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Open Access
Article
Publication date: 5 September 2023

Andrew Ebekozien, Clinton Ohis Aigbavboa and Mohamad Shaharudin Samsurijan

Though alternative building technologies (ABTs) have been encouraged to address accessible and affordable issues in low-cost housing (LCH) provision, their adoption is still…

Abstract

Purpose

Though alternative building technologies (ABTs) have been encouraged to address accessible and affordable issues in low-cost housing (LCH) provision, their adoption is still overwhelmed with encumbrances. The encumbrances that hinder ABT adoption require an in-depth study, especially in developing countries like Nigeria. However, studies regarding ABT and its role in improving Nigeria's LCH to achieve Sustainable Development Goal (SDG) 11 are scarce. This research investigates encumbrances to ABT adoption in Nigeria's LCH provision and suggests feasible measures to prevent or reduce the encumbrances, thereby improving achieving SDG 11 (sustainable cities and communities).

Design/methodology/approach

This research utilised qualitative research and adopted a face-to-face interview as the primary data collection. The interviewees comprised ABT practitioners and end users in Nigeria who were chosen by a convenient sampling technique. The study's data were analysed manually through a thematic approach.

Findings

This study shows that stakeholders should embrace ABT in LCH provision to improve achieving SDG 11 in Nigeria. Also, it clustered the perceived 20 encumbrances to ABT adoption in LCH provision into government/policymaker, housing developers/building contractors, ABT users and ABT manufacturers-related issues in Nigeria's context. This study suggested mechanisms to mitigate encumbrances to ABT adoption in LCH provision, thereby improving achieving SDG 11.

Originality/value

This research adds to the limited literature by analysing ABT adoption encumbrances in Nigeria's LCH provision, which could assist policy formulation for the uptake of ABT in LCH provision and improve achieving Goal 11.

Details

Engineering, Construction and Architectural Management, vol. 31 no. 13
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 29 December 2022

Sudhanshu Sekhar Pani

This paper aims to examine the dynamics of house prices in metropolitan cities in an emerging economy. The purpose of this study is to characterise the house price dynamics and…

Abstract

Purpose

This paper aims to examine the dynamics of house prices in metropolitan cities in an emerging economy. The purpose of this study is to characterise the house price dynamics and the spatial heterogeneity in the dynamics.

Design/methodology/approach

The author explores spatial heterogeneity in house price dynamics, using data for 35 Indian cities with a million-plus population. The research methodology uses panel econometrics allowing for spatial heterogeneity, cross-sectional dependence and non-stationary data. The author tests for spatial differences and analyses the income elasticity of prices, the role of construction costs and lending to the real estate industry by commercial banks.

Findings

Long-term fundamentals drive the Indian housing markets, where wealth parameters are stronger than supply-side parameters such as construction costs or availability of financing for housing projects. The long-term elasticity of house prices to aggregate household deposits (wealth proxy) varies considerably across cities. However, the elasticity estimated at 0.39 is low. The highest coefficient is for Ludhiana (1.14), followed by Bhubaneswar (0.78). The short-term dynamics are robust and show spatial heterogeneity. Short-term momentum (lagged housing price changes) has a parameter value of 0.307. The momentum factor is the crucial dynamic in the short term. The second driver, the reversion rate to long-term equilibrium (estimated at −0.18), is higher than rates reported from developed markets.

Research limitations/implications

This research applies to markets that require some home equity contributions from buyers of housing services.

Practical implications

Stakeholders can characterise stable housing markets based on long-term fundamental value and short-run house price dynamics. Because stable housing markets benefit all stakeholders, weak or non-existent mean reversion dynamics may prompt the intervention of policymakers. The role of urban planners, and local and regional governance, is essential to remove the bottlenecks from the demand side or supply side factors that can lead to runaway prices.

Originality/value

Existing literature is concerned about the risk of a housing bubble due to relaxed credit norms. To prevent housing market bubbles, some regulators require higher contributions from home buyers in the form of equity. The dynamics of house prices in markets with higher owner equity requirements vary from high-leverage markets. The influence of wealth effects is examined using novel data sets. This research, documents in an emerging market context, the observations cited in low-leverage developed markets such as Germany and Japan.

Details

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

Keywords

Article
Publication date: 8 February 2023

Siti Hafsah Zulkarnain and Abdol Samad Nawi

The purpose of this study is to analyse numerous aspects affecting residential property price in Malaysia against macroeconomics issues such as gross domestic product (GDP)…

Abstract

Purpose

The purpose of this study is to analyse numerous aspects affecting residential property price in Malaysia against macroeconomics issues such as gross domestic product (GDP), exchange rate, unemployment and wage.

Design/methodology/approach

The hedonic pricing model has been adopted as econometric model for this research to investigate the relationship between residential property price against macroeconomics indicator. The data for residential property price and macroeconomic variables were collected from 1991 to 2019. Multiple linear regression had been adopted to find the relationship between the dependent and independent variables.

Findings

The result shows that the GDP has a significant positive impact on residential property price, while exchange rate has no significant impact although it was positive. In addition, the unemployment rate has a significant impact on the residential property price and has a negative relationship. Similar to the wage that shows the negative relationship with residential property prices. Moreover, during the pandemic COVID-19 in Malaysia, this research shows a more transparent view of the relationship between residential property price and the macroeconomic issues of GDP, exchange rate, unemployment and wage.

Originality/value

The findings of this research found that macroeconomics issue cannot be eliminated due to Malaysia is a developing country, and there will always be an issue that will happen, but the issues can be reduced to maximise the advantages, e.g. during COVID-19, the solution to fight against COVID-19 were crucial and weaken the macroeconomics issues.

Details

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

Keywords

Article
Publication date: 15 December 2022

Tanuj Mathur and Ujjwal Kanti Paul

Home insurance is widely recognised as a tool for mitigating economic risk associated with natural disasters. This study aims to analyse the influence of homeowners’ home…

Abstract

Purpose

Home insurance is widely recognised as a tool for mitigating economic risk associated with natural disasters. This study aims to analyse the influence of homeowners’ home insurance knowledge (both objective and subjective types), perceived benefits (PB) and perceived vulnerability towards disaster loss (PVUL) on their intention to purchase (ITP).

Design/methodology/approach

This research makes use of survey data collected from 394 respondents (the homeowners) residing in various parts of India. The structural equation modelling is used to verify 11 hypotheses proposed in the study.

Findings

The findings indicate that both objective knowledge (OK) and subjective knowledge (SK) of home insurance have significant influence on homeowners’ benefit perception and PVUL. The homeowners’ PB of home insurance negatively affect PVUL. The OK of home insurance has a stronger influence on homeowners’ ITP home insurance than SK while the homeowners benefit perceptions and PVUL significantly affects homeowners’ ITP home insurance. These findings confirms that if homeowners are knowledgeable about home insurance, they perceive the plans as more beneficial and feel less vulnerable about catastrophic events, resulting in positive intentions towards purchasing them.

Originality/value

To the best of the authors’ knowledge, this is the first comprehensive research that assesses the Indian homeowners’ knowledge, PB and PVUL in influencing their ITP home insurance. The finding of this paper will assist both public and private insurance companies in India and similar markets in designing and implementing effective strategies to sell home insurance policies.

Details

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

Keywords

Article
Publication date: 26 April 2024

Sujoy Biswas and Arjun Mukerji

The purpose of this study is to examine the buyers’ preferences influencing the purchase of privately developed affordable housing in Kolkata and to determine whether unsold…

Abstract

Purpose

The purpose of this study is to examine the buyers’ preferences influencing the purchase of privately developed affordable housing in Kolkata and to determine whether unsold houses result from misalignment with these preferences.

Design/methodology/approach

The literature review and user-opinion survey identified 119 independent variables that indicate buyers’ preferences. A questionnaire survey of 383 households in affordable housing units from 32 housing complexes in Kolkata recorded buyers’ preferences and satisfaction against the independent variables grouped under five levels of characteristics. The product weights of variables derived from the rank sum method and percentage satisfaction give the Utility Score. Multivariate regression and univariate linear regressions were conducted to determine the significance of each Level of characteristics and each variable, identifying the significant variables that would affect the sale of affordable houses.

Findings

The multivariate regression analysis has indicated that 68.56% of the variation in the percentage of unsold houses was explained by the five utility scores, which affirms that misalignment with buyers’ preferences significantly affects the sale of privately developed affordable houses. Furthermore, building and neighbourhood-level utility show the highest significance as predictors, while city-level and miscellaneous utility have moderate significance, but housing complex-level utility lacks statistical significance.

Originality/value

This study addresses a research gap in privately developed affordable housing in Kolkata, enhancing understanding of buyer preferences in this segment.

Details

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

Keywords

Open Access
Article
Publication date: 29 April 2024

Evangelos Vasileiou, Elroi Hadad and Georgios Melekos

The objective of this paper is to examine the determinants of the Greek house market during the period 2006–2022 using not only economic variables but also behavioral variables…

Abstract

Purpose

The objective of this paper is to examine the determinants of the Greek house market during the period 2006–2022 using not only economic variables but also behavioral variables, taking advantage of available information on the volume of Google searches. In order to quantify the behavioral variables, we implement a Python code using the Pytrends 4.9.2 library.

Design/methodology/approach

In our study, we assert that models relying solely on economic variables, such as GDP growth, mortgage interest rates and inflation, may lack precision compared to those that integrate behavioral indicators. Recognizing the importance of behavioral insights, we incorporate Google Trends data as a key behavioral indicator, aiming to enhance our understanding of market dynamics by capturing online interest in Greek real estate through searches related to house prices, sales and related topics. To quantify our behavioral indicators, we utilize a Python code leveraging Pytrends, enabling us to extract relevant queries for global and local searches. We employ the EGARCH(1,1) model on the Greek house price index, testing several macroeconomic variables alongside our Google Trends indexes to explain housing returns.

Findings

Our findings show that in some cases the relationship between economic variables, such as inflation and mortgage rates, and house prices is not always consistent with the theory because we should highlight the special conditions of the examined country. The country of our sample, Greece, presents the special case of a country with severe sovereign debt issues, which at the same time has the privilege to have a strong currency and the support and the obligations of being an EU/EMU member.

Practical implications

The results suggest that Google Trends can be a valuable tool for academics and practitioners in order to understand what drives house prices. However, further research should be carried out on this topic, for example, causality relationships, to gain deeper insight into the possibilities and limitations of using such tools in analyzing housing market trends.

Originality/value

This is the first paper, to the best of our knowledge, that examines the benefits of Google Trends in studying the Greek house market.

Details

EconomiA, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1517-7580

Keywords

Article
Publication date: 10 January 2023

Yaxin Ma, Fauziah Md Taib and Nusirat Ojuolape Gold

This study aims to merge the world’s proven ways of housing finance, including musharakah mutanaqisah, housing cooperatives and real estate crowdfunding, to present an alternative…

Abstract

Purpose

This study aims to merge the world’s proven ways of housing finance, including musharakah mutanaqisah, housing cooperatives and real estate crowdfunding, to present an alternative housing unaffordability solution based on the Islamic finance principle. It is intended to reduce the burden of funding for both sides (consumers and developers) and create win–win chances for all stakeholders, including intermediaries. By moving away from debt financing and merging the features of crowdfunding and cooperative, it is hopeful that the burden of home ownership will no longer be the case.

Design/methodology/approach

This paper presents the opinions of potential Chinese homebuyers (minority Muslims and most non-Muslims) and a few industry experts toward the proposed model via a mixed research method.

Findings

According to the findings, the majority of respondents agreed with the proposed paradigm. Just concerned that China’s lack of community culture and trust could pose a major threat to implementation. However, this paper argues that Chinese local governments may perform pilot testing in places where Islamic culture is prevalent. Their unique community culture and fundamental understanding of Shariah law may affect the viability of the proposed model.

Originality/value

The proposed model would increase the applicability of Islamic finance as a way of protecting the social order of communities in the spirit of upholding justice and fairness. A new type of housing loan based on musharakah mutanaqisah may squeeze out the real estate bubble and provide stakeholders with a multidimensional investment channel. In particular, the study identifies the impact of Chinese Islamic financing on government and cultural needs. It presents possible challenges for implementing the proposed model in reality and helps bridge the gap between theory and practice.

Details

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

Keywords

Article
Publication date: 18 April 2024

Anton Salov

The purpose of this study is to reveal the dynamics of house prices and sales in spatial and temporal dimensions across British regions.

Abstract

Purpose

The purpose of this study is to reveal the dynamics of house prices and sales in spatial and temporal dimensions across British regions.

Design/methodology/approach

This paper incorporates two empirical approaches to describe the behaviour of property prices across British regions. The models are applied to two different data sets. The first empirical approach is to apply the price diffusion model proposed by Holly et al. (2011) to the UK house price index data set. The second empirical approach is to apply a bivariate global vector autoregression model without a time trend to house prices and transaction volumes retrieved from the nationwide building society.

Findings

Identifying shocks to London house prices in the GVAR model, based on the generalized impulse response functions framework, I find some heterogeneity in responses to house price changes; for example, South East England responds stronger than the remaining provincial regions. The main pattern detected in responses and characteristic for each region is the fairly rapid fading of the shock. The spatial-temporal diffusion model demonstrates the presence of a ripple effect: a shock emanating from London is dispersed contemporaneously and spatially to other regions, affecting prices in nondominant regions with a delay.

Originality/value

The main contribution of this work is the betterment in understanding how house price changes move across regions and time within a UK context.

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: 12 February 2024

Hanis Mastura Yahya, Nurul Aini Fadzleena Mohd Zuhaimi, Sameeha Mohd Jamil, Suzana Shahar and Yee Xing You

Ulam is a traditional salad that contains high levels of antioxidants and is commonly consumed in raw form. However, the average ulam consumption among the low-income Malaysian…

Abstract

Purpose

Ulam is a traditional salad that contains high levels of antioxidants and is commonly consumed in raw form. However, the average ulam consumption among the low-income Malaysian population was only ½ serving daily. Thus, this study aimed to explore the motivators and barriers to ulam consumption among residents of low-cost housing areas (household income RM4849 or $1015.50) in Kuala Lumpur, Malaysia.

Design/methodology/approach

Six focus group discussions were conducted with 27 Malay residents aged 18–59 years in Kuala Lumpur, Malaysia. The researchers asked the participants a series of semi-structured questions. All the interviews were audio-recorded and transcribed verbatim. Two researchers coded the transcripts independently, and several themes were identified. The data were analysed using Nvivo version 12 software.

Findings

Three main factors for ulam consumption were identified in this study: personal, environmental and behavioural. The motivators and barriers were identified based on nine main themes and 16 sub-themes.

Practical implications

The results of this study identified potential areas for an effective intervention to increase ulam intake among residents in low-cost housing areas.

Originality/value

This work has the potential to identify the factors that have an impact on consumers' ulam preferences to help fulfil daily vegetable recommendations.

Details

British Food Journal, vol. 126 no. 5
Type: Research Article
ISSN: 0007-070X

Keywords

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