International Journal of Strategic Property Management (Int J Strat Property Manag )

Description

International Journal of Strategic Property Management is a peer-reviewed, interdisciplinary journal which publishes original research papers. The journal provides a forum for discussion and debate relating to all areas of strategic property management. Topics include, but are not limited to, the following: asset management, facilities management, property policy, budgeting and financial controls, enhancing residential property value, marketing and leasing, risk management, real estate valuation and investment, innovations in residential management, housing finance, sustainability and housing development, applications of information technologies in property management, mathematical methods in property management, international comparisons and developments, theoretical and conceptual frameworks for strategic property management, etc. All submissions are subject to review by two independent referees.

  • Impact factor
    1.62
  • 5-year impact
    0.00
  • Cited half-life
    2.70
  • Immediacy index
    0.22
  • Eigenfactor
    0.00
  • Article influence
    0.00
  • Website
    International Journal of Strategic Property Management website
  • Other titles
    International Journal of Strategic Property Management (En ligne)
  • ISSN
    1648-715X
  • OCLC
    300275506
  • Material type
    Periodical, Internet resource
  • Document type
    Internet Resource, Journal / Magazine / Newspaper

Publications in this journal

  • [Show abstract] [Hide abstract]
    ABSTRACT: The Malaysian housing market and associated housing finance system have expanded significantly as a result of rapid urbanisation since the late 1980s. The key aspect of this paper is to analyse the inter-relationship between the housing market and housing finance system in Malaysia. The paper employs Vector Autoregressive approach and Granger Causality test to empirically investigate this inter-relationship. In Malaysia, no housing studies has actually looked into or used this approach to identify the inter-relationship between these two elements. The key findings show that there is a strong inter-relationship between the housing market and housing finance system. The direction of causality shows that there is a bi-directional relationship between the housing market and housing finance system. These inter-relationships provide evidence that sound performance of the sub-markets within the housing finance system is a determinant prerequisite of the robustness of the housing finance system, if a healthy performance of the housing market is to be achieved.
    International Journal of Strategic Property Management 01/2014; 18(2).
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    ABSTRACT: The hypothesis that different income groups have different willingness to pay for accessibility to the city centre is based on the standard monocentric model. This hypothesis is empirically tested with accessibility attributes in a hedonic model of apartment prices in the suburbs of the city of Lyon, France. The conditions of residential segregation are described, and apartment prices in the poor and the rich suburbs are analysed with regression techniques. Travel times to two urban centres are accounted for, as well as centrality and accessibility integral indexes. We found that in the selected areas the hypothesis is true. Spatial differences between the estimates for accessibility measures are significant. In more socially problematic areas, the willingness to pay for better accessibility is higher.
    International Journal of Strategic Property Management 01/2014; 18(2).
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    ABSTRACT: This study examines the effect that windfarm visibility has on residential property values using a hedonic regression model. The study area is Ashhurst, New Zealand, a township of approximately 900 dwellings. Ashhurst is located within eight kilometres of two separate windfarms that were developed between 1998 and 2007 comprising 103x660kW turbines, 31x3MW turbines, and 55x1.65MW turbines. The analysis uses the 945 open market house sales that occurred in Ashhurst between 1995 and 2008. Visual impact of turbines is studied to capture the impact of windfarms and it is assessed using GIS viewshed analysis and by field inspection. The hedonic models had satisfactory explanatory performance and in each case indicated that the turbines located between 2.5 and 6 kilometres from the township of Ashhurst had no significant impact on property value.
    International Journal of Strategic Property Management 01/2014; 18(2).
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    ABSTRACT: The development of the real estate market is conditioned by a variety of endogenous and exogenous factors. Selected factors determine the local character of the real estate market, whereas others contribute to its classification as one of the main branches of the national economy. Rapid economic growth and the search for new investment opportunities have turned the real estate market into a highly competitive arena where various players carry out diverse investment strategies. Investors search for similarities that would enable them to develop risk minimizing strategies. Ratings are a modern tool that can be deployed in analyses and predictions of real estate market potential. This paper proposes a methodology for developing real estate market ratings, and it identifies the types of information and factors which affect decision-making on real estate markets. The following research hypotheses are formulated and tested in the article: 1) a real estate market can be rated in view of its significance for the local and national economy, 2) real estate market ratings support market participants in the decision-making process.
    International Journal of Strategic Property Management 01/2014; 18(2).
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    ABSTRACT: Intelligent green building (IGB) industry has received considerable global recognition due to the rapid development of advanced technology, intelligent materials, innovative products, and services in recent years. Although various cross-domain experiments and practices with respect to IGB projects are ready for operation, the notion and benefits of IGB are still ambiguous and debatable. The purpose of this study is to apply a Kano quality model and a customer satisfaction matrix to evaluate professional designers’ and general users’ satisfaction, preferences, and acceptability of IGB design strategies. The study result reveals that the proposed approach could be a useful tool to explore similarities and discrepancies of strategy preferences between designers and users, and these findings could effectively decrease the communication gap for future IGB design.
    International Journal of Strategic Property Management 01/2014; 18(2).
  • Lee
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    ABSTRACT: This study examines the inflation-hedging properties of European real estate stocks in developed and emerging markets over 1990 to 2011. The Fama and Schwert model and a dynamic ordinary least squares (DOLS) regression were employed to study the inflation-hedging characteristics of European real estate stocks over the short run and long run. The empirical results show little inflationhedging ability of European real estate stocks over the short run. Over the long run, developed real estate stocks provide a positive inflation hedge against expected inflation, while no similar evidence is found in the emerging markets. The findings suggest that the inflation-hedging properties of real estate stocks are related to the institutional involvement in the real estate stock markets. The finding could have profound implications to institutional investors.
    International Journal of Strategic Property Management 01/2014; 18(2).
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    ABSTRACT: This paper examines the long-run relationships between the REIT indices of the UK, Turkey and Israel in the Euro-Med zone with that of MSCI US REIT Index by using weekly data over the period 2003Q3 through 2009Q3, which includes the latest US subprime mortgage crisis and its effects on global stock markets. Although our EG test results do not indicate a long-run relationship, after taking account of the structural changes by applying the GH test, we find a long-run interaction between the REIT indices of UK and Israel with that of the US. However, our results indicate the lack of co-movement between REIT index of Turkey with the US. In addition, our dynamic OLS test results indicate a perfect relationship between the UK and the US indices. Our findings show that international investors who make long-term investments can only gain from diversifying into the real estate market of Turkey among the involved markets in the Euro-Med zone.
    International Journal of Strategic Property Management 01/2014; 18(1).
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    ABSTRACT: Standard methods of testing contagion may not work well if the data set is not normally distributed. To cope with this problem, Hatemi-J and Hacker (2005) proposed a new case-resampling bootstrap method to test contagion. In this paper, we extend this method to test the parameters in the Forbes-Rigobon multivariate (FRM) test. The new method has the advantage that the bivariate model is extended to a multivariate framework which jointly models and tests all combinations of contagious linkages. We apply our method to investigate contagion across equity and real estate markets of four countries: Greece, U.K., U.S. and Hong Kong, during the European sovereign debt crisis, and compare the result with that by performing the FRM test directly. Two important results are found. Firstly, both tests we use give similar p-values of the coefficients which indicate the significance of contagion. Secondly, for both tests, the contagion pattern in the equity and real estate markets are different. Our study has an implication to investors that they should regularly review their portfolio and be aware of contagion triggered by a crisis. This would help them reduce their loss and is useful in strategic property management.
    International Journal of Strategic Property Management 01/2013; 17(3).
  • International Journal of Strategic Property Management 01/2013; Vol. 17(1),:58-78..
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    ABSTRACT: There is a tripartite pull from academics, industry and professional bodies on the development needs of the Quantity Surveyor (QS). At best, there is scope for misunder-standings between the stakeholders as to what is being required and what is being achieved. At worst there may be actual gaps in the education and/or training being offered and some discrepancies between the levels of attainment. This research sought to review the Royal Institution of Chartered Surveyors (RICS) QS competencies and their application in the delivery of QS degree programmes. The changing development needs of QSs who satisfy the aspirations of industrial, professional and academic stakeholders were investigated through content analysis of the views of an expert forum consisting of relevant stakeholders and a series of competency mapping case studies. The study revealed that there are considerably different standards right across the RICS accredited QS programmes with respect to coverage of competencies. It is concluded that there is no standard benchmark in achieving competencies and it is open to individual interpretation. Further research in the development of a Graduate Competency Threshold Benchmark is suggested to align the disparate views of the stakeholders to accommodate changing development needs.
    International Journal of Strategic Property Management 01/2013; 17(2):143-160.
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    ABSTRACT: The risk attributes in construction project is one of the widely published topics, yet there is no or little investigation whether or not risks associated with construction phase propagate over operational phase. As operation phase of the PPP projects is significantly long compared to the construction phase, understanding the impact of time and cost related construction risks over operation phase is quite important. In this research, risk attributes associated with the PPP procurement method have been identified across three dimensions, time, cost and operational performance. A questionnaire survey was used for collecting data in seven major PPP projects in Australia. Based on standard statistical methods and factor analysis, a number of key risk factors influencing time, cost and operational performance have been extracted. The research revealed that site conditions and design complexity is one of the most critical risk attribute influencing time performance in projects. Similarly, market dynamics is the most critical attribute influencing both construction cost and operational performance in PPP projects. Based on regression modeling, partner’s dispute was found to be a good determinant of time and cost performance. Technical obsolescence has significant impacts on the operational performance of PPP projects. It was revealed that the design complexity, financial structure and government policy are the three main common factors affecting risks across time, cost and operational performance in PPP projects. It is anticipated that the findings will impact the construction firms for improving the front-end risk management capability for efficient positioning within the competitive business environment. Keywords: Construction risks, operational risks, public-private-partnerships, factor analysis, multiple regression.
    International Journal of Strategic Property Management 10/2012; 316-337:316-337.
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    ABSTRACT: Comprehension of the effect of energy generation technologies on the natural environment, human health and safety leads to a new and responsible approach to the choice and development of technologies. When it comes to preparing energy growth scenarios and handling issues related to the choice and assessment of technologies, environmental studies must be in a particular spotlight. One way to make quantitative and qualitative assessment of the effect of technologies on the environment is through a thorough integrated analysis, which, in addition to economic and technical solutions, also considers other aspects of concern to the public. A changed environment demands for systems of criteria which help consider its changes, the attitudes of the general public, public sentiments toward the effect of technologies, public values and community involvement in the process of important decision-making. The article examines how the dimension of values affects the analysis of the impact of environmental factors on the value of energy generation technologies. It presents a set of criteria for the assessment of energy generation technologies; the set, in addition to technological, economic and environmental criteria, includes criteria which reflect the values. The article also introduces the expert decision support system EGTAV-SPS, which helped assess the effect of environment on energy production technologies.
    International Journal of Strategic Property Management 01/2012; 16(4).
  • International Journal of Strategic Property Management 01/2012; 16(3):236-253.
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    ABSTRACT: This paper empirically explores various efficiency aspects of real estate and construction companies in Iran in light of their remarkable growth in recent years. The technique used to measure the efficiency is DEA and the sample is taken from the construction and real estate companies in Iran. Results from our analysis reveal that most of the real estate and construction companies in Iran are generally technical, scale and mix efficient. However, they are less cost efficient due to increasing higher cost of production. The sensitivity analysis results also suggest that the real estate and construction companies are experiencing diseconomies of scale. As Iran is an underdeveloped market and is currently one of the most interesting frontier markets in the world, this research contributes substantially to investors and multinationals (who have growing desire to gain exposure in this market) by providing current information about the efficiencies of real estate and construction companies in Iran. In addition, this research also provides some institutional voids on how to penetrate market environment in Iran through real estate development.
    International Journal of Strategic Property Management 01/2012; 16(4).
  • Source
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    ABSTRACT: The built heritage began to be seen not only as a real estate property and an object of cultural value but also as a multifaceted and multidimensional cultural good in the second half of the 20 century. It has increasingly attracted the interests of economists, who attempted to measure not only its economic impact, but also the total economic value. The spectrum of the categories of the economic value of the built heritage and the valuation methods applied has expanded in the course of time. Currently it encompasses market and nonmarket economic values and numerous valuation techniques based on the stated and revealed data, including the Contingent Valuation method (CVm). The number of contingent valuation (CV) studies aimed at valuing the non-market benefits of the built heritage in developed and developing countries is growing. However, the post-communist transition countries are quite an exception. The applications of the CVm in the developing countries have demonstrated that the sociocultural context must be taken into account and the special measures must be applied in order to get the reliable results. This sensitivity of the CVm to the sociocultural context encourages analyzing the peculiarities of its application in the post-communist transition countries. The main aim of the article is to determine the peculiarities of the social environment of the post-communist transition countries and their possible influence on the CV results. The findings of the research can be useful not only to the fields of CV survey design and benefit transfer, but also to the broad and rapidly developing field of the post-communist studies, for the better understanding the hidden values and potential of the built heritage properties, and the sustainable management of the built environment.
    International Journal of Strategic Property Management 12/2011; 15(4):393-415.
  • Source
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    ABSTRACT: An appropriate mechanism for supporting design management practices at an early stage of project is crucial in terms of adding value over scope, time and total investment strategic decisions. The clients are not only interested in value for money in relation to the investment in project development but costs associated in operation and maintenance over project life cycle as well. These criteria make possible to evaluate design solutions which can be characterized by quantitative and qualitative criteria which possibly have different weight, dimension and direction of optimization (maximisation or minimization). The purpose of this article – is to compare different designs of building or its structure and to select the best alternative using criteria of optimality. Case study is demonstrated by selecting the best facade system to cover the building. For this purpose four alternatives of building facades are under consideration. Two criteria (out of three) indicate that for the case study the most preferable facade‘s alternative is gas silicate masonry, covered by Rockwool and “Minerit” facade plates.
    International Journal of Strategic Property Management 06/2011; 15(2):189-203.

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