In this paper, we begin by documenting substantial variation in house price growth across neighborhoods within a city during city-wide housing price booms. We then present a model which links house ...price movements across neighborhoods within a city and the gentrification of those neighborhoods in response to a city wide housing demand shock. A key ingredient in our model is a positive neighborhood externality: individuals like to live next to richer neighbors. This generates an equilibrium where households segregate based upon their income. In response to a city-wide demand shock, higher income residents will choose to expand their housing by migrating into the poorer neighborhoods that directly abut the initial richer neighborhoods. The in-migration of the richer residents into these border neighborhoods will bid up prices in those neighborhoods causing the original poorer residents to migrate out. We refer to this process as “endogenous gentrification”. Using a variety of data sets and using Bartik variation across cities to identify city level housing demand shocks, we find strong empirical support for the model's predictions.
► We document substantial variation in house price growth within a city. ► We develop a model that links house price growth and gentrification. ► A key ingredient in our model is individuals like to live next to richer neighbors. ► Richer neighborhoods expand at borders when positive city-wide demand shocks occur. ► We find strong empirical support for the model's predictions.
The commercial real estate market has been hit hard by the coronavirus. Many segments of commercial real estate in 2020 found themselves in a situation of complete cessation of activity due to the ...lockdown. Each segment is experiencing crises in the economy in its own way, however, it should be noted that even in the current circumstances, the commercial real estate market is mobile, supply and demand is present, real estate transactions are being made. The purpose of the study is to determine the capitalization rates for the trading segment using the direct capitalization method. Tasks: determining the state of the commercial real estate market, in particular the retail segment, determining which objects of the considered segments can be applied to the direct capitalization method, determining the calculation of the capitalization ratio, using regression analysis to refine the results of the capitalization ratios, analyzing the obtained values. The work used the method of direct capitalization, the method of direct comparison, regression analysis, data analysis. As a result of this study, capitalization rates for the trading segment were determined using the direct capitalization method. The objects of the considered segments are determined, to which it is possible to apply the direct capitalization method.
This study focuses on the real estate market in Romania and presents a forecasting model for predicting future real estate prices. The model, based on multiple linear regression, provides a ...comprehensive understanding of the market and enables real estate analysts to devise more efficient investment strategies. By enhancing investment efficiency, the model contributes to the overall efficiency of financial markets and supports sustained economic benefits for stakeholders. Although limited to a specific timeframe and apartment auction markets in Romania, future research can expand the model’s scope, improve accuracy through diverse data sets, and explore key factors for enhanced performance. The study’s contribution lies in its valuable insights for real estate analysts, enhancing investment efficiency, and fostering sustained economic benefits for stakeholders.
Humanity has been facing the pandemic (triggered at the start of 2020) generated by the new coronavirus for about two years. In a short space of time, the entire economic and social activity has been ...disrupted. For a lot of areas/sectors, uncertainty, insecurity and chaos were becoming the normal framework for doing business. New needs and desires, some of them difficult to anticipate, were starting to emerge. Gradually, each individual would experience the consequences of the pandemic with a different intensity and in various aspects of his/her personal and professional lives. All these changes have led to the emergence of a new lifestyle, which has also brought about farreaching changes in terms of buying behavior. The objective of this paper is to analyze the results obtained by a real estate company which has capitalized on the changes in buying behavior in the new environment generated by the pandemic.
Rising asset prices spurred by Asia's emerging economy have drawn much attention recently. This study examines one source of growth patterns in asset prices by analyzing the integration relationship ...between stock markets and real estate markets in Asia. Six economies are selected for empirical analysis: China, Hong Kong, Japan, Singapore, South Korea, and Taiwan. Results show that stock markets are integrated with real estate markets in Japan, and partially integrated with real estate markets in China, Hong Kong, and Taiwan. This implies that these two investment vehicles are substitutable in China, Hong Kong, Japan, and Taiwan, and provide diversification potential for investment portfolios in South Korea and Singapore. Examining the timing of market changes, we found the real estate market leading the stock market in some countries, and the stock market leading the real estate market in others. We conclude that stock and real estate markets show a variety of inter-relationships depending on economic and political policy environments.
O texto procura expor, a partir de alguns elementos, a reflexão acerca das novas determinações existentes no processo de reprodução do espaço urbano da metrópole manauara. Estas chamadas ...determinações são tanto de natureza nova dentro do contexto urbano amazonense quanto do próprio processo de urbanização contemporânea, que numa relação multiescalar, compreende tanto grandes regiões quanto lugares específicos de um território específico. Aqui se tem a rodovia estadual AM-070, localizada no município de Iranduba e Manacapuru como lugar da análise, trazendo no reconhecimento dos processos que nela são atuantes, as possibilidades de compreensão dessas dinâmicas emergentes. O estabelecimento de um setor imobiliário e seus variados produtos (condomínios, loteamentos) produz uma realidade abruptamente nova neste fragmento do território, trazendo assim desafios à compreensão ao mesmo tempo que sua necessidade.
Le texte tente de présenter, à partir de quelques éléments, une réflexion sur les nouvelles déterminations existant dans le processus de reproduction de l'espace métropolitain de Manaus. Ces soi-disant déterminations sont à la fois d'une nature nouvelle dans le contexte urbain amazonien et le processus d'urbanisation contemporain lui-même, qui dans une relation multi-échelle comprend à la fois de grandes régions et des lieux spécifiques d'un territoire spécifique. Ici, nous avons la route nationale AM-070, d'Iranduba et Manacapuru comme lieu d'analyse, cherchant la reconnaissance des processus qui y sont actifs et les possibilités de comprendre ces dynamiques émergentes. La mise en place d'un secteur immobilier et de ses produits variés (copropriétés, lotissements) produit une nouvelle réalité dans ce fragment de territoire, apportant ainsi des défis à la compréhension, en même temps que sa nécessité.
The text tries to present, from some elements of an ongoing research, the reflection about the new determinations existing in the process of reproduction of the metropolitan space of Manaus. These so-called determinations are both of a new nature within the Amazonian urban context and of the contemporary urbanization process itself, which in a multi-scale relationship comprises both large regions and specific places of a specific territory. Here we have the state highway AM-070, located in the city of Iranduba and Manacapuru as a place of analysis, bringing in the recognition of the processes that are active in it, the possibilities of understanding these emerging dynamics. The establishment of a real estate sector and its varied products (condominiums, subdivisions) produces an abrupt new reality in this fragment of the territory, thus bringing challenges to understanding at the same time as its necessity.
Boom-bust cycles in real estate markets have been major factors in systemic financial crises and therefore need to be at the forefront of macroprudential policy. The geographically differentiated ...nature of real estate market fluctuations implies that these policies need to be granular across regions and countries. Before the financial crisis that started in 2007 property markets were overvalued in a range of European countries, but much like in other constituencies active policies addressing this were an exception. An increasing number of studies suggest that borrower-based regulatory policies, such as reductions in loan-to-value or debt-to-income limits, can be effective in leaning against real estate booms. But many of the new macroprudential policy authorities in Europe do not have clear powers to determine them. Moreover, the cross-border spillovers they may give rise to suggest the establishment of a well-defined macroprudential coordination mechanism for the single European market.
Future cities? A morphogenetic code idea is presented. We need a conceptually different concept of cities which paradigmatically shifts their forms and structures toward more liveable future ...environments, both for us and our planet. The Isobenefit Urbanism is conceived within a medium-long term perspective mixing a macro top-down planning with a micro bottom-up spontaneous evolution in an attempt to moderate the human forces which typically induce agglomeration benefits and costs, maintaining the former while limiting the latter. It indicates a simple urban morphogenetic code to generate cities that are walkable, carless, low carbon, connected, compact, multifunctional settlements throughout nature, with unplanned forms and dinamically unlimitedly changeable/extendable, in which one can feel both urbanity and nature. By holding constant the number of inhabitants of a usual city/megacity, its Isobenefit city counterpart would enjoy the same (or greater) economies of scale benefits but without most of their costs. The Isobenefit Urbanism model might offer a potential solution to wild cementification, urban heat island effects, destruction of natural land and biodiversity, carbon emissions, congestion, air pollution, urbanicity and mental well-being, as well as provide a model to host the 3 billion new urban dwellers of the next few decades. Its ambition is to enjoy the economies of agglomeration without incurring to their diseconomies, manifested by sublinear and superlinear outputs scaling with city (population) size, typically infrastructural the former and socioeconomic the latter, without misusing lands and compromising daily rural/natural contacts.
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•This new urban type enhances agglomerations' benefits while avoiding their costs.•This single urban genotype induces potential infinite urban phenotypes.•It is an urban model proposing a new relation between urban and natural lands.•Free markets versus planning tactics are discussed for real estate developments.
Berlin is witnessing a massive tourism boom, and parts of it can be described as ‘new urban tourism’, which shows a preference for off the beaten track areas and ‘authentic’ experiences of the city. ...This form of tourism seems especially salient in Kreuzberg. It is here that an openly articulated critique of tourism attracted national attention in 2011 and has not ceased to do so since. This article aims to better understand the conflictive potential of (new urban) tourism in Kreuzberg. We argue that the readily expressed negative attitudes against tourists and the easily accepted link between tourism and gentrification have to be explained against the backdrop of certain housing‐market dynamics. Rising rents and a diminution in the number of flats available for rent are fuelling fears of gentrification in Kreuzberg, while the interest shown in new urban tourism and the comparatively low‐priced real‐estate market in Berlin result in a growing number of holiday flats. Although adding only slightly to the tightening of the housing market, holiday flats render complex processes of neighborhood change visible and further sustain an already prevalent tourism critique.
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