Hasil untuk "Real estate business"

Fabrizio Finucci , Antonella Giulia Masanotti , Daniele Mazzoni

Legislative Decree No. 36 of 31 March 2023 introduced a significant streamlining and simplification of the regulatory framework governing Public-Private Partnerships (PPPs). In order to pursue a public interest, the private entity takes responsibility for the funding, implementation, and management of the project, as well as operational risks, while the public sector reserves the right to define the objectives and verify their implementation. PPPs emerge as a more efficient and attractive tool for the development of public infrastructure and services, including University Student Residences (USRs). In Italy, fewer than 5% of university students have had access to USRs, a proportion far below the European average. Given a steadily growing student population now nearly two million, the current supply of student accommodation meets less than one-fifth of total demand despite the adoption of Law No. 338/2000, the first comprehensive intervention aimed at co-financing the construction of dedicated facilities. Forms of PPP, already tested in RSUs, now find new opportunities thanks to a clearer, more flexible regulatory framework focused on collaboration. Additionally, the Italian public real estate heritage, often of historical and artistic significance but unused or underutilized, constitutes a strategic resource for its functional conversion to student housing. Within this framework, the present contribution aims to initiate an exploratory reflection on the potential of public-private collaboration models for enhancing university housing provision, through the valorisation of existing buildings, the involvement of private entities in rehabilitation and management processes, and the more efficient allocation of available resources.

Amrutha Mary Varkey, Eby Johny, Jayakumar Chinnasamy

Peri-urbanization in rapidly growing cities of the Global South is increasingly driven not only by demographic growth but by escalating inner-city land and housing prices that push households and developers toward peripheral zones. Bangalore exemplifies this transition, where housing affordability pressures, speculative real estate investment, and weak land governance interact to transform agricultural landscapes into fragmented built-up clusters. Using satellite imagery (1991–2024), census data, and GIS-based land-use classification, this study quantifies peri-urban expansion across eight clusters in the Bangalore Metropolitan Region. The results show rapid built-up growth, agricultural land decline, and increasing spatial fragmentation, reflecting processes of extended urbanization beyond formal city boundaries. These transformations produce environmental stress, infrastructure deficits, and socio-spatial inequalities. The paper situates Bangalore within planetary urbanization debates and argues that peri-urban sustainability depends on land market regulation, spatial planning capacity, and data-driven governance.

Matteo Maggiori, J. Stroebel

Valentin Valentinovich Volgin, Ekaterina Vladislavovna Dekhtyar

Жилой фонд подвержен моральному и физическому износу, что требует проведения своевременных ремонтно-восстановительных работ. Эффективность проведения таких работ напрямую влияет на долговечность конструктивных элементов, эксплуатационные характеристики зданий и затраты на их содержание. В условиях ограниченности ресурсов и роста требований к качеству ремонта возникает необходимость в разработке методов, позволяющих объективно оценить надежность ремонтно-восстановительных процессов. Одним из ключевых подходов к такой оценке является использование интегрального организационно-технологического показателя надежности, который учитывает совокупность факторов, влияющих на эффективность проведенных ремонтных работ. Данный показатель позволяет количественно оценить влияние организационных, технологических и экономических факторов на надежность процесса, вы­явить проблемные места в системе управления ремонтом и прогнозировать межремонтные сроки. В данной статье представлена методика расчета интегрального показателя организационно-технологического показателя надежности ремонтно-восстановительных процессов, основанная на комплексном учете множества факторов и их весомости. Разработка данной методики позволит повысить объективность оценки надежности ремонтных процессов, оптимизировать распределение ресурсов, увеличить срок службы зданий за счет рационального планирования ремонтных мероприятий. Предложенный подход может быть использован как при проектировании ремонтных работ, так и при их анализе и совершенствовании в ходе эксплуатации зданий. Разработанная нейросетевая модель использует многослойный подход с функцией активации в скрытых слоях и сигмоиду в выходном слое. Входные данные нормализуются и обрабатываются с помощью метода обратного распространения ошибки, что позволяет повысить точность прогнозирования межремонтных сроков и оценки эксплуатационной надежности здания.

Tuan Nguyen Tran, Hegedűs Gábor, Phuong Nguyen Thi Tung

Research on land use change (LUC) is considered as one of the important studies contributing to the assessment of land use efficiency and the development of appropriate policies for sustainable land use in the current urbanization period. Modeling is a method of simulating changes based on the understanding of LUC laws and forecasting future LUC. This study uses Markov chains to simulate the probability of the transition matrix to forecast LUC in Ho Chi Minh (HCM) city by 2050. The research results show that the three main land groups in HCM city were agricultural land, residential land, and water. The agricultural land group occupied the largest area, but it has decreased by nearly 10% from 2000 to 2020. In contrast, the urban land group had a strong increasing trend, with an increase of nearly 25% after 20 years. In terms of spatial distribution, HCM city tended to develop in three main directions: east, southwest, and northwest. With an accuracy of 91%, the study predicts that by 2030, agricultural land will still account for more than half of HCM city’s area, but by 2050, this land group will only account for less than 40%. In contrast, by 2050, residential land is projected to become the largest land group in the city with more than 50%. As a result, this forecast shows a difference from HCM city’s land use target by 2030.

Konieczna Patrycja

Representatives of Generation Z are characterized by a propensity for entrepreneurship, social awareness, interest in social, environmental, and political issues and ease of movement in the digital sphere. In the context of the real estate market, generation Z is becoming an important collective and understanding the preferences, expectations and behaviors of people representing this generation is crucial for the development industry, real estate agencies and investors. The aim of the study was to find out the housing and investment plans of people representing Generation Z. In addition, Generation Z’s knowledge of the real estate market was identified. A literature review on real estate and Generation Z was conducted. The survey showed sufficient knowledge of basic concepts related to the real estate market. The overwhelming majority of respondents believe that housing policy in Poland needs to be changed, and the most preferred direction of change was to reduce property prices. Attention was first and foremost paid to the price per square meter of real estate. Among the 90.1% of respondents who declared they would buy a property, more than 70% intend to finance the purchase in whole or in part with a mortgage.

Oana Iliescu, Ali Amiri, Seppo Junnila

Wood-based construction (WBC) has gained prominence as a sustainable alternative to traditional construction, offering significant environmental benefits such as carbon storage and reduced greenhouse gas emissions. Its importance lies in its potential to contribute to climate change mitigation while supporting economic growth and innovation in the construction industry. Therefore, understanding the drivers and challenges of WBC is essential for its future development. This study, at the first stage, conducted a literature review to identify the key drivers and challenges associated with WBC, categorizing them into environmental, technical, economic, and perception and policy aspects. Then, based on these findings, we conducted 20 semi-structured interviews with WBC experts from Finland in the construction industry, public administration and academia to compare theoretical perspectives with practical insights. Results revealed that literature often focuses on matters such as life-cycle assessments, policy development, and renewable resource management. On the other hand, interviewees emphasize practical concerns like technical feasibility, economic viability, and client perceptions. Climate considerations are acknowledged by interview participants as important but are often viewed as external expectations rather than core business drivers. This study highlights the gap between academic research and industry practice.

Vijayakumar Anandhu, Davidova Jelena

This research analyses the influence of emerging innovation hubs on urban real estate trends in India. A quantitative methodology is employed to collect primary data through a structured online survey via Google Forms. Data were distributed to 228 relevant stakeholders with direct or indirect experience in urban innovation environments, of whom 225 responded to the survey. The survey was analysed using Spearman’s rank-order correlation to assess relationships between innovation hubs and variables such as job creation, commercial transformation, gentrification, investment patterns, property value shifts, urban fragmentation, and sustainability discrepancies. Results show strong positive associations between innovation hubs and business space transformation (r = 0.628, p = 0.000), job creation and urban growth (r = 0.602, p = 0.000), and increased property values and demand (r = 0.585, p < 0.001). Certain consequences were also evident, notably gentrification (r = 0.666, p-value 0.000). Urban fragmentation and inconsistency in sustainable development were found to have a weaker correlation with innovation hubs. Hence, these two impacts are statistically insignificant. Findings reflect that innovation hubs promote economic and infrastructural growth while simultaneously addressing social equity issues. The study ends with recommendations for how innovation hub planning can be more embedded into general urban policy to even out development outcomes and reduce social differentiation. This research provides a novel, data-driven evaluation of exactly how innovation hubs shape the urbanised development of India through Spearman’s correlation analysis.

Samwel Alananga, Businge Telesphor chakwita

Context and background The study investigated the spatial dynamics of property values in a sample total of 19 out of 26 Wards of Ilala Municipality in Dar es Salaam, Tanzania. Property values are encumbered by many other realities that were hardly considered in the traditional Von Thünen propositions including transport patterns, communications lines, informality and social amenities that affect both land use and property values. Therefore, while Von Thünen's model provides valuable insights, its application to contemporary property valuation and land use planning requires adaptation and integration with advanced analytical tools and methodologies to account for the multifaceted dynamics shaping urban environments. Goal and objectives The goal of the study was to investigate the spatial dynamics of property values in Dar es Salaam. Three models were implemented, utilizing rent per month from online advertisements of asking prices and secondary data from the Ministry of Land Housing, Human Settlement Development (MLHHSD). The application of the theory of Von Thünen to investigate the spatial dynamics of property values in Dar es Salaam is particularly noteworthy in three models that were implemented. Methodology The study utilized a sample total of 19 out of 26 Wards of Ilala Municipality in Dar es Salaam, Tanzania, to investigate the spatial dynamics of property values. Data were collected from online advertisements asking prices for rent per month and secondary data from the Ministry of Land Housing, Human Settlement Development (MLHHSD). Three models were implemented, applying the theory of Von Thünen to analyze property value dynamics in Dar es Salaam. Results In Table 4, the "Intercept" row represents the intercept term (ß₀) in three different linear regression models: LV (Property Values), RM (Rent Per Month), and AS (Actual Sales Per Sqm). In the LV model, the intercept (ß₀) is approximately 2,459,790, with a t-statistic of 3.43 indicating statistical significance. In the RM model, the intercept (ß₀) is approximately 4,925,036, with a t-statistic of 1.8 indicating some significance compared to the LV model. These findings suggest insights into the spatial dynamics of property values in Dar es Salaam.

Sanchaniya Rashmi Jaymin, Sanchaniya Jaymin Vrajlal, Bhalodi Payal Patel

Financial and real estate crises have been the most prevalent forms of economic catastrophe over the past three decades. In 2008, India endured a financial crisis unprecedented in its history. Canada seems to be creating a real estate bubble recently; Bloomberg Economics puts Canada as the OECD’s second greatest housing bubble in 2019 and 2021. In the case of the Indian real estate bubble, the capital and large cities saw the largest increase in house prices initially, then comparable increase spread gradually to smaller towns and provinces. Thus, this paper conducts a comparative study of the real estate markets in India and Canada and presents a basic analysis of the Canadian real estate market based on the Indian experience with the real estate crisis. Specifically, the article explores the recent economic history and deduces the elements that contributed to the real estate catastrophe. After collecting data and gaining a thorough knowledge of both nations’ real estate markets, the article performs a comparison study employing indices such as the housing index, the corruption rate, and the Business Survey Index (BSI). The research indicates that property prices in Canada are projected to rise because of a significant association between corruption and house prices and a decline in the BSI index. The research provides some recommendations to avert a full-fledged real estate meltdown.

Molina Javier Paniagua, Gómez Sergio Ulate, Thompson Johanna Solórzano et al.

In Costa Rica, a land tax valuation model provided by the Technical Standardization Body (ONT) of the Ministry of Finance is used. This model considers homogeneous areas that include properties with similar characteristics and review factors that have not been recently updated. The objective of this article is to determine the effect of the distance to the train station and mobile coverage on the value of land in Oreamuno, Costa Rica, as a proposal to be included in the mass valuation model of the ONT. A multiple regression econometric model was used to establish the functional relationship between the value of the property and its characteristics, through the Ordinary Least Squares (OLS) method, using 10 variables applied to 200 references initially. The results allow demonstrating that other variables such as “Distance to the train station” and “Mobile coverage” are representative for determining the value of properties, in addition to those commonly used by the ONT model. The research allows concluding that the land valuation models should be updated periodically and should include variables related to improvements in technology and access roads, since these increase the market value of properties and improve the social development of localities in study.

Marco Rossitti, Francesca Torrieri

The recognition of the key role of architectural heritage for sustainable territorial development has pushed the scientific community to give more importance to the involvement of local communities in conservation choices and practices. However, despite the recognition of the benefits deriving from the active participation of local communities in the field of conservation, in practice, this involvement is still marginal and linked to experiences without institutional support. This phenomenon is due to different causes, such as the lack of a participatory culture in conservation. It finds its roots in a conventional approach to architectural heritage conservation merely based on an “expert knowledge”. Consequently, there is an urgent need for approaches and tools to manage the complexity of decisions about conservation, which require close collaboration between local communities, research, and institutions. In this context, the paper aims to investigate the role of the action-research approach in fostering the participation of local communities in conservation processes, especially in marginal areas, where the demographic shrinking dynamics make even more necessary both the institutions’ intervention and the communities’ engagement. Based on these premises, starting from an analysis of recent experiences, the contribution dwells on the need to support the implementation of action-research approaches for the conservation of architectural heritage in marginal areas, paying particular attention to the role of evaluation. More in detail, in the first part of the paper, a reflection on the importance of community involvement for heritage conservation is proposed based on the main documents on the topic. In the second part, the main features of the action-research approach and its strengths and weaknesses have been analyzed through a literature review of action-research experiences applied to architectural heritage at a global level. The analyses have highlighted how most of these experiences are born from spontaneous initiatives, without institutional and methodological support, in which the role of evaluation is still marginal. Therefore, in the final part, the paper proposes a first methodological framework based on integrating action research with the main evaluation tools developed in the scientific literature to support the different phases of the decision-making process. This framework, suitably declined according to the specificities of the case study treated, can represent a valid support for implementing and transposing the research-action approach for heritage conservation in an institutional context. Il riconoscimento del ruolo chiave del patrimonio architettonico per uno sviluppo territoriale sostenibile ha spinto la comunità scientifica ad attribuire maggiore importanza al coinvolgimento delle comunità locali nelle scelte e pratiche di conservazione. Tuttavia, nonostante il riconoscimento dei benefici derivanti dalla partecipazione attiva delle comunità locali in ambito conservativo, nella pratica tale coinvolgimento risulta ancora marginale e legato ad esperienze prive di supporto istituzionale. Tale fenomeno è ascrivibile a molteplici cause, tra cui la mancanza di una cultura della partecipazione, che affonda le sue radici nell’approccio convenzionale alla conservazione del patrimonio architettonico basato sulla sola “conoscenza esperta”, e la conseguente carenza di approcci e strumenti capaci di gestire la complessità delle scelte legate alla conservazione in cui, invece, si richiede una stretta collaborazione tra comunità locali, mondo della ricerca e istituzioni. Il presente contributo mira ad indagare il ruolo dell’approccio della ricerca azione nel favorire la partecipazione delle comunità locali ai processi di conservazione soprattutto nelle aree marginali, dove le dinamiche di contra- zione demografica in atto rendono ancora più necessario sia l’intervento delle istituzioni, che la partecipazione delle comunità. Sulla scorta di tali premesse, partendo da un’analisi delle esperienze in corso, il contributo si sofferma sulla necessità di supportare l’implementazione di approcci alla ricerca-azione per la conservazione del patrimonio architettonico in aree marginali, ponendo parti- colare attenzione al ruolo della valutazione per il raggiungimento di tale obiettivo. Nello specifico, nella prima parte del contributo si propone una riflessione sull’importanza del coinvolgimento delle comunità per la conservazione del patrimonio sulla base delle principali carte e trattati sul tema. Nella seconda parte sono state, poi, analizzate le principali caratteristiche dell’approccio alla ricerca-azione ed i suoi punti di forze e di debolezza rispetto alle finalità preposte attraverso una literature review delle esperienze di ricerca azione applicate al patrimonio architettonico a livello globale. Le analisi condotte hanno portato ad evidenziare come la maggior parte delle esperienze analizzate nasca da iniziative spontanee, prive di un supporto istituzionale e metodologico, in cui il ruolo della valutazione è ancora marginale. Pertanto, nella parte finale della riflessione si propone una prima proposta di framework metodologico basato sul- l’integrazione della ricerca azione con i principali strumenti di valutazione sviluppati in letteratura al fine di supportare le differenti fasi del processo decisionale. Tale framework, opportunamente declinato secondo le specificità del caso studio trattato, può rappresentare un valido supporto per l’implementazione e la trasposizione in ambito istituzionale dell’approccio alla ricerca-azione per la conservazione del patrimonio.

Chmielewska Aneta, Adamiczka Jerzy, Romanowski Michał

Every real-estate related investment decision making process calls for the careful analysis of available information even though it is often carried out in conditions of uncertainty. The paper attempts to minimize the impact of the factor on the quality of real estate investment decisions through the proposal of application of tools based on the simulation of the process of natural selection and biological evolution. The aim of the study is to analyze the potential of methodology based on genetic algorithms (GA) to build automated valuation models (AVM) in uncertainty conditions and support investment decisions on the real estate market. The developed model facilitates the selection of properties adequate to the adopted assumptions, i.e. individuals best suited to the environment. The tool can be used by real estate investment advisors and potential investors on the market to predict future processes and the proper confrontation of past events with planned events. Even though genetic algorithms are tools that have already found particular application on real estate market, there are still areas that need further studies in the case of more effective uses. The obtained results allow for the possibilities and barriers of applying GA to real estate market analyses to be defined.

Plotka Kaspars, Viržbickis Jānis, Zvirgzdiņš Jānis et al.

Creativity is an important component of the economy for modern cities, and necessary condition for it is the qualitative understanding of the economic theory science. In the global competition, it plays an important role for the economic growth dynamics, which is directly related to human resource role in the modern economy. The competitiveness of the territories depends on their attractiveness to economically active individuals and the opportunities they provide with economic growth. When considering the creative and cultural industries as potential economic development factors in the urban economy, culture can be considered as a new stage in urban development based on quality of life, creativity, which provide a level of degree for balance and determine the stability of the growth potential. The development of supporting urban infrastructure is identified as one of the drivers for expansion of the cultural and recreational domains both for the political and economic development. They reflect the specific characteristics of each city, the competitiveness versus attractiveness potential, and demonstrate the potential shift from the environment for production to a potentially new consumer environment with a higher “symbolic value”. The creative industries today can serve as an urban development domain tool, creating a modern approach to economic activity in various sectors of the economy. The authors draw attention to the cluster link between creative and cultural industries in urban planning. The authors propose a methodology for assessing revenues and costs, as well as recommendations for the work of cultural organisations and institutions involved in creating a creative urban environment. The article presents data and modelling results of the economic impact calculations for two imagined cities in order to theoretically approbate the methodology, which would help assess the socio-economic effect of the development of certain clusters. The aim of the research is to identify the impact of culture and creativity on the economy of city. The calculated information for decision makers would help formulate recommendations, evaluate potential developments of the urban environment, assist in planning and networking in urban agglomerations, based on clusters of creative and cultural industries, as the post-industrial city needs to make changes in order to achieve economic growth. The development of urban cluster of creative and cultural industries has a certain multiplicative effect, i.e., impact on the development of other types of economic activity.

D. Collins, A. Junghans, T. Haugen

Purpose This paper aims to investigate the drivers and barriers for green leases and tenancies in sustainable “Building Research Establishment Environmental Assessment Method” (BREEAM) and “Leadership in Energy and Environmental Design” (LEED) certified office and office buildings in Norway, the UK and the USA. This study focuses on the differing perspectives between owners and tenants. It is then considered as to how these issues are dealt with during different phases of a buildings life cycle. This research is based on existing literature and semi-structured interviews that studied qualitative and quantitative elements in the context of ownership and tenancy of single and multi-tenanted sustainable office buildings. Design/methodology/approach Using a mixed-method approach involving semi-structured interviews with both qualitative and quantitative elements along with desk research, this paper evaluates how green leases and tenancies in offices and office buildings that are BREEAM and LEED certified require a reconsideration and re-evaluation of the acquisition, operation and disposal of office buildings by building owners and their tenants. These stakeholder relationships are supported theoretically using a theoretical model that outlines the interrelation between the sustainable building and the relationships of the building owner, the user and the FM service provider. Findings The data gathered from the interviews justify and partly contradict some of the statements within existing literature, diminishing the importance of cost and the barrier of split incentive but instead illuminate the importance of less tangible considerations such as company policy or a sustainability strategy. The results also note the realisation of a changing market for commercial real estate driven by the sustainable business needs of tenants for the occupation of workspaces. Research limitations/implications These findings have the potential to further develop theories and provide an insight into how the relationships between actors from a business, procurement and contractual perspective need to be developed to ensure more proactive development of green leasing of new and existing sustainable office buildings, along with where strategic attention is required during the building design, construction, operational and use phases. Originality/value This paper is based on original research through interviews and literature studies supported by an existing theoretical model. The results have been partly presented and initially discussed at the WBC World Congress 2016 in Tampere, Finland.

Raisa Fitri

This strong growth is happening because of the expansion of the Indonesian economy is fertile. Consumer spending makes a strong middle class residential business segment was the largest contributor to growth in Indonesia properties .. In this study, the parameters used to measure the performance of the company's financial statements is the accounting profit and the total cash flow. This study aims to examine and analyze the effect of variable accounting profit, and total cash flow to share price. Using multiple regression analysis, the study population is all companies sub-sector property and real estate listed on the Indonesia Stock Exchange in 2013-2015. The results showed that the accounting profit that affect stock prices. Accounting profits will provide information and a positive signal on the stock price on the property sub-sector and real estate, so it will affect the reduction or increase in the company's stock price. Total variable cash flows do not affect the stock price. Data in the cash flow statement only provide weak support for investors.

Krzysztof Piasecki, Ewa Roszkowska

The main purpose of this paper is to investigate the application potential of ordered fuzzy numbers (OFN) to support evaluation of negotiation offers. The Simple Additive Weighting (SAW) and the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) methods are extended to the case when linguistic evaluations are represented by OFN. We study the applicability of OFN for linguistic evaluation negotiation options and also provide the theoretical foundations of SAW and TOPSIS for constructing a scoring function for negotiation offers. We show that the proposed framework allows us to represent the negotiation information in a more direct and adequate way, especially in ill-structured negotiation problems, allows for holistic evaluation of negotiation offers, and produces consistent rankings, even though new packages are added or removed. An example is presented in order to demonstrate the usefulness of presented fuzzy numerical approach in evaluation of negotiation offers.

Yuval Arbel, Danny Ben-Shahar, Sharon Horsky et al.

This research explores the time-to-sell (TTS) of green real estate. We employ data on primary market transactions in six newly developed multi-story condominiums—of which three are green and three are conventionally built—located in a single neighborhood of Netanya, Israel. We find that, after addressing the potential endogeneity between unit TTS and price, the average TTS of units in green, as compared to conventional, structures is significantly shorter. Considering developers' financing cost, this shorter TTS is equivalent to an indirect price premium of 1%–5%. We also find that whenever the indirect green premium associated with TTS decreases, the green quality-adjusted price premium increases. Thus, considering both price and TTS, we estimate a total green price premium of about 5%.

D. Geltner, Anil Kumar, Alex van de Minne

Peter Sittler