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1 – 10 of over 1000Rosli Said, Mardhiati Sulaimi, Rohayu Ab Majid, Ainoriza Mohd Aini, Olusegun Olaopin Olanrele and Omokolade Akinsomi
This study aims to address the critical need for innovative financing solutions in the global housing sector, focusing specifically on Malaysia’s distinct housing finance system…
Abstract
Purpose
This study aims to address the critical need for innovative financing solutions in the global housing sector, focusing specifically on Malaysia’s distinct housing finance system encompassing both conventional and Islamic loans. The primary objective is to develop a transformative housing finance model that addresses affordability challenges and reshapes the Malaysian housing landscape.
Design/methodology/approach
The study presents an alternate housing finance model for Malaysia, integrating lower monthly payments and reduced household debt. Key variables include house price appreciation rates, interest rates, initial guarantee fees and loan-to-value ratios. Inspired by the Help to Buy (HTB) scheme, the model aligns with proven global initiatives for enhanced affordability, balancing payment amounts, loan interest rates and acceptable price thresholds.
Findings
The study’s findings promise to address affordability disparities and reshape Malaysia’s housing finance landscape. The emphasis is on introducing a structured repayment plan that offers a sustainable path to homeownership, particularly for low-income families. Incorporating the future value adaptation concept, inspired by reverse mortgages and Islamic finance, enhances adaptability, ensuring long-term sustainability despite economic shifts.
Practical implications
The proposed model promotes widespread access to homeownership, offering practical solutions for policymakers to improve affordability, prompting adaptable risk management strategies for financial institutions and empowering potential homebuyers with increased flexibility.
Originality/value
The study introduces a transformative housing finance model for Malaysia, merging elements from reverse mortgages, Islamic finance and the HTB scheme, offering potential applicability to similar systems globally.
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Affordable housing provision is one of the visions of the Kingdom of Saudi Arabia (KSA), as highlighted in Vision 2030. For about 21 months now, the coronavirus disease 2019…
Abstract
Purpose
Affordable housing provision is one of the visions of the Kingdom of Saudi Arabia (KSA), as highlighted in Vision 2030. For about 21 months now, the coronavirus disease 2019 (COVID-19) pandemic has ravaged the world and has increased the level of economic crisis and financial uncertainty to achieve planned projects. Studies investigating the reality of how the COVID-19 pandemic may streamline the chances of achieving affordable housing for all in 2030 are scarce. Thus, this study examined the relevance of affordable housing, the perceived impact of COVID-19 on affordable housing and proffered measures to promote affordable housing finance in Vision 2030.
Design/methodology/approach
Medina, Riyadh and Al Qassim were the participants' cities engaged via panel interviews and supported by existing relevant Vision 2030 documents. The Delphi method was adopted to explore the government officials, financial operators (bankers), academicians and employees' opinions, and the analysed data presented in themes.
Findings
Findings show that SA Vision 2030 blueprint expresses an exemplary country in all ramifications, including affordable housing finance for the citizens. Findings reveal that the COVID-19 pandemic threatens SA affordable housing finance Vision 2030. The increased housing shortage, high construction housing cost, increased foreclosures, increased eviction, possible homelessness, financial instability and vulnerability emerged as the perceived impact of COVID-19 on affordable housing finance in Vision 2030. Refinancing housing loans to boost Vision 2030, forbearance to promote Vision 2030, improve payment relief, among others, emerged as measures to promote affordable housing in the post-COVID-19 era.
Research limitations/implications
The research only identified the possible negative impacts of the COVID-19 pandemic on affordable housing finance in Vision 2030 and proffered policy solutions from the engaged participants' perspective. Also, the study covered three cities (Medina, Riyadh and Al Qassim). The suggestions that will emerge from this research may be adopted to address other sectors captured in Vision 2030 that are critical and hit by the ravaging pandemic.
Practical implications
Measures such as refinancing mortgages and strengthening government housing agencies will promote affordable housing for Vision 2030 if the relevant policymakers and mortgage institutions are well implemented.
Originality/value
This research identified the perceived early threats from the COVID-19 pandemic that could affect affordable housing transformation in Vision 2030 from the participants' perspective. Studies regarding COVID-19 and affordable housing in Vision 2030 are very few.
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This research study aims to delve into the enduring relationship between housing property prices and economic policy uncertainty across eight major Indian cities.
Abstract
Purpose
This research study aims to delve into the enduring relationship between housing property prices and economic policy uncertainty across eight major Indian cities.
Design/methodology/approach
Using the panel non-linear autoregressive distributed lag model, this study meticulously investigates the asymmetric impact of economic policy uncertainty on apartment and house (unit) prices in India during the period from 2000 to 2022.
Findings
The findings of this study indicate that economic policy uncertainty exerts a negative influence on property prices, but noteworthy asymmetry is observed, with positive changes in effect having a more pronounced impact than negative changes. This asymmetrical effect is particularly prominent in the case of unit prices.
Originality/value
This research reveals that long-run price trends are also influenced by factors such as interest rates, building costs and housing loans. Through a comprehensive analysis of these factors and their interplay with property prices, this research paper contributes valuable insights to the understanding of the real estate market dynamics in Indian cities.
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Safar Ghaedrahmati and Ebrahim Rezaei
This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive…
Abstract
Purpose
This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad.
Design/methodology/approach
This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad. For this purpose, the trend of housing price growth in Iran and Turkey was compared. The review of the 11-year trend of rates shows that housing prices in both countries have been continuously rising, and these prices have undoubtedly experienced increasing shocks in Iran. For further analysis, 13 main variables leading to the repulsion of investment in Iran's housing market and 15 variables shaping the attractiveness of investment in Turkey were identified in this sector. Thirty experts subsequently ranked the significant variables based on a closed-end questionnaire using quantitative strategic planning matrix. Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”
Findings
Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”
Originality/value
From a theoretical standpoint, foreign investment is in support of Turkey and harmful to Iran because the Turkish government is bolstering investment attractiveness to bring increased capital inflows into this country. Practically speaking, Turkey has aimed to create a rational framework for investors by strengthening and changing its economic system, as well as amending existing constitutions in this domain. Nevertheless, Iran resists any changes in its economic system and legislation. Therefore, a wide range of attractiveness and repulsion variables has led to the migration of Iranian investors to Turkey. In the present study, such variables are illuminated.
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The purpose of this study is to examine the effects of market-based approach to provision of housing to low-income households in urban Malawi.
Abstract
Purpose
The purpose of this study is to examine the effects of market-based approach to provision of housing to low-income households in urban Malawi.
Design/methodology/approach
This study was conducted in Blantyre, Malawi, between 2019 and 2022 and used both quantitative (household survey) and qualitative (in-depth interviews and document study) methods of data collection. Interviews were conducted with key players and investors in the housing sector. Household survey data were analyzed through descriptive statistics, which allowed the generation of descriptive housing valuables, whereas qualitative data were analyzed through content analysis.
Findings
This paper demonstrates that, rather than ameliorating the housing problems facing low-income households, the market approach to provision of housing in Malawi has worsened the housing situation in the country. This is so because the market approach to the provision of housing in Malawi is not only enforcing the logic of capitalistic accumulation in the housing sector but also supporting mechanisms of exclusion based on economic stratification within the community.
Research limitations/implications
Completeness of data over time as there is no market data bank available in the country.
Practical implications
The findings from this study suggest that some degree of state intervention in addressing the housing problem in Malawi is required.
Social implications
The study findings suggest that a market approach to the provision of housing can increase social inequality as low-income households face challenges in accessing housing.
Originality/value
There is a paucity of research on the effects of the market approach on the provision of affordable housing to low-income households in Malawi. This paper assesses this important policy gap and provides significant policy directions.
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Key performance indicators (KPIs) play a pivotal role in evaluating the level of success of an organization in achieving its business objectives. The objective of the current…
Abstract
Purpose
Key performance indicators (KPIs) play a pivotal role in evaluating the level of success of an organization in achieving its business objectives. The objective of the current research is to identify and prioritize effective KPIs in branding products and construction projects, which contribute to the success of construction companies in a competitive environment.
Design/methodology/approach
The present research is of an inferential, descriptive and survey nature. In this study, we identified the influential key performance indicators of construction companies in branding products and construction projects for success in a competitive environment through a literature review and expert opinions. The data were collected using a questionnaire, and a combination of the one-sample t-test method with a 95% confidence level and the fuzzy multiple attribute decision-making (FMADM) method was employed for analysis.
Findings
The results indicate that the most influential key performance indicators for construction companies in branding products and construction projects for success in a competitive environment are, in order of significance, the following indices: “Marketing and Advertising,” “Financial,” “Creativity,” “Technical and Operational” and “Social and Political.”
Originality/value
The present research examines the importance of branding construction products and projects for the success of construction companies by improving their business objectives and utilizing key performance indicators throughout the product lifecycle (production and construction). This study provides solutions on how construction companies can increase their competitive advantage through branding and achieve long-term success in the global construction industry.
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N.T. Khuong Truong, Susan J. Smith, Gavin Wood, William A.V. Clark, William Lisowski and Rachel Ong ViforJ
The purpose of this paper is to consider one test of a well-functioning housing system – its impact on wellbeing. Exploring one indicator of this, this study aims to track changes…
Abstract
Purpose
The purpose of this paper is to consider one test of a well-functioning housing system – its impact on wellbeing. Exploring one indicator of this, this study aims to track changes in mental and general health across a mix of tenure transitions and financial transactions in three jurisdictions: Australia, the UK and the USA.
Design/methodology/approach
Using matched variables from three national panel surveys (Household, Income and Labour Dynamics in Australia, British Household Panel Survey/Understanding Society and Panel Study of Income Dynamics) over 17 years (2000–2017) to capture the sweep of the most recent housing cycle, this study adopts a difference-in-difference random-effects model specification to estimate the mental and general health effects of tenure change and borrowing behaviours.
Findings
There is an enduring health premium associated with unmortgaged owner-occupation. Mortgage debt detracts from this, as does the prospect of dropping out of ownership and into renting. A previously observed post-exit recovery in mental health – a debt-relief effect – is not present in the longer run. In fact, in some circumstances, both mental and general health deficits are amplified, even among those who eventually regain homeownership. Though there are cross-country differences, the similarities across these financialised housing systems are more striking.
Practical implications
The well-being premium traditionally associated with owner occupation is under threat at the edges of the sector in all three jurisdictions. In this, there is cross-national convergence. There may therefore be scope to introduce policies to better support households at the edges of ownership that work across the board for debt-funded ownership-centred housing systems.
Originality/value
This paper extends the duration of a previous analysis of the impact of tenure transitions and financial transactions on well-being at the edges of ownership in the UK and Australia. The authors now track households over nearly two decades from the start of the millennium into a lengthy (post-global financial crisis) era of declining housing affordability. This study adds to the reach of the earlier study by adding a general health variable and a third jurisdiction, the USA.
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Rosylin Mohd Yusof, Zaemah Zainuddin, Hafirda Akma Bt Musaddad, Siti Latipah Harun and Mohd Aamir Adeeb Abdul Rahim
This paper aims to propose a model for democratization of Islamic home financing to tackle the issue of sustainability of homeownership affordability.
Abstract
Purpose
This paper aims to propose a model for democratization of Islamic home financing to tackle the issue of sustainability of homeownership affordability.
Design/methodology/approach
A conceptual framework and fractional equity model (FEM) are developed to incorporate big data analytics, artificial intelligence and blockchain technology in an ecosystem for affordability and sustainability of homeownership via the proposed financing model. In addition, the FEM adopts the simulation approach to show its validity in terms of liquidity when compared with traditional home financing. In this regard, this paper is focused on developing and demonstrating the feasibility of a new financing model, rather than testing specific hypotheses or relationships. This is to propose the democratization model for Islamic Home Financing that will not benefit the prospective home buyers without compromising the profitability of the financial institutions.
Findings
The findings indicate that the proposed end-to-end solution within the financing ecosystem can lead to more efficient matching market between the buyers and sellers of houses, reduced transaction costs, greater transparency and enhanced efficiency which in the end could lead to lower costs of owning homes and sustained financial resilience among house owners. The findings indicate that the FEM model is able to increase homeownership with more elements of liquidity, marketability and sustainability for homebuyers.
Research limitations/implications
This research highlights the potential of big data and blockchain technology in democratizing Islamic home financing and evidence that the transfer of ownership is possible through tokenization. However, this will require a mature financing environment to adapt the technology for practical application.
Practical implications
The model proposes a solution to propagate shared prosperity among stakeholders such as the house buyers/owners, sellers, investors as well the government agencies. The proposed FEM model provides alternative home financing that is more marketable, flexible and sustainable for households/buyers and financiers.
Social implications
It is hoped that with the proposed financing ecosystem to promote affordability and sustainability of homeownership via big data analytics, artificial intelligence and blockchain technology can lead to greater financial resilience for homeowners which can then be translated to enhanced well-being, increased productivity and can further promote economic growth.
Originality/value
This research is a concept paper based on academic research and industry collaboration with a technology provider.
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Z. Göknur Büyükkara, İsmail Cem Özgüler and Ali Hepsen
The purpose of this study is to explore the intricate relationship between oil prices, house prices in the UK and Norway, and the mediating role of gold and stock prices in both…
Abstract
Purpose
The purpose of this study is to explore the intricate relationship between oil prices, house prices in the UK and Norway, and the mediating role of gold and stock prices in both the short- and long-term, unraveling these complex linkages by employing an empirical approach.
Design/methodology/approach
This study benefits from a comprehensive set of econometric tools, including a multiequation vector autoregressive (VAR) system, Granger causality test, impulse response function, variance decomposition and a single-equation autoregressive distributed lag (ARDL) system. This rigorous approach enables to identify both short- and long-run dynamics to unravel the intricate linkages between Brent oil prices, housing prices, gold prices and stock prices in the UK and Norway over the period from 2005:Q1 to 2022:Q2.
Findings
The findings indicate that rising oil prices negatively impact house prices, whereas the positive influence of stock market performance on housing is more pronounced. A two-way causal relationship exists between stock market indices and house prices, whereas a one-way causal relationship exists from crude oil prices to house prices in both countries. The VAR model reveals that past housing prices, stock market indices in each country and Brent oil prices are the primary determinants of current housing prices. The single-equation ARDL results for housing prices demonstrate the existence of a long-run cointegrating relationship between real estate and stock prices. The variance decomposition analysis indicates that oil prices have a more pronounced impact on housing prices compared with stock prices. The findings reveal that shocks in stock markets have a greater influence on housing market prices than those in oil or gold prices. Consequently, house prices exhibit a stronger reaction to general financial market indicators than to commodity prices.
Research limitations/implications
This study may have several limitations. First, the model does not include all relevant macroeconomic variables, such as interest rates, unemployment rates and gross domestic product growth. This omission may affect the accuracy of the model’s predictions and lead to inefficiencies in the real estate market. Second, this study does not consider alternative explanations for market inefficiencies, such as behavioral finance factors, information asymmetry or market microstructure effects. Third, the models have limitations in revealing how predictors react to positive and negative shocks. Therefore, the results of this study should be interpreted with caution.
Practical implications
These findings hold significant implications for formulating dynamic policies aimed at stabilizing the housing markets of these two oil-producing nations. The practical implications of this study extend to academics, investors and policymakers, particularly in light of the volatility characterizing both housing and commodity markets. The findings reveal that shocks in stock markets have a more profound impact on housing market prices compared with those in oil or gold prices. Consequently, house prices exhibit a stronger reaction to general financial market indicators than to commodity prices.
Social implications
These findings could also serve as valuable insights for future research endeavors aimed at constructing models that link real estate market dynamics to macroeconomic indicators.
Originality/value
Using a variety of econometric approaches, this paper presents an innovative empirical analysis of the intricate relationship between euro property prices, stock prices, gold prices and oil prices in the UK and Norway from 2005:Q1 to 2022:Q2. Expanding upon the existing literature on housing market price determinants, this study delves into the role of gold and oil prices, considering their impact on industrial production and overall economic growth. This paper provides valuable policy insights for effectively managing the impact of oil price shocks on the housing market.
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Hafirda Akma Musaddad, Selamah Maamor and Zairy Zainol
The purpose of this study paper is to highlight certain related barriers and issues of housing affordability and examine the factors that influence housing affordability in…
Abstract
Purpose
The purpose of this study paper is to highlight certain related barriers and issues of housing affordability and examine the factors that influence housing affordability in Malaysia.
Design/methodology/approach
This study used panel data including several variables, namely, household expense, population, home financing, interest rate, inflation rate (IF) and rental rate (RR). The regression models of panel data, namely, the ordinary least square model, the fixed effects model and the random effects model, were evaluated for their suitability.
Findings
The findings revealed that RR and IF have a positive and significant impact towards housing affordability. The results provide strong evidence that RR as alternative in determining the home affordability as it helped in reducing the cost and the financing duration period of houses while at the same time increasing the level of capability of homeownership. Meanwhile, the level of IF has positive and significant impact towards housing affordability because it will cause a drop or increase in the purchasing power of households, as well as a decline or increase in the capability to own a house.
Research limitations/implications
The most significant aspects to consider when analysing housing affordability in Malaysia are demand and supply. However, this study focuses on only five variables and only covers Malaysia. As a result, future researchers should analyse the study’s location, such as by region or district, and include additional variables from both the demand and supply sides. Homeownership of affordability requires a broader and more realistic definition in the current context of a more disruptive environment where technology such as fintech, blockchain and the internet of things acts as enablers for not only promoting homeownership but also ensuring homeownership sustainability. As a result, democratising Islamic home financing appears to be a viable option that requires rethinking, and further research is recommended.
Practical implications
The study proposes an end-to-end solution to promote homeownership levels by considering the level of RR as significant variables among stakeholders such as the house buyers/owners, sellers, investors as well the government agencies in influencing affordability in Malaysia.
Originality/value
This paper discusses the indicators of housing affordability index over the 21-year period of 2000–2020, covering all states in Malaysia. The comparison of affordability level can be seen through all states and by regions. Besides that, the findings revealed that RR and IF have a positive and significant impact towards housing affordability. RR is considered an essential variable in promoting homeownership in Malaysia and warrants further investigation towards policy implication. This paper also provides contribution on data on RR by states in Malaysia that can be used by policymakers to some extent.
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