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Article
Publication date: 7 August 2017

Zhi Dong and Tien Foo Sing

The purpose of this paper is to examine developers’ optimal development timing when developers are heterogeneous and have different marginal costs in a real estate

Abstract

Purpose

The purpose of this paper is to examine developers’ optimal development timing when developers are heterogeneous and have different marginal costs in a real estate development market.

Design/methodology/approach

This study uses a multiple-player game theoretic real option model and provides tractable results of asymmetric development strategies from a two-stochastic-variable model. Anecdotal evidence and market observations are presented.

Findings

Stronger developers (with low marginal costs) exercise real estate development options earlier than weaker developers (with high marginal costs). However, the interval time between developments by stronger and weaker developers decreases in rental volatilities. Real estate with a high positive externality are developed earlier than real estate with a low or negative externality.

Practical implications

Weaker and smaller developers are advised to undertake projects having positive externalities from vicinities. Government agencies are recommended to use tools of zoning and urban planning to prioritise developments introducing positive externalities and to facilitate the growth of weaker and smaller developers. This may subsequently help reduce incentive for land banking and oversupply in real estate space market.

Originality/value

This research is probably the first to explicitly incorporate developers’ heterogeneous strength in real estate development timing options with multiple developers in a competitive market. It sheds additional insights into the understanding of potential problems of development cascades, under the interactive effects between exogenous policy changes and endogenous response from asymmetric developers.

Details

Journal of Property Investment & Finance, vol. 35 no. 5
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 4 December 2020

Alexey Zhukovskiy, Heidi Falkenbach and Ranoua Bouchouicha

This paper aims to examine the relationship between the use of public debt and investment activity of European listed real estate companies.

Abstract

Purpose

This paper aims to examine the relationship between the use of public debt and investment activity of European listed real estate companies.

Design/methodology/approach

Using a hand-collected sample of debt structures of 102 European public real estate companies, and using European Central Bank lending standards survey as a proxy for bank credit availability, the authors test a conditional hypothesis on the relationship between investment rates and the use of public debt during period of constrained bank lending environment in Europe.

Findings

The results show that ex ante diversification of debt allows retaining higher investment rates when the main source of debt, bank lending, is shrinking. The effect is statistically and economically significant and increases during times of tight bank lending constraints. The authors find no support to debt capacity explanation of the effect. They neither find support of the higher investment rates to be indicative of overinvestment problem. The results are robust to alternative model specifications and estimators.

Research limitations/implications

The empirical analysis is limited to Europe.

Practical implications

Investments and the growth of real estate companies depend on their ability to seize value-increasing opportunities that arise in the competitive markets. This paper evaluates the role of a diversified debt structure in this context. The results suggest that debt structure can have material importance for the investment activity of European listed real estate companies and issuance of public debt can help companies to counterbalance the negative effects of restricted bank loan supply on the investment levels.

Originality/value

The paper extends the literature on debt structures of listed real estate firms by considering the effect of debt diversification on investments.

Details

Journal of European Real Estate Research , vol. 14 no. 1
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 3 August 2010

Xiaoling Zhang, Liyin Shen, Martin Skitmore and Bo Xia

The paper aims to explore the key competitiveness indicators (KCIs) that provide the guidelines for helping new real estate developers (REDs) achieve competitiveness…

Abstract

Purpose

The paper aims to explore the key competitiveness indicators (KCIs) that provide the guidelines for helping new real estate developers (REDs) achieve competitiveness during their inception stage in which the organisations start their business.

Design/methodology/approach

The research was conducted using a combination of various methods. A literature review was undertaken to provide a proper theoretical understanding of organisational competitiveness within RED's activities and developed a framework of competitiveness indicators (CIs) for REDs. The Delphi forecasting method is employed to investigate a group of 20 experts' perception on the relative importance between CIs.

Findings

The results show that the KCIs of new REDs are capital operation capability, entrepreneurship, land reserve capability, high sales revenue from the first real estate development project, and innovation capability.

Originality/value

The five KCIs of new REDs are new. In practical terms, the examination of these KCIs would help the business managers of new REDs to effectively plan their business by focusing their efforts on these key indicators. The KCIs can also help REDs provide theoretical constructs of the knowledge base on organisational competitiveness from a dynamic perspective, and assist in providing valuable experiences and in formulating feasible strategies for survival and growth.

Details

Journal of Financial Management of Property and Construction, vol. 15 no. 2
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 10 October 2018

Debika Sihi

Digital technologies have made it possible for organizations to enhance service delivery and provide consumers a way to experience a product or service before even seeing…

Abstract

Purpose

Digital technologies have made it possible for organizations to enhance service delivery and provide consumers a way to experience a product or service before even seeing it in person. Prior work has validated consumer purchase decision-making models like the Engel, Kollat and Blackwell (EKB) model in digital and multi-channel purchase environments. This research aims to explore the various impacts of digital technologies, specifically virtual reality (VR) and augmented reality (AR) features, on the different stages of the EKB model in a high involvement purchase decision context. In addition, the use of such technologies is examined as a competitive advantage for sales agents.

Design/methodology/approach

An in-depth market analysis of VR and AR technologies related to residential real estate is conducted. Then the research questions are analyzed through detailed feedback gathered from 33 prospective home-buyers and realtors in the USA.

Findings

Insights from buyers and sales agents (realtors in the context of this research) suggest that VR and AR technologies can enhance consumer information search and expedite the time consumers spend evaluating purchase alternatives. As these technologies advance in their customization features, they may also increase the conversion between alternative evaluation and purchase, but only if they are realistic and provide high quality experiences. Finally, digital technologies are viewed as becoming a necessity in high involvement sales contexts, suggesting that additional features or innovative ways to use these technologies may serve as sources of competitive advantage for sales agents.

Originality/value

This is one of the first research studies to explore the perceived impacts of VR and AR technologies on the stages of the EKB model consumer decision model. It builds on prior work and offers direction for future research.

Details

Journal of Research in Interactive Marketing, vol. 12 no. 4
Type: Research Article
ISSN: 2040-7122

Keywords

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Article
Publication date: 1 January 1991

Andrew J. Buck and Simon Hakim

Examines the nexus of economic development, induced crime andproperty values focused on casino gambling introduced to Atlantic City,New Jersey. Uses econometric techniques…

Abstract

Examines the nexus of economic development, induced crime and property values focused on casino gambling introduced to Atlantic City, New Jersey. Uses econometric techniques to calculate the effects to which monetary increase in property values is directly attributable to the casinos and the extent to which these values have been diminished due to crime. Concludes that the gain in property taxes that a municipality may realise when a reduction in its property crime rate imbalances assessed values.

Details

Journal of Property Valuation and Investment, vol. 9 no. 1
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 19 February 2018

Jeffrey Boon Hui Yap and Khai Ling Chua

Property websites have been widely used to simplify the complicated conventional booking system nowadays. However, the services provided by the property websites are…

Abstract

Purpose

Property websites have been widely used to simplify the complicated conventional booking system nowadays. However, the services provided by the property websites are limited to information searching and registration. The uptake of the e-booking system in the property industry is still sluggish. The purpose of this paper is to examine the potential of the e-booking system as the blue ocean in enhancing property developers’ competitive advantage, and also investigates the benefits and key features of the e-booking system in the Malaysian property industry.

Design/methodology/approach

A mixed method of questionnaire and interviews is used to investigate the acuities of potential purchasers on the concept and potential of the e-booking system in the Malaysian property industry.

Findings

The findings of the study revealed that the perception towards the application of the e-booking system is positive. The benefits and prominent features are identified. There are no significant differences in perceptions among the three generation cohorts comprising of Generation Y, Generation X, and Baby Boomers.

Research limitations/implications

The sampling of this study is limited to the Klang Valley area only with the respondents mainly from Selangor and Kuala Lumpur. The small sample size may restrict the generalisation of the findings to represent the whole population of Malaysia.

Practical implications

These findings provide insights and guidelines for property developers in developing a strategic plan to introduce the e-booking system which can lead to a more efficient way of property purchasing process and praiseworthy users’ experience.

Originality/value

To the authors’ knowledge, this is the first paper that seeks to explore the potential of the online property transactions as a blue ocean strategy that will enhance property developers’ competitive advantage. As such, the key features identified in this study will be used in designing the e-booking system in the real estate market.

Details

Property Management, vol. 36 no. 1
Type: Research Article
ISSN: 0263-7472

Keywords

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Article
Publication date: 1 July 2002

Wolfgang F.E. Preiser and Ulrich Schramm

Outlines building evaluation methodology and instruments, which will facilitate comparative, cross‐cultural evaluation of the performance of a building type which is…

Abstract

Outlines building evaluation methodology and instruments, which will facilitate comparative, cross‐cultural evaluation of the performance of a building type which is common worldwide; i.e. intelligent office buildings. States that failure to obtain feedback on building performance can have serious consequences. Focuses on post‐occupancy evaluation (POE) an evaluation methodology. Concludes that there is a need for an evaluative stance throughout the building delivery process and cycle and POE appears to be of critical importance in the area of inter‐cultural differences in order to achieve better quality intelligent buildings.

Details

Facilities, vol. 20 no. 7/8
Type: Research Article
ISSN: 0263-2772

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Article
Publication date: 6 February 2007

Bas P. Singer, Bart A.G. Bossink and Herman J.M. Vande Putte

The purpose of this paper is to investigate how organisations use a corporate real estate strategy to support their competitive strategy. It provides a theoretical and…

Abstract

Purpose

The purpose of this paper is to investigate how organisations use a corporate real estate strategy to support their competitive strategy. It provides a theoretical and empirical overview and analysis of effective combinations of firms' real estate and competitive strategies.

Design/methodology/approach

The paper constructs a model that integrates three real estate strategies and three types of competitive strategies. Case studies in ten multinational firms in The Netherlands apply the model, and describe and analyse the combinations of the firms' real estate – and competitive strategies.

Findings

A standardisation real estate strategy supports all three competitive strategies: lowest costs, differentiation, and focus. A value‐based real estate strategy supports a competitive strategy of differentiation and differentiation‐focus, and does not contribute to a competitive strategy of lowest costs, or lowest costs‐focus. Finally, an incremental real estate strategy is ambiguous, and does not support any of the three competitive strategies.

Originality/value

The paper constructs a literature‐based model that combines real estate strategy and competitive strategy. It applies the model in a study of ten cases. Practitioners can use the model to analyse and reconsider the combination of their organisation's real estate strategy and competitive strategy. Academics can use the qualitative research results to design further research that qualifies and quantifies the relationship between various elements of real estate – and competitive strategy.

Details

Journal of Corporate Real Estate, vol. 9 no. 1
Type: Research Article
ISSN: 1463-001X

Keywords

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Article
Publication date: 19 January 2021

I Gusti Ayu Ketut Giantari and I Putu Gede Sukaatmadja

To test and explain about the implementation of the green marketing mix strategy, based on an environmental orientation and social capital in increasing the competitive

Abstract

Purpose

To test and explain about the implementation of the green marketing mix strategy, based on an environmental orientation and social capital in increasing the competitive advantage of the real estate developer or company in Bali.

Design/methodology/approach

Data collected in this study are primary data. Primary data collection is done by survey method using a research instrument in the form of a questionnaire. This research was conducted at real estate development companies in several cities in Bali. The sample unit is a real estate developer in Bali whose scope of operation project is at least 20 hectares, which means the scale of the property business is a middle-class and upper-class company. The unit of analysis is the company developer in Bali, while the respondent is General Manager, CEO or company owner. Data analysis employs inferential statistics of partial least square (PLS).

Findings

The findings in this study indicate that environmental orientation and competitive advantage do not have a significant direct relationship. However, it has an indirect effect through the adoption of a green marketing mix strategy. Thus, the application of the green marketing mix strategy has a positive and significant impact on increasing competitive advantage. Then, environmental orientation has a direct and significant influence on the application of the green marketing mix. Social capital has a positive and significant influence on competitive advantage.

Originality/value

The originality of this study is evident from the effort to deepen the analysis about the Competitive Advantage uses a green marketing mix strategy for real estate developers as a service company. Although there are many studies on EO, the results are still varied so that this becomes something interesting. Thus, in this study the concept of the effect of EO influence was developed on the implementation of the green marketing mix strategy by green property developers.

Details

Property Management, vol. 39 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

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Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes…

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Structural Survey, vol. 19 no. 3
Type: Research Article
ISSN: 0263-080X

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