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Urban Economics and Real Estate Market

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... This section provides a critical review of the related institutional and macroeconomic frameworks that enable a conceptualization of the factors which influence the behavioural structure of industrial real estate markets. The concept of the four-quadrant model by DiPasquale and Wheaton (1996) is introduced while the research hypothesis is framed from the literature review. ...
... Source: DiPasquale and Wheaton (1996) The stock-flow model by DiPasquale and Wheaton (1996) provides a simultaneous intuitive analysis of the (dis)equilibrium dynamics among the real estate space, asset, and development markets in an economy (Fig 3). In the context of this paper, spatial demand is derived from the usage of space by firms for production purposes, thus forming the basis for the real estate space market. ...
... Source: DiPasquale and Wheaton (1996) The stock-flow model by DiPasquale and Wheaton (1996) provides a simultaneous intuitive analysis of the (dis)equilibrium dynamics among the real estate space, asset, and development markets in an economy (Fig 3). In the context of this paper, spatial demand is derived from the usage of space by firms for production purposes, thus forming the basis for the real estate space market. ...
Article
he behavioural structure of large and strategic industrial real estate accommodation does not exist in a vacuum. Instead, its fundamental investment values and yields are uniquely affected through the dynamic interaction among exogenous and endogenous forces related to the industrial real estate demand-supply conditions, macroeconomic and institutional polices as well as urban industrial plans. This study aims to understand the dynamic behaviour of the industrial real estate market in Singapore that is slowly transitioning from a capital intensive to knowledge intensive economy. Using data obtained from various sources between 2001Q4-2010Q2 which essentially capture three property cycles, we incorporate a vector autoregressive (VAR) approach to holistically model the industrial real estate market in Singapore with respect to its demand-supply conditions, market capitalization rates which encompass information about rental yields, capital values along with future expectations. This study will help policy makers and developers to understand the structure of the industrial real estate market in Singapore along with respect to its macroeconomic conditions. The results are insightful as the data capture both the public and private markets along with a new hi-tech industrial accommodation (science parks), which is slowly gaining prominence as of the turn at the 21st century as Singapore strives to steer towards a knowledge based industrial economy.
... Similarly, suburban zoning led to efficient allocation of local public goods (via Tie-bout model) but only at equity losses. The theory and empirical aspects of zoning and other local government regulations are also discussed in DiPasquale andWheaton (1996) andO'Sullivan (2004). A further detailed discussion of empirical studies on economic impacts of zoning in the USA can be found in Pogodzinski and Sass (1991), and a similar in the UK can be found in Monk et al. (1991). ...
... Similarly, suburban zoning led to efficient allocation of local public goods (via Tie-bout model) but only at equity losses. The theory and empirical aspects of zoning and other local government regulations are also discussed in DiPasquale andWheaton (1996) andO'Sullivan (2004). A further detailed discussion of empirical studies on economic impacts of zoning in the USA can be found in Pogodzinski and Sass (1991), and a similar in the UK can be found in Monk et al. (1991). ...
... This result of absolute price rise can be observed using a reduced form model of demand and supply, specified above, with land use regulation (here, density regulation is one aspect of it) as a policy/regulatory variable in the form of a dummy variable 2 , while assuming a linear variation in land value/rent or price rather than a non-linear variation. However, as suggested in tie bout hypothesis, the household location choice is dependent upon the extent of local public goods (including infrastructure) provision, which is critically dependent upon the availability of public finances and the tax base of a jurisdiction (DiPasquale and Wheaton, 1996). Modeling land use regulation impacts involves identification of other important variables that influence land prices. ...
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TThe economic justification for regulation of land markets through land use controls and other policy instruments is a well-studied subject in developed countries. However, in the recent years, there has been an increasing realisation that the regulation of urban land use and its development has been resulting in some undesirable impacts, in particularly, on the operation of land or property markets, which result in increases in land prices and a reduction in the welfare of people. This paper presents an empirical evaluation of the density regulation impact on land prices in Mumbai city. The study finds that the impact of density regulation is highest on the already highly demanded space in the CBD; also, the impact is significant in the suburbs. The study results, however, need to be interpreted more carefully in the light of other land use and housing regulations already in operation.
... The rent variables are expected to positively affect the vacancy rates because tenants want to avoid a higher rent rate as observed in a typical demand curve (DiPasquale and Wheaton, 1996;Fang and Lu, 2009). While the vacancy trend has a negative association with effective rent, the high (effective) rent is expected to result in high vacancy rates. 2 In Models 1 -3, the gross domestic product (GDP), office workers, office supply, and GFC variables are included as control variables. ...
... The key explanatory variable in question is face rent in Model 4, effective rent in Model 5, and both effective rent and RFPs in Model 6. If RFPs are positively associated with office transaction prices, Model 6 with both effective rent and RFP variables will have higher explanatory power than Models 4 and 5. Besides, the literature has identified money supply (Collyns and Senhadji, 2002;Goodhart and Hofmann, 2008), interest rates (DiPasquale and Wheaton, 1996), and inflation rates (Follain, 1982) as key variables for property prices, so these are included in the models. The basic functional form for Models 4 -6 is as follows: ...
... By changing the variable from face rent to effective rent, the R-squared value increases from 0.555 to 0.586. The result demonstrates that vacancy rates are more closely associated with effective rent than face rent, which is commonly acknowledged economic reasoning (DiPasquale and Wheaton, 1996;Glascock, Jahanian and Sirmans, 1990). ...
Article
Rent-free periods (RFPs) have been used in property markets worldwide especially during economic downturns as a discount pricing strategy in marketing. However, this research study proposes that RFPs play a role in increasing or, at least, sustaining face rent that can be reflected in the property price. This study focuses on the Korean office market which has experienced growing vacancy rates since the global financial crisis possibly leading to a decrease in effective rent with greater RFP incentives. In this period, face rent has increased as offering extended RFPs. Hence, high vacant rates with high face rent have been observed, which is seemingly contradictory against the commonly known rent-vacancy negative relationship. This research analyses the rent, transaction prices and RFPs during 2003 – 2017 in the Seoul office market. The findings reveal that positive future anticipations of owners and investors are reflected in extended RFPs to sustain and increase face rent that will eventually lead to higher property transaction prices. The role of RFPs is not effective in attracting tenants as a marketing tool. Instead, professionals, including investors/buyers, owners/sellers and real estate agencies, have been doing rent-seeking by offering rent recessions in the Seoul office market.
... O modelo de preço da terra segue a literatura consolidada em economia urbana (ALONSO, 1964;ROSEN, 1974;DIPASQUALE;WHEATON, 1996). Com isso, a proposta do modelo UrbanSim faz a regressão do valor agregado de venda da célula nas características dos domicílios, acessibilidade e amenidades de cada célula (WADDELL et al., 2007, p. 397). ...
... O modelo de preço da terra segue a literatura consolidada em economia urbana (ALONSO, 1964;ROSEN, 1974;DIPASQUALE;WHEATON, 1996). Com isso, a proposta do modelo UrbanSim faz a regressão do valor agregado de venda da célula nas características dos domicílios, acessibilidade e amenidades de cada célula (WADDELL et al., 2007, p. 397). ...
Chapter
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Formação e evolução do Planejamento Regional no Brasil
... Zur Motivation einer empirischen Analyse der Zinsabhängigkeit des Wohnungsbaus eignet sich das "Vier-Quadranten-Modell" von DiPasquale und Wheaton (1992Wheaton ( , 1996 Hierbei wird die prozentuale Veränderung (Δ) der Baugenehmigungsaktivität in Jahr t gegenüber dem Vorjahr durch die Veränderung der Kapitalmarktzinsen, der Wohnimmobilienpreise und der Baukosten im selben Jahr sowie durch die zeitverzögerte Veränderungen derselben Größen im Vorjahr t-1 erklärt. 12 Der griechische Buchstabe ε steht für einen normalverteilten Störterm, der zufallsbedingte Änderungen der Bauaktivität aufnimmt. ...
... Im Fall des selbstgenutzten Wohneigentums fallen Wohnungs-und Wohninvestmentmarkt faktisch zusammen, denn Eigentümer und Nutzer der Immobilien sind identisch. Die ökonomischen Zusammenhänge gelten genauso.Quelle: eigene Darstellung in Anlehnung anDiPasquale und Wheaton (1992, 1996. ...
Article
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Zusammenfassung Seit Jahresbeginn gerät der deutsche Wohnungsbau neben steigenden Kosten für Baustoffe, Personal und Energie durch stark anziehende Finanzierungskosten unter Druck. In Verbindung mit hohen Inflationsraten im Euroraum sind die Kapitalmarktzinsen und damit auch die Zinsen für Baukredite erheblich gestiegen. Schon 2021 ging die Zahl der fertiggestellten Wohnungen gegenüber dem Vorjahr um gut 4 % zurück. Der Beitrag untersucht, ob und wie stark der deutsche Wohnungsbau historisch auf Veränderungen der Kapitalmarktzinsen reagiert hat. Er zeigt auf, dass ohne wirtschaftspolitische Gegenmaßnahmen ein erheblicher Rückgang der Bauaktivität droht. Eines der zentralen Ziele der Ampelkoalition würde damit in weite Ferne rücken.
... As proved in standard monocentric model (Mills and Hamilton 1988;DiPasquale and Wheaton 1996), the slope of the rent gradient is equal to transportation cost per unit of distance. The width of the figure is equivalent to the size of the city. 2 Figure 2 and Figure 1 share the same rent gradient or slope of the rent curve, but Figure 2 has two centers that make the city a polycentric one. ...
... Standard urban economic theories (e.g. Mills and Hamilton 1988;DiPasquale and Wheaton 1996) ...
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Conventional wisdom often justifies polycentric city as some mitigating mechanism for urban disamenities such as high land price or housing price. Existing studies on polycentric city also focus on intra-urban spatial distribution of land rent or land price without much attention to their general levels. Based on land leasing data for 290 prefecture-level cities in China in 2004-2014 (except 2012) and GIS data of their subcenters from Long and his colleagues (2021), it is found that number of centers (including subcenters) is positively associated with average land price. That finding is especially strong for TAL (tender, auction and listing) price, which is largely driven by market forces. It is argued that a necessary condition for the finding is high land rent gradient, which may be due to some unique characteristics of Chinese polycentric city. Overall, the findings in this paper suggest that it cannot be taken for granted that polycentric city might help to mitigate high land price.
... Figure 2a simply re-produces the DiPasquale-Wheaton model. (For ease of use, we follow their notations, namely that S represents the level of stock, R the rent, P the price, and C the level of new construction, with all the details spelled out in DiPasquale and Wheaton, 1992Wheaton, , 1996. 4 ...
... The analysis above follows DiPasquale- Wheaton (1992Wheaton ( , 1996 closely and has presumed a single class of housing. However, one may argue that in China, the markets for low-type ("economic housing") and high-type ("luxurious housing") are segmented. ...
Article
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Many existing studies on the China real estate industry are empirical, or policyoriented. This paper complements the literature by adopting the DiPasquale and Wheaton model (1996) to study the China housing market, and trace the impact of different policies. Surprisingly, the model is capable of accounting for several developments in the market. We also extend the model to a dual-class housing situation, not only for the analysis of a recent policy change in China, but also for the potentially independent interest of other countries. A summary of the evolution of recent China housing policies is provided.
... We use a behavioral modeling framework originally developed for aggregate destination choice analysis [10][11][12][13], to examine how specific attributes of urban retail clusters and travel distances have affected patronage probabilities of amenity clusters before and during the pandemic. The directionality and magnitude of these effects is examined at the Census block group (CBG) level. ...
... Since our application of examining amenity preferences is related to destination choice, we use a logistic choice model originally developed for analyzing factors that affect consumer patronage of shopping centers by Weisbrod et al. [13] and described in DiPasquale & Wheaton [12]. The model details are provided in Supp. ...
Article
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While there has been much speculation on how the pandemic has affected work location patterns and home location choices, there is sparse evidence regarding the impacts that COVID-19 has had on amenity visits in American cities, which typically constitute over half of all urban trips. Using aggregate app-based GPS positioning data from smartphone users, this study traces the changes in amenity visits in Somerville, MA from January 2019 to December 2020, describing how visits to particular types of amenities have changed as a result of business closures during the public health emergency. Has the pandemic fundamentally shifted amenity-oriented travel behavior or is consumer behavior returning to pre-pandemic trends? To address this question, we calibrate discrete choice models that are suited to Census block-group level analysis for each of the 24 months in a two-year period, and use them to analyze how visitors' behavioral responses to various attributes of amenity clusters have shifted during different phases of the pandemic. Our findings suggest that in the first few months of the pandemic, amenity-visiting preferences significantly diverged from expected patterns. Even though overall trip volumes remained far below normal levels throughout the remainder of the year, preferences towards specific cluster attributes mostly returned to expected levels by September 2020. We also construct two scenarios to explore the implications of another shutdown and a full reopening, based on November 2020 consumer behavior. While government restrictions have played an important role in reducing visits to amenity clusters, our results imply that cautionary consumer behavior has played an important role as well, suggesting a likely long and slow path to economic recovery. By drawing on mobile phone location data and behavioral modeling, this paper offers timely insights to help decision-makers understand how this unprecedented health emergency is affecting amenity-related trips and where the greatest needs for intervention and support may exist. PLOS ONE PLOS ONE | https://doi.org/10.1371/journal.pone.
... Besides, land-use management in urban management can also promote real estate value. DiPasquale [6] established three spatial models of the land and bus station, housing prices fall by 15.02 percent and 5.1 percent, respectively [24]. Dai et al. found that the transfer station and non-transfer station of Beijing Rail Transit have a value-added effect on the price of surrounding houses [25]. ...
... Besides, land-use management of urban management can also promote property or land value. DiPasquale [6] established three spatial models of the land value of huge cities in Asia and concluded that the spatial type of land value and the characteristics of the land market can affect the value of urban land, which are important reference factors in urban planning. Foster et al. [33] discussed that the annual real estate value rate is related to the characteristics of specific locations, and there are significant geographic differences. ...
Article
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In the field of land use and urban management, real estate value-added issues have attracted much attention. Previous studies mainly focused on the premium of basic public services (such as infrastructure) in real estate value. As an important part of urban management, the contribution of property service is often underestimated. Few empirical studies mentioned the potential contribution of property service quality. Based on this, this paper aims to confirm and quantitatively evaluate the premium of good service quality in real estate value utilizing 155,845 samples of housing resale transactions in Beijing from 2012 to 2019. Furthermore, we also explore the dynamics and heterogeneity of the above premium. Our results show the following: Firstly, good service quality does show premium in real estate value, and the higher the service quality, the greater the premium in housing price. Secondly, this premium keeps increasing during our study period. With urbanization and rising incomes of residents, property service is increasingly important. Thirdly, the contribution of service quality to real estate value is greater when serviced houses have a higher price or larger area, are relatively newer, or further away from the city center. The findings of this current research not only deepen our understanding of service quality’s premium in real estate value, but also provide implications for urban management.
... O modelo de preço da terra segue a literatura consolidada em economia urbana (ALONSO, 1964;ROSEN, 1974;DIPASQUALE;WHEATON, 1996). Com isso, a proposta do modelo UrbanSim faz a regressão do valor agregado de venda da célula nas características dos domicílios, acessibilidade e amenidades de cada célula (WADDELL et al., 2007, p. 397). ...
... O modelo de preço da terra segue a literatura consolidada em economia urbana (ALONSO, 1964;ROSEN, 1974;DIPASQUALE;WHEATON, 1996). Com isso, a proposta do modelo UrbanSim faz a regressão do valor agregado de venda da célula nas características dos domicílios, acessibilidade e amenidades de cada célula (WADDELL et al., 2007, p. 397). ...
Chapter
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Forcação e evolução do Planejamento Regional no Brasil
... Meanwhile, in the presales market, the transactions are on "housing flow," which are new housing units still in the construction or planning stage. The price-volume relationship between the existing and pre-sales markets in Taiwan may be similar to the stock-flow relationship described by the Fisher-DiPasquale-Wheaton (FDW) Model (Fisher [1992]; DiPasquale, et al. [1992DiPasquale, et al. [ , 1994DiPasquale, et al. [ , 1996; and Renaud, et al. [1996]). However, some special characteristics exist in the Taiwan markets. ...
Article
In Taiwan, the housing market can be separated into the existing housing market and the pre-sales market. The existing market can be regarded as the stock market, and the pre-sales market the flow market. However, some unique characteristics exist in the Taiwan market. Based on these characteristics, we modified the conventional housing stock-flow model to describe the price -volume relationship between the existing and pre-sales markets. Empirical models are constructed to test the relationship. Major findings are: 1) both the pre-sales price and the existing price converge to the long-run equilibrium; however, the pre-sales price adjusts faster than the existing price, implying that the existence of the pre-sales system improves market efficiency; and 2) housing supply from the pre-sales market responds to the housing market surpluses/shortages.
... Surprisingly, the net absorption rate, although significant in the Melbourne model, has a negative relationship with the total returns with a 0.13% decrease for every 1% increase. It is argued that this could be due to the use of long-term leases in the office market, which tends to bind tenants to their spaces, thereby slowing down adjustment of space consumption (DiPasquale and Wheaton, 1995). This has impacts on the rental rates payable by tenants at any point in time, hence, affecting the total returns in the Melbourne office market. ...
Article
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The purpose of this study is to evaluate the impact of cross border real estate investments on the performance of the direct commercial property market in Australia. Using an autoregressive distributed lag (ARDL) model, factors including volume of cross border real estate investments, real gross domestic product (RGDP), office stock, and vacancy and net absorption rates are examined for their impact on total returns. The results indicate that traditionally established long-term drivers, including RGDP, office stock, and vacancy and net absorption rates, are still relevant. It is found that cross border real estate investments have impact on the performance of the direct commercial office property market in Australia. The results and findings would help property investors, developers, policymakers, and stakeholders in decision making around property investments. This research is an initial study that focuses on the impact that cross border real estate investments have on the performance of the direct commercial/office property market in Australia.
... That is, in both models, incentives to undertake development depend on built asset prices. New supply then channels through to the economic (space) market to determine an equilibrium rent level, which is a sufficient statistic that fully summarizes economic market effects as they determine asset price (see DiPasquale and Wheaton, 1996). Our second model places no a priori restrictions on the structure of real asset market equilibrium. ...
Article
Using over 25 years of quarterly U.S. and Japanese time series data, this paper examines the determinants of demand for an important class of real assets: commercial real estate. We specify a structural model of market equilibrium that considers direct effects of real investment on built asset price. Our empirical findings are consistent across countries and produce several new results. First, we find that real investment exerts a significant positive direct effect on asset price, which in turn feeds back to impact investment decisions. Second, idiosyncratic risk is found to be strongly positively related to asset price, and to complement supply effects. Third, systematic risk is priced as expected, where the strength of the relation between asset price and systematic risk is found to be higher than in previous studies of capital asset prices. Fourth, lagged values of price determinants (of up to two years) are consistently important in real asset demand estimation. Alternative explanations for our findings are analyzed and discussed. Implications for asset pricing model specification and interpretation are also considered.
... Although the above studies uncovered various mechanisms of online advertising's influence in the consumer goods market, these findings can not be directly applied to our research context because of the significant differences between the consumer goods market and the real estate market. Specifically, in contrast to the commodity market or manufactured consumer goods that are partially differentiated, the real estate markets are considered completely product-differentiated because of the local nature of houses and are closely related to urban economics (DiPasquale & Wheaton, 1996). Therefore, it is important to factor in regional characteristics and movements across metropolitans when investigating questions related to real estate economics. ...
Article
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Despite the popular use of online advertising by marketers, little is known about its role in the real estate market. This research aims to investigate how online advertising affects the sales of new houses and explores potential contingent factors and the underlying mechanism. Based on a rich secondary data set and econometric models, we find that online advertising increases the sales of new houses, and the effect is stronger with lower housing prices, higher residential incomes, and lower-tier cities. Additionally, the mechanism is that advertising generates an impact via processes, such as lowering housing prices, attracting more immigrants, and reducing emigration. Lastly, the spillover effect of online advertising may not exist in the housing market. We discuss theoretical contributions and important implications to practitioners and policy makers.
... Travel cost of a household located at u miles from the CBD is equal to tu dollars annually. Households are identical: the number of workers per household and household income ( Y ) are the same for all households (DiPasquale et al. (1996), pp. 36-37). ...
Article
Literature regarding transit’s impact on land values reports mixed results concerning the economic benefits of accessibility to subway stations, specifically regarding commercial properties. After examining 731 commercial land values in Seoul, Korea, this study suggests a possible explanation for the mixed results: transit’s discrimination impact on land values by location in a built-up urban area. The regression coefficient for distance to station in the central business district is the highest, the subcenters are next, and other areas are lowest – apparently a strong correlation with higher centrality and development densities of submarkets. Also, the inclusion of spatial lag and error term variables greatly improves the goodness of fit of the regression equations lowering the spatial autocorrelation in the ordinary least squares residuals as well as reduces overestimation of value premiums in association with rail transit stations, which enables a regression model to produce a more accurate and efficient estimator for transit’s impact on commercial land values.
... The impact of a capital gains tax and other tax allowances (e.g. for property depreciation or equity loss) can be incorporated into an extended version of the model. See DiPasquale and Wheaton (1996) or Shilling (2002) for a discussion of these issues in the U.S. market. 2 In Section 6, we consider the case where the rate of capital appreciation is stochastic. ...
Article
Real estate investments are typically characterized by high degrees of leverage and long-loan tenures. In perfect capital markets, leverage has no impact on the investment decision apart from tax considerations. However, the mortgage financing market is imperfect in many countries. In the presence of market imperfections, an optimal holding period exists for real property investments. We provide a simple rule to calculate the optimal holding period to compare the required rate of return with the leveraged rate of return on equity.
... Most of these issues, and several other topics, were addressed in the second volume of the Handbook on regional and urban economics prepared by Nijkamp and Mills (1987). A focused treatment of land and housing markets is found in DiPasquale and Wheaton (1996), and an insightful review of the qualitative changes seen in metropolitan forms is provided by Alex Anas et al. (1998). Finally, a nice summary of various urban-based behavioral models, designed for less analytical readers, is available in Cadwallader (1996). ...
Article
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Critical review of Order without Design (A Bertaud; MIT Press, 2018); Cities, Economic Inequality and Justice (E Buitelaar, A Weterings, & R Ponds; Routledge, 2018 ); Cultural Heritage, Creativity and Economic Development (S Cerisola; Edward Elgar, 2019); Urban Empires (E Glaeser, K Kourtit, & P Nijkamp, eds.; Routledge, 2021); and The Wealth and Poverty of Cities (M Polese; Oxford University Press, 2020).
... Conversely, falling house prices depress homeowner's wealth and in turn can lead to reduction in consumption spending over and above that associated with current income. Dipasquale and Wheaton (1996) indicate that US real estate, valued at $8.77 trillion in 1990, account for 56 percent of the nation's wealth in that and residential real estate, representing 70 percent of total real estate value, comprised 39 percent of national wealth. As a result, even a small percentage decline in the value of housing assets will generate wealth losses that are large in relation to national income. ...
Article
The primary purpose of this paper is to examine dynamic causal relationships between house price and its five determinants, including total household income, short-run interest rates, stock price index, construction costs, and housing completions, in Taipei new dwelling market. Granger causality tests, variance decomposition, impulse response functions based on the vector error-correction model are utilised. All five determinants Granger cause house prices, but only house prices and stock price index have a bilateral feedback effect. The variance decomposition results suggest that disturbances originating from current house prices inflict greatest variability (66 percent of variance) to future prices. The remaining 34 percent of the variance is explained by the five determinants. On the supply side, the construction costs and housing completions together explain about 10 percent of the house price variance. On the demand side, short-run interest rates, total household income and stock price index explain about 24 percent of the variance.
... Başta kamunun yapmış olduğu imar ve iskan düzenlemeleri, alt ve üst yapı yatırımları olmak üzere sanayileşme, ekonomik kalkınma ve büyüme, yığılma ekonomileri, nüfus artışı ve nüfus yoğunluğu, göç hareketleri, kentleşme, mekânsal avantajlar, kurumsal faktörler, tarımsal toprakların kentsel topraklara dönüşmesi, spekülasyon, toplumun tercihleri diğer bir değişle talep yapısı vb. birçok faktör gayrimenkullerin değerlerinde meydana gelen artışların temel nedenlerindendir (Murrell ve Turkiewicz, 1987;Dipasquale ve Wheaton, 1996;Kemiki vd, 2015: 449). ...
Conference Paper
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Optimal bir vergilendirmenin yapılabilmesi vergilendirmede temel kabul edilen kuralların varlığına bağlıdır. Adalet ilkesi en önemli vergilendirme ilkelerinden biridir. Son yıllarda kentleşme başta olmak üzere yeni imar alanlarının açılması, kamulaştırma ve yerel kamu hizmetleri gayrimenkullerin değerlerinde önemli artışlar meydana getirmiştir. Kamu otoritesinin yapmış olduğu eylem ve hizmetler neticesinde herhangi bir emeğe dayanmadan gayrimenkul değerlerinde ortaya çıkan bu artışlar gayrimenkul rantı olarak ifade edilmektedir. Oluşan bu rantlar sonucunda gayrimenkul sahipleri ekstra bir ödeme gücüne sahip olmaktadır. Diğer üretim faktörleri vergiye tabi tutulurken toprak üzerinden oluşan ve ödeme gücünü ifade eden bu gelirin vergi dışı bırakılması vergi adaleti açısından sakınca yaratmaktadır. Türk vergi sisteminde gayrimenkullerden elde edilen değer artışlarının vergilendirilmesine yönelik düzenlemeler yok denecek kadar azdır. Bu çalışmanın amacı gayrimenkul değer artışı nedeniyle ortaya çıkan gelirin vergilemede adalet ilkesi çerçevesinde vergiye tabi tutulup tutulmayacağının değerlendirmesini yapmaktır.
... Change in the property market means changes in the balance of supply and demand in this approach. Changes in this equilibrium are dependent on internal and external factors, named 'endogenous' and 'exogenous' factors in the neo-classical terminology (Eccles et al., 1999;Wheaton and DiPasquale, 1996). Endogenous factors come from inside the property market (property prices, rents, vacancy rates, etc.). ...
Thesis
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Many local property markets have been changed and internationalized as a result of globalisation and liberalisation processes which have speeded up significantly, especially in the last thirty years. There are some studies in the property literature which are interested in understanding local property market structures and behaviour. However, there are no studies about how a local property market becomes changed and internationalized. This research aims to fill that gap. It attempts to make a detailed exploration of the change and internationalization process in a local property market from the perspectives of both local and global players. This exploration is important, especially for local property markets which have not experienced an internationalization process yet or which have recently started to experience this process, because this exploration may develop the internationalization process of local property markets into one which is more manageable for governments, legislators and policy makers. Healthy property markets which are structurally well-configured, which give sustainable performance and which work with fewer problems may be created if the internationalization process of local property markets is managed well. The question of how local and global interactions in a local property market change the legal and institutional structure of that property market is answered in this research. Istanbul's retail property market (IRPM) is selected as the case study for this research. A qualitative methodology is followed; interview and document analysis methods are used. Local and global interactions in IRPM are examined from the perspective of the Glocalisation Theory (GT) whilst structural changes are examined with the help of the Morphogenetic Approach (MA). IRPM's change and internationalization process is analysed using a unique theoretical and methodological framework which is developed through the combination of GT and MA. This study shows that a cyclical relationship exists between global-local interactions and structural changes in property markets. This cycle, which is illustrated at the end of the study, points out that local players' decisions and actions are more effective than global players' decisions and actions in the change and internationalization process of a property market; also, this cycle indicates the importance of institutionalization [organized behaviour] in the internationalization process of property markets. It is found that changes in IRPM are dependent on four factors. These are Turkey's economic and international relations policy; political and economic events which are experienced in Turkey; structural conditionings which are produced by existing laws, public authorities and private associations; and the socio-spatial characteristics of the market environment. These factors, which have an impact on the internationalization process of a 2 local property market, reveal that local property markets do not change but evolve; and every property market experiences a unique evolution process. This evolution may be brought under control by governors, legislators and policy makers. When this happens, structurally well-configured property markets may be created.
... En una versión bastante estructurada, se considera que los subcentros surgen debido a dos tipos de compensaciones que per-miten el equilibrio espacial. Primero, los negocios en los subcentros compensan un nivel de ventajas de aglomeración menor que en el centro principal, con el menor precio del suelo y los menores salarios; y segundo, los trabajadores en los subcentros compensan los menores salarios con los menores costos de transporte para ir a trabajar por la cercanía desde sus viviendas (DiPasquale y Wheaton, 1996). En ésta y en todas las teóricas policéntricas, los subcentros son considerados centros de empleo, no de consumo. ...
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El objetivo de esta investigación es explorar la influencia de la estructura de usos del suelo intraurbana sobre el transporte. En particular, se explora la capacidad que tiene la jerarquía de subcentros terciarios de modificar la cantidad de viajes que arriban a una zona. Con datos de Tijuana, de un estudio de transporte y de censos económicos, se implementa una regresión lineal que explica el número de viajes en el lugar de destino a partir de la jerarquía de centros, el número de empleos, y la accesibilidad. Se concluye que la jerarquía de centros es el principal factor explicador del número de viajes.
... It appears, then, that two somewhat different growth processes are continuously unfolding in the more advanced space-economies. Following Bartik (1991) and DiPasquale and Wheaton (1996), these are usually labeled demandand supply-induced growth. On the one hand, demand-induced growth occurs when firms expand employment, thereby causing an increase in the number of jobs in the regional labor market. ...
... The author(s) received no financial support for the research, authorship, and/or publication of this article. Alonso, 1964Card and Krueger, 1994Christaller and Baskin, 1966DiPasquale and Wheaton, 1996Gil, 2017Huff, 1963Lösch, 1954Mills, 1967Muth, 1969Okabe and Sugihara, 2012Porta et al., 2006Sevtsuk, 2010Smith, 1996Talen and Koschinsky, 2013Tobler, 1970 Von Thünen, 1826 ...
Article
This study analyzes the influence of pedestrianization of urban space on the revenues of surrounding retail stores. Pedestrianization refers to the conversion of street use from vehicles to a walkable environment. We compiled a unique transaction dataset containing the estimates of sales volumes for stores across Spain and combine it with data from Open Street Map to provide the history of land-use changes at the street-level. Based on these high-granular datasets, we apply a difference-in-differences empirical method to measure the economic impact of pedestrian intervention. The results show that stores located in pedestrian environments tend to record higher sales volumes than stores located in non-pedestrian environments. We further analyze the mechanisms underlying this revenue-boosting effect and find that a key factor is the store density of the pedestrianized place, while geographic location is insignificant. This finding suggests that there are no differentiation impacts on stores' revenue based on whether pedestrianization occurs in the city center or periphery. Store category also acts as an important moderator for revenue impacts, with positive effects observed mostly for the café or restaurant category. Our results provide suggestive evidence that people prefer a pedestrian-friendly environment to a vehicle-oriented one for non-tradable, local consumption activities. This research provides evidence-based policy implications for urban planners interested in making smart, sustainable cities.
... The combination of capital and labor (often divided as land, building, and labor service) that forms a real estate asset dynamically corresponds to its production, i.e., land development and its operation, i.e., property management processes [49][50][51]. Therefore, it is sensible to postulate that REITs' underlying asset specificity will impose heterogeneous impacts on their ES&G dimension CSR ratings. ...
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This paper investigates how real estate investment trusts' corporate social responsibility (CSR) (REITs) varies by two intrinsic firm factors: real estate asset types and REITs' financial aspirations. We develop a conceptual model to demonstrate the theoretical role of these intrinsic firm factors in moderating CSR. Using a database containing the Morgan Stanley Capital International CSR rating index, we test REITs from 19 countries for variations of their CSR performance across each of the three pillars of CSR: environment, social, and governance (ES&G) by real estate asset types from 2009 to 2016. The results show that REITs focusing on less market-transparent real assets relying heavily on intensive human-based services and physical capital in property management like hotels and hospitals exhibit a poorer performance in environmental responsibility, social responsibility , and overall CSR score. We found no significant difference between the REITs in their governance responsibility with respect to the real estate asset types. We found that moderation by financial aspiration in establishing their CSR strategies varies by the types of real estate asset that REITs focus on, with the maximum positive impact on REITS with hotel holdings and negative impact on REITs with office and retail assets.
... The microeconomic approach to real estate prices is based on David Ricardo's (1817) theory (Ricardian rents), a simple model where population growth and spatial differentiation (location to economic activities) are the most important factors affecting real estate prices. DiPasquale and Wheaton (1996) further developed this theory, showing that the size and growth rate of MSA populations, together with the local cost of construction, influence house prices. The importance of construction costs had already been addressed by Case and Shiller (1990), who also studied the effect of new housing starts (building permits issued in the period), although both variables were not significant. ...
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Purpose This paper explores the real estate price determinants at four geographical levels: in the European Union as a whole, in the 28 European Union countries, in one European Union country (Portugal) and in 25 Portuguese metropolitan statistical areas (MSAs). Design/methodology/approach The authors run two time series regression models and two panel data regression models with observations of potential real estate price determinants and House Price Indices collected from Eurostat. Findings The results show that price determinants, such as gross domestic product (GDP), interest rates, housing starts and tourism, are statistically significant, but not in all the four geographical levels of analysis. The results also confirm the autoregressive characteristic of real estate prices, with the last period price change being the most important determinant of current period real estate price change. Practical implications Forecasting real estate prices can be made more effective by knowing that each geographical level of analysis implies different price determinants and that momentum is an important determinant in real estate returns. Originality/value To the best of the authors knowledge, this is the first study to develop and test a real estate price equilibrium model at several different geographical levels of the same political space.
... DiPasquale and Wheaton also note that whether the current price is appropriate (the fundamental value) depends on expected rental income growth. With anticipated city productivity growth (Coulson et al. 2013;Van Nieuwerburgh and Weill 2010) or population growth (DiPasquale and Wheaton 1996;Glaeser and Gyourko 2005), rental yields are expected to have a greater locational value in the future. The current local house price will be higher (Sinai 2010) and so too will the HPER. ...
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The central aim of this paper is to provide a baseline framework for describing the evolution of an affordability indicator at a district level, before and after the financial crisis of 2008. From the mid-1990s to 2019 house price-earnings ratio for England and Wales appear to have ratcheted-up, with the growth rate more rapid just before and a temporary decline just after the crisis. This masks a significant variation in evolutionary profiles. Following Turok and Mykhnenko in 2007 who set about exploring population trends in European cities, districts are classified into groups. Matching each district against ten stylised profiles, rather than cycles, persistent trends and single turning point paths in ratios are the norm. An asset-price model projects that finance will favour those bright futures so that spatial-sorting of those with high human capital leads to some districts benefitting from lending criteria out of line with others.
... Maamarkkinat ja asuntomarkkinat ovat toisistaan erillään, vaikka ne toimivat tiiviissä vuorovaikutuksessa keskenään (ks. DiPasquale & Wheaton 1996, Whitehead 1999. Kotitalouksien asumiskysyntä kohdistuu asuntoihin, joista kotitaloudet saavat asumispalveluja. ...
... As property prices differ between urban and rural areas (DiPasquale & Wheaton, 1996), the perception of external effects might differ due to the presence of confounding negative or positive externalities, such as from road noise in cities. We therefore investigate the urban-rural heterogeneity effect, by explicitly controlling for facility openings in urban areas. ...
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Renewable energy production is one of the most important policy instruments to fight climate change. However, despite global benefits, renewable energy production entails some local challenges, such as requiring more space per unit production capacity. In this paper, we study the external effects of large-scale conventional and renewable electric power generation facilities on local house prices. We combine information of all coal, gas, and biomass plants, as well as all wind turbines in the Netherlands, with 1.5 million housing transactions over a period of 30 years. Using a difference-in-difference as well as a repeated sales model, we study the effects of facility openings and closings. Our results show negative external price effects for gas plants and wind turbines, but positive effects for biomass plants, conditionally upon ex-ante lower priced locations. The external effects of power generating facilities on local housing markets are important to consider, especially with the current focus of public policies on the expansion of renewable energy generation. Our paper is one of the first to present a large-scale study, using detailed information, and comparing several different energy sources in one framework.
... The process of rehabilitation of the building goes through several stages, from the study and the collection of information to the development of plans and implementation, these stages are not separate but are intersecting and overlapping with each other. They can be summarized below (DiPasquale & Wheaton, 1996): 1. Collection of information from architectural documents about the building of books, government records, any images or drawings available about the building and around it to know the architectural value of the building and the extent of the change in the building. 2. Evaluate the current structural state of the building with an accurate description of the weaknesses in the building materials of cracks and damage and others. ...
... Antara faktor-faktor makro terdiri daripada harga rumah, lokasi, pinjaman wang yang sedia ada, kadar faedah pinjaman wang, bayaran ansuran bulanan, wang pendahuluan dan sebagainya. Faktor-faktor mikro pula adalah seperti pendapatan bulanan, jenis pekerjaan, umur, corak perbelanjaan, jumlah tanggungan, simpanan wang bulanan dan sebagainya (William, 1996). ...
Conference Paper
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Pendekatan holistik ialah pendekatan yang merangkumi empat domain bagi manusia secara bersepadu yang merangkumi aspek biologi, psikologi, sosial dan spiritual. Fenomena masyarakat di Malaysia kini sama ada di agensi kerajaan mahupun swasta lebih banyak berada di rumah untuk bekerja akibat penularan wabak COVID-19. Situasi ini menyebabkan kekerapan ahli keluarga yang keluar rumah untuk beraktiviti makin terhad dan dikhuatiri meningkatkan jumlah masalah kesihatan mental dalam kalangan masyarakat. Jumlah talian bantuan sokongan sosial di Malaysia turut dilaporkan semakin meningkat. Lebih mengejutkan apabila 85.5% panggilan ini membabitkan isu berkaitan kesihatan mental yang memerlukan sokongan emosi dan kaunseling seperti stres akut, keresahan, kemurungan, penderaan, dan tingkah laku bunuh diri. Dari awal Januari hingga 21 Mei 2021, dilaporkan sejumlah 101,150 panggilan yang diterima, yang mana 91.2% memerlukan sokongan emosi dan kaunseling. Panggilan ini merangkumi pesakit COVID-19, individu yang menjalani kuarantin, petugas barisan hadapan, keluarga yang kehilangan ahli keluarga akibat COVID-19 dan kumpulan rentan. Justeru, kajian ini akan menggumpul dan mengusulkan beberapa cadangan pendekatan holistik yang boleh dilaksanakan menerusi perbahasan al-Quran, Hadis dan pandangan sarjana Muslim dalam mengadakan aktiviti yang bermanfaat di rumah bersama ahli keluarga. Kajian ini menggunakan sepenuhnya metode kualitatif dalam komponen dokumentasi melalui tafsir al-Quran, syarah Hadis serta kajian sarjana Muslim terdahulu dan kontemporari. Hasil kajian menunjukkan perbahasan menerusi maklumat Islami sesuai dengan masa dan keadaan semasa dalam menangai isu-isu yang berlaku terutamanya ketika pandemik COVID-19. Penemuan ini mampu menambahkan koleksi terapi berasaskan empat domain utama manusia berasaskan maklumat Islami serta mengurangkan bebanan perasaan masyarakat ketika terlalu lama berada di rumah.
... Antara faktor-faktor makro terdiri daripada harga rumah, lokasi, pinjaman wang yang sedia ada, kadar faedah pinjaman wang, bayaran ansuran bulanan, wang pendahuluan dan sebagainya. Faktor-faktor mikro pula adalah seperti pendapatan bulanan, jenis pekerjaan, umur, corak perbelanjaan, jumlah tanggungan, simpanan wang bulanan dan sebagainya (William, 1996). ...
... The urban spatial model developed by Wheaton (1974) for a city of fixed population size also predicts that intra-urban land price differentials will increase if transport costs exogenously increase, as property sellers will need to reduce their price asks in more distant locations. The underlying hypothesis tested in this paper is thus one of the central ideas from urban economics theory (DiPasquale & Wheaton, 1996). ...
Article
By raising road transportation costs, an increase in gasoline prices should be expected to reduce housing demand in locations further from the central business district (CBD) relative to inner-city locations. This study uses a monthly real estate area-level dataset for 19 large cities in China over 2010–2018 to investigate the impact of gasoline prices on intra-city spatial differentials in housing prices. The findings suggest that higher gasoline prices on average lead to a relative decline in housing prices in outer suburbs, with a 1% increase in gasoline prices on average leading to a 0.004% relative reduction in home values for every additional kilometer from the CBD. The effect is larger in cities that have higher automobile ownership rates and that are less densely populated. The results are consistent with a conclusion that the rise of electric vehicles, autonomous vehicles, and working from home is likely to contribute to a lowering of geographical price differentials within Chinese cities over time.
... According to the classical Huff model, attractiveness and accessibility are the main determinants of the number of visitors to a commercial district (Huff, 1963), where accessibility is mainly determined by the location and transportation network and attractiveness depends on customers' preferences. To figure out the preference, a discrete choice model, including retail mix, parking, and marketing as determinants, was developed by Weisbrod and Pollakowski (1984) and DiPasquale and Wheaton (1996). Recently, Sevtsuk and Kalvo (2018) introduced a modified version of the Huff retail expenditure model to adjust for the locations and sizes of commercial clusters that attract more visitors. ...
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Some commercial districts attract the majority of their visitors during the daytime, while others at night. This difference in peak time of population flow may be affected by land use, such as mixed use. This paper aims to analyze the impact of mixed land use on population flow in the diurnal and nocturnal districts. The standardized values of the population in each census tally district form distinct patterns for every hour of the day. Using k-means clustering and hourly location-based population data collected from smartphone signals in Seoul, we classify commercial districts into two groups: diurnal and nocturnal. We introduce a binomial logistic model where a binary indicator is used as the dependent variable for the two groups. A comparison of land use patterns between the two groups shows the following significant differences: First, the nocturnal districts tend to have distinctive features consisting of vibrant streets due to a higher degree of mixed use. Second, mixed land use and a high percentage of residential use in commercial areas have a positive impact on visitor concentration at night. Furthermore, the land use of the adjacent areas significantly influences the visiting patterns of commercial districts. These results imply that a proper degree of mixed use attracts more people to commercial areas, even at night, thereby enhancing the vitality of the streets.
... An emergent 'theory of change' in the real estate sector described the decentralisation of the US employment market as a result of technological developments and the differentiation of economic activities. DiPasquale and Wheaton (1996) considered the decentralisation of firms as a trade-off between wages and commuting costs, and agglomeration or information costs. Offices occupiers that remained in central business districts (CBDs) needed to compensate for longer, more expensive commuting patterns through higher wages. ...
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Part of an ongoing longitudinal study, this article provides evidence on the emerging impacts of Covid-19 on the demand for, configuration and role of offices in cities, drawing on primary data from semi-structured interviews with UK-based corporate real estate managers. The research is grounded on a ‘theory of change’ framework combining real estate, institutional economics and economic geography literature. Our findings confirm an acceleration towards hybrid working patterns. While some changes in the current use of offices may be temporary or more dynamic, other adjustments may be permanent (for example working from home, portfolio rationalisations) and trigger structural changes across cities.
Chapter
The real estate development in Estonia, as in all Baltic States, is strongly related to the restoration of independence in these states in 1991. On the one hand, the birth of the real estate market and therefore the need for real estate valuation were not grounded on empty space, so from the historical perspective, the roots of the valuation procedure reach the first years of the twentieth century. On the other hand, the development of valuation was a subject of the reorganization of economics, as it changed from planned economy to market economy. Therefore, the development of economy and the real estate market, including the valuation procedure, began in the context that accounts for the cyclical behavior thereof. In addition, various politically important dates, like the start of the membership in NATO, membership in the EU, or two monetary reforms, play a huge role in this process. The current environment of valuation procedures is a result of the publication of the edition of the International Valuation Standards (The translation was based on the edition of IVS 1994) (IVS, 1994) in 1997, which, in cooperation with professional certification, led to permanent national valuation standardization. In fact, a large amount of the valuation reports are addressed to the housing and other investment sectors that, in turn, reflect the behavior of the construction and industrial sectors and the health of all economy. Indeed, while the interrelated sectors are or the overall economy is rapt by the market cycle, the consideration of the cycles’ influence becomes unavoidable.KeywordsOwnership reformLand valuationReal estate valuationCycleEconomic factorsLegal influencers
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Urban formation among cities and towns in East Asia and other parts of the world varies in scale and rate, both within and between national settings. China, for instance, currently exhibits a bi-polar distribution of both larger and smaller settlements by population size, while Japan is dominated by three very sizable urban agglomerations, topped by Tokyo which is also the most numerous in the world today, again with regard to population. Likewise, Metropolitan Seoul in South Korea, staying with East Asia, accounts for around forty-five percent of the nation’s inhabitants and, until recently, was expanding at an unprecedented rate. Elsewhere in other regions like North America, cities and towns also vary in size and some have seen substantial consolidation in populations and even some declination. The more specific character of spatial settlement in East Asia and other places also varies with regard to density, compactness, diversity, mobility, accessibility, fittedness to environmental conditions, and so on. Further this variation often occurs over time as cities and towns mature, and also from one geography or region to another. One useful although certainly not the only broad approach to describing and understanding these phenomena of urban formation is by sizing circumstances up, counting, measuring, and empirically analyzing them. In short, using various empirical spatial methods and techniques to improve the grasp and understanding of urban formation.
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Coase’ famous paper on durability and monopoly starts with an example of a land monopolist, who turns out to be difficult to find in the real world. The Chinese constitution stipulates that all urban land is owned by the government, thus making Chinese cities a natural experiment for the Coase Conjecture on land monopoly. This paper uses land-leasing data in 290 prefecture-level cities in China to test the existence of strategic behaviors in local governments as land monopolists. The estimation shows with both a simple linear regression model and a random trend model that, after controlling for city size, urban growth and income, land prices decline over time. We also found that the results for land price through negotiation and that through tender, auction and listing (TAL) are very different. This suggests that the local government’s monopoly power in the market of industrial land, which are mostly sold through negotiation, is much weaker than in the market of residential and commercial land, which are mostly sold through TAL. In conclusion, this paper supports the argument that urban land is a special type of durable goods and urban land monopolists act strategically.
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The performance of the retail industry in a country, which simultaneously reflects the demand for retail space, is significantly influenced by the macroeconomic environment of said country. However, in the case of Malaysia, studies regarding this issue are limited. Therefore, this paper aims to identify the macroeconomic determinants of the demand for retail space in shopping centers in Malaysia through the study of six variables: per capita income, private expenditure, inflation rate, interest rate, total population, and the number of tourists arrival. The nexus between these variables and the demand for retail space in shopping centers were examined by cointegration and causality tests, and regression analysis using quarterly data for the period 1993Q1 to 2016Q4. The results from bivariate cointegration tests indicate that inflation rate, interest rates, population size, and the number of tourists arrival have significant long-run relationships with the demand for retail space of Malaysian shopping centers. Meanwhile, the Granger causality tests show that only population size can cause the demand for shopping centers' retail space. Finally, the results from the regression analysis revealed that income per capita, private expenditure, interest rates, and population are the variables that significantly influence the demand for the retail space of the Malaysian shopping centers.
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In Singapore, the public resale housing market is an active second-hand housing market, whereby previously subsidised new public housing units were being transacted at market prices. In contrast to the private housing price determinants that have been identified in the international literature, the prices of public resale housing in Singapore are largely determined by public policies rather than by economic variables. This paper provides some empirical evidence on how and to what degree public housing policies affected the price dynamics of public resale housing in Singapore during the 1990s. The findings have additional implications of the wider consequences of public policies on the prices of private housing units.
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This paper builds on the literature that shows policy often plays a key role in housing cycles. Using the cointegration approach which focuses on the supply and demand dynamics of the housing market, and with explicit consideration of housing price expectations proxied by the price-earning ratio in financial markets, this paper identifies two cointegrating relations: a long run demand-side relation that involves housing property price, interest rate, price expectation and income; and a supply-side relation that involves private housing completion, property price, interest rate, and building and land costs. Based on Hong Kong data from 1990 a£á¡§ 2012, which covers big cycles in the housing market, this paper suggests that policies to augment or restrain housing supply in the attempt to stabilize housing prices have been counterproductive.
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Este artículo de reflexión discute sobre cómo la noción "derecho a la ciudad" (principio que está en la base de la actual normativa que rige la planeación y el ordenamiento territorial en Colombia) ha generado una excesiva intervención directa del Estado en el mercado inmobiliario, al tiempo que, paradójicamente, ha mantenido una débil regulación indirecta de sus dinámicas. Los expertos locales en planeación han usado las teorías de reconocidos autores internacionales para justificar la necesidad de que las políticas gubernamentales corrijan las supuestas ineficiencias del libre mer-cado en el tema inmobiliario, partiendo del supuesto de que una "justa" planeación centralizada busca siempre el "bien común"; supuesto que se ve negado por el libre mercado, sistema que ha sido entendido como un espacio de mera satisfacción egoísta de los actores en la ciudad. Con base en una aproximación económica libertaria, se discute cómo la misma corporación política con su excesiva intervención del mercado inmobiliario es la que ha llenado de ineficiencias a este sector. Se concluye que el papel del Estado en la planeación debe ser el de regulador de los actores, mas no el interventor de sus preferencias, por lo que se replantea función del Estado en el mercado inmobiliario a partir de una limitada regulación de los aprovechamientos urbanísticos.
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