In modern conditions, such qualities of commercial real estate objects as energy efficiency, accessibility, safety and environmental friendliness are becoming important. Preliminary analysis has ...shown that the focus on such factors in the creation and redevelopment of commercial real estate intensifies the process of development of urban areas adjacent to this object. The objectives of the study are to analyze the influence of factors of economy, environmental friendliness and accessibility of commercial real estate on the standard of living of the population based on the construction of regression models for the secondary residential real estate market. The following research methods were used in the work: analysis and synthesis, correlation and regression analysis. The result of the work was an assessment of the impact of the qualitative characteristics of a commercial real estate object on the standard of living of the population of the surrounding urban areas and the dynamics of their sustainable development.
Aim: In the conducted research, profiles of seasonality in the housing market were determined, which provided an opportunity to answer two fundamental questions: what is the nature of harmonic ...variation in the seasonality and periodicity of the studied components of the construction process? what parameters of the ARIMA model optimally describe the construction market? Methodology: In the conducted research, using the X13-ARIMA-SEATS model, seasonal decomposition was carried out in the various stages of the housing construction process. Results: The research process conducted to identify seasonal fluctuations in the housing construction market showed that harmonic fluctuation profiles can be identified on an annual basis. An analysis of seasonal fluctuations was carried out for each of the three stages of the housing construction process, while also checking how these profiles function for Poland in general, and for individual investors, and for those building apartments for sale or to rent. The study showed that the market for real estate development activity differs in its seasonal characteristics from that of individual investors. Implications and recommendations: The conclusions obtained from the research can provide support in the decision-making process, both from a macro and microeconomic perspective. Parameterisation of the occurring fluctuations, and taking them into account in the process of developing a forecast can provide decision-making rationale in the implementation of macroprudential and financial stability policies Originality/Value: A novelty is in the demonstration that the residential real estate market in Poland shows different seasonal parameters, divided into the market of individual investors and investors who build apartments for sale or rent.
In recent years, formal certification programs for rating and evaluating the sustainability and energy efficiency of buildings have proliferated around the world. Developers recognize that such ...“green labels” differentiate products and allow them to charge a price premium. China has not formally adopted such rating standards. In the absence of such standards, developers are competing with each other based on their own self-reported indicators of their buildings’ “greenness”. We create an index using Google search to rank housing complexes in Beijing with respect to their “marketing greenness” and document that these “green” units sell for a price premium at the presale stage but they subsequently resell or rent for a price discount. An introduction of a standardized official certification program would help “green” demanders to acquire units that they desire and would accelerate the advance of China’s nascent green real estate market.
► China has not formally adopted rating standards for “green” buildings. ► We create a Google index to rank “marketing greenness” of housing complexes in Beijing. ► Developers charge a price premium for self-reported buildings’ “greenness” during presale. ► These “green” premiums disappear in the subsequent resells and the rental market. ► A standardized certification program would advance China’s nascent green real estate market.
The paper's objective is to scrutinize the dynamics of connectedness across returns of three markets, including direct real estate, securitized real estate, and stock markets. Through the ...connectedness index approach, the results indicate a significant degree of connectedness, which increases sharply during the recent global financial crisis. The net directional connectedness is volatile and time-dependent, yet the dominant shock transmitting role of the securitized real estate is pronounced during the GFC. While the direct real estate market plays as a dominant shock information receiver from the markets of securitized real estate and stocks in Australia, Canada, France, and the UK, it appears to shape other markets in the context of the US. Given the fact that the securitized real state is considered as the hybrid of the conventional real estate market and the stock market, we further note that the securitized real estate is more linked with its underlying market. Several implications for investors and policymakers are discussed.
Research background:
Commercial real estate segments have reacted differently to the effects of the coronavirus pandemic, announced early last year. Thus, the greatest interest is represented by ...commercial, service and warehouse real estate. The retail segment seriously felt the restrictions in the work of retail and service enterprises from March to July 2020 – due to the rotation of operators, the departure of many players from the market, the vacancy rate of space increased, the average rental rate decreased due to the revision of lease agreements. Warehouse real estate, on the contrary, has received incentives for development due to a twofold increase in online trade in Russia – the vacancy rate in the most high-quality areas tends to 0-2%, the average rental rate is growing rapidly.
Purpose of the article:
to analyze the commercial real estate market in the context of retail and warehouse real estate in the regions of Russia and St. Petersburg, to develop mechanisms to increase their competitiveness in the postcovid period.
Methods:
description, comparison, analogy, generalization and correlation and regression analysis.
Findings & Value added:
there is a high dependence of the current state of retail and warehouse real estate on the growing volumes of online trade, which causes certain trends: the growth of the shortage of warehouse space and the increase in the vacancy rate of retail space-mechanisms have been developed to increase the competitiveness of commercial real estate operators in St. Petersburg and the regions
The relationship between financial stability and the real estate market has received increasing attention. Understanding the interaction between them may monitor financial risk and real estate price ...fluctuation. This paper aims at examining the cross-correlation between financial stability and real estate price fluctuation in China. A measure of financial stability is constructed and the cross-correlation between financial stability and the real estate market is demonstrated by using detrended cross-correlation analysis (DCCA). Furthermore, multifractal asymmetric detrended cross-correlation analysis (MF-ADCCA) is used to evaluate the scaling properties of the cross-correlation among financial stability and real estate price fluctuation. Empirical results indicate that asymmetries exist in the cross-correlation and that the asymmetric cross-correlation is multifractal. The cross-correlation is related to the fluctuation magnitude if the financial stress index (or the growth rate in house prices) is in a different trend. Finally, DCCA analysis based on time-delay is employed to investigate transmission direction of the cross-correlation. Our findings indicate the transmission direction is bidirectional, but the impact of financial stability on real estate price fluctuation is larger than the impact in the reverse direction.
•A measure of financial stability of China is constructed.•The cross-correlation between financial stability and the real estate market is studied.•Asymmetric multifractal cross-correlation is studied.•Transmission direction of the cross-correlation is further discussed.
Revealing the parties, the processes and the institutions and, consequently, both the diversity and contingency of the real estate markets, the existing increasing literature emphasises the ...contemporary numerous links and interdependencies between real estate, land value, planning and town planning policy and even the financial system. This paper is an attempt to understand all the real estate markets, from the most peripheral ones, where the urban rent is the lowest, to the most dense city centres. To gain a better understanding of the real estate market, a process of firstly deconstruction and then reconstruction is used. The process of deconstruction involves identifying various market trends according to property type (principally residential buildings), players and institutions, territorial situations and temporalities based on research conducted in Switzerland. We then developed a meta-synthesis inspired by Fernand Braudel whose works put as much emphasis on day-to-day economic activity as on long-term activity, and on local as well as global issues.
This review presents an analysis of three hypotheses. The articles provide a specific perspective on green housing before, during, and post COVID-19. The validations of these hypotheses were ...performed by analyzing the scientific literature worldwide and by adding a statistical analysis of appropriate articles from the Scopus database. The purpose of this review is to overview the research written on housing developments during the upsurge of COVID-19 along with the responses from the green building sector, because this field appears to be rapidly emerging by the sheer volume of research studies currently undertaken. Foremost peer-reviewed journals covering construction, urban studies, real estate, energy, civil engineering, buildings, indoor air, management, economics, business, environmental studies, and environmental sciences that were published last year were selected for review. The review was conducted by applying a combination of various keywords and the criteria for paper selection, including sustainable building, green construction, green building, resource-efficient, a building’s lifecycle, COVID-19, energy, water, consumption, health effects, comfort, occupant behaviors, policy, economy, Industry 5.0, energy-efficient retrofitting, and profit. Two, innovative elements in this study stand out when comparing it with the most advanced research on green housing before, during, and after COVID-19. The first innovation relates to the integrated analyses of COVID-19 pandemic, housing policies of countries and cities pertinent to COVID-19 that impact green housing and the wellbeing of their residents as well as the impact made by residents and a housing policy on the dispersion of COVID-19. This research additionally establishes that a green building analysis is markedly more effective when the analysis comprehensively covers the life process of a green building, the participating interest groups that have their own goals they wish to implement, the COVID-19 situation, and the external micro- and macro-level environments as a singular entity.
Using loan-level data, we analyze the quality of subprime mortgage loans by adjusting their performance for differences in borrower characteristics, loan characteristics, and macroeconomic ...conditions. We find that the quality of loans deteriorated for six consecutive years before the crisis and that securitizers were, to some extent, aware of it. We provide evidence that the rise and fall of the subprime mortgage market follows a classic lending boom-bust scenario, in which unsustainable growth leads to the collapse of the market. Problems could have been detected long before the crisis, but they were masked by high house price appreciation between 2003 and 2005.
The subject of the study is the processes of the current state and the main trends in the real estate market of Ukraine. Methodology. The research was conducted using general scientific methods, in ...particular: theoretical generalization, methods of positive and normative analysis, statistical analysis. The goal is to analyze the processes of the current state and the main trends in the real estate market of Ukraine. Research conclusion. The main trends in the real estate market of Ukraine are highlighted. The legal features ensuring the real estate industry are determined: restrictions and simplifications concerning the functioning of the real estate market. Trends in the formation of real estate prices on the primary and secondary market are highlighted. The structure of the primary and secondary market by types of real estate planning and by types of housing was analyzed. It is emphasized that the buyers, as before the war, need compact quarters or mixed type of buildings of different floors, in which, in addition to housing, all necessary infrastructure is provided (grocery stores, cafes, pharmacies, schools, kindergartens, playgrounds, recreation areas, offices, etc.). However, due to the war, specific requirements are added to the standard ones, such as the safety of the complex, for example, the presence of underground parking adapted for bomb shelters, etc. The price of apartments has already increased, especially in hryvnia equivalent. The average price per square meter is higher than in February, 2022. The growth trend will continue in the post-war period. After all, the price is directly affected by the buying mood of customers, the weakening of the hryvnia against the dollar, the pace of construction recovery, and the remoteness of the region from hostilities. Taking into account the rising cost of construction materials and complicated logistics, the price per square meter for new construction projects will increase significantly. In addition, new players are entering the real estate market, such as temporarily displaced persons who have adapted and plan to stay, workers who have moved due to company relocations, and investors who have decided to protect their investments. The significant slowdown in the pace of construction, the lack of new facilities, despite weak demand, will lead to a certain shortage of high quality residential projects and, consequently, a shortage of comfortable and liquid residential properties on the market. Ukraine expects a decrease in the purchasing power of the population and, accordingly, a decrease in the opportunities to purchase real estate. The way to avoid these complications is the intervention of the state and local self-government bodies, for example, communal housing, which will belong to the community, can be rented on a long-term basis to vulnerable sections of the population, immigrants and those groups of people who need it but cannot afford to buy it.
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