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.
Although many studies show elevating properties in flood-prone areas can be cost effective, few, if any, studies have examined the impact of home elevation on property values. We examine the impact ...of multiple flood events on property values of elevated and non-elevated homes in Charleston, SC. We find flooding significantly reduces the rate of appreciation, and home elevation increases the rate of lost appreciation. Our results suggest home elevation is not a flood risk adaptation and mitigation strategy valued by the market.
Abstract Several topics were analyzed to produce this article, such as Evaluation Engineering, Data Modeling, Data Mining and Big Data. Although the literature on these theories is extensive, there ...is no record of their simultaneous use in favor of conducting an analysis of the real estate market in a city or region. The present work aims to use these theories to elaborate and implement quantitative criteria which group real estate projects according to their sale speed in order to classify them as high or low demand in the market. Thus, a database was used to develop the proposal, containing the number of units sold from 268 real estate developments in Goiânia with a launch date between January 2016 to December 2019, recorded month by month, generating a total of 4746 entries in the database. Data Mining and Big Data techniques were used to determine the database to perform the research and enable direct comparison between the analyzed enterprises. It was possible to accurately define the greatest market opportunities by studying the characteristics of the number of bedrooms, private square footage, price per square meter, apartment price and location.
Resumo Apesar da literatura a respeito das teorias sobre Engenharia de Avaliações, Modelagem de Dados, Data Mining e Big Data ser vasta, não há registro de seu uso simultâneo na realização de uma análise de mercado imobiliário de uma cidade ou região. Diante disto, o presente trabalho tem por objetivo de analisar os fatores que influenciam na velocidade de venda de empreendimentos residenciais em Goiânia e Aparecida de Goiânia, classificar estes empreendimentos de acordo com sua aceitação pelo mercado e mapear quais as principais características presentes nos empreendimentos de maior sucesso na região. Para o desenvolvimento da proposta foi utilizado um banco de dados, contendo o número de unidades vendidas de 268 empreendimentos imobiliários de Goiânia, com data de lançamento entre janeiro de 2016 a dezembro de 2018, contabilizadas mês a mês, gerando um total de 4746 entradas no banco de dados. Para a realização da pesquisa foram utilizadas técnicas de Data Mining e Big Data para apurar o banco de dados e possibilitar a comparação direta entre os empreendimentos analisados. Como resultados, foi possível definir as maiores oportunidades de mercado estudando as características de número de dormitórios, metragem quadrada privativa, preço do metro quadrado, preço do apartamento e localização. Dentre as variáveis estudadas, a localização, número de dormitórios, valor por unidade, metragem quadrada privativa e preço por metro quadrado têm grande influência na recepção do imóvel pelo mercado. Já a data de lançamento do imóvel não tem grande relevância no sucesso de vendas do empreendimento.
Celem artykułu była ocena przekształceń i rewitalizacji HafenCity oraz ich znaczenia dla podniesienia atrakcyjności rynku nieruchomości Hamburga. Podjęta problematyka została zanalizowana na ...spektakularnym przykładzie historycznej dzielnicy HafenCity, której rewitalizację zapoczątkowano w 2000 r. W pracy uwagę skoncentrowano na osiąganych efektach urbanistycznych, architektonicznych i ekonomicznych. Sposób zagospodarowania dzielnicy stał się elementem innowacyjnego wizerunku miasta, podniesienia jego atrakcyjności inwestycyjnej. W drugiej części opracowania sformułowano rekomendacje dotyczące wykorzystania doświadczeń niemieckich na gruncie polskim. Rewitalizacja urbanistyczna może stać się istotnym elementem procesu rozwoju i podnoszenia atrakcyjności również miast polskich, a obecność zdegradowanych struktur miejskich powinna stanowić silny bodziec do powstania procesów mających na celu przekształcanie tych obszarów.
Purpose
Understanding which market to invest in for a well-diversified portfolio is fundamental in economies that are highly vulnerable to fluctuations in exchange rates. Extant literature that has ...considered phenomenon hardly juxtapose the markets. The purpose of this study is to examine the effects of exchange rate volatility on the Stock and Real Estate market of South Africa. The essence is to determine whether the fluctuations in the exchange rate influence the markets prices differently.
Design/methodology/approach
The Generalised Autoregressive Conditional Heteroskedasticity GARCH (1.1) model was used in establishing the effect of exchange rate volatility on both markets. This study used monthly South African data between 2000 and 2020.
Findings
The results of this study showed that increased exchange rate volatility increases stock market volatility but decreases real-estate market volatility, both of which revealed weak influences from the exchange rates volatility.
Practical implications
This study has implication for policy in using the exchange rate as a policy tool to attract foreign portfolio investment. The weak volatility transmission from the exchange rate market to the stock and real estate market indicates that there is prospect for foreign investors to diversify their investments in these two markets.
Originality/value
This study investigated which of the assets market, stock or housing market do better in volatile exchange rate conditions in South Africa.
This paper studies the association between current account and real estate valuation across countries. We find a robust and strong positive association between current account deficits and the ...appreciation of the real estate prices/(GDP deflator). Controlling for lagged GDP/capita growth, inflation, financial depth, institution, urban population growth and the real interest rate; a one standard deviation increase of the lagged current account deficits is associated with an appreciation of the real estate prices by 10%. This real appreciation is magnified by financial depth, and mitigated by the quality of institutions. Intriguingly, the economic importance of current account variations in accounting for the real estate valuation exceeds that of the other variables, including the real interest rate and inflation. Among the OECD countries, we find evidence of a decline over time in the cross country variation of the real estate/(GDP deflator), consistent with the growing globalization of national real estate markets. Weaker patterns apply to the non-OECD countries in the aftermath of the East Asian crisis.
An originate-to-distribute (OTD) model of lending, where the originator of a loan sells it to various third parties, was a popular method of mortgage lending before the onset of the subprime mortgage ...crisis. We show that banks with high involvement in the OTD market during the pre-crisis period originated excessively poor-quality mortgages. This result is not explained away by differences in observable borrower quality, geographical location of the property, or the cost of capital of high- and low-OTD banks. Instead, our evidence supports the view that the originating banks did not expend resources in screening their borrowers. The effect of OTD lending on poor mortgage quality is stronger for capital-constrained banks. Overall, we provide evidence that lack of screening incentives coupled with leverage-induced risk-taking behavior significantly contributed to the current subprime mortgage crisis.
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