Anupam NandaThe University of Manchester · Manchester Urban Institute
Anupam Nanda
PhD Economics
About
82
Publications
11,685
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1,043
Citations
Citations since 2017
Introduction
Anupam's research themes/sub-themes are: economics of property markets, urban & regional economies; real estate finance, investor sentiment & behaviours; cross-border investment; Environment, Social & Governance (ESG) and technology issues in urban and property markets; impact of infrastructure projects, policy evaluation.
Anupam's current teaching units are: Advanced Real Estate Finance (MSc); Project-based Enquiry (MSc); MSc Dissertations
Skills and Expertise
Additional affiliations
November 2019 - present
University of Manchester
Position
- Professor
January 2010 - October 2019
Education
August 2001 - June 2006
Publications
Publications (82)
Full text available at: https://s3-eu-west-1.amazonaws.com/cp-cloudpublish-public/p6/5fabfe1720d24.pdf .................######## Housing is a basic need. The Covid-19 pandemic has made that even a much greater need, especially during the lockdown restrictions. Some residents could meet that increased need relatively readily and some could not. As t...
Full text available at: https://s3-eu-west-1.amazonaws.com/cp-cloudpublish-public/p6/5f92d32532066.pdf ............#########The Covid-19 pandemic has triggered abrupt and enduring changes in almost every aspects of our life, society and economy. Although the real estate sector is generally slow to adjust and evolve, this pandemic is causing swift,...
A recent boost in spending on the public infrastructure across India raises the question: How does the property sector react to massive infrastructure construction? The answer has significant policy relevance. This paper uses panel data across seven major Indian cities, spanning seven years from 2008 to 2014, to ascertain the short- and long-run im...
This paper investigates whether energy performance ratings, as measured by mandatory Energy Performance Certificates (EPCs), are reflected in the sale prices of residential properties. This is the first large-scale empirical study of this topic in England involving 333,095 dwellings sold at least twice in the period from 1995 to 2012. Applying hedo...
Purpose
Environment, social, governance (ESG) has taken on increased importance in real estate investment in recent years, with benchmarking ESG being critically important for more informed real estate investment decision-making. Using 60 stakeholder interviews with senior real estate executives, this paper examines the strategic issues regarding b...
Migration is key to economic development, with varying implications and uneven impacts on origin and destination regions. This paper examines the variation in the major drivers of migration within and across continental blocs and the OECD in a gravity framework. The empirical model uses bilateral migration flow data for 182 countries over a 25-year...
In this paper, we analyze both demand and supply side information to understand the dynamics of price determination in the real estate market and examine the relationship between expectation parameters and demand-supply mismatch. Our hypothesis builds on the possibility that investors' call for action in terms of their buy/sell decision and adjustm...
This book chapter presents area of current proptech applications and highlights issues for the future.
The accelerated growth of digitisation in real estate operations and practice has led to the emergence of a contemporary real estate specialist area commonly referred to as “PropTech”. Despite the tremendous growth in the deployment of digital technologies and IT systems to solve real estate problems, there has been a disproportionate growth in sch...
This paper aims to explore the impact of the COVID-19 pandemic on retail real estate and high street landscape through acceleration of e-commerce and digitalization. The retail business have been evolving over the past several decades, accentuated by the evolution and development of digital technologies. Almost all parts of the world have witnessed...
Sentiment analysis has become a key area of research in economics and finance with methods evolving from traditional survey-based analysis to computational linguistic techniques. New developments in data handling and analysis have allowed extracting sentiment from vast amounts of written documents. However, these methods depend heavily on the exist...
This book chapter reviews existing knowledge and highlights a range of issues related to climate change implications for the housing market.
This book chapter reviews literature on the issues of digitalisation and urbanisation.
Measuring sentiment has been at the center of research for many years. While direct sentiment measures are assumed to be more suitable, we examine the construction and usability of indirect measures in the absence of direct measures in Europe. Driven by the unavailability of direct measure for most of the European countries in our study, we follow...
Published by Investment Property Forum: summary report is available at
https://www.ipf.org.uk/resourceLibrary/benchmarking-real-estate-investment-performance--the-role-of-esg-factors--july-2020--summary-report.html
Summary: In recent years sustainability as a concept has taken on increased global importance and awareness for all stakeholders: co...
Based on a sample of office markets in 33 cities across 16 countries for the period 2007–2015, this paper explores variations in commercial real estate transaction activity and asset pricing in international office markets. It is argued that there are complex interactions and feedback relationships between asset prices, transaction activity, market...
Purpose
This study aims to examine the housing outcomes of natives and multiple generations of non-natives using a longitudinal survey data in Britain.
Design/methodology/approach
The authors use longitudinal data from Britain, in which they can observe multiple generations of immigrants and their demographic and economic information.
Findings...
This study examined the relationship between tourism penetration and house prices. We used a very touristic place, Crete, which is a major Greek island, as a case study to test research hypotheses. With data from 2006 to 2012, we constructed tourism indicators for the four prefectures of Crete. Then by using principal component analysis (PCA) we cr...
The Pythagorean fuzzy set (PFS), which is characterized by a membership and a non-membership degree and the square sum of them is less or equal to one, can act as an effective tool to express decision makers’ fuzziness and uncertainty. Considering that the Heronian mean (HM) is a powerful aggregation operator which can take the interrelationship be...
Within the built environment, the Engineering and Construction (E&C) companies are very natural resource-intensive in terms of their business operations. In this paper, we focus on publicly listed E&C companies and analyse the role of Corporate Social Responsibility (CSR) activities on their corporate financial performance. The analytical framework...
This study examines the relationship between tourism penetration and house prices. We use a very touristic place, Crete which is a major Greek island, as a case study to test research hypotheses. With data from 2006 to 2012, we construct tourism indicators for the four prefectures of Crete. Then by using principal component analysis (PCA) we create...
Purpose
In mainstream economics and finance literature, market sentiment is considered ‘irrational’. This leads to significant challenges in capturing the effect of sentiment on economic relationships. Real estate is even more complex due to the fact that the sector exhibits several market inefficiencies. In this paper, we explore the literature a...
Variations in transaction activity between commercial real estate markets could have important implications for investment strategies and pricing. We consider why turnover rates, a common liquidity proxy, vary between countries and over time. We examine 38 countries in Europe and Asia-Pacific over the period 2000–2014. A conceptual framework is dis...
We analyze international variations in transaction processes and costs in commercial real estate markets. They are interpreted through a framework emerging from new institutional economics and socio-technical theory. Specifically, brokerage arrangements and transaction times and costs are investigated across a sample of 26 developed, emerging, and...
We investigate the relation between the activity of foreign investors and capitalization rates in major European office markets. We provide a comprehensive analysis of the determinants of European office market capitalization rates. Using DTZ's Investment Transaction Database and data on a range of local sector-specific and macroeconomic variables...
A key question raised regarding conspicuous consumption is whether such consumption leads to positive or negative net externalities. The present paper examines how the presence of luxury and expensive properties within a local area affects the house prices in Taipei City. Positive externalities may be associated with improved urban amenities or ref...
As new buildings are constructed in response to changes in technology or user requirements, the value of the existing stock will decline in relative terms. This is termed economic depreciation and it may be influenced by the age and quality of buildings, amount and timing of expenditure, and wider market and economic conditions. In this paper, we e...
Using the novel technique of topic modelling, this paper examines thematic patterns and their changes over time in a large
corpus of corporate social responsibility (CSR) reports produced in the oil sector. Whereas previous research on corporate
communications has been small-scale or interested in selected lexical aspects and thematic categories id...
This paper investigates the effect of Energy Performance Certificate (EPC) ratings on residential prices in Wales. Drawing on a sample of approximately 192,000 transactions, the capitalisation of energy efficiency ratings into house prices is investigated using two approaches. The first adopts a cross-sectional framework to investigate the effect o...
This paper investigates the scale and determinants of foreign investment flows between national real estate markets. Using data for over 100 countries over 2007–2012, the results indicate that, consistent with previous studies for trade, foreign direct and portfolio investment variables such as size and distance have significant effects on foreign...
We evaluate a number of real estate sentiment indices to ascertain current and forward-looking information content that may be useful for forecasting demand and supply activities. Analyzing the dynamic relationships within a vector autoregression (VAR) framework and using quarterly U.S. data over 1988-2010, we test the efficacy of several sentiment...
Planners in England routinely include shared ownership (SO) housing in the affordable housing element of new developments. Government policies in a number of European countries have also backed intermediate housing market mechanisms as a solution to housing affordability. The rhetoric of such mechanisms makes claims about its social progressiveness...
A FTC-DOJ study argues that state laws and regulations may inhibit the unbundling of real estate brokerage services in response to new technology. Our data show that 18 states have changed laws in ways that promote unbundling since 2000. We model brokerage costs as measured by number of agents in a state-level annual panel vector autoregressive fra...
This article examines the impact of foreign real estate investment on U.S. office market capitalization rates. The geographic unit of analysis is MSA and the time period is 2001-2013. Drawing upon a database of commercial real estate transactions, the authors model the determinants of market capitalization rates with a particular focus on the signi...
This article examines the impact of foreign real estate investment on U.S. office market capitalization rates. The geographic unit of analysis is MSA and the time period is 2001-2013. Drawing upon a database of commercial real estate transactions, the authors model the determinants of market capitalization rates with a particular focus on the signi...
Purpose
– This paper aims to investigate the scale and drivers of cross-border real estate development in Western Europe and Central and Eastern Europe.
Design/methodology/approach
– Placing cross-border real estate development within the framework of foreign direct investment (FDI), conceptual complexities in characterizing the notional real esta...
This paper explores international transmission mechanism and its role in contagion effect in the housing markets across six major Asian cities. The analysis is based on the identification of house price diffusion effects through a global vector autoregressive (GVAR) model estimated using quarterly data for six major Asian cities (Hong Kong, Tokyo,...
This paper investigates the price effect of EPC ratings on the residential dwelling prices in Wales. It examines the capitalisation of energy efficiency ratings into house prices using two approaches. The first adopts a cross-sectional framework to investigate the effect of EPC band (and EPC rating) on a large sample of dwelling transactions. The s...
We analyze the drivers of the housing markets across the Greek Islands. Very little is known and documented about these markets in the literature. By reviewing the extant literature on housing market drivers in general, we delineate how various attributes characterize these housing markets. Heterogeneity in terms of properties, neighborhoods, settl...
In this paper, we analyze the drivers of the housing markets in Panama City. To the best of our knowledge, no formal academic analysis has been documented on the Panamanian housing market. In this paper, we outline key unique characteristics of the market and provide a brief review of broader economic indicators and housing market literature. Using...
This paper investigates the price effect of EPC ratings on the residential dwelling prices in Wales. It examines the capitalisation of energy efficiency ratings into house prices using two approaches. The first adopts a cross-sectional framework to investigate the effect of EPC band (and EPC rating) on a large sample of dwelling transactions. The s...
Past studies have shown that changes in the house price of a region may transmit to its neighbouring regions. The transmission mechanism may follow spatial and temporal diffusion processes. This paper investigates such regional housing market dynamics and interactions among local housing sub-markets in Taipei. The analysis is based on a panel data...
This paper investigates the relationship between corporate social and environmental performance and financial performance for a sample of publicly traded US real estate companies. Using the MSCI ESG (formerly KLD) database on seven Environmental, Social & Governance dimensions in the 2003-2010 period, and weighting the dimensions according to promi...
Ball M. and Nanda A. Does infrastructure investment stimulate building supply? The case of the English regions, Regional Studies. Policies to improve infrastructure to stimulate regional growth remain common. This paper investigates whether increases in infrastructure investment in the English regions lead to subsequent rises in new commercial and...
This paper investigates the scale and drivers of cross-border real estate development in western Europe and central and eastern Europe. Placing cross-border real estate development within the framework of foreign direct investment, conceptual complexities in characterizing the notional real estate developer are emphasized. Drawing upon a transactio...
The life cycle of individual commercial and industrial buildings has a major impact on the form and functioning of towns and cities and is an important consideration for building owners and occupiers. During this life cycle, buildings may experience physical deterioration and obsolescence, the latter driven by changes in technology or user requirem...
This paper explores the house price diffusion effects across six major Asian cities. The analysis is based on macroeconomic and international transmission mechanisms and a Global Vector Auto-Regression (GVAR) model estimated using quarterly data for six Asian cities (Hong Kong, Tokyo, Seoul, Singapore, Taipei and Bangkok) from 1991Q1 to 2011Q2. The...
For the period 2007-12, this paper investigates the scale and determinants of cross-border investment flows between national real estate markets. The literature on the application of gravity models to international investment and previous research on cross-border real estate investment is reviewed. This is followed by a discussion of the data and e...
Purpose
Ageing populations provoke the question of how much bespoke housing should be provided for the elderly. Older people are generally reluctant to move but as they age health circumstances may encourage moves into specialised accommodation. This paper aims to report on an exercise in estimating the future demand for specialised independent liv...
This paper investigates whether energy performance ratings, as measured by mandatory Energy Performance Certificates (EPCs), are reflected in the sale prices of residential properties. This is the first large-scale empirical study of this topic in the UK involving approximately 400,000 dwellings in the period from 1995 to 2011. Applying hedonic reg...
This paper uses long-term regional construction data to investigate whether increases infrastructure investment in the English regions leads to subsequent rises in housebuilding and new commercial property, using time series modeling. Both physical (roads and harbours) and social infrastructure (education and health) impacts are investigated across...
The linkage between corporate commitment to environmental, social and governance (ESG) issues and investment performance has generated a substantial body of research outside the real estate sector. Nevertheless, the relationship between the environmental performance and financial performance of companies is still not well understood as studies have...
This study attempts to determine why certain states have adopted real estate broker minimum service laws in the United States. The federal government and academic literature assume that such laws were the result of anticompetitive industry collusion and, therefore, serve no consumer protection justification. Using hazard models and state data over...
Since 2004, ten U.S. states have enacted laws that mandate real estate brokers to provide real estate consumers with a minimum level of services. The federal government and the academic literature suggest that such state laws are a result of anti-competitive industry collusion, and serve no consumer protection justification. This paper attempts to...
We examine the impact of seller's Property Condition Disclosure Law on the residential real estate values. A disclosure law may address the information asymmetry in housing transactions shifting of risk from buyers and brokers to the sellers and raising housing prices as a result. We combine propensity score techniques from the treatment effects li...
Increasing levels of segregation in American schools raises the question: do home buyers pay for test scores or demographic composition? This paper uses Connecticut panel data spanning eleven years from 1994 to 2004 to ascertain the relationship between property values and school district attributes, such as student test scores and the racial and e...
Thirty-four US states have already enacted some form of seller’s Property Condition Disclosure Law. At a time when there is a movement in this direction nationally, this paper attempts to ascertain the factors that lead states to adopt disclosure law. Motivation for the study stems from the fact that not all states have yet adopted the law, and sta...
Residential real estate values vary across space and time. Whether to own a house or not is one of the most important decisions people make. In the decision making process, subject to purchasing power, people choose the quality (e.g. physical attributes of the structure) as well as the location of the house. The factors that affect the choice of th...
At the time when at least two-thirds of the US states have already mandated some form of seller's property condition disclosure statement and there is a movement in this direction nationally, this paper examines the impact of seller's property condition disclosure law on the residential real estate values, the information asymmetry in housing trans...
Projects
Projects (3)
To understand linkage between pricing and sentiment and it's impact on liquidity in the market
we aim to develop a practical and pedagogical framework to enhance and sustain the integration, delivery and assessment of proptech in real estate higher education. Both qualitative and quantitative methods will be adopted in this research.
The experiences in terms of short- and long-run socio-economic impacts have been varied and poorly understood due to various local and regional economic and institutional factors playing important roles along with their complexities. There are significant implications for social cohesion across communities and risks of territorial inequality. This is important from the regional and federal governments’ policy-making perspectives.
