the removal of regulation and the arrival of buy to let (BTL) mortgages for individuals at competitive interest rates. The dynamic and rapid development of the PRS cannot be understood in
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Are former commercial farmers in Zimbabwe satisfied with the global compensation agreement? Journal of Property Research Pub Date : 2021-08-17 Benita Zulch, Joseph (JA) Yacim, Partson Paradza
ABSTRACT Zimbabwe’s new administration indicated its willingness to end the compensation dispute, which lasted for two decades with former commercial farmers (FCFs), by signing the global compensation agreement (GCA). In the agreement, the Government of Zimbabwe (GoZ) offered to pay the sum of 3.5 billion, United States Dollars (USD) to the FCFs for their expropriated farmlands. A study carried out
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Conceptualising valuation quality in practice: a valuer perspective Journal of Property Research Pub Date : 2021-05-27 Abdul-Rasheed Amidu, Deborah Levy, Muhammed Bolomope
ABSTRACT Valuation quality is a complex, multifaceted construct deeply embedded within curriculum and the standards documents of property valuation professional practice, yet explicit discussion of how the concept is currently understood and approached within the valuation process is lacking in literature. The aim of this study is to contribute to the interpretation of valuation quality by exploring
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Publisher’s note Journal of Property Research Pub Date : 2021-07-04
(2021). Publisher’s note. Journal of Property Research: Vol. 38, No. 2, pp. 173-173.
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Correction Journal of Property Research Pub Date : 2021-05-24
(2021). Correction. Journal of Property Research: Vol. 38, No. 2, pp. 174-174.
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Introduction to special issue Journal of Property Research Pub Date : 2021-04-27 Rainer Schulz, Martin Wersing
(2021). Introduction to special issue. Journal of Property Research: Vol. 38, Automated Valuation Services, pp. (ii)-(iv).
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Hume’s guillotine - the ‘is-ought’ problem in property valuation theory Journal of Property Research Pub Date : 2021-04-25 Manya Mooya
ABSTRACT This paper introduces Hume’s law (the fulcrum of the ‘is-ought’ problem of moral philosophy) into the property valuation literature, and uses it as a prism to reflect on the nature and limitations of standard valuation theory. The paper shows how a consideration of Hume’ thesis can help to clarify and solve some specific practical problems in property valuation. The opportunity presented by
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Modelling sustainable rents for estimation of long-term or fundamental values of commercial real estate Journal of Property Research Pub Date : 2021-04-22 Neil Crosby, Steven Devaney, Colin Lizieri, Nick Mansley
ABSTRACT Commercial real estate occupier markets are analysed in the context of the debate over the role of real estate lending in financial stability and the search for long-term valuation methods to complement market value estimations. Models of sustainable rent, including a long-term trend model and an econometric equilibrium rent model, are tested to examine whether they provide early warning of
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Metrics for evaluating the performance of machine learning based automated valuation models Journal of Property Research Pub Date : 2021-04-17 Miriam Steurer, Robert J. Hill, Norbert Pfeifer
ABSTRACT Automated Valuation Models (AVMs) based on Machine Learning (ML) algorithms are widely used for predicting house prices. While there is consensus in the literature that cross-validation (CV) should be used for model selection in this context, the interdisciplinary nature of the subject has made it hard to reach consensus over which metrics to use at each stage of the CV exercise. We collect
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Predicting owner-occupied housing values using machine learning: an empirical investigation of California census tracts data Journal of Property Research Pub Date : 2021-04-13 Prodosh E. Simlai
ABSTRACT In this paper, we introduce machine-learning (ML) methods to evaluate one of the key concepts of real estate analysis – the prediction of housing prices in the presence of a large number of covariates. We use several supervised ML tools that are based on regularisation methods – notably Ridge, LASSO, and Elastic Net regressions – and discuss their relative performance in comparison to conventional
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Using shrinkage for data-driven automated valuation model specification – a case study from Berlin Journal of Property Research Pub Date : 2021-04-13 Nils Hinrichs, Jens Kolbe, Axel Werwatz
ABSTRACT We study whether data-driven AVM specification that combines a flexible-yet-simple regression model with shrinkage estimators considerably improves upon the prediction accuracy of a conventional hedonic model. A rolling window prediction comparison based on all condominium sales in Berlin, Germany, between 1996 and 2013 delivered the following results. The highly parameterised model can result
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Asymmetric political attention across foreign and domestic private equity real estate investors Journal of Property Research Pub Date : 2021-04-08 Ashish Gupta, Prashant Das
ABSTRACT Private equity real estate (PERE) markets suffer from information inefficiency. In this study, we examine if Google Trends could help in partially mitigating the inefficiency issues. Using monthly PERE investment activities in India between 2005 and 2017, and controlling for macroeconomic variables, we show that relevant search trends are significantly associated with future investment activities
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Do REIT investors care? An investigation into the market response to the public release of SEC comment letter correspondences Journal of Property Research Pub Date : 2021-04-06 Liesa Schrand, Julia Freybote, Wolfgang Schaefers
ABSTRACT The Securities and Exchange Commission (SEC) in the US reviews REIT financial statements at least every three years. In these reviews, it adopts the perspective of an investor in evaluating the disclosure of REITs and asks questions an investor would ask. If any disclosure deficiencies are identified, the SEC sends a comment letter to the REIT requesting clarification, more discussion or
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Which stocks are driven by which interest rates? Journal of Property Research Pub Date : 2021-03-29 Christian Weis, René-Ojas Woltering, Steffen Sebastian
ABSTRACT This paper analyzes the return sensitivities of real estate value and growth stocks to changes in five different interest rate proxies. Using a global sample of 352 listed real estate companies from 12 countries as a test object, we find that real estate value stocks are more sensitive than real estate growth stocks to changes in the short-term interest rate. This finding is consistent with
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Compulsory yet Fair Acquisition of Land: Assessing Procedural Fairness of Compulsory Acquisition Process in India Journal of Property Research Pub Date : 2021-03-01 Jyoti Shukla
ABSTRACT Coerciveness built in the process of compulsory acquisition (CA) induces a perception of unfairness among the affected landowners and may alleviate with fair compensation and due process. This research focuses on the latter and aims to identify issues of unfairness perceived by the affected landowners using six criteria of procedural fairness from the legal literature including ethicality
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Automated Valuation Services: A case study for Aberdeen in Scotland Journal of Property Research Pub Date : 2021-03-01 Rainer Schulz, Martin Wersing
ABSTRACT Automated valuation services (AVSs) offered by listings platforms predict market values based on property characteristics supplied by users. We investigate the implementation of such a service for the City of Aberdeen. We fit different market value models with machine learning methods and assess them in a rolling windows procedure that mimics an AVS setting. We also investigate the ease and
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Appraising residential property using hierarchical generalised additive models Journal of Property Research Pub Date : 2021-02-25 Dane Bax, Temesgen Zewotir, Delia North
ABSTRACT Log linear hedonic models are ubiquitous in econometric real estate research even though functional form assumptions are often not satisfied and the nested structure of homes in suburbs is not captured adequately. This study focuses on appraising different residential property types located throughout South Africa, investigating a flexible approach which does not assume some explicit functional
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Valuation accuracy of external and internal property valuations in Germany Journal of Property Research Pub Date : 2021-02-13 Jan Reinert
ABSTRACT While all valuers are obliged to act impartially and transparently to reduce bias, the closer relationship between valuers and clients among internal valuations may raise additional concerns regarding the independence of the valuer and hence the objectivity of the result. This paper analyses how internal and external valuations differ in their ability to mirror market prices. The dataset for
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Housing prices and speculation dynamics: a study of Auckland housing market Journal of Property Research Pub Date : 2021-01-15 Yang Yang, Michael Rehm
ABSTRACT Many housing markets across the globe have experienced upward trends in real estate prices during the past two decades. The dynamics between housing prices and speculation have been analysed by existing housing literature, but this study has a few features that may deepen the understanding of this topic. This research uses transaction-level data, focuses on only investor-purchase records,
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AR-GARCH-EVT-Copula for securitised real estate: an approach to improving risk forecasts? Journal of Property Research Pub Date : 2020-12-01 Carsten Fritz, Cay Oertel
ABSTRACT This study presents a quantitative analysis of the so-called AR-GARCH-EVT-Copula model aimed at forecasting risk metrics for multi-asset portfolios, including securitised real estate positions. The model incorporates a non-linear dependence structure and time-varying volatility in asset returns. Accordingly, an empirical study using data from six major global markets is carried out. The approach
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Commercial Real Estate Market with Two-sided Random Search: Theory and Implications Journal of Property Research Pub Date : 2020-11-23 Garrison Hongyu Song, Abeba Mussa
ABSTRACT In this paper, we set up a two-sided random search model to study the trading behaviour between buyers and sellers in the commercial real estate market. Our model shows that the interaction between search and bargaining has a profound influence on the role played by the market search friction regarding the equilibrium transaction price of commercial property and the well-being of both buyers
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Valuation accuracy across Europe: a mass appraisal approach Journal of Property Research Pub Date : 2020-10-26 Jan Reinert
ABSTRACT The aim of this paper was to compare valuation accuracy of eight European markets, using the same time period, data source and methodology. The emphasis was placed on the accuracy of held properties because previous studies showed that sold properties tend to be valued closer to the market. Real sales data was used to derive hedonic sale prices. The Heckman correction was employed to correct
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Distortions in a segment of the commercial office market: the case of medical office buildings Journal of Property Research Pub Date : 2020-10-19 Allen C. Goodman, Brent C. Smith
ABSTRACT This article examines the U.S. market for Medical Office Buildings (MOB), a segment of the office market that has received little attention in the academic literature. Our attention is directed towards the impact of Certificate-of-Need (CON), a set of state level distortionary public laws that regulate health services planning. With respect to real estate, we find CON regulations increase
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Uncertainty in automated valuation models: Error-based versus model-based approaches Journal of Property Research Pub Date : 2020-08-26 A. Krause, A. Martin, M. Fix
ABSTRACT Point estimates from Automated Valuation Models (AVMs) represent the most likely value from a distribution of possible values. The uncertainty in the point estimate – the width of the range of possible values at a given level of confidence – is a critical piece of the AVM output, especially in collateral and transactional situations. Estimating AVM uncertainty, however, remains highly unstandardised
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Understanding the relationship between public and private commercial real estate markets Journal of Property Research Pub Date : 2020-08-02 N. Kundan Kishor
ABSTRACT This paper provides a modelling framework to examine the very low correlation at short horizons and high correlation at long horizons between private and public commercial real estate returns. For this purpose, we use a correlated, unobserved component model with a common trend and Markov-switching heteroskedasticity. This model decomposes the public and private commercial real estate prices
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The impact of UK household overconfidence in public information on house prices Journal of Property Research Pub Date : 2020-07-28 Soosung Hwang, Youngha Cho, Jinho Shin
ABSTRACT We investigate if house prices are affected by the overconfidence of households who predict house prices using imperfect public information about economic outlook. For this purpose, we develop a new measure of household overconfidence in the Bayesian framework. For the three variables we test – changes in consumption, stock returns, and changes in human capital, we find that UK households
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Can brokers rig the real estate market? An exploratory study of the commercial real estate sector Journal of Property Research Pub Date : 2020-07-02 Pat McAllister
ABSTRACT This paper focuses on how brokerage practices in the markets for commercial real estate investment assets and residential development land in England generate different possibilities for and patterns of opportunistic behaviours. Drawing upon previous research and analysis, the paper examines the nature of the brokerage market in both sub-markets. An interactionist model of the determinants
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The impact of strategic jump bidding in residential English auctions Journal of Property Research Pub Date : 2020-05-25 Aras Khazal, Ole Jakob Sønstebø, Jon Olaf Olaussen, Are Oust
ABSTRACT In the Norwegian real estate market, used dwellings are normally sold through an auction process similar to the standard English (open ascending-bid) auction. Using survey results (N = 1,803), we define jump bids and investigate the motivations behind the use of such strategies. We find that most bidders tend to consider intimidation and signalling as the main motivations for applying a jump-bidding