Abstract Using semantic analysis of newspaper content, we introduce a novel index that reflects the public perception of real estate uncertainty ( NewsREU ). The NewsREU is model‐free and offers straightforward interpretability. We benchmark the NewsREU against a model‐based real estate uncertainty ( REU ) measure and show that the NewsREU contains incremental information about the real estate sector beyond what the REU captures. Moreover, we utilize an advanced topic model, leveraging neural inference network and contextual embeddings, to effectively unveil the underlying themes in narratives surrounding real estate uncertainty. This approach allows for decomposition of the NewsREU into distinct Topic NewsREU components that may reflect different facets of uncertainty within the realm of real estate. We find that different types of real estate uncertainty may either positively or negatively forecast future housing outcomes. These results underscore the distinct contribution of our real estate uncertainty indices in advancing our understanding of the role of real estate uncertainty.
Michał Dominik Stasiak, Żaneta Staszak, Marcin Stawarz
The crude oil market is one of the most significant sectors in the global economy. Fluctuations in oil prices impact the financial performance of national economies. Crude oil prices are also the basis of many popular financial derivatives on the financial market. Binary-temporal representation state models enable the precise modelling and development of financially efficient decision-support systems in the crude oil market. Existing models are primarily based on the main technical analysis methods: trend and moving average analysis. In this paper, with the aim of enhancing forecasting efficiency, we introduce the concept of determining the widely used RSI indicator for binary-temporal representation and propose a new state model based on its readings. We also present empirical research on the proposed model applied to the oil market, using historical data from the past six years. The results confirm the validity of the approach adopted.
Abstract Environmental sustainability has garnered significant public attention and has become crucial to infrastructure project success. The exposure of whistleblowers on social media often elicits a widespread social response. However, prior research failed to connect the environmental sustainability of infrastructure projects with whistleblowers. This paper aims to fill the gap by constructing a tripartite game model to study the evolving environmental sustainability in infrastructure projects from the perspective of a rational whistleblower. The model involves the government, the private sector, and the rational whistleblower. A numerical simulation is conducted to analyze the impact of important factors on the dynamic evolution of different parties. The research findings include the following. (i) The dynamic evolution of strategy adoption in the private sector is closely intertwined with that of the government and whistleblowers. (ii) High supervision costs and losses incurred from whistleblowing may diminish whistleblowers’ willingness to monitor environmental issues. Governments need to adopt technical measures and formulate corresponding policies to safeguard whistleblowers’ privacy security and personal safety. (iii) Rewards, governmental efficiency, and indirect income can enhance rational whistleblowers’ enthusiasm for participating in environmental supervision of infrastructure projects. Joint efforts from governments and society are required to cultivate a favorable environment for whistleblowers. (iv) Adopting cost-effective new technologies can improve the efficiency of governments, the private sector, and whistleblowers. Enhanced research and development investment and attention to the distinctive features of different technologies are warranted. Finally, several recommendations are proposed to enhance the environmental sustainability of infrastructure projects.
History of scholarship and learning. The humanities, Social Sciences
Benedetto Manganelli, Vincenzo Del Giudice, Francesco Tajani
et al.
The rapid urbanization of contemporary cities represents one of the most complex challenges of the 21st century, with profound implications for the environmental, social, and economic sustainability of territories. In this context, urban regeneration emerges as a strategic approach to territorial transformation. The complexity of urban dynamics requires the adoption of innovative paradigms and systemic approaches capable of guiding decision-making processes toward eco-sustainable and resilient solutions. This research develops advanced decision support tools for urban regeneration, using the city of Potenza (Italy) as a case study. The main objective is to identify key indicators to evaluate the effectiveness of urban regeneration interventions in advance (ex-ante). The methodology develops a composite economic-financial risk index capable of providing an accurate picture of existing conditions while adapting to the territorial specificities of the analyzed area. This index, which uses the Analytic Hierarchy Process (AHP) technique to integrate elementary economic-financial indicators in order to assess the sustainability level of urban redevelopment projects, is able to synthesize complex economic variables into a single parameter of immediate comprehension, strategically guiding investments toward a sustainable urban development model. The analysis of results highlights a peculiar territorial configuration: semi-central areas present the greatest criticalities, while there is a progressive decrease in risk both toward the central core and toward peripheral and extra-urban areas. The study represents a significant methodological contribution to future urban regeneration initiatives at the local level, promoting an integrated vision of sustainable urban development for the benefit of current and future generations.
Ivan Sergeevich Noskov, Svetlana Mikhailovna Borozdina
Актуальность исследования. Повышение значимости роли Арктической зоны Российской Федерации (АЗРФ) и Северного морского пути (СМП), в частности, в совершенствовании различных аспектов строительной отрасли страны, достижение цели национальной и экономической безопасности государства мотивируют научное сообщество тщательнее изучать специфику региона. Широкая система льгот и преференций, предлагаемая в рамках ведения финансово-хозяйственной деятельности в Арктике, открывает широкие перспективы по оптимизации затрат и инвестиционных вложений, осуществляемых основными акторами хозяйственной деятельности в данном регионе, однако, суровые климатические условия, низкий уровень инфраструктурного развития региона в целом, а также большая совокупная площадь АЗРФ являются существенными барьерами в достижении целей устойчивого экономического развития отечественной Арктики. Применение передовых технологий и принципов ведения хозяйственной деятельности может существенно улучшить экономические показатели в регионе.
Цель исследования. Описать методологические основания и предложить алгоритм создания методики для оценки экономической целесообразности применения определенного подхода строительстве в Арктике.
Методы. Унифицированная методика оценки эффективности применения модульных элементов максимальной готовности (МЭМГ) представляет собой последовательность взаимосвязанных блоков (этапов), а совокупный результат выражается в виде консолидированной финансовой модели проекта.
Результаты и новизна. Предложена унифицированная методика оценки выбора типа строительства в Арктике, на основании которой можно строить консолидированную финансовую модель строительного проекта в регионе, которая фактически становится первым комплексным инструментом для обоснования модульного строительства в Арктике, собирающим воедино нормативные требования, экономическую целесообразность и управленческие аспекты.
This study examines whether MINERGIE-certified multifamily houses exhibit higher occupancies in Switzerland; that is, better rentability and less risk. Various studies have shown that green buildings exhibit higher rents and sales prices than conventional properties. However, a risk–return-conscious investor needs to consider both dimensions. Thus far, little empirical research has been conducted concerning the risk side; that is, the occupancies of green residential buildings. This study estimates rents and occupancies in a structural simultaneous equation system. The regression results show robust estimates for the two-stage least squares instrumental variables approach and the ordinary least squares regressions. The hedonic regression results reveal no statistically significant effect on occupancies, though they show a green rent premium of approximately 3% to 5%. Against the background of a lessor market with demand exceeding supply, the advantages of a MINERGIE-certified house—that is, lower energy costs and better living quality and comfort—yield an increased willingness to pay. Given the excess demand in the Swiss housing market, no green risk-mitigating advantages in rentability—that is, an increased occupancy premium—could be identified.
Industrial land allocation in China has been distorted for a long time by local governments providing land at a low price to attract manufacturing activities. This study explores whether an industrial land protection policy can reduce the distortions and, hence, improve land allocation efficiency in China. Using industrial land zoning and protection policies adopted in some cities in Guangdong province, this study finds that industrial land allocation efficiency is indeed improved after the implementation of protection policies, reflected in higher land prices and greater land use intensity. However, the improvement is smaller for industrial land provided to advanced manufacturing industries, indicating that local governments continue to rely on a strategy of offering cheap land to compete for high-end manufacturing activities. Further analysis suggests that the adoption of industrial land protection in one region generates a positive spillover effect on industrial land allocation efficiency in neighboring regions. Overall, this study provides new evidence on the effectiveness of industrial land protection.
Девелопер — профессиональная фигура на рынке недвижимости, сочетающая в своей деятельности управленческие и предпринимательские функции. При этом имеются особенности и задачи, связанные с созданием и выполнением девелоперских проектов. Так, в процессе выбора и осуществления инвестиционно-строительных проектов в их обязанность, помимо обеспечения ликвидности, входит учет социальных, эстетических и экологических аспектов.
На сегодняшний день физические лица, осуществляющие инвестиционно-строительную деятельность, в том числе девелоперы, не всегда могут тратить свое время на то, чтобы решать те или иные проблемы, связанные с переводом земель непосредственно между разных установленных категорий. В данном случае под переводом земель подразумевается процесс, связанный с переводом земель, обладающих сельскохозяйственным назначением, к совокупному их развитию. Для этого происходит создание инвестиционного продукта, т.е. участка земли, с которым проводились необходимые действия для последующего строительства на нем необходимых сооружений различного назначения.
Сегодня многие девелоперы указывают, что осуществление проектов по КОТ (комплексное освоение территорий) нуждается в возмещении из местного бюджета доли расходов, связанных с выполнением развития соответствующих территорий.
Разные земельные участки обладают разным инвестиционным потенциалом, что формирует необходимость оценки его собственником. При участии местных властей в развитии территорий у них появляется право на получение компенсации.
The research objective of the article was to assess the potential of residential property in Poland as an inflation hedge investment. The study was conducted using innovative measures of the level of inflation hedging. The study was made for Poland’s six largest local residential markets, for two types of investments, for different investment horizons (from 6 to 15 years). The research period adopted was: 3Q2006-4Q2022. In all cities, investments providing only capital gains allowed an attractive inflation hedging level to be achieved. Investments that additionally included rental offered a high inflation hedging level. The variation in the six cities studied in terms of inflation hedging through housing investment was found to be very low. The question of how extending the investment horizon affected the inflation hedging ability was not firmly answered. Frequently, the extension of the investment horizon has been accompanied by an increase in the level of hedging.
Digitalization of building operations and maintenance enable real-time monitoring, optimization, and automation for environment sustainability. Proptech startups are important change agents in accelerating building digitalization. While many researchers analyze economic and environmental savings from deployment of digital technology, far less attention has been devoted to challenges for proptech startups to transform efficiency gains into viable businesses. We analyze the Unissu global proptech startup database to reveal the scope and competitive landscape of proptech solutions. We conduct interviews with building owners/operators to understand what impedes the adoption of proptech solutions. Despite rapid growth, ongoing challenges remain for sustainability-focused proptech firms with three adoption barriers: (1) integration of the technology stacks; (2) integration of technology stacks with business processes; and (3) integration of owner/operators and the occupants’ solutions. Proptech with applications that work with existing infrastructure or provide more complete holistic solutions with extensive capital reserves, are more likely to survive. Other pathways include having data standardization and security protocols in place; technology partnership with technology incumbents; and effective communication with owners/operators to fill the knowledge gap. Findings can provide insights to emerging digital proptech startups as they spearhead market adoption in the real estate sector and monetize the sustainability value creation.
As an important component of student lifestyle, satisfaction with residential housing has become important in examining student housing quality and services. The current study used five attributes – bedroom environment, building quality, washroom facilities, support services, and leisure room facilities – to examine the relationship between student satisfaction with and loyalty to their residential housing. Each construct was measured using four items on a five-point Likert scale, ranging from 1 ‘Strongly disagree’ to 5 ‘Strongly agree’. The data were collected from South African students aged 18 years and above in tertiary institutions in Johannesburg, using paper-based questionnaires. Four hundred and forty-three (443) usable questionnaires were obtained for the analysis. The results showed that all the attributes, except for the bedroom environment, had a positive and significant relationship with student loyalty to student housing, although the effect was small for all the attributes. The control variables – age and gender – showed a similar relationship in regards to student loyalty. Academic and management implications of this study’s results are also discussed extensively. Overall, students’ satisfaction with residential housing dimensions has a positive and significant impact on their loyalty to the providers of residential housing.
Poland is characterized by a relatively high level of homeowners (84% of population in 2018). The preference for ownership, as well as financial possibilities, are not balanced throughout the entire life cycle of a household. The scale of these differences, as well as the tendency to change over time, remains unknown. The subject of conducted research is to indicate how the structure of the tenure status of Poles changes over the life cycle of a household. This publication proposes the division of the household life cycle into the stages of formation, stabilization and reduction. The research on the structure of the tenure status of Poles was conducted for the period of 2006-2018. The analysis showed that, while the share of owner-occupiers increased significantly in Poland in the years 2006-2018, at the stage of forming a household rent begins to prevail. What is more, young people are more likely to choose market rent, and relocation to private housing is associated with having children or getting married. At the same time, there is no tendency to relocate to rented flats at the stage of household reduction in Poland.
This article examines the speculative building world of late seventeenth-century London, a context often associated with the birth of modern real estate culture. It examines existing literature on the subject, and identifies the economic and social conditions that converged in producing new paradigms of speculative construction, as well as the actors and instruments involved in its codification. Rather than through the design and authorial practices usually associated with architects, building was realized based on a constellation of conflicting and largely still unsystematized negotiations between the stakeholders, such as builders, landowners, investors, and lessees. This article discusses these paradigms, particularly in relation to a fundamental and overlooked genre of the operational publications produced to organize and codify professional roles and relationships in the business world. I ultimately argue that in order to make sense of our capitalist building culture, we should reconsider the contentious circumstances that produced it, as well as the knowledge base generated to normalize these circumstances.
Foreign direct investment (FDI) represents a significant impetus for sustainable economic growth and development. From the context of the importance that FDI carries as the transfer of knowledge, experience, employment growth and development of human capital, its attraction definitely requires a proper legal basis, namely, the implementation of the law and the proper functioning of judiciary. The main aim of this study is to elaborate the legislation on foreign direct investment in Kosovo and to analyse FDI in Kosovo over the years. This study is based on local literature, specifically the interpretation of the current law on FDI in Kosovo and international literature to examine the effects of legislation on a business climate. This study is descriptive, comparative and analytical, based mainly on secondary data provided by the World Bank indicators on FDI in Kosovo over the years. Kosovo as a young, post-war state has drafted a number of reforms in the economic field and in the field of law enforcement and judiciary, but undoubtedly the current law governing strategic investments has room for improvement, thus, must be enforced in order for investors to feel safe while operating in Kosovo. This study also concludes that Kosovo is attractive for foreign investors due to the increasing rate of GDP, labour market conditions, high rate of degree holders complying with labour market requirements. The study goes further with recommendations on supplementing the current law versus the European FDI legislation. The major implication of the study is the comparative analysis of Kosovo’s law in regard to the EU Law on FDI.
Real estate business, Regional economics. Space in economics
This study develops a land value capture property tax rates schedule for use in Lagos state, Nigeria, in order to aid sustainability in municipal infrastructure financing. With the poor state of infrastructure in Lagos, the LVC property tax is advanced as a sustainable means of infrastructure reform through equitable rates. Using a sample from Alimosho - the largest local government area in Lagos - a hedonic regression model is used to determine the financial contributions of municipal infrastructure in property values to show their varying influences. From the regression analysis, the schedule is then derived, which is broadly premised on a quid pro quo basis. This stems from the fair notion that the pecuniary influences of municipal infrastructure should be recovered in the form of property taxes for public gains. Not previously done in the region, the schedule determines rates payable on property taxes and are reflective of the monetary influences that municipal infrastructure confer on property values. The proposed rates schedule also take into account varying distances of locational infrastructure and their impacts on property values. The use of Geographic Positioning System (GPS) in the study represents an advancement of previous Nigerian studies on infrastructure and property values where fewer infrastructure types have been considered or less precise measurement indices have been used. The study concludes that this LVC property tax approach will engender a sustainable, equitable, and efficient source of local financing for infrastructure delivery and operations. This is because it builds a veritable rates base and it enables ratepayers to face the actual costs of benefits received from infrastructure services.
The level of maintenance and the condition of public housing has been a significant concern for tenants and housing researchers alike. The state of public housing is often a reflection of its local authority managers and the policy that surrounds it. This paper assesses the performance of local authorities in the management of public housing in Ghana. Data was collected through interviews with local authority housing officers and tenants as well as a small sample survey of tenants. The performance of the authorities mentioned above was measured by three factors; adequacy (house types and quantity), decency (maintenance and satisfaction with maintenance), and affordability (rent levels). The paper concludes that the current state of Ghanaian public housing, when measured against its mandate to provide adequate, decent and affordable housing to beneficiary government workers is substandard due to underperforming local authorities (LAs). The paper suggests that rent policy should be reviewed to empower LAs to self-determine and collect rent. Rents in the public housing sector should be reviewed to realistic levels so that they may generate funds for maintenance. Housing policy should institute internal and external mechanisms to monitor the performance of LAs in the management of public housing.
Purpose of research. Determine the investment income of the entrepreneur for the land. To substantiate the market value of the developed land plot with the operating business for tax purposes.Materials and methods. The basis of the paper is the norms of thelaw in appraisal activity; the results of cadastral evaluation of real estate objects in Russian settlements; the method of comparative analysis of factors determining the market and cadastral value of real estate objects.Results. Methodological bases of calculation of market and cadastralvalue of built-up land plots of settlements as capitalized rent of non- reproducible factors of market value of a single real estate object are formulated. It is shown that in the theory and practice of measurement of market and cadastral value of the built-up parcels of land of settlements of Russia article 3 of the law 135-Federal Law of 29.07.1998 is violated, in consequence of what, the market and cadastral value of capital construction in 2–5 times is overestimated, and the market and cadastral value of parcels of land in 2–10 times is underestimated. The formula of calculation of investment profit of the entrepreneur for the land plot is offered.Conclusion. Regardless of the method (technology) of property valuation, cadastral value of built-up land in a settlement should be determined as the difference between the market value of a single property and the market value of its improvements, using the built-up land as analogs. That is, excluding from the value of a single property the value of improvements of the land, we receive the market value of the built-up land, as “not built-up” clause 20, Federal Valuation Standard №7.
Kazak Jan, Malczyk Jarosław, Castro David Garcia
et al.
Strong links between the condition of the environment and the economy have recently resulted in a number of actions aiming to implement environmental considerations in economic calculations. This is accompanied by the development of the concept of ecosystem services, characterizing the benefits that the environment provides humankind with. The identification of these services is reflected in their economic values. Hence, the concept of the valuation of ecosystem services. Therefore, if the service provided by the environment takes on a financial value, we can consider it as income from the property containing the analyzed ecosystem. Of course, in order to speak in practice of the income approach in the valuation of such properties, there must be actual financial flow as income for the real estate owner. However, in the era of big economic changes and the implementation of a number of financial instruments (e.g., subsidies for a particular use of property, trade of CO2 emission rights), it seems reasonable to consider the possibility of property valuation by the valuation of ecosystem services.
This study is an account of how Serbian Hauzmajstor negotiated and entered into partnership with the Austrian Rustler. The introduction is devoted to the development of Hauzmajstor, a small real estate maintenance firm, founded by a Serbian repatriate in 2004. Beginning with its start up as the first daughter firm of Komon sens, a consulting and project development firm, the study follows its adaptation to the local business environment, concentrating on its organizational and business culture. The focus of the study is on the detailed description and analysis of experiences of the Hauzmajstor insiders with the Austrian Rustler, first as a potential, and later as an actual partner. In the end, a view from the other side, i.e. perceptions of Hauzmajstor by the Rustler Group area manager are given.
A dissimilar performance characteristic displayed by asset classes over the economic business cycle has determined the purpose of this study - the integration of the business cycle approach into the construction of optimal investment portfolios. The paper combines business cycle, asset allocation and portfolio optimization theories by presenting a new model of the investment process and adding valuable information about the performance of asset classes in different phases of the business cycle. One of the best measures for the business cycle are leading indicators that can provide significant information on market expectations and future outlook; hence, every investor can improve his performance and risk management by adopting the results of this study. The use of the OECD Composite Leading Indicator as a business cycle measure assists in showing methods for constructing optimal portfolios and making investment decisions. The conducted analysis uses 6 asset classes: US stocks, EAFE stocks, Bonds, Gold, Real estate and Commodities. Monthly data on the performed research covers the period from February 1976 to December 2011.