Hasil untuk "Real estate business"

Cellmer Radosław

The rate of return on residential property is determined by a number of diverse factors, including macroeconomic determinants, the level of investment risk, the specific nature of the local market, and the structural characteristics of a particular property. One of the key factors affecting the spread of rates of return at the local level is the location. However, taking location into account in analyses of the rate of return presents significant methodological difficulties due to limitations in traditional calculation methods and analytical models, which generally do not refer to space. The aim of the study is to identify and analyze the spatial variation in rates of return on residential property in selected local markets in Poland, using, inter alia, geographically weighted regression. The methods applied enabled the determination of spatial heterogeneity in the relationship between income and price, which provided the basis for the development of maps showing the spatial distribution of rates of return for the local market area. The results indicate significant differences between individual locations, which emphasizes the importance of considering spatial factors when assessing the attractiveness and risk of investments in the property market.

Nawrocka Ewelina

The analysis pertains to the year 2023, when a government program was introduced to support Polish citizens in purchasing their first apartment. This led to a revival in lending activity following a period of stagnation at the turn of 2022 and 2023, referred to as the “ice age”. The study focuses on the impact of this revival on the real estate market and its cyclical rules, taking into account various factors from the banking sector, construction industry, and the economy. Based on public statistical research, it was found that most European countries entered a downturn in the real estate market during the examined period. The main objective of the study was to determine which phase of the cycle the Polish market was in and whether the short-term revival in lending activity altered its cyclical trajectory. The analysis was conducted using quantitative data, which was organized into tables and illustrated with graphs. The results were compared with a real estate market clock modeled after the publication by R. & C. Grover, leading to conclusions. It was established that the Polish real estate market is in recession, and the short-term credit revival did not change this trajectory.

Jin Gang Lee, Seunghwan Jeong, Jaehyun Choi

Real estate is not only a vital component of the economy, but it also has a considerable influence on household finance and various social and cultural phenomena. South Korea is experiencing an accelerating trend of economic polarization, which is being driven by low interest rates and growth paradigm. It’s important to recognize that asset disparity, rather than income differences, is the primary cause of this polarization. Therefore, it is crucial for government entities to intervene through real estate policies to address this issue. However, government policies have at times failed to meet expectations, showing limitations in stability and reliability. They have failed to provide precise responses to demand and supply, ranging from implementing excessive regulation policies to considering occupancy rates as current supply rather than as results of previous policies. To address these issues, we applied cross-correlation analysis to derive time lags between procedures in housing construction projects at the national level in South Korea. This approach can provide essential insights to enhance the effectiveness of supply policies by identifying the temporal discrepancies that occur until actual supply is realized.

Giorgia Malavasi, Alice Barreca, Elena Fregonara et al.

This review aims to provide a general framework of the literature on economic sustainability and financial feasibility for RECs, focusing on the challenges related to the building stock and architectural heritage energy retrofit with the purpose of reducing running costs. In particular, this review analysed 95 research papers, focusing on the main used economic evaluation approaches and indicators for the assessment of a new or an existing REC. Results showed that the implementation of RECs deserves to be examined with a combination of complementary approaches able to guarantee a balance between economically sustainable and renewable energy systems and the buildings’ cultural, architectural and historical values. The articles data sample of the present research highlighted the presence of numerous methodologies and approaches that need to be combined to evaluate all the aspects of the RECs. Future research could develop a comprehensive methodological approach to evaluate the RECs’ economic sustainability by considering economic, energy and social benefits and preserving the buildings’ cultural value. This review draws a state-of-the-art of economic approaches and indicators for RECs to support the future developments of a standardized evaluation procedure in the context of the currently evolving regulatory framework.

Sarihaddu Mario Neel Kamal, Linde Ivars

Human resource management helps real estate banking by guaranteeing that the particular organization has highly skilled workers, which helps to accomplish strategic goals. The research aimed at examining the human resource management factors affecting real estate banking to increase efficiency and profitability. This research provides valuable information regarding how human resource management practices enhance performance and innovation in real estate banking. The authors adopted a quantitative methodology to analyse a large sample population. To gain a detailed understanding of the investigated topic, a digital survey was conducted to acquire primary data, and a literature review analysis was performed to gather secondary data. The sampling method opted for was convenience sampling, and a total of 416 individuals participated. The gathered data was then analysed using Chi-squared test and Spearman correlation to identify the relationship. The identified factors are technological aspects (0.790), talent management (0.780), recruitment and selection (0.710), training and development (0.580), employee engagement (0.520), and reward and recognition (0.505).

Vladimir Borisovich Tkachenko

В представленном аналитико-правовом анализе отражены изменения российского законодательства в сфере строительства, экономики, управления недвижимостью, управления жилищно-коммунальным комплексом, рассматриваемые в первом номере настоящего журнала [1]. В статье отражены нормативное правовое регулирование общественных отношений по вопросам, связанным с индивидуальной жилой застройкой; регулирование отношений в рамках долевого участия в строительстве; особенности применения неустойки (штрафа, пени), иных финансовых санкций, а также других мер ответственности за неисполнение или ненадлежащее исполнение обязательств по договорам участия в долевом строительстве, установленным законодательством о долевом строительстве; требования к документации застройщика многоквартирных жилых комплексов, проведения собраний собственников многоквартирного дома по выбору управляющих организаций, определения статуса общего имущества собственников много­квартирного дома, порядка учета и оплаты за предоставленные коммунальные услуги, взаимоотношений региональных операторов и подрядных организаций, осуществляющих капитальный ремонт в многоквартирном доме; вопросы статуса объектов незавершенного строительства, проведения строительных работ до получения разрешения на строительство, проведения государственной экспертизы проектной документации, вопросы создания единого реестра строительных организаций — участников саморегулируемых организаций; порядок выплаты вознаграждения экспертам, специалистам и переводчикам, принимающим участие в судебном процессе; создание и определение полномочий публично-правовой компании «Роскадастр», а также изменение технического регламента о пожарной безопасности и иные изменения в российском законодательстве.

Viktorija Cohen, Evelina Bereznauskė, Arūnas Burinskas et al.

Public real estate is considered an integral part of national wealth. It generates a wide range of economic activities that contribute to creating and providing common public goods. This study examines the efficiency of public real estate management in Lithuania. Our findings show that public property use, disposal, and management strongly depend on the managerial approach. We apply data envelopment analysis (DEA) in addition to the income value, regression, and correlation methods. We find that there are certain biases present due to the exclusion of some state-owned properties from the public register. Furthermore, we identify the need for greater precision in the indicators used for financial reporting of state-owned assets. The excessive number of vacant asset units poses a challenge, as it requires substantial maintenance expenditures. Moreover, the appraisal of alternative use of these assets is lacking, thereby limiting the potential for maximizing public benefits. Our analysis reveals that the rental price per 1 m2 and the residual value of the leased premises are the most critical determinants influencing the management efficiency of publicly owned property. Furthermore, it is evident that the residential property is the only type of state-owned property managed efficiently within the Lithuanian public sector. These findings underscore the importance of formation of robust public real estate policies.

Gončarovs Mihails, Geipele Ineta

Administration of residential houses, in accordance with legal regulations, is a complex process that includes different important functions. Such functions encompass performing regular maintenance, sanitary cleaning and required repairs, as well as thorough planning and organisation, strict documentation and monitoring. Moreover, administration of residential houses includes communication with residents and cooperation with public institutions to ensure protection of rights and interests of apartment owners. Professional administration of residential houses requires a complex, responsible and very specific approach, covering a wide range of complex works. Housing stock administration is a thoroughly elaborated process with specific schedules and goals. It covers not only maintenance of engineering works and the building, but also administration of the surrounding territory and common-use premises. Moreover, it covers a precise administration process and efficient communication with residents of the building, and solution of routine administrative cases. An administration contract with a specialist in this field is not just a means but a tool by using which owners of a residential house, i.e., apartment owners, fulfil the obligations stipulated by law with regards to efficient administration of the residential house. Choosing the right administrator is important for the owner because it determines the sustainable conservation cycle of the building. A person is eligible to perform administration tasks in a multi-apartment residential house, when having obtained the required professional education in administration of residential houses.

Wen Wang, Zhenyue Zhao, Tianshu Sun

The advent of Large Language Models (LLMs) has ushered in a new era for design science in Information Systems, demanding a paradigm shift in tailoring LLMs design for business contexts. We propose and test a novel framework to customize LLMs for general business contexts that aims to achieve three fundamental objectives simultaneously: (1) aligning conversational patterns, (2) integrating in-depth domain knowledge, and (3) embodying theory-driven soft skills and core principles. We design methodologies that combine domain-specific theory with Supervised Fine Tuning (SFT) to achieve these objectives simultaneously. We instantiate our proposed framework in the context of medical consultation. Specifically, we carefully construct a large volume of real doctors' consultation records and medical knowledge from multiple professional databases. Additionally, drawing on medical theory, we identify three soft skills and core principles of human doctors: professionalism, explainability, and emotional support, and design approaches to integrate these traits into LLMs. We demonstrate the feasibility of our framework using online experiments with thousands of real patients as well as evaluation by domain experts and consumers. Experimental results show that the customized LLM model substantially outperforms untuned base model in medical expertise as well as consumer satisfaction and trustworthiness, and it substantially reduces the gap between untuned LLMs and human doctors, elevating LLMs to the level of human experts. Additionally, we delve into the characteristics of textual consultation records and adopt interpretable machine learning techniques to identify what drives the performance gain. Finally, we showcase the practical value of our model through a decision support system designed to assist human doctors in a lab experiment.

Minh-Tien Nguyen, Duy-Hung Nguyen, Shahab Sabahi et al.

Large language models (LLMs) have significantly advanced the field of natural language processing, with GPT models at the forefront. While their remarkable performance spans a range of tasks, adapting LLMs for real-world business scenarios still poses challenges warranting further investigation. This paper presents an empirical analysis aimed at bridging the gap in adapting LLMs to practical use cases. To do that, we select the question answering (QA) task of insurance as a case study due to its challenge of reasoning. Based on the task we design a new model relied on LLMs which are empowered by additional knowledge extracted from insurance policy rulebooks and DBpedia. The additional knowledge helps LLMs to understand new concepts of insurance for domain adaptation. Preliminary results on two QA datasets show that knowledge enhancement significantly improves the reasoning ability of GPT-3.5 (55.80% and 57.83% in terms of accuracy). The analysis also indicates that existing public knowledge bases, e.g., DBPedia is beneficial for knowledge enhancement. Our findings reveal that the inherent complexity of business scenarios often necessitates the incorporation of domain-specific knowledge and external resources for effective problem-solving.

Yixin Tang, Yicong Lin, Navdeep S. Sahni

This paper investigates an approach to both speed up business decision-making and lower the cost of learning through experimentation by factorizing business policies and employing fractional factorial experimental designs for their evaluation. We illustrate how this method integrates with advances in the estimation of heterogeneous treatment effects, elaborating on its advantages and foundational assumptions. We empirically demonstrate the implementation and benefits of our approach and assess its validity in evaluating consumer promotion policies at DoorDash, which is one of the largest delivery platforms in the US. Our approach discovers a policy with 5% incremental profit at 67% lower implementation cost.

Antusias Nurzukhrufa, Widi Dwi Satria, Meylita Kusuma Dewi

Lampung is in the top ten lowest positive cases of Covid-19 in Indonesia from June 2020. Even so, the Covid-19 pandemic still affects people's interest in buying a house. Amid the pressure of the pandemic, real estate developers must be able to maintain their business continuity through a good marketing strategy. The study aims to determine the marketing strategies carried out by housing developers during the Covid-19 pandemic in Sukarame, Bandar Lampung. The research method used is qualitative with descriptive analysis techniques. Four aspects of the marketing mix theory, namely product, price, promotion, and place, are used as variables in the study. Of the four aspects, only product aspects are not affected by pandemic conditions. Developers are still using the same marketing strategies as before the pandemic. Even so, developers are still carrying out new marketing strategies through online media to get consumers during the Covid-19 pandemic.

Maciej Nowak, Alexandru-Ionut Petrisor, Andrei Mitrea et al.

The article deals with the issue of spatial plans at the local level. The aims of this paper are (1) extracting the characteristics of local spatial plans that can be compared more broadly (2) identifying, on this basis, the role of spatial plans at the local level in the countries of Central and Eastern Europe (CEE). In achieving these aims, the authors have critically examined spatial plans and their performance, as well as the planning systems they belong to. Hence, they have investigated the types of local plans in each country, their legal features, and the layout of their content. This examination has revealed a host of problems in the workings of the CEE planning systems. The article highlights those spatial planning issues that could be the subject of more in-depth international comparisons. The study provides additional evidence that in countries where spatial plans are legislated, there are more (mutually differentiated) legal problems in their application. Such problems have been analyzed. Besides procedural problems, discrepancies between the contents of different types of plans (e.g., general plans and detailed plans) are very often a problem. The paper also proposes a novel method for detailed comparisons of selected aspects of spatial plans. It can be applied to a large number of countries and also to other aspects of spatial planning. Last but not least, the paper emphasizes the need for a detailed multi-stage consultation of each aspect to be compared.

Stephen T. Buckman, Saeideh Sobhaninia

Climate change is becoming an increasing concern for many communities, particularly coastal communities subject to tidal and sea-level flooding. As a result, shoreline municipalities walk a fine line between protecting their communities and allowing more development. A prime example of this dilemma is the port city of Charleston, South Carolina, USA. Despite being ground zero for sea-level flooding, the city has seen rapid real estate development growth. This paper analyzes a survey conducted with Urban Land Institute (ULI) members in the Charleston region to understand how the real estate community is coping with and combating flooding impacts. Results show that while residential real estate developers are rethinking their development patterns, commercial developers are slow to recognize the threat of climate change impacts. The paper concludes with suggestions for policies and practices to address these threats, strengthen Charleston’s commercial real estate, and better prepare the city for a safe, prosperous future.

Pavel V. Shevchenko, Jiwook Jang, Matteo Malavasi et al.

In this study we examine the nature of losses from cyber related events across different risk categories and business sectors. Using a leading industry dataset of cyber events, we evaluate the relationship between the frequency and severity of individual cyber-related events and the number of affected records. We find that the frequency of reported cyber related events has substantially increased between 2008 and 2016. Furthermore, the frequency and severity of losses depend on the business sector and type of cyber threat: the most significant cyber loss event categories, by number of events, were related to data breaches and the unauthorized disclosure of data, while cyber extortion, phishing, spoofing and other social engineering practices showed substantial growth rates. Interestingly, we do not find a distinct pattern between the frequency of events, the loss severity, and the number of affected records as often alluded to in the literature. We also analyse the severity distribution of cyber related events across all risk categories and business sectors. This analysis reveals that cyber risks are heavy-tailed, i.e., cyber risk events have a higher probability to produce extreme losses than events whose severity follows an exponential distribution. Furthermore, we find that the frequency and severity of cyber related losses exhibits a very dynamic and time varying nature.

Farnaz Jahanbakhsh, Elnaz Nouri, Robert Sim et al.

While digital assistants are increasingly used to help with various productivity tasks, less attention has been paid to employing them in the domain of business documents. To build an agent that can handle users' information needs in this domain, we must first understand the types of assistance that users desire when working on their documents. In this work, we present results from two user studies that characterize the information needs and queries of authors, reviewers, and readers of business documents. In the first study, we used experience sampling to collect users' questions in-situ as they were working with their documents, and in the second, we built a human-in-the-loop document Q&A system which rendered assistance with a variety of users' questions. Our results have implications for the design of document assistants that complement AI with human intelligence including whether particular skillsets or roles within the document are needed from human respondents, as well as the challenges around such systems.

Teng Andrea Xu, Jiahua Xu

Decentralized Finance (DeFi) services are moving traditional financial operations to the Internet of Value (IOV) by exploiting smart contracts, distributed ledgers, and clever heterogeneous transactions among different protocols. The exponential increase of the Total Value Locked (TVL) in DeFi foreshadows a bright future for automated money transfers in a plethora of services. In this short survey paper, we describe the business model for different DeFi domains - namely, Protocols for Loanable Funds (PLFs), Decentralized Exchanges (DEXs), and Yield Aggregators. We claim that the current state of the literature is still unclear how to value thousands of different competitors (tokens) in DeFi. With this work, we abstract the general business model for different DeFi domains and compare them. Finally, we provide open research challenges that will involve heterogeneous domains such as economics, finance, and computer science.

Valery Mishchenko, Sergey Matreninsky, Kirill Gorlin

The co-authors have proven that the analysis of values of obsolescence indicators applicable to buildings and other facilities in the urban environment allows to make resource-saving decisions in terms of their integrated renovation. At the same time, the need to develop a methodology for evaluating the functional obsolescence of a residential building is also substantiated, as it is the most important component of the concept of comfort of a residential building. A brief analysis of the concepts of “comfort” and “accessibility” in relation to residential buildings is performed. The characteristic of comfort is proposed to be defined using the consolidated indicator of functional obsolescence and physical deterioration of a building. A specific mathematical formula for calculating the parameters of comfort is provided, depending on the consolidated characteristics of indicators of physical deterioration and obsolescence of a building. The proposed analysis of principal obsolescence evaluation methods, applicable to residential buildings, allows to identify the main weaknesses of currently used methods. As a methodological approach to evaluating the obsolescence of a residential building, a systematic approach is proposed that allows a comprehensive, structural and quantitative assessment of obsolescence indicators through the use of mathematical methods, including the method of expert assessments and a modified verbal-numerical scale, initially developed by Harrington. A systematic hierarchical relationship between general and specific indicators of obsolescence of a building is identified. A systematic approach is employed to develop a procedure for identifying the integral obsolescence of a building with regard taken of the hierarchical relationship between its specific and general indicators. Pie and bar charts are used to analyze alternative building obsolescence evaluation methodologies. A detailed description of the proposed option is provided in the form of specific examples. Acknowledgement. This research was supported by Project No. 3.1.1.1 within the 2021–2023 Plan of Fundamental Research of the Russian Academy of Architecture and Civil Engineering and Ministry of Civil Engineering and Public Utilities of the Russian Federation.

Ricardo Urrestarazu Capellán, José Luis Sánchez Ollero, Alejandro García Pozo

The presence of the real estate investment trust in the Spanish real estate market since 2013 has led a significant number of the housing stock being offered for rent in the most popular cities around the country. In the specific case of the Costa del Sol, it is necessary to evaluate the participation of these companies in the establishment of a stable business fabric of housing for rent as well as in the development sector for home sales. In addition, its membership of international financial circuits means that the effect of financing the economy on urban environments has to be taken into account.In order to assess the weight of the real estate investment trust in the development of the Costa del Sol, we turned to data on housing developments for sale provided by the main Internet real estate portals are used, comparing their market share with that of other national and local players The main conclusion is that this type of company has not opted for professional marketing of housing offered for residential rental in the province, but nevertheless, they have become the leading companies in the real estate development sector in the province by number of homes offered.To achieve this objective, this document has first opted for a study of literature review that includes the contributions of Spanish and international social scientists on the processes of transmission of financial capital to the real estate sector, the characteristics of financial actors and their patterns of behavior, the factors that enable and facilitate their activity; as well as the transformations that have undergone today and that have allowed them to expand their investments, concluding with the economic and social consequences of all this.Likewise, this analysis has also been deepened with the main characteristics of RETTs have, also attending the main magnitudes and figures related to it, provided by Spanish public institutions.Finally, current data have been obtained on the new construction market of real estate of the Costa del Sol, using reports and statistics prepared by business study centers, and professional organizations in the sector. This information has allowed to know the number of homes built and put up for sale in recent years, as well as their geographical distribution or the nature of the real estate developer, which has allowed to show the main characteristics of this market.These contributions and the data on the number, location and origin of the real estate developer of new construction homes, confirm the influence that the international financial agents have on the real estate sector of the province of Malaga, with an important participation in the tourist sector, focusing its activity on the real estate development of housing sales, while it has a marginal role in the supply of residential rental housing.Taking advantage of the dynamics of the growth of the tourism sector, REITs have been the pioneers of the growth of the real estate sector in Malaga in the last four years, becoming the companies with the greatest market power and the greatest number of homes built in the sector, above those built by national and local housing developers. However, the goal set by the public sector for REITs to offer a professional rental housing stock has not been achieved.

Irina Vladimirova, Anna Tsygankova, Yulia Kosareva

Problems related to the transformation of housing construction based on the transition from shared-equity construction to project financing are being investigated. Along with the socio-economic benefits for consumers and an increase in the stability of the housing market, there are phenomena that negatively affect developers. The changes that affected the legislation governing the relationship between equity holders and developers affected not only the introduction of escrow accounts, but also amended the requirements for the contract of shared-equity construction, the composition of the rights and obligations of the parties to the contract, the methods of securing activities, and increased liability for violation of the terms of the agreement of shared participation. This creates new economic conditions for the activities of developers. The analysis of the changes established by the law by the analysis of differences in legal regulation of activity of builders in two periods became a research objective: when obtaining the construction license before and after the date of introduction of new norm. As a result of the analysis, contradictions are revealed and assessment of their consequences is made for activity of builders. The basic principles for successful transformation are justified: stage, awareness and system, feedback. The conclusions were drawn and concrete proposals were made to amend the legislation, including elimination of contradictions in the dual legal regulation of the activities of developers using various project financing schemes, in agreement with banks for the phased disclosure of escrow accounts, the introduction of costs for transport and engineering infrastructure into the project budget, as well as interest on loans for its creation and others. These measures will preserve the effectiveness of housing construction and the sustainable activities of developers as a result of the transformation of the industry.