Search results

1 – 10 of 668
Article
Publication date: 19 January 2024

Raveena Marasinghe and Susantha Amarawickrama

This paper examines rent determinants and their relationship with commercial office property rents.

65

Abstract

Purpose

This paper examines rent determinants and their relationship with commercial office property rents.

Design/methodology/approach

The method adopted in this study differs from that of previous studies on this topic. Firstly, based on the survey of the viewpoints of experts, Relative Importance Index (RII) analysis was used to identify rent determinants and to rank and ensure their relevance and validity in the Sri Lankan context. Secondly, sampling of data related to 115 office properties collected from property tenants and landlords located within the central built-up area of Colombo City was conducted using a multi-methods approach to carry out an objective hedonic analysis of office rents.

Findings

This research utilizes RII and hedonic models to provide insights into determinants and relationships. Both analyses confirm that the three top drivers of commercial office rent are distance from the major town center, availability of parking space and the condition of the property. In addition to these three factors, hedonic models reveal that the age of the property and the availability of a conference hall also play a relevant role in explaining office rents. Given the disparities in the findings of the two methods, further examination was able to confirm that factors such as distance from the major town center, parking availability, age of the property, presence of a conference hall, building condition, floor size, business type and type of building are likely to influence commercial office rent. These findings reflect elements such as the quality, newness and better facilities of different office properties.

Practical implications

This systematic study and analysis of office rent for the guidance of real estate investors can support sound investment decisions, potentially leading to more financially sound property development, reduced public debt levels and improved public-private financing. Further, the research findings offer valuable insights to real estate investors, developers and planners regarding location decisions for office development quality enhancements in future office developments.

Originality/value

This research provides fresh insights into the local scale office market, an area where limited evidence currently exists. Further, the methodology adopted provides evidence that hedonic analysis, supported by a multi-method approach, can mitigate the subjective judgments made by professionals.

Details

Journal of Property Investment & Finance, vol. 42 no. 1
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 26 February 2024

Vanessa Quintal, Abhinav Sood and Ian Phau

The paper aims to empirically test a framework to predict the desire and intention to engage with an elective health-care procedure and implement a methodology to test the…

Abstract

Purpose

The paper aims to empirically test a framework to predict the desire and intention to engage with an elective health-care procedure and implement a methodology to test the anticipated positive and negative emotions in hedonic adaptation to an elective procedure.

Design/methodology/approach

Two studies in USA and Australia (N = 1,200) confirmed the psychometric properties of the key constructs under the chemical peel condition. Two further studies in the USA and Australia (N = 1,100) explored the research question and hypotheses in the adapted model of goal-directed behaviour under the Botox condition. A survey was self-administered to online panels who had previously engaged in such elective procedures.

Findings

The findings highlighted the pragmatic implications for communication and activation strategies to safeguard consumer interests and retain their loyalty.

Originality/value

From the authors’ best understanding, neither a methodology nor a theoretical framework exists to explore hedonic adaptation to recurring engagement with elective health care. A methodology and theoretical framework will highlight the mood states and factors that predict desire and intention to engage. This can advance the research on hedonic adaptation and decision-making and offer pragmatic suggestions for communication and activation strategies to safeguard consumer interests and retain their loyalty.

Details

International Journal of Pharmaceutical and Healthcare Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1750-6123

Keywords

Article
Publication date: 10 October 2023

Visar Hoxha

The purpose of the study is to examine the efficiency of linear, nonlinear and artificial neural networks (ANNs), in predicting property prices.

Abstract

Purpose

The purpose of the study is to examine the efficiency of linear, nonlinear and artificial neural networks (ANNs), in predicting property prices.

Design/methodology/approach

The present study uses a dataset of 1,468 real estate transactions from 2020 to 2022, obtained from the Department of Property Taxes of Republic of Kosovo. Beginning with a fundamental linear regression model, the study tackles the question of overlooked nonlinearity, employing a similar strategy like Peterson and Flanagan (2009) and McCluskey et al. (2012), whereby ANN's predictions are incorporated as an additional regressor within the ordinary least squares (OLS) model.

Findings

The research findings underscore the superior fit of semi-log and double-log models over the OLS model, while the ANN model shows moderate performance, contrary to the conventional conviction of ANN's superior predictive power. This is notably divergent from the prevailing belief about ANN's superior predictive power, shedding light on the potential overestimation of ANN's efficacy.

Practical implications

The study accentuates the importance of embracing diverse models in property price prediction, debunking the notion of the ubiquitous applicability of ANN models. The research outcomes carry substantial ramifications for both scholars and professionals engaged in property valuation.

Originality/value

Distinctively, this research pioneers the comparative analysis of diverse models, including ANN, in the setting of a developing country's capital, hence providing a fresh perspective to their effectiveness in property price prediction.

Article
Publication date: 16 April 2024

Neena Sinha, Sanjay Dhingra, Ritu Sehrawat, Varnika Jain and Himanshu Himanshu

The emergence of virtual reality (VR) has the potential to revolutionize various industries, including tourism, as it delivers a simulated environment that closely emulates…

Abstract

Purpose

The emergence of virtual reality (VR) has the potential to revolutionize various industries, including tourism, as it delivers a simulated environment that closely emulates real-life experiences. Therefore, this study aims to explore how the factors, i.e. enjoyment, emotional involvement, flow state, perceived privacy risk, physical risk and cost, influence the customers’ intention to use VR for tourism.

Design/methodology/approach

This study integrates the technology acceptance model, hedonic consumption theory with other factors, including cognitive response, authenticity, perceived privacy risk, perceived physical risk, perceived cost and perceived presence. Partial least squares structural equation modelling approach was used to test the proposed research model.

Findings

The finding based on the sample of 252 respondents revealed that authenticity is the most influential factor impacting behavior intention followed by perceived cost, attitude, cognitive response and enjoyment. Also, the study supported the moderating impact of personal innovativeness between attitude and behavioral intention to use VR for tourism.

Practical implications

The findings of the study offers practical implications for service providers, site managers, destination marketers, tourist organizations and policymaker to develop more effective strategies for offering VR services for tourism.

Originality/value

This study enriches the current understanding of VR adoption in context of tourism with empirical evidences.

Article
Publication date: 15 April 2024

Seyed Abbas Rajaei, Afshin Mottaghi, Hussein Elhaei Sahar and Behnaz Bahadori

This study aims to investigate the spatial distribution of housing prices and identify the affecting factors (independent variable) on the cost of residential units (dependent…

Abstract

Purpose

This study aims to investigate the spatial distribution of housing prices and identify the affecting factors (independent variable) on the cost of residential units (dependent variable).

Design/methodology/approach

The method of the present study is descriptive-analytical and has an applied purpose. The used statistical population in this study is the residential units’ price in Tehran in 2021. For this purpose, the average per square meter of residential units in the city neighborhoods was entered in the geographical information system. Two techniques of ordinary least squares regression and geographically weighted regression have been used to analyze housing prices and modeling. Then, the results of the ordinary least squares regression and geographically weighted regression models were compared by using the housing price interpolation map predicted in each model and the accurate housing price interpolation map.

Findings

Based on the results, the ordinary least squares regression model has poorly modeled housing prices in the study area. The results of the geographically weighted regression model show that the variables (access rate to sports fields, distance from gas station and water station) have a direct and significant effect. Still, the variable (distance from fault) has a non-significant impact on increasing housing prices at a city level. In addition, to identify the affecting variables of housing prices, the results confirm the desirability of the geographically weighted regression technique in terms of accuracy compared to the ordinary least squares regression technique in explaining housing prices. The results of this study indicate that the housing prices in Tehran are affected by the access level to urban services and facilities.

Originality/value

Identifying factors affecting housing prices helps create sustainable housing in Tehran. Building sustainable housing represents spending less energy during the construction process together with the utilization phase, which ultimately provides housing at an acceptable price for all income deciles. In housing construction, the more you consider the sustainable housing principles, the more sustainable housing you provide and you take a step toward sustainable development. Therefore, sustainable housing is an important planning factor for local authorities and developers. As a result, it is necessary to institutionalize an integrated vision based on the concepts of sustainable development in the field of housing in the Tehran metropolis.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 3 January 2023

Chin Tiong Cheng and Gabriel Hoh Teck Ling

Increasing overhang of serviced apartments poses a serious concern to the national property market. This study aims to examine the impacts of macroeconomic determinants, namely…

Abstract

Purpose

Increasing overhang of serviced apartments poses a serious concern to the national property market. This study aims to examine the impacts of macroeconomic determinants, namely, gross domestic product (GDP), consumer confidence index (CF), existing stocks (ES), incoming supply (IS) and completed project (CP) on serviced apartment price changes.

Design/methodology/approach

To achieve more accurate, quality price changes, a serviced apartment price index (SAPI) was constructed through a self-developed hedonic price index model. This study has collected 1,567 transaction data in Kuala Lumpur, covering 2009Q1–2018Q4 for price index construction and data were analysed using the vector autoregressive model, the vector error correction model and the fully modified ordinary least squares (OLS) (FMOLS).

Findings

Results of the regression model show that only GDP, ES and IS were significantly associated with SAPI, with an R2 of 0.7, where both ES and IS have inverse relationships with SAPI. More precisely, it is predicted that the price of serviced apartments will be reduced by 0.56% and 0.21% for every 1% increase in ES and IS, respectively.

Practical implications

Therefore, government monitoring of serviced apartments’ future supply is crucial by enforcing land use-planning regulations via stricter development approval of serviced apartments to safeguard and achieve more stable property prices.

Originality/value

By adopting an innovative approach to estimating the response of price change to supply and demand in a situation where there is no price indicator for serviced apartments, the study addresses the knowledge gap, especially in terms of understanding what are the key determinants of, and to what extent they influence, the SAPI.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 20 February 2024

I Gede Mahatma Yuda Bakti, Sik Sumaedi, Medi Yarmen, Marlina Pandin, Aris Yaman, Rahmi Kartika Jati and Mauludin Hidayat

Recently, autonomous vehicles (AV) acceptance has been studied intensively. This paper aims to map and analyze the bibliometric characteristics of AV acceptance literature…

Abstract

Purpose

Recently, autonomous vehicles (AV) acceptance has been studied intensively. This paper aims to map and analyze the bibliometric characteristics of AV acceptance literature. Furthermore, this research aims to identify research gaps and propose future research opportunities.

Design/methodology/approach

The bibliometric analysis was performed. Scopus database was used as the source of the literature. This study selected and analyzed 297 AV acceptance papers. The performance and science mapping analysis were performed.

Findings

The developed countries tended to dominate the topic. The publication outlet tended to be in transportation or technology journals. There were four research themes in existing literature. Technology acceptance model (TAM) and UTAUT2 tended to be used for explaining AV acceptance. AV acceptance studies tended to use two types of psychological concepts for understanding AV acceptance, namely risk related concepts and functional utilitarian benefit related concepts. In the context of research design, quantitative approach tended to be used. Self-driving feature was the most exploited feature of AV in the existing literature. Three research gaps were mapped and future research opportunities were proposed.

Practical implications

This paper provided a comprehensive information that allowed scientists to develop future research on AV acceptance.

Originality/value

There is lack of paper that discussed the bibliometric characteristics of AV acceptance literature. This paper fulfilled the gap.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 7 December 2022

Peyman Jafary, Davood Shojaei, Abbas Rajabifard and Tuan Ngo

Building information modeling (BIM) is a striking development in the architecture, engineering and construction (AEC) industry, which provides in-depth information on different…

Abstract

Purpose

Building information modeling (BIM) is a striking development in the architecture, engineering and construction (AEC) industry, which provides in-depth information on different stages of the building lifecycle. Real estate valuation, as a fully interconnected field with the AEC industry, can benefit from 3D technical achievements in BIM technologies. Some studies have attempted to use BIM for real estate valuation procedures. However, there is still a limited understanding of appropriate mechanisms to utilize BIM for valuation purposes and the consequent impact that BIM can have on decreasing the existing uncertainties in the valuation methods. Therefore, the paper aims to analyze the literature on BIM for real estate valuation practices.

Design/methodology/approach

This paper presents a systematic review to analyze existing utilizations of BIM for real estate valuation practices, discovers the challenges, limitations and gaps of the current applications and presents potential domains for future investigations. Research was conducted on the Web of Science, Scopus and Google Scholar databases to find relevant references that could contribute to the study. A total of 52 publications including journal papers, conference papers and proceedings, book chapters and PhD and master's theses were identified and thoroughly reviewed. There was no limitation on the starting date of research, but the end date was May 2022.

Findings

Four domains of application have been identified: (1) developing machine learning-based valuation models using the variables that could directly be captured through BIM and industry foundation classes (IFC) data instances of building objects and their attributes; (2) evaluating the capacity of 3D factors extractable from BIM and 3D GIS in increasing the accuracy of existing valuation models; (3) employing BIM for accurate estimation of components of cost approach-based valuation practices; and (4) extraction of useful visual features for real estate valuation from BIM representations instead of 2D images through deep learning and computer vision.

Originality/value

This paper contributes to research efforts on utilization of 3D modeling in real estate valuation practices. In this regard, this paper presents a broad overview of the current applications of BIM for valuation procedures and provides potential ways forward for future investigations.

Details

Engineering, Construction and Architectural Management, vol. 31 no. 4
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 8 June 2023

Anthony Owusu-Ansah, Lewis Abedi Asante and Zaid Abubakari

There is a long-standing debate about the relationship between land title registration and tenure security. Studies in the developing world point to a tenuous link between land…

Abstract

Purpose

There is a long-standing debate about the relationship between land title registration and tenure security. Studies in the developing world point to a tenuous link between land registration and stable land tenure. The reason why people continue to register therefore becomes a mystery if tenure security is not entirely assured. This article focuses on the increase in property value as one such factor that induces title registration. Previous studies have quantified the economic impact of title registration on property values. However, the impact varies from city or country to another. The authors seek to investigate the extent of property value increment in Accra attributable to land title registration.

Design/methodology/approach

The authors statistically analyzed a data set from two institutions (First National Bank and the Lands Commission) in Ghana using a quantitative technique.

Findings

The authors discovered that, holding all other factors constant, the value of the land in Accra increases by 22.6% due to land title registration. This shows that lessees must register to enhance property values, even though the essential due diligence must be done to make sure the acquisition is free from liens and legal disputes.

Practical implications

This article highlights the implication of the findings for land administration as well as the practice of property valuation, development and brokerage in Ghana and Global South more broadly.

Originality/value

This is one of the first studies in Ghana to investigate the specific premium that housing markets put on land title registration.

Details

Property Management, vol. 42 no. 1
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 23 April 2024

Mohamed Abou-Shouk, Nagwa Zouair, Ayman Abdelhakim, Hany Roshdy and Marwa Abdel-Jalil

This research paper aims to investigate the predictors and outcomes of immersive technology adoption in tourism.

Abstract

Purpose

This research paper aims to investigate the predictors and outcomes of immersive technology adoption in tourism.

Design/methodology/approach

PLS-SEM is used for data collected from tourists visiting the UAE and Egypt to examine predictors and consequences of adoption.

Findings

It is revealed that perceived ease of use, enjoyment, immersion, usefulness and attitude towards technology predict immersive technology adoption. It is also revealed that the adoption affects tourists’ perceived value and engagement, which, in turn, affects tourists’ satisfaction and loyalty.

Originality/value

The study has integrated a research model that combines both antecedents and consequences of immersive technology adoption where few empirical investigations were revealed to draw conclusions on this research area. Also, missing relations have been included and tested in the research model.

Details

International Journal of Contemporary Hospitality Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0959-6119

Keywords

1 – 10 of 668