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on Urban and Real Estate Economics |
| By: | Lambie-Hanson, Lauren (Federal Reserve Bank of Philadelphia); Li, Wenli (Federal Reserve Bank of Philadelphia); Slonkosky, Michael (Federal Reserve Bank of Philadelphia) |
| Abstract: | We study the house price recovery in the U.S. single-family residential housing market since the outbreak of the mortgage crisis, which, in contrast to the preceding housing boom, was not accompanied by a rise in homeownership rates. Using comprehensive property-level transaction data, we show that this phenomenon is largely explained by the emergence of institutional investors. By exploiting heterogeneity in a county’s exposure to local lending conditions and to government programs that affected investors’ access to residential properties, we estimate that the increasing presence of institutions in the housing market explains over half of the increase in real house price appreciation rates between 2006 and 2014. We further demonstrate that institutional investors contribute to the improvement of the local housing market by reducing vacancy rates as they shorten the amount of time distressed properties stay in REO. Addition-ally, institutional investors help lower local unemployment rates by increasing local construction employment. However, institutional investors are responsible for most of the declines in the homeownership rates. |
| Keywords: | Institutional investor; House Price; Homeownership; Foreclosure; Mortgage Crisis |
| JEL: | G01 G12 G20 G28 R21 R31 |
| Date: | 2019–11–13 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpwp:19-45&r=all |
| By: | David C. Maré (Motu Economic and Public Policy Research); Jacques Poot (Vrije Universiteit) |
| Abstract: | This paper revisits whether cultural diversity is a source of local production and/or consumption amenities. We adapt the analytical framework of Roback (1982, 1988) and Chen & Rosenthal (2008) to estimate the impact of cultural diversity on city wage and rent premiums from hedonic regressions. We focus on New Zealand which – with high residential mobility and ease of setting up business – is particularly suited to this framework. Additionally, our estimates are based on a very large data set: complete unit record census data on individuals and dwellings in 110 urban areas spanning 32 years. Controlling for observed and unobserved city characteristics, and for the potential endogeneity of diversity, we find that cultural diversity serves as a local positive production amenity and a weakly negative consumption amenity. The results are mostly robust to measuring cultural diversity by birthplace, ethnicity or religion; and to using a range of measures of diversity. We conclude that the presence of people from different cultural backgrounds enhances the profitability of urban firms. In contrast, a city’s population has a weak preference for living near others who are culturally similar to them. The effects are stronger in larger cities. |
| Keywords: | Diversity; fractionalisation; local amenity; urban wages and rents; hedonic regression |
| JEL: | J31 R21 R23 R31 |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:19_05&r=all |
| By: | Salvador Barrios (European Commission - JRC); Cecile Denis; Viginta Ivaskaite-Tamosiune (European Commission - JRC); Adriana Reut; Estefania Vazquez Torres (European Commission - JRC) |
| Abstract: | Tax incentives favouring homeownership are widely used in developed economies. Homeownership is often thought to bring a number of positive contributions, from the promotion of households´ saving to enhanced community engagement. However, housing tax incentives are also considered as a major source of distortions for households´ decisions, especially in absence of taxation of in-kind services related to housing consumption (i.e. imputed rents) and in presence of mortgage interest payment deductibility. These distortions can have wide-ranging consequences for investment, consumption and public finances. Housing tax distortions have rarely been analysed from a cross-country perspective over time, however, not least because of the absence of comparable data and the difficulty to gather detailed information on the specific tax treatment of homeownership. In this paper we aim to fill this gap by providing comparable time series on the main features of housing taxation in European countries. Our database includes information on transfer taxes incurred when buying a house, implicit recurrent property taxes owed by households, capital gain taxes, imputed rent taxation and mortgage interest tax reliefs. The data is provided for the period 1995-2017 by the time of writing this paper and will be updated annually and made available at the following website: https://ec.europa.eu/jrc/en/thematic-research-fiscal-policy/housing-taxation. We use this data to estimate the user cost of owner-occupied housing (UCOH) following the approach proposed by Poterba, (1992) and Poterba and Sinai (2008), which provides a synthetic indicator on the distortions exerted by the tax system on households´ housing investment choices. A number of additional data used to calculate the UCOH indicator, such as maximum loan to value ratio and maximum loan duration, interest rate for long-term government bonds, interest income tax and house price are also provided. |
| Keywords: | Housing taxation, database, user costs of housing, transfer tax, capital gains tax, mortgage interest tax relief, recurrent property tax, imputed rent taxation |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:taxref:201908&r=all |
| By: | E.K. Gavu |
| Abstract: | Purpose – The purpose of this research is to empirically examine submarket existence based on an understanding of the residential rental housing market in Ghana.Approach – Based on literature review and market observations, we provide key concepts and an overview of the residential rental market in Ghana. Although there is a general consensus that submarket exists, empirical identification of same has employed varied methods. Based on real estate experts and stakeholder consultations, a priori delineations of submarket constructs are made based on spatial, structural and a nested approach. The existence of submarkets is tested using the Kruskal-Wallis H test and Hedonic modelling techniques.Findings – By using fieldwork data from Accra rental market, the analysis provides credence to the conceptualisation of submarkets and how to empirically test for same. It is argued that researchers should employ alternative methods to compare results in order to make far reaching conclusions.Research implications – examining the hypothesis that differential rental values exists for submarkets has implications forpolicy decisions to target submarket constructs differently to improve market maturity.Practical implications – the research provides stakeholder investors in the rental space an understanding of market dynamics for profit maximisation, and end-users to maximise utility in deciding where to live – and as such households could benefit from making informed investment decisions on housing.Originality / Value of work – This research is one of the first attempts to empirically delineate submarkets in the residential rental market in Ghana. |
| Keywords: | Ghana; housing; Rental submarket; Rental value; Residential |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_125&r=all |
| By: | Su, Yichen (Federal Reserve Bank of Dallas) |
| Abstract: | In recent decades, gentrification has transformed American central city neighborhoods. I estimate a spatial equilibrium model to show that the rising value of high-skilled workers’ time contributes to the gentrification of American central cities. I show that the increasing value of time raises the cost of commuting and exogenously increases the demand for central locations by high-skilled workers. While change in the value of time has a modest direct effect on gentrification of central cities, the effect is substantially magnified by endogenous amenity improvement driven by the changes in local skill mix. |
| Keywords: | Gentrification; Value of time; Amenities; Central cities |
| JEL: | J22 J24 R13 |
| Date: | 2019–10–31 |
| URL: | http://d.repec.org/n?u=RePEc:fip:feddwp:1913&r=all |
| By: | Jordi Perdiguero Garcia (Departament d'Economia Aplicada, Universitat Autonoma de Barcelona); Alex Sanz (Departament d'Economia i Història Econòmica, Universitat Autonoma de Barcelona) |
| Abstract: | One of the main causes of mortality worldwide is air pollution. To tackle this problem, local, regional and national governments have implemented policies to reduce emissions from industrial and on-road sources. However, when these policies are being designed, shipping emissions are often overlooked. There has been a drastic increase in the demand for cruises and its economic relevance is also growing in port-cities. Barcelona is Europe’s leading cruise port, and it is located near the centre of the city. In this context, this paper analyses the impact of cruise ships in the air quality of the entire city of Barcelona using a dataset with information about pollutants and the number of cruises arriving to the port. We show that there is a direct impact between cruises staying at the port and city pollution. Additionally, the size and age of the cruise also affect air quality. The larger (or newer) the cruise is, the higher the emission generated. Moreover, our simulations show that the whole city is affected by these emissions. |
| Keywords: | Air pollution, Cruise ships emissions, Pollutants, Port externalities, Port of Barcelona, Urban air quality |
| JEL: | D62 L91 Q53 R49 |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:uab:wprdea:wpdea1903&r=all |
| By: | C. Kariuki; N. Nzioki |
| Abstract: | Purpose: This paper focuses on the Kenyan real estate market and examines how private developers and institutions of higher learning are addressing the increased housing demand brought about by a higher enrolment of students.Design/Methods Followed/Approach: The research will consider the academic literature that has been developed on this submarket. The research conclusions are drawn based on universities in small towns. This paper intends to look at how Kenyan developers have responded to this pent-up demand. It will be interesting to see how the local counties deal with this private apartment student housing and the rent by room model.Findings: The main finding of this study will be that students housing in Kenya is a new asset class that is growing. Investors, government and institutions of higher learning must therefore take student housing as sector that must be planned for. That the increased demand for rental space in some of these rural towns is also driving up the rental costs of all housing, which maybe unwelcome to communities who are renters. It suggests that private developer must provide good standard accommodation if they hope to have a continuous stream of income. |
| Keywords: | good standard; Government; private developer; Real Estate Market; student housing; University |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_132&r=all |
| By: | Andrea Lamorgese (Bank of Italy); Dario Pellegrino (Bank of Italy) |
| Abstract: | Several stylized facts, such as the correlation between house prices and sales volumes, suggest the existence of downward price rigidity in real estate markets. In this paper we explore a potential explanation for this behaviour by testing whether initial purchase prices and homeowners’ appraisals of their dwellings show reference dependence. Using data from a sample of Italian households, we test whether - conditional on both observable and unobservable characteristics - homeowners appraise the value of their main dwelling differently depending on the price at which they purchased it. We find that homeowners expecting a loss do not adjust their appraisals significantly in response to downward market conditions while, for those expecting a gain, the appraisals are independent of the price at which they bought the home. While loss aversion is mildly higher among poorer and less educated households, we find strong evidence of it across all demographic groups in our sample. |
| Keywords: | loss aversion, prospect theory, housing market |
| JEL: | L10 R21 R31 |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1248_19&r=all |
| By: | Nathaly M. Rivera (University of Alaska Anchorage) |
| Abstract: | Extractive industries are often challenged by nearby communities due to their environmental and social impacts. If proximity to resource extraction sites represents a disamenity to households, the opening of new mines should lead to a decrease in housing prices. Using evidence from more than 6,000 new extraction sites in Chile, this study addresses whether the heavy environmental and social impacts of digging activities outweigh their local economic benefits to the housing market in emerging economies. Findings from a spatial difference-in-difference nearest-neighbor matching estimator reveal that households near mining activity get compensated with lower rental prices, mostly in places with high perceptions of exposure to environmental pollution. Further analysis suggests that this compensation is lower among new residents of mining towns, which constitutes evidence of a taste-based sorting across space. Results in this study bring to light the need of incorporating welfare effects of potential social and environmental disruptions in future studies addressing the economic impact of new mining operations. |
| Keywords: | Extractive Industries, Mining, Environmental Valuation, Environmental Disamenities, Hedonic Models, Nearest-Neighbor Matching Estimator |
| JEL: | Q53 Q51 Q32 Q34 |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:ala:wpaper:2019-05&r=all |
| By: | KAPSARC, King Abdullah Petroleum Studies and Research Center (King Abdullah Petroleum Studies and Research Center) |
| Abstract: | Over the last decade, India and China have become leading consumers of energy, especially oil, with freight transportation accounting for a large portion. The growth in total transport energy use is directly correlated with the fast-paced urbanization and industrialization of these two economies. The impact of this road-transport growth has seriously degraded the urban air quality and increased congestion and accidents in cities. In response, a keystone strategy being explored by both countries is to use dedicated infrastructure investments to shift freight movement from road to other modes of transport, including rail. At the same time, road-based transport is becoming increasingly energy efficient, has policy support and retains its door-to-door delivery advantage. |
| Keywords: | Air pollution, Energy demand, Energy efficiency, Freight, Infrastructure Investment, Transportation |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:prc:wbrief:ks--2018-wb17&r=all |
| By: | Andre Luis Squarize Chagas; Guilherme Malvezzi Rocha |
| Abstract: | Housing policies to improve the quality of life of the poorest have been employed for a long time. In developing countries urbanization has increased the number of slums, supporting the creation of housing programs, like Minha Casa Minha Vida (MCMV) program, launched in 2009 in Brazil. The program intend to provide better housing conditions to poor family. To reduce the construction cost the houses are built in surround area of the cities, far from business center. In this paper, we took advantage of a randomly selection of families in Rio de Janeiro (one of the most important cities in Brazil) and São José do Rio Preto cities (a big city in the countryside of São Paulo state, Brazil) to evaluate the it impact on social conditions, mainly related to the employment and income. By combining two administrative databases we were able to measure the changes in the labor market for both groups, drawn and not drawn. The first conclusion is even with a random selection criteria, as the lottery, the program badly selected the beneficiary families, benefiting only one least linked to the labor market. Individuals with better job conditions choose remains the current house, independently of it structural condition or the neighborhood. To the beneficiary, the program negatively affects the labor supply, reducing the likelihood that the beneficiary will be formally employed. Also, the program increased the proportion of families receiving the cash income transfer. This work is one of the first articles to analyze microdata from MCMV, providing an important measure of the program’s impact. |
| Keywords: | housing policy; labor market; Minha Casa Minha Vida |
| JEL: | R21 R31 I38 |
| Date: | 2019–11–04 |
| URL: | http://d.repec.org/n?u=RePEc:spa:wpaper:2019wpecon40&r=all |
| By: | Pujol, Ferran Espuny; Hancock, Ruth; Hviid, Morten; Morciano, Marcello; Pudney, Stephen |
| Abstract: | We investigate the impact of exogenous local conditions which favour high market concentration on supply, price and quality in local markets for care homes for older people in England. We extend the existing literature in: (i) considering supply capacity as a market outcome alongside price and quality; (ii) taking account of the chain structure of care home supply and differences between the nursing home and residential care home sectors; (iii) introducing a new econometric approach based on reduced form relationships that treats market concentration as a jointly-determined outcome of a complex contested market. We find that areas susceptible to a high degree of market concentration tend to have greatly restricted supply of care home places and (to a lesser extent) a higher average public cost, than areas susceptible to low degree of market concentration. There is no significant evidence that conditions favouring high market concentration affect average care home quality. |
| Date: | 2019–11–05 |
| URL: | http://d.repec.org/n?u=RePEc:ese:iserwp:2019-10&r=all |
| By: | Huber, Stefanie J.; Schmidt, Tobias |
| Abstract: | Cross-country differences in homeownership rates are large and persistent over time, with homeownership rates ranging from 40% in Switzerland to 80% in Spain. This paper investigates whether culture is a driving factor of the homeownership decision, and could thus explain part of the cross-country differences in homeownership rates. To isolate the effect of cultural preferences regarding homeownership from the impact of institutions and economic factors, we investigate the homeownership decisions of second-generation immigrants in the United States between 1994 and 2017. Our findings indicate that cultural preferences for homeownership are persistent, transmitted between generations, and substantially influence the rent-versus-buy decision. |
| Keywords: | housing decisions,second generationmigrants,epidemological approach |
| JEL: | R21 Z10 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:402019&r=all |
| By: | C. O. Abere; T. T. Dugeri; A. Abolade |
| Abstract: | Purpose: Cross border property markets investments has grown over the years. The rapidity in growth of internationalised real estate investments became marked with the onset of the 21st century with investors desiring information on both national and regional market within emerging economies. This study evaluates the characteristics of the Kaduna property market in Northern Nigeria with a view to bringing out its investment attributes.Design/Methods: The study adopted and expanded on property market characteristics suggested by Dugeri (2011), Akinbogun (2012) and Clement, Ogunba and Dugeri (2016) to determine the characteristics of the property markets in the Nigerian cities. To achieve this objective, the study sampled dominant players in the market viz - estate surveyors and valuers, public land administrators and financiers through questionnaire surveys and structured interviews.Findings: The Kaduna property market is characterized with only direct investment opportunities and a multiplicity of property titles. The market is further served by a few Estate surveying and valuation firms relative to its size and stature within the Nigerian economy. The market suffers a lack of information fluidity.Practical Implications: The study reveals that the Kaduna property market requires restructuring with respect to the land registration system, the development of fundamental market data, and further research to prime it for investors seeking diversification opportunities.Originality/Value: This research provides for the first time a basic portrait of the Kaduna property market and adds to the swelling body off research on property markets in Africa. |
| Keywords: | Kaduna-Nigeria; market characteristics; Property Investment; Property Market |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_102&r=all |
| By: | Chao, Eugene (Asian Development Bank Institute); Vuchic, Vukan R. (Asian Development Bank Institute); Vashchukov, Aleksandr (Asian Development Bank Institute) |
| Abstract: | High-speed rail is a new mode of intercity passenger transportation. We review the history of high-speed rail development of the United States (US) and compare it with that of peer countries. With the rapid progress of HSR and the successful competition with cars and air travel between medium and long distances (150 and 1,200 km), HSR has an increasing role in intercity travel worldwide. Decision makers, transportation planners, system designers, and operators as well as political leaders need to understand HSR’s operational boundaries for intercity travel to determine which HSR will outperform the others and under which conditions. Our analysis uses a simple time–distance factor to clarify the dominance. To confirm the validity of HSR in intercity passenger rail services, a comparison with the external competition of car and air travel is necessary. Meanwhile, an internal examination of operational performance considering sophisticated variables is imperative. Based on numerous HSR projects, we select four interrelated trade-off elements: the passenger access time and travel time associated with the total on-line travel time, the area coverage associated with the station density, the station density associated with speed, and the transit unit size, frequency, and loading factor associated with the independent line capacity. After examining the interrelations and trade-offs, we present a practical case study of one of the major US economic corridors—the Northeast Corridor. The case study explores the geospatial metadata and concludes that three major system efficiency challenges exist; therefore, it provides corresponding engineering measures to convert an independent dead-end terminal into an integrated through-running station, which are the priority for converting Amtrak, the US national rail service, into an accelerated HSR service. It is time to renew the government’s interest in paying systematic attention to the comprehensive effect of HSR. |
| Keywords: | high-speed rail; regional connectivity; comprehensive effect; system performance; operational measure |
| JEL: | L92 R41 R53 |
| Date: | 2019–05–14 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0951&r=all |
| By: | D. I. Dabara; O. J. Omotehinshe; J. O. Soladoye; I. N. Uwaezuoke |
| Abstract: | Purpose: The study examined the relationship between building material prices and the rental values of residential properties in Ede, Nigeria from 1997 to 2016.Design/Methods followed/Approach: The study was carried out by means of questionnaire survey. The population for the study consisted of Estate Surveyors and Valuers (ESV), Landlords, Builders/building contractors and building material suppliers/sellers in Ede. The areas covered for this study includes: Oke-gada, Ededimeji, Okeresi, Agbale and country home in Ede. A total of three hundred and forty five (345) questionnaires were administered on the respective respondents that included 300 landlords, 24 builder material suppliers, 14 builders/building contractors, 7 Estate Surveyors and Valuers. The total questionnaire retrieved were 288 representing 83.5% response rate. A multiple regression model was used to determine the interrelationships between the dependent variable and the predictors or independent variables.Findings: The study found that there was a steady and consistent increase in both building material prices and rental values of residential properties from 1997 to 2016 in the study area. The study further showed that there was a strong significant relationship of 0.957 between building material prices and the rental values of residential properties in the study area with prices of roofing sheet being the strongest rental predictor (0.002) followed by granite (0.022), cement (0.38) and then sharp sand (0.47).Practical Implication: The study provided relevant information that can guide real estate investors, builders, real estate professionals and other stakeholders in the real estate sector regarding the influence of building material prices on the rental values of residential properties in Nigeria.Originality/Value: The problem of consistent increase of rent on residential properties in Ede over the last few years has necessitated this investigation which provided an insight into the factors influencing such high rise in rent. This is the first study that addresses this issue in Ede, Nigeria. |
| Keywords: | Construction; Rent; Residential; Risk; Value |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_128&r=all |
| By: | Golley, Jane |
| Abstract: | This paper examines the causes and consequences of the increase in regional disparities in China during its economic transition towards a 'socialist market economy'. Part 1 seeks to explain why the 'Core' provinces in southeast China have consistently outperformed the remainder of the country, particularly in the 1990s. While it is recognized that numerous historical and geographical factors have played a role, the basic argument is that government policies concerning the nature and pattern of economic reform have been paramount in causing the observed divergence in industrial development across provinces. In contrast to the Maoist era, the regional development strategy adopted in the 1980s clearly favoured coastal provinces. In combination with preferential policies, this is shown to have benefited the Core provinces above all others. Amidst an enhanced role for market forces, fiscal decentralization has compounded disparities, creating virtuous circles in successful provinces and vicious circles elsewhere. In essence, government-induced cumulative processes abound in China's regional development story.For social, political and economic reasons, the central government's regional policy focus has shifted in the 1990s to the less developed provinces in central and western China. Part 2 of this paper examines the potential effectiveness of the latest set of policies, which includes fiscal-, credit-, and investment-based incentives, policies to attract foreign trade and investment, and various co-operative measures. The analysis draws on three simple models of economic geography which capture the role of scale economies, transport costs, wage differentials, inter-industry linkages and factor mobility in industrial development. In light of the central government's diminished power to directly control economic forces and the cumulative processes it must now work against, the task it faces is certainly a difficult one. It is argued, however, that the government has played a decisive role in determining the spatial structure of industry and consequent patterns of regional development throughout China's reform era and it will almost certainly continue to do so in the future. To succeed in its current endeavour, understanding the processes underpinning regional disparities is a vital step in the right direction. |
| Keywords: | International Development |
| URL: | http://d.repec.org/n?u=RePEc:ags:widerw:295363&r=all |
| By: | Pereira, Rafael Henrique Moreas |
| Abstract: | Public transport policies play a key role in shaping the social and spatial structure of cities. These policies influence how easily people can access opportunities, including health and educational services and job positions. The accessibility impacts of transport policies thus have important implications for social inequalities and for the promotion of just and inclusive cities. However, in the transportation literature, there is still little theoretically informed understanding of justice and what it means in the context of transport policies. Moreover, few studies have moved beyond descriptive analyses of accessibility inequalities to evaluate how much those inequalities result from transport policies themselves. This is particularly true in cities from the global South, where accessibility and equity have so far remained marginal concerns in the policy realm. This thesis builds on theories of distributive justice and examines how they can guide the evaluation of transport policies and plans. It points to pathways for rigorous assessment of the accessibility impacts of transport policies and it contributes to current discussions on transportation equity. A justice framework is developed to assess the distributional effects of transport policies. This framework is then applied to evaluate recent transport policies developed in Rio de Janeiro (Brazil) in preparation to host sports mega-events, such as the 2014 FIFA World Cup and the 2016 Olympic Games, which included substantial expansion of the rail and Bus Rapid Transit (BRT) infrastructure. This research presents ex-post analyses of the policies implemented between 2014 and 2017 and ex-ante analysis of an as yet unfinished BRT project. It evaluates how the planned transport legacy of those mega-events impacted accessibility to sports venues, healthcare facilities, public schools and job opportunities for different income groups. The results show that there were overall accessibility benefits from the expansion in transport infrastructure between 2014 and 2017, but these were generally offset by the reduction in bus service levels that followed an economic crisis that hit the city after the Olympics. Quasi-counterfactual analysis suggests that, even if the city had not been hit by the economic crisis, recent transport investments related to mega-events would have led to higher accessibility gains for wealthier groups and increased inequalities in access to opportunities. Results suggest that those investments had, or would have had, greater impact on inequalities of access to jobs than in access to schools and healthcare facilities. The evaluation of the future accessibility impacts of the unfinished BRT corridor, nonetheless, indicates that such project could significantly improve access to job opportunities for a large share of Rio’s population, particularly lower-income groups. Spatial analysis techniques show that the magnitude and statistical significance of these results depend on the spatial scale and travel time threshold selected for cumulative opportunity accessibility analysis. These results demonstrate that the ad-hoc methodological choices of accessibility analysis commonly used in the academic and policy literature can change the conclusions of equity assessments of transportation projects. |
| Date: | 2018–09–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:thesis:d2qvm&r=all |
| By: | Andrew M. Dumont |
| Abstract: | This FEDS Note explores where, and for whom, housing affordability is getting worse, better, or staying the same in order to shed new light on the differential experiences of various groups. |
| Date: | 2019–09–27 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2019-09-27&r=all |
| By: | Lewis Abedi Asante |
| Abstract: | This study scrutinizes the financing approach that the municipal authority in Cape Coast adopted in funding the regeneration of its main market, the Kotokuraba market. The study employs in-depth interviews to gather primary data from bureaucrats, appointed and elected officials of the Cape Coast Metropolitan Assembly as well as the market queen, commodity leaders and traders at the Kotokuraba market. Findings revealed that, contrary to the emergence of public-private partnership in financing urban regeneration in Africa, the municipal authority in Cape Coast contracted a 25-year loan from the Exim Bank of China, guaranteed by the central government, to fund the regeneration of the Kotokuraba market. However, upon completion of the market, the determination of the rents of stores was not based on the loan amount and term; rather, rents were determined by rental values of comparable stores and stalls in the central business district and the socio-political dynamics in Cape Coast. Consequently, officials in Cape Coast are skeptical about the ability of the municipal authority to pay back the loan within the stipulation period. The municipal authority is already planning to notify the central government to absorb the loan. The implication is that this new form of urban regeneration financing is unsustainable for funding projects in relatively poor cities, where municipal authorities may have difficulties charging realistic rates. |
| Keywords: | Cape Coast; Financing; Ghana; Market; Urban Regeneration |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_120&r=all |
| By: | F. Komu |
| Abstract: | This paper is an attempt to examine the extent to which availability and quality of real estate information is influencing the working of real estate markets in Africa. It delves in the discourse of blockchains as applies to real estate market and makes case for the need to steer streamlined development of housing information systems in real estate markets. It is based on a contracted research project commissioned by the Bank of Tanzania in 2017 to design an information Centre for housing in Tanzania. Through direct interviews and questionnaires, the research reached 316 respondents in nine major cities of Tanzania and total of 15 institutions in three selected countries of Kenya, South Africa and Singapore.The study revealed a host of problems. These included low levels of awareness of the processes and procedures in real estate transactions by majority of the respondents (65%), disjointed information process flows in government land administration sectors, information retrieval problems, slow and delayed decision-making process in land and housing ownership transfer documentation, over-reliance of manual filing system, unreliable housing prices and rents in the press, social media and online platforms, unregulated estate agency and limited role of local government units in recording and storing real estate information. Information on options towards housing finance was also limited and only 20% of those interviewed perceived housing as an asset that could be used to create wealth.The paper recommends need for comprehensive and integrated real estate information system that takes advantage of the growing information technologies, changing business and investment environments. |
| Keywords: | blockchain; housing information asymmetry; Real Estate Markets |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_133&r=all |
| By: | Andrea Bortolotti; Stephan Kampelmann; Simon De Muynck; Anastasia Papangelou; Vanessa Zeller |
| Abstract: | Given that many voices have argued in favour of combining insights on urban metabolism from different disciplinary angles, there seems to be no lack of general willingness to engage in interdisciplinary research on urban metabolism. Instead, we argue, the central problem lies in the nitty-gritty and mundane practicalities of working across research teams, departments and temporalities. In this paper, we offer a detailed description of an interdisciplinary collaboration that has occurred in practice: a joint effort on the study of potential transition scenarios regarding the metabolism of biowaste in the city-region of Brussels. This inter-project collaboration involved four different research teams from three faculties and two universities, each with a specific set of expertise and interests. Biowaste metabolism and nutrient recirculation is a recurring theme in the literature on urban metabolism. It relates to early studies on urban metabolism and concerns about the depletion of soil fertility and different forms of pollution. The paper describes each research project point of departure in order to allow readers with different disciplinary backgrounds to apprehend the distance that separated the projects before they decided to work together on the urban biowaste metabolism. Furthermore, we present moments of convergences that helped to bring these research processes together. Finally, we offer a critical reflection, suggesting both enabling factors and limits of the inter-project collaboration on biowaste metabolism in Brussels. |
| Date: | 2019–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:ulb:ulbeco:2013/292639&r=all |
| By: | Sylvain Chareyron; Sammuel Gorohouna; Yannick L'Horty; Pascale Petit; Catherine Ris |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tep:teppwp:wp19-04&r=all |
| By: | Liu, Lu (Imperial College and Bank of England) |
| Abstract: | This paper studies supply-side product pricing when consumers underreact to non-salient fees. Using comprehensive data on issued and offered mortgages in the UK, I document that lenders differ substantially in the fees they charge, and that borrowers appear less overall cost-sensitive to products with fees. In order to distinguish from demand factors such as unobservable preferences or product characteristics, I show that lenders pass on firm-specific funding cost shocks via fees, but not interest rates, consistent with strategic pricing of fees, and maintaining competitive prices in the salient price dimension, interest rates. I further find heterogeneity in pricing across lenders: those who rely on high fees tend to have higher funding cost, lower return on equity and larger branch networks, in line with a specialization equilibrium in which high-cost lenders are able to match with less cost-sensitive consumers. |
| Keywords: | Price dispersion; salience; strategic pricing; mortgages |
| JEL: | D12 D14 D18 G21 |
| Date: | 2019–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0819&r=all |
| By: | Kwame Addae-Dapaah |
| Abstract: | Purpose: Conducts a thorough review of the urban housing affordability problem in Africa to propose pragmatic and innovative means of resolving the problem in the context of the socio-economic and political milieu of Africa.Design: This is an archival research and therefore based on secondary data. The paper begins with a review of the definitions of housing and housing affordability to trace the root cause of the problem. The review will be both scholastic and African oriented to make it uniquely African.Findings: The problem can be resolved if we have the will and commitment to do so by tapping on the African indomitable spirit, self-determination and enterprise – The problem is worldwide with a LOCAL twist. This is need for African solution for African’s problem to create an African model. Western models have failed and it is time for Africa to rise and shine!Research Limitation: The main limitation is that those who to the West for answers may not like it but “progressive people” who value African ethos, enterprise and will to succeed will love it.Practical Implication: It will help all stakeholders to work together to resolve the problem in a meaningful and practical way benefit the African Society.Originality: Uniquely and innovatively African. |
| Keywords: | Africa; contextual solution; Housing Affordability; housing market; Urban Housing |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_104&r=all |
| By: | T. O. Ayodele; A. Olaleye |
| Abstract: | Purpose: This paper examined the application of real option analysis to real estate development (RED) appraisal in an emerging African market. It examined the effects of flexibility types on RED appraisal outcomes and compared the appraisal outputs with results obtained from the traditional NPV model.Design/methods: Using data of four case studies; three commercial and one residential property development, the study compared the results of the traditional NPV appraisal outputs under three scenarios of most optimistic, most likely and most pessimistic against the results obtained from the real option analysis using the Samuelson McKean Formula. The options examined were the option to delay/defer and vertically expand development.Findings: The results showed that the use of the DCF (NPV) traditional model favours a stable and optimistic market; with positive trends and forecast. Thus, during unanticipated market downturns, investors might be exposed to the greater level of downside risk when RED investments are appraised based on the traditional models only. This implies the needs to encourage the adoption of the real option models which guarantee better appraisal of RED investment even during the period of unexpected market downturns.Practical Implication: Based on evidences from an emerging market, the paper gives a further insight on the adoption real option analysis in RED appraisal in comparison with outputs obtained from the traditional DCF appraisal models.Originality: The paper is one of the few attempts that seek to demonstrate the practical application of real option analysis in practice, particularly from an emerging African market. |
| Keywords: | Appraisal; Investment; NPV; Real Estate Development; Real option; Uncertainty |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_123&r=all |
| By: | KAPSARC, King Abdullah Petroleum Studies and Research Center (King Abdullah Petroleum Studies and Research Center) |
| Abstract: | Personal automotive travel is associated with many negative externalities, including air pollution, greenhouse gas (GHG) emissions and traffic congestion. The current cost of driving for motorists does not necessarily account for the costs associated with these externalities. Policymakers are employing a portfolio of policy instruments, including taxes, subsidies, mandates, restrictions, and transit investment, to transfer the costs of these externalities to motorists and the automotive industry. |
| Keywords: | Mobility, Fuel Efficiency Incentives, Automobile Transport, Transportation Policy |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:prc:wbrief:ks--2019-wb25&r=all |
| By: | Huning, Thilo R.; Wahl, Fabian |
| Abstract: | How can agricultural inheritance traditions affect structural change and economic development in rural areas? The most prominent historical traditions are primogeniture, where the oldest son inherits the whole farm, and equal partition, where land is split and each heir inherits an equal share. In this paper, we provide a theoretical model that links these inheritance traditions to the local allocation of labor and capital and to municipal development. First, we show that among contemporary municipalities in West Germany, equal partition is significantly related to measures of economic development. Second, we conduct OLS and fuzzy spatial RDD estimates for Baden-Württemberg in the 1950s and today. We find that inheritance rules caused, in line with our theoretical predictions, higher incomes, population densities, and industrialization levels in areas with equal partition. Results suggest that more than a third of the overall inter-regional difference in average per capita income in present-day Baden Württemberg, or 597 Euro, can be explained by equal partition. |
| Keywords: | inheritance rules,sectoral change,regional economic development,Baden-Württemberg,spatial inequalities |
| JEL: | D02 D82 H11 H21 N93 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hohdps:092019&r=all |
| By: | Nadav Ben Zeev (BGU) |
| Keywords: | Prime adjustable rate mortgages; Mortgage default rates; Systematic monetary policy; Bayesian local projections |
| JEL: | E32 E52 E58 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:bgu:wpaper:1908&r=all |
| By: | S. E. Agbato; O. O. Adetokunboh; A. K. Sodiya |
| Abstract: | In the present day real estate market, price, in money, is seen as the commonly assented expression to indicate and compare land values – upon putting into consideration certain underlying variables that have been characterised as land pricing influencing factors. From the point of view of two notable real estate market players; estate surveyors and property developers, the study assessed the relative importance of the individual land pricing influencing factors in Nigeria. Adopting structured questionnaire and semi-structured interview to sample the opinion of selected Lagos-based estate surveyors and property developers, distinctive 43 influencing factors further classified into eleven typical groups were identified and assessed, and the overall analysis indicated that good (motorable) road, purchaser ability to pay, and prime location are the top-ranked influencing factors amongst other determinants influencing land price in Nigeria, while size, buyer’s preference and accessibility are the first three highest ranked group factors in the eleven categorised group factors. |
| Keywords: | land price; Land Value; Nigeria |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_106&r=all |
| By: | D. Rebitzer; M. Renz |
| Abstract: | Home ownership is seen as the focal point of families and the cornerstone of wealth creation and retirement provision. Therefore, it is generally assumed that it is better to pay off a home loan instead of paying rent to a landlord. Economically, it helps to increase economic stability and prosperity, resulting in much safe rand more sustainable social and economic development. But the purchase and maintenance of the owneroccupied residential building must also be affordable for poorer population groups and socalled threshold households.The simplest option is to buy the home completely with equity. However, the majority of households in Africa do not have enough capital and because of the income situation they also do not have the opportunity to save and accumulate it with in a reasonable period of time. Therefore, the only option is to finance the house as a whole or partially through an affordable loan. In addition to costeffective durable standard houses, the actual availability of land and financing options for the potential home buyers, affordable conditions in the long term, as well as guarantees are necessary prerequisites.It analyses the household income structure, dollar interest rates and volatility, the size of household sand the average estimated construction cost of a simple, permanent home. It seeks to develop away to bundle the loans, providing refinancing and investment opportunities for both banks and investors. The average duration of the loan is calculated and the estimated interest rate is anticipated. The idea is to structure this as an international diversification with a suitable correlation in a portfolio that is much better valued than the loans themselves.As a result, residential property development in Africa could be sustainably promoted. International funds and investors could be offered the opportunity to become more involved in economic change in Africa. |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_142&r=all |
| By: | A. Bismark; M. Asinyaka; C. Umugwaneza; R. Mugisha |
| Abstract: | In this paper, we consider the viability of a Secondary Mortgage Market (SMM) in Rwanda and its potential to ensure sustainable access to housing finance, taking cognizance of the economic and institutional transformations witnessed over the last two decades. We do so by exploiting primary and secondary data, utilizing structured questionnaires and interviews to obtain information from commercial banks, the National Bank of Rwanda, Development Bank of Rwanda and the Capital Market Authority.The findings reveal that the mortgage market in Rwanda is burgeoning rapidly. We observed, in the primary mortgage market, a high willingness on the part of banks to grant mortgage loans, albeit, they are constrained by lack of access to long-term funding and limited risk-bearing capacity. The macro-economic environment was evaluated with regard to the pre-requisites of a viable SMM and was found to be robust to support an SMM. Further, the Rwanda capital market is adequately prepared for Mortgage Backed Securities (MBS) with a well-founded regulation for asset-backed securities in place and high discipline in the market. The study reveals that the securities of many reputable companies on the Rwanda Stock Exchange (RSE) are currently over-subscribed suggesting a high potential demand for new, innovative securities. Finally, we observe that the legal and regulatory framework is strong enough to support an SMM. The mortgage law, foreclosure procedures and systematic land title registration, promise adequate title security to collateralised properties. In light of these observations, we submit that there is a reasonably high prospect that an SMM would be a success in Rwanda. |
| Keywords: | Developing Economies; housing; Mortgage Finance; Rwanda; secondary mortgage market |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_153&r=all |
| By: | Le Roux, Julien; Roma, Moreno |
| Abstract: | Using microdata from the second wave of the Household Finance and Consumption Survey, we investigate the accuracy of property values estimated by homeowners - so called “self-assessed” house prices - and explore the drivers of possible deviations of these prices from official hedonic house price indices. We find evidence that euro area homeowners overestimate the value of their properties by around 9%. Across the largest euro area countries, the overestimation lies in a range between 3.2% in Germany and 22% in Italy. Household characteristics, including the level of indebtedness, appear to explain significant discrepancies between hedonic and self-assessed house price indices, while the limited available data related to property characteristics are generally not affecting this gap. For the euro area, we find that higher self-assessed house prices are associated with a mild increase in consumption expenditures. JEL Classification: E31, C21, O18 |
| Keywords: | house prices, micro data, quantile regressions, under/overvaluation, wealth effects |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20192328&r=all |
| By: | Christofzik, Désirée I.; Schneider, Benny |
| Abstract: | We study the fiscal policy reactions of municipalities in the German state of North Rhine-Westphalia to an unanticipated spending shock. The implementation of a horizontal transfer system led to additional contributions for selected municipalities. Using the quasi-random assignment, we examine whether these contributing municipalities adjust their tax setting behavior, respond by adapting expenditures, or incur debt in the short run. We find a sizable increase of net borrowing. This increase is even higher than the expansion of spending. Municipalities additionally refrain from increasing tax rates. The results point to delayed fiscal adjustments. We conclude that the design and the predictability of transfer systems have significant implications on the behavior of municipalities within decentralized systems. |
| Keywords: | local public finance,local taxation,public debt,fiscal shocks |
| JEL: | H71 H72 H77 R50 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:svrwwp:102019&r=all |
| By: | Natalia Nunes Ferreira-Batista; Maria Dolores Montoya Diaz, Adriano Dutra Teixeira, Fernando Antonio Slaibe Postali, Rodrigo Serra |
| Abstract: | The main purpose this paper is evaluate the impact of Family Health Strategy (ESF) on specific health indicators. We use of two levels of treatment (municipality assignment/ implementation of ESF as well the individual registration in the program) to evaluate its possible pass-through and externalities among population in nine Brazilian Metropolitan Regions. The empirical strategy employed estimation of fixed-effects instrumental variables. We adopted the ration number of teams by population in each Metropolitan regions as the coverage variable. The individual data is pooled from two surveys: PNADs Health Supplement (1998, 2003 and 2008) and PNS-2013. The most consistent results were for the perception of limitation to perform usual activities for health reasons. The lack of significant results for a sub-sample with individual registration data prevented us from analyzing potential program externalities. We believe that great heterogeneities in these urban areas may be one of the difficulties in expanding program coverage. |
| Keywords: | Family Health Strategy (ESF); Self-assessment health; PNAD(IBGE) health supplement; PNS 2013; Impact Evaluation; Fixed Effects Instrumental Variables |
| JEL: | I18 C23 C26 |
| Date: | 2019–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:spa:wpaper:2019wpecon43&r=all |
| By: | Andrea Gazzani (European University Institute) |
| Abstract: | Online appendix for the Review of Economic Dynamics article |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:red:append:18-262&r=all |
| By: | H Peyton Young; Itai Arieli; Yakov Babichenko; Ron Peretz |
| Abstract: | New ways of doing things often get started through the actions of a few innovators, then diffuse rapidly as more and more people come into contact with prior adopters in their social network. Much of the literature focuses on the speed of diffusion as a function of the network topology. In practice the topology may not be known with any precision, and it is constantly in flux as links are formed and severed. Here we establish an upper bound on the expected waiting time until a given proportion of the population has adopted that holds independently of the network structure. Kreindler and Young [38, 2014] demonstrated such a bound for regular networks when agents choose between two options: the innovation and the status quo. Our bound holds for directed and undirected networks of arbitrary size and degree distribution, and for multiple competing innovations with different payoffs. |
| Date: | 2019–11–04 |
| URL: | http://d.repec.org/n?u=RePEc:oxf:wpaper:884&r=all |
| By: | Maddalena Galardo (Bank of Italy); Maurizio Lozzi (Bank of Italy); Paolo Emilio Mistrulli (Bank of Italy) |
| Abstract: | Despite social capital being widely acknowledged as a key factor in the functioning of financial markets, the evidence on the channels through which it operates is still scant. In this paper we isolate one possible channel and investigate whether social capital plays a role in mitigating the impact of uncertainty shocks on bank credit supply. We exploit both the huge rise in the level of uncertainty that followed the Lehman Brothers default and a very granular and rich loan-level dataset from the Italian Credit register that allows us to clearly disentangle demand and supply factors. We find that social capital makes credit markets more resilient to uncertainty shocks, especially when informational asymmetries between banks and borrowers are more severe. |
| Keywords: | credit supply, uncertainty, social capital, trust, loan applications |
| JEL: | A13 G01 G2 |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1245_19&r=all |
| By: | Shuhei Nishitateno (School of Policy Studies, Kwansei Gakuin University); Paul J Burke (Crawford School of Public Policy, Australian National University) |
| Abstract: | About 2.6 million non-compliant vehicles were removed from designated metropolitan areas in Japan after the introduction of vehicle registration restrictions under the 1992 Automobile NOx Control Law. Based on a difference-in-differences framework and using a monitor-level panel dataset for the period January 1981–December 2015, we find that the intervention led to a 3–6% reduction in the monthly mean ambient concentration of nitrogen dioxide (NO2) in the treated areas. Back-of-the-envelope calculations identify benefits equal to about US$104 million as a result of reduced mortality from asthma. |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:een:ccepwp:1904&r=all |
| By: | R. deBruijne; G. M. Henley |
| Abstract: | This research investigated the impact of the Brexit Referendum on the value of real estate investment companies in the UK and the EU. In order to assess whether the Brexit Referendum imposed different effects between EU member states due to potential relocations from the UK to the EU, event studies are performed on a relocating sample and an on-relocating sample. There locating sample consists of companies from EU member states which are popular potential relocating locations. The non-relocating sample represents companies from the other EU member states. This study uses all publicly listed REIT sand REOCs in the UK and in the remaining 27 EU member states. In addition, the role of foreign exchange exposure on stock returns during the Brexit Referendum out comes is analysed. The results show that the Brexit Referendum imposed a significantly negative impact on companies incorporated in the UK. For EU incorporated companies no significant results have been found. In addition, no significant difference is observed for the potential relocating countries relative to the non-relocating countries. With respect to the role of foreign exchange exposure, the results show that geographic investment allocation and shareholder nationality significantly impacted the returns of real estate investment companies following the Brexit Referendum. |
| Keywords: | BREXIT; Event Study; real estate companies; referendum |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_115&r=all |
| By: | Fujii, Tomoki (School of Economics, Singapore Management University); Ray, Rohan (School of Economics, Singapore Management University) |
| Abstract: | This paper outlines Singapore’s major sustainability challenges and its policy response in the areas of land use, transportation, waste management, water, and energy. We review the current and past Concept Plans from the perspective of sustainable land use and provide an overview of transportation policy in Singapore. We also examine Singapore’s policies to manage increasing wastes and review the four tap water management plan. Finally, we look at various initiatives by the government for sustainable use of energy. While Singapore has been successful in many ways in transforming itself into one of the most prosperous and sustainable cities in the world, there remain challenges to make the city even cleaner and greener for a better future. We discuss the opportunities that new technologies will bring about and the role that Singapore can play in building a sustainable city. |
| Date: | 2019–09–26 |
| URL: | http://d.repec.org/n?u=RePEc:ris:smuesw:2019_018&r=all |
| By: | Wilfred Anim-Odame |
| Abstract: | Businesses, individuals, financial institutions and governments globally require property valuation for several purposes. Property value as a proxy for price is fundamentally premised on demand and supply and determined on market value basis. Typical purposes for which property valuation may be required include sale, purchase, mortgage, insurance, rating and stamp duty whilst rental value is determined for a tenancy arrangement or the associated tax payment.This research is motivated by the view that property plays an important trole in the development agenda of all nations. For instance, the expansion of property stock and rise in its market value for impart of the accumulation of wealth with successful economic development. As a potential source of tax revenue for central and local governments, especial in emerging economies where cash-based informal sectors hamper the collection of other forms of taxation, property markets will continue to play an important role in national development. And as exemplified by the Asian crisis in the late 1990s, incorrectly valued and unstable property markets are major risk components for the banking and financial systems (Renaud and Mera, 2000).The credibility, reliability and accuracy of property value determination in emerging economies are therefore critical. This paper examines the practice of property valuation in Ghana to establish that five underlying requirements–Property Valuation Guidelines and Standards, electronic database, automated property valuation, research and development, and property market intermediaries–are a necessity for the development of the valuation profession in emerging economies and concludes that these requirements are the cornerpillars to promote property market development in Ghana, in particular |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_110&r=all |
| By: | Siamuzyulu Moono; Adewunmi Yewande |
| Abstract: | Purpose– This study focuses on establishing the factors that realistically influence office relocation decisions in the Johannesburg metropolitan area. The goal of the study aimed to obtain rank ordering (importance) of nine selected factors.Design/Methodology/Approach–A questionnaire used in the USA to conduct a conjoint study in the real estate sector was adapted to suit the South African context and sent to office tenants. Additional variables and levels were added, to better reflect current findings of the literature. A conjoint methodology was used to analyse the data.Findings– According to the conjoint analysis, the most important factor is parking followed by Landlord reputation; Size is third in importance with Security at fourth and Green Rating in fifth place. Accessibility of the building is sixth; Location of the building is seventh with the rental cost (total cost of occupation) and the grade of the building being the bottom two factors in eighth and ninth places respectively.Research Limitations/Implications–The sample only included office tenants in P-grade, A-grade and B-grade office buildings in the greater Johannesburg metropolis. Current Literature shows that newer “preference” procedures like stated preference elicitation reveal deeper and broader information on customer preferences than that obtained using choice-based conjoint analysis.Originality/Value–The research specifically illustrates the application of market research techniques to the office market in an emerging economy. The use of conjoint analysis in the determination of preferences for would-be tenants in the South African office market will go a long way in reducing financial losses attributable to low occupancy levels and high tenant churn. |
| Keywords: | Analysis; johannesburg.; office tenants; tenant preferences |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_130&r=all |
| By: | Marshall, Pierre |
| Abstract: | This thesis discusses the changes to the Prestwold estate in Leicestershire, directed by select members of the Packe family. It argues that these changes were examples of gentrification and they reflected the adaption of the gentry to capitalist society. |
| Date: | 2019–09–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:thesis:2xu4c&r=all |
| By: | Marie-Pierre de Bellefon (Insee and Paris School of Economics, 48 Boulevard Jourdan, 75014 Paris, France); Pierre-Philippe Combes (Univ Lyon, CNRS, GATE UMR 5824, 93 Chemin des Mouilles, 69131 Ecully, France and Sciences Po, Economics Department, 28, Rue des Saints-Pères, 75007 Paris, France; Also affiliated with the Centre for Economic Policy Research and the Institute for the Study of Labor (IZA)); Gilles Duranton (Wharton School, University of Pennsylvania, 3620 Locust Walk, Philadelphia, pa 19104, USA; Also affiliated with the National Bureau of Economic Research and the Center for Economic Policy Research); Laurent Gobillon (PSE-CNRS, 48 Boulevard Jourdan, 75014 Paris, France; Also affiliated with the Centre for Economic Policy Research and the Institute for the Study of Labor (IZA)); Clément Gorin (Univ Lyon, CNRS, GATE UMR 5824, 93 Chemin des Mouilles, 69131 Ecully, France) |
| Abstract: | We develop a new dartboard methodology to delineate urban areas using detailed information about building location, which we implement using a map of all buildings in France. For each pixel, our approach compares actual building density after smoothing to counterfactual smoothed building density computed after randomly redistributing buildings. We define as urban any area with statistically significant excess building density. Within urban areas, extensions to our approach allow us to distinguish ‘core’ urban pixels and detect centres and subcentres. Finally, we develop novel one- and two-sided tests that provide a statistical basis to compare maps with different delineations, which we use to assess the robustness of our approach and to document large differences between our preferred delineation and the corresponding official one. |
| Keywords: | urban area definition, dartboard approach, Jaccard indices |
| JEL: | C14 R12 R14 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:1931&r=all |
| By: | Yannick L'Horty; Mathieu Bunel; Pascale Petit |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:tep:teppwp:wp19-03&r=all |
| By: | Gad Asorwoe Akwensivie |
| Abstract: | Purpose/Aim/Objective: This article unveils the top negotiation tactics by property brokers and agents in Africa for buying and selling property using Ghana in a case study.Design and Methodology: The study employs a case study approach within a quantitative and qualitative data analysis paradigm. A combination of the purposive and snow-ball sampling methods was applied in the sampling process. The research and its findings and conclusion hinges on robust empirical evidence with analysis of field data collated from 150 successfully concluded land transactions in four major cities in Ghana. Some telephone correspondence were used but to a limited extent.Findings/Observations/Conclusions: The study concludes that, the main strategies applied by property buyers include: 1 Getting information so as to be ahead of the negotiation; 2 Starting off with a sensible and realistic offer, 3. Making an unconditional offers (the cash-down tactic), 4. Learning to be patient, 5. Bluffing with other properties, 6. Allowing flexible settlement dates. 7. Applying time-pressures, 8. High-lighting problems and 9. Having budget under cover are the main tactics applied by property buyers. Strategies applied by property sellers include: 1. building trust and rapport, 2. showing gratitude for interest in their property, 3. Staying ahead of the negotiation by applying the role reversal techniques, 4. Never rushing, 5. Doing their homework, 6. asking questions, 7. Applying the killer tactic, 8. Starting off with sensible offers, 9. Being discreet and also 10. Being very creative.Limitation: The main limitation of this study is the fact that, it was based on experiences in urban areas of the country with little or now experiences from the countryside.Value and Importance of the Work: The work is of immense importance for a number of reasons:1. Not much work has been done in this area2. Will greatly boost the work of property brokers and agents and the estate surveying professionals |
| Keywords: | buying property; negotiation strategies; selling property |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_112&r=all |
| By: | J. U. Adama; T. Dugeri; S. Anule |
| Abstract: | attained by real estate graduates in Nigeria.Design/Method/Approach – The study adopted questionnaire survey conducted on 357 and 105 Estate Surveying and Valuation Firms in Lagos and Abuja respectively, representing an approximate 57 percent of the total number of practice firms in Nigeria. The questionnaire solicited information on practitioners’ views on competencies, in terms of, knowledge, skills and attributes attained by real estate graduates in the industry. The respondents were asked to rank on a 7-point Likert scale, 24 knowledge areas, 10 skills and 10 attributes identified and conceptualized from literature. Their responses were analysed using frequency distribution and mean rating.Findings – The study revealed that practitioners were positive on their agreement to the graduates’ attainment on only three (3) of the twenty four (24) identified knowledge areas, namely real estate agency, property management and property valuation. While ICT, communication, Personal/Professional development and Honesty were the skills and attributes attained respectively. This clearly suggests the need for stakeholders (academics, regulators and practitioners) to take urgent steps to bridge the obvious gap between the knowledge requirements of practitioners and the knowledge attained by graduates in the study area.Practical Implications – The findings of this paper can be used as framework for curriculum development and redesign as well as serve as a guide for real estate continuing professional development plan.Originality – This paper is one of the few that have identified stakeholders’ perception on competencies attained by real estate graduates in Nigeria. |
| Keywords: | Competency; Estate Surveying; Nigeria; Professional Skills; Real Estate Graduates |
| JEL: | R3 |
| Date: | 2018–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2018_101&r=all |