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Barriers to real estate investments for residential rental purposes: mapping out the problem

Barriers to real estate investments for residential rental purposes: mapping out the problem

In terms of practical implications, the use of the FCM approach proved very useful for understanding the bar- riers to real estate investments for rental purposes, en- hancing transparency in what pertains to the identifica- tion of criteria, and furthering knowledge with respect to the cause-and-effect relationships between variables. Understanding the variables creating resistance to these investments is a first step toward helping overcome them. Knowing potential investors’ main concerns can help real estate agents address and assuage them, for instance. In- vestors themselves can mitigate some of their worries, by establishing pre-defined rules and procedures, with re- gard to practical issues, such as the payment of utilities for instance, or even in terms of tenant characteristics. Although some issues, such as the macroeconomic con- straints are out of the stakeholders’ hands, merely becom- ing more knowledgeable and informed about such issues can increase willingness to invest. Finally, there seems to be an important role for policy makers in promoting real estate investments of this nature, as many of the obstacles identified pertain to legal and administrative obstacles and costs, such as taxes and fees.
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Behavioral economics and real estate bubbles: a systematic literature review

Behavioral economics and real estate bubbles: a systematic literature review

The theoretical survey is studying the application of the behavioral models to the residential real estate market. The main motivation of the paper is that the specifically residential market is represented mostly by non-sophisticated traders (households), whose decisions to buy are frequently justified by unrealistically optimistic expectations that are shaped by extrapolation, false beliefs about real estate markets, and a word-of-mouth sentiment about real estate investment. At the same time, more sophisticated participants (real estate agents) use the psychological limits of the households and ride the bubble by re-selling frequently bought properties with the goal to gain profit. Such an irrational behavior of households and speculative behavior of real estate agents has the impact on the house prices and might drive the bubble. So, the behavioral model can be a useful framework in order to explain, predict or even prevent the house bubbles. The four behavioral models are presented in the survey. Among 16 empirical researches, 15 present the evidences of the behavioral factors impact on the house price deviations, and the correlation of those factors with the recent bubbles´ patterns.
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Classification and selection of tenants in residential real estate: a constructivist approach

Classification and selection of tenants in residential real estate: a constructivist approach

Following the premise that decision-making groups “should have between 6 and 10 key individuals” (Eden & Ackermann, 2004, p. 618), the expert panel in this study was composed of six participants with ages ranging be- tween 29 and 70 years old. The participants all had exper- tise in the residential rental market: four were landlords with practical experience in short- and long-term rental contracts, and two were professional real estate agents, op- erating in the city of Lisbon, Portugal. It is worth noting that, due to the constructivist and process-oriented nature of our framework, when correctly adjusted, the proce- dures followed can work well with any other expert panel (cf. Belton & Stewart, 2002; Ferreira et al., 2017c). Two group meetings, with an average duration of four hours each were carried out, guided by two experienced facilita- tors, who coordinated the negotiation process between the panel members. The first session pertained to the structur- ing phase, as described below.
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Classifying residential real estate based on their exposure to crime: a research agenda

Classifying residential real estate based on their exposure to crime: a research agenda

Classification models for residential real estate exist and are useful because they provide support to the decision processes of municipalities, police forces, real estate agents and citizens, allowing for a better understanding of social preferences and urban flows. It is worth noting, however, that the use of classification models is not without limitations, namely if one considers that subjectivity is omnipresent in the decision making framework (DeTombe 2002; Bana e Costa, Oliveira 2002; Ferreira 2016). In light of this reasoning, we propose a constructivist approach to the problem, based on the integrated use of cognitive mapping techniques with the Measuring Attractiveness by Categorical Based Evaluation Technique (MACBETH). Specifically, cognitive mapping allows evaluation criteria and their relationships to be revealed, while MACBETH facilitates the calculation of the respective trade-offs. Although both approaches have been previous applied and reported in the literature (see, for instance, Ferreira et al. 2011; Canas et al. 2015; Ferreira et al. 2015; Filipe et al. 2015; Oliveira et al. 2017), we have found no documented evidence reporting their combined use in the classification context of residential areas according to their exposure to crime.
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Organization of the business process of a real estate agency, using an information system supported by a regression model

Organization of the business process of a real estate agency, using an information system supported by a regression model

The Microsoft Windows 7 Professional - an operating system with which specialists of the agency work. Anti-virus program ESET Smart Security - the anti-virus program that provides data protection on the computer and at the internet access, blocking attempts of malefactors to take control of data. Archiver - WinRAR - widely used archiver thanks to whom the employees can squeeze large volumes of data, for example, sending to the client a selection of objects with a large number of photos. Microsoft Office 2010 is used to prepare documents, namely reports. ConsultantPlus is an electronic version of Federal Laws of the Russian Federation and the Civil Code of the Russian Federation. They are necessary for drawing up the agreements, contracts and other documents participating in various processes of real estate agency and governing the relations between the client and the agency.
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Foreign investment styles and returns in Portugal's real estate market

Foreign investment styles and returns in Portugal's real estate market

The resumption of residential market activity started in 2013, driven by the “Gold” Visa or Resident Permit for Investment Activity Program. This program was implemented at the end of 2012 and attracted several foreign investors who needed to have Portuguese citizenship travel freely in the Schengen area. The investment type that most investors choose was real estate and primarily residential properties in central locations in Lisbon, preferably with the possibility of obtaining income, rather than for own occupation (JLL, 2014). In addition, the strong growth of tourism initiated significant changes in the market values that, after a sharp drop due to the real estate bubble, started to recover (Figure 10). The sustained growth of demand, as shown in Figure 11, during the last years, is based on the better economic conditions, quality of life and increase in employability that continued to attract foreign investors but also, the increase in demand for housing loans by Portuguese citizens associated with the better banking conditions (JLL, 2018).
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Real Estate Market in Developing Countries: Slums and Housing Supply

Real Estate Market in Developing Countries: Slums and Housing Supply

God) in Rio de Janeiro is a remarkable example of this inefficient policy that was almost abandoned in the end of 20th century. Nowadays local governments focus more on infrastructure and essential services improvements in slums. During all these decades, authorities did not succeed in avoiding these illegal settlements. These occupations are also a proxy of effective regulation in metropolitan areas and an intense presence of slums can be interpreted as a tolerant state without authority to impose urban order. According to Flood (2006), “49 percent of land invasions in Sub-Saharan Africa, 60 percent in North Africa, East Asia, and West Asia and 90 percent in South Asia occur on public land” (Shah, 2014) and only 40 percent share of “land invasions” in Latin America and the Caribbean occurring on private land (Brueckner and Selod, 2009). Federal public lands were defined in previous Constitutions of 1831 and 1946, and reaffirmed in the Constitution of 1988. 8 Regularization of low-income occupations on public properties was one of the goals of the federal government, which initiated processes of ownership transfer to approximately 500 thousand households during 2003 and 2010 (Secretaria do Patrimˆ onio da Uni˜ ao, 2010). For this reason, the area of federal public properties, most vulnerable areas to these invasions, was used as an instrument for informal housing ratio in metropolitan areas (Figure 6b). Since housing public policies of municipalities would be correlated with government real estate assets, the use of federal data also avoids the issue of this variable being affected by urban policies or real estate markets. 9 Large MSAs are dynamic labor markets and the number of informal houses is positively correlated with the MSA’s size (Figure 6a). Therefore, the demographic instrument (number of households in 2010) was also used to estimate slum share in cities. The first stage of supply equation estimates α coefficients of
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Cultural effects on real estate market: an explanation of urbanization

Cultural effects on real estate market: an explanation of urbanization

The data sources from her research go back to 2006, when the housing inflation conditions `Little Bubble´ and the `Serious Bubble´ were occurring. As time passes, the level could increase. Due to the decade-long housing market boom in China, it is not hard to find other research regarding this subject. To Western people, it might be difficult to understand the willingness of households in China to endure such severe financial burdens for a home. This is not only because of a financial change, but it is a cultural matter as well. The importance of owning a piece of real estate and a sense of belonging has been handed for thousands years. Even during 2008-2009, though China was under severe financial pressure, the housing market remained strong especially in Shanghai, Beijing, Guangzhou, etc. The data from the National Bureau of Statistics clearly shows how diverse the economic development is in China´s different provinces. A different feature is that the housing market in China has a clear direction of commercialization. Compared with most western countries, commercialized residential buildings in the real estate market are more prevalent than secondhand housing due to the housing market revolution in 1998.
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Provisional agenda item 9: buildings and installations; real estate fund

Provisional agenda item 9: buildings and installations; real estate fund

The construction cost for 1,200 square meters Js estimated at.. $6,000 Mexican Pesos per square meter, or US$263.74 per square meter, for.[r]

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A fuzzy knowledge-based framework for risk assessment of residential real estate investments

A fuzzy knowledge-based framework for risk assessment of residential real estate investments

The cognitive structure developed in this study allows for greater transparency in the analy- sis of risk assessment in residential real estate, reinforcing the relevance of using FCMs in this domain. In addition, and as reported previously, the direct collaboration of a panel of experts proved to be valuable, providing realism, consistency and functionality to the system developed, which in turn allowed for its validation. It should be noted, however, that the greatest contribution of this study results, perhaps, from the learning process in- herent to the use of FCMs, which, following a constructivist logic, allows reflections on risk assessments to take place and improvement suggestions to be formulated. As pointed out by Zavadskas and Turskis (2011: 398), “most importantly perhaps was the finding that decision analysis can be useful to help multiple stakeholders understand what they agree and disagree about, focus on the things that they disagree about and explore options that are better for everyone involved”. Moreover, it is worth noting that, due to the constructivist nature of FCMs, our framework is flexible enough to accommodate new information, allowing real estate investors to immediately assess the impact of new criteria on the results. In this sense, it should be recalled that the proposal presented in this study is a work-in-progress, and improvements are always possible (and desirable) to strengthen real estate investment decisions.
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UNIVERSIDADE FEDERAL DE UBERLÂNDIA FACULDADE DE GESTÃO E NEGÓCIOS PROGRAMA DE PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO

UNIVERSIDADE FEDERAL DE UBERLÂNDIA FACULDADE DE GESTÃO E NEGÓCIOS PROGRAMA DE PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO

Chen, Roll e Ross (1986) apresentaram a inflação como sendo uma variável econômica explicativa para retorno de ativos dentro de um modelo APT. Assim como Leal (2004), espera-se que quanto maior a inflação inesperada no período, maior o retorno do ativo para manter o valor real do mesmo. O risco de crédito, por sua vez, é mensurado pela diferença entre os retornos de um título público e de um título de empresa privada (debêntures) na mesma data de maturidade. No entanto, Shor, Bonomo e Pereira (2004) argumentam que um número considerável de empresas brasileiras não se financiam mediante a emissão de títulos de renda. Assim, o prêmio pelo risco brasileiro de se investir em uma empresa privada foi definido como a diferença entre a taxa média para empréstimos de capital de giro das empresas, verificada pelo Banco Central, e a taxa acumulada de juros no mercado interbancário (CDI overnight). A equação 24 descreve esse relacionamento:
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A Real Options Model with Games Applied to the Rio de Janeiro Residential Real Estate Market

A Real Options Model with Games Applied to the Rio de Janeiro Residential Real Estate Market

In Brazil, Costa et al (2015) studied the impact of preemption on optimal timing games for an asymmetric oligopoly applied in the Brazilian aluminum cans market and showed that firms need to anticipate their investments when there is a threat of preemption in the market, in relation to the case without competitors. Titman (1985) was the pioneer in applying the real options methodology to the real estate market, when he analyzed an option to postpone real estate investments in urban land. Williams (1991) considered an abandonment option as an alternative to land development, while Quigg (1993) and Holland et al (2000) provided empirical evidence that models based on the concept of real options may be useful in predicting values in real estate markets.
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Are Housing Markets Decoupled? A Case Study of Residential Real Estate Affordability in Austria

Are Housing Markets Decoupled? A Case Study of Residential Real Estate Affordability in Austria

Real estate arguably forms the most important asset to most households and the basis for their wealth. Around this context a model has been set up testing the relative affordability of real estate for the median household in Austria and the consequences of lower borrowing costs between 2004 and 2013 by vintage year. In this paper the hypothesis that the significant decline in base interest rates is not sufficient to offset the relative affordability loss caused by declining net household incomes and the simultaneous increase of real estate prices. To test this hypothesis a model has been set up comparing two different Housing Affordability Indices – one including and one excluding financing effects, having been compared via a multi factor model. Based on this calculation the author finds decreased base interest rates to offset relative affordability losses by only approximately 50%, verifying the hypothesis. The paper therefore argues for a potential decoupling of the residential housing market in Austria.
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On Russian/Nordic Investment Competition in the Baltic States

On Russian/Nordic Investment Competition in the Baltic States

the Nordic investors strive to put competitive pressure on Russia. The Rus- sian capital encounters the strongest resistance from the Nordic capital in the finance industry (banking, insurance, leasing, and pension funds). The Nor- dic investors use traditional and covert forms of competition to jeopardize new Russian investment and simultaneously suppress any activity of the exis- ting Russian investment properties. An interesting situation has developed in the Baltics real estate market (mostly, the residential segment), where real estate is usually sold by Nordic companies and bought by Russians. Such transactions are beneficial for Nordic businesses and, at the same time, in- crease Russian real estate assets in the Baltics. In this case, the Baltics serve as a platform for business between the Russian and the Nordic capitals.
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PRACTICAL APPLICATION OF NEW TECHNOLOGIES IN THE COURSE OF CONSTRUCTION 
OF MODERN BUILDINGS AND STRUCTURES (AS EXPEMPLIFIED BY MOSCOW-CITY INTERNATIONAL BUSINESS CENTRE)

PRACTICAL APPLICATION OF NEW TECHNOLOGIES IN THE COURSE OF CONSTRUCTION OF MODERN BUILDINGS AND STRUCTURES (AS EXPEMPLIFIED BY MOSCOW-CITY INTERNATIONAL BUSINESS CENTRE)

Grabovyy Petr Grigor'evich — Professor, Doctor of Economics, Department of Construction Processes and Real Estate Management, Moscow State University of Civil Engineering (MSUCE) , 26[r]

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Influência do ruído na valoração de imóveis urbanos / Noise influence on urban real estate valuation

Influência do ruído na valoração de imóveis urbanos / Noise influence on urban real estate valuation

Concerning the propagation of noise in urban areas, the highest levels of sound pressure are found in denser places, where urban geometry Is densely packed and with more intense urban activities, Fact that ends up influencing the valuation of the properties of these regions. Given this scenario, it is necessary to reduce noise pollution in residential neighborhoods in order to reduce or even avoid the health damage caused by noise. Thus, this research sought to find a relationship between noise pollution and the valuation of residential properties in a region of the city of Maringá, PR. The study was conducted in the "Novo Centro" area that features a series of residential buildings, which is boosted by real estate developments. The sound pressure levels were monitored locally, along four blocks of Advogado Horácio Raccanello Filho Avenue, which includes high constructive templetes, characterizing the formation of an urban canyon. Population density, heavy traffic and real estate speculation in the region were also objects of study of this work. Based on the Comparative Market Data Method, the software SisDea was used to generate a prediction model for the valuation of real estate, through multiple linear regression, with the variables commonly used and the inclusion of noise. A connection was found between noise and real estate values in the region, with values decreasing as sound pressure levels increased, makes’s clear that the apartments that are most exposed to the noise pollution of the place are less valued.
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Measuring the Impacts of the Progress of Cities on Real Estate Values

Measuring the Impacts of the Progress of Cities on Real Estate Values

Investors, companies and people who have savings invest real estate because the expectation of the increasing future value of it. The correctly determination of the real estate value is important. The impact of the development of cities generally is not taken into account to detect the value of real estate. This study aims to determine whether there is a significantly difference in the investment of real estate to the south and west of the cities rather than other parts of that. For this reason, percentage change in real estate value per m 2 in the five largest cities of Turkey, is analysed according to geographical location and direction of cities. As a result, the return on real estate investment at the south and west of cities is a significantly difference compared to investment in other parts of those.
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THE EFFICIENCY ANALYSIS OF SINGAPORE REAL ESTATE INVESTMENT TRUSTS

THE EFFICIENCY ANALYSIS OF SINGAPORE REAL ESTATE INVESTMENT TRUSTS

The data used in this study consists of quarterly observations from Real Estate Investment Trusts that are listed in Singapore Exchange between first quarter of 2007 to first quarter of 2015. Quarterly information of REITs is gathered from each REIT’s respective quarter and annual reports that can be found on their official websites. The sample data excluded stapled REITs as there are very few stapled REITs in Singapore. To assess REITs efficiency improvements over the years with fairness as mentioned by Topuz and Isik (2009), only S- REITs that are active throughout the studied period (1Q2007 to 1Q2015) will be used. In total, there will be 14 S-REITs and hence, 462 REITs observations (calculation: 14 REITs * 33 quarters from 2007 to 1st quarter of 2015).
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Real Estate Evaluation engineering suported by multicriteria analysis and artificial neural network

Real Estate Evaluation engineering suported by multicriteria analysis and artificial neural network

Para a realização deste trabalho foi realizada um pesquisa sobre o Estado da Arte e das ferramentas existentes no mercado para avaliação de imóveis. Em seguida, foi rea[r]

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GUIDELINES FOR IDENTIFICATION OF THE COST OF MAINTENANCE AND REPAIR
OF STATE-OWNED ITEMS OF REAL ESTA

GUIDELINES FOR IDENTIFICATION OF THE COST OF MAINTENANCE AND REPAIR OF STATE-OWNED ITEMS OF REAL ESTA

The article covers the methodology of calculation of the costs of maintenance and repair of state-owned items of real estate. Currently, a duly organized system designated for the calculation of operational costs and for the optimization of the cost of extensive repairs and maintenance, is a prerequisite for the effective use of fi nancial resources and, above all, the budget. This rule is of particular importance for state-owned budget-funded facilities.

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