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Investment returns from property derive from rental income and change in value, and a property's value is a function of the current rent and the expected future rent. So, ultimately, investment returns derive from rent, and successful investment will depend on an understanding of the principles and forces which explain the market's determination of rental value. This paper explains the significance of supply elasticity to the determination of rental value and investigates the probable elasticities of the four main types of investment property. It concludes that, due to the very inelastic supply of farmland and prime High Street shops, trends in rental growth will reflect the profitability of occupation whereas, in general, the rental value of office and industrial property will tend to reflect development costs, due to their relatively elastic supply. The article investigates how far such predictions appear to be supported by evidence and briefly discusses the relative impact of obsolescence on the four property types.

Houses are durable, so an imbalance between demand and supply occurs after time has passed since initial construction. The purpose of this study is to quantify the extent of this imbalance for existing houses, focusing on the heterogeneity across property segments.

This study uses a unique data set on the “inquiry volume” that each property received from an online real estate portal to measure the volume of demand in relation to supply. Simple regressions are conducted in the resale condominium market across the Tokyo metropolitan area.

The inquiry volume successfully tracked a recent expected trend in which demand relative to supply is stronger for condominiums in reasonably priced areas, condominiums in convenient, accessible locations, condominiums built within the last 20 years and compact and spacious units. This study also confirms that these trends cannot be captured through heterogeneity in price levels, which has been widely used in previous studies on measuring housing preferences.

As an indicator of conditions in the housing market, the property-level inquiry volume has strong potential to provide useful information for supply strategies and for the sustainable use of existing housing stocks.

The originality of this paper is the use of information on the buyer side, which is typically unobservable.

The purpose of this paper is to outline the benefits of using system dynamics modelling as a research tool to understand the dynamics of commercial property markets in the UK and their long-term behaviour. It highlights areas for future work.

This is a concept paper that outlines a simple systems model of rental change in UK commercial property markets as a way of illustrating how a systems approach can be used to describe and model the market. The model concentrates on the user market and offers a view of market operation, according to which development activity is initiated by demand (linked to economic growth) and to which supply responds by producing development.

The model demonstrates how a systems approach can be used to model the impact of a wide range of market variables on rental growth. The approach allows non-linear modelling of the complex relationships and behavioural factors that are difficult to include in existing econometric models of the market. It highlights where existing knowledge is deficient, especially with regard to price elasticity of demand, the relationship between economic activity and take up, the potential impact of redevelopment on the supply of new property and rental growth and response times of various parts of the market development process to market signals. It outlines where further research is needed to incorporate real market data.

Despite the wide application of the systems theory to business and other related areas, its use in commercial property research has been limited and has not gained much traction as a research tool. The work represents one of a very few studies applying the systems theory to the UK commercial property market.

Examines the failure of the City of London office market over the last 30 years to transmit information on impending oversupply to developers as the market moved towards the top of the demand cycle. Notes that the resulting collapse in investment values and the exposure of the banking system to large‐scale non‐performing loans provides a picture of potentially destabilising market failure. Proposes that in order to prevent oversupply occurring and thereby secure investment values, a form of self‐regulation is required.

The purpose of this study was to assess real estate cycles and their impact on property values in Gaborone, Botswana. Investors and real estate professionals in Botswana rarely assess property cycles when purchasing property. This study therefore, aims to assess whether real estate cycles do exist, their duration and the type of real estate cycle that Botswana experiences.

Data was collected from primary and secondary sources. This included sourcing out information at the Deeds Registry Office in Gaborone on residential property sales and a questionnaire to 100 property investors. A record was made of properties that were sold for the period of 16 years starting from the year 2000 to 2016. Secondary data on the other hand was also collected from published and unpublished books, academic journals, professional journals, magazines, reports and monographs. A quantitative approach was used in this study. Data was analysed using Microsoft Excel and subsequently presented in form of tables and graphs.

The findings from the literature review revealed that there are four phases in the real estate cycles (recovery, expansion, oversupply and recession) and each has distinct features that an investor must be aware of to avoid consequences in the property market. The results from the data analysis revealed that real estate cycles do exist in Botswana as identified during the past 16 years. The cycle that Botswana experiences is called the kitchen cycle. It was also evident that Botswana experienced three cycles lasting five to six years each. Furthermore, it was discovered that all phases in the real estate cycles affect property values.

There is relatively little information about property cycles and their timing in Botswana. Therefore, this study may assist valuation surveyors to make promptly informed decisions on property investment through cycle assessment and hence positively inform the public and financial stakeholders. Society might find this beneficial in as far as decision-making is concerned when thinking of investing in real estate. The current system at the deeds office is cumbersome and time consuming, thus making it difficult for the researchers and possibly the public to analyse the property market. This study therefore, may encourage the Deeds Registry Office to computerize their records.

There is relatively little information about property cycles and their timing in Botswana. Therefore, this study may assist valuation surveyors to make promptly informed decisions on property investment through cycle assessment and hence positively inform the public and financial stakeholders.

Society might find this beneficial in as far as decision-making is concerned when thinking of investing in real estate.

To the best of the authors’ knowledge, this paper is the first of its kind in Botswana to extend the knowledge of real estate cycles and their impact on property cycles in Botswana.

The purpose of this paper is to review what is known about property cycles following the financial crisis of 2008.

The method is to review the literature on property cycles published since the 1930s, to examine the extent to which endogenous causes have been identified as distinct from exogenous factors that may have produced cyclicality resulting from weak adjustment mechanisms but not cycles.

Whilst there is broad consensus that the property market has delays in adjustment which produce oscillations resulting from external shocks, it is more difficult to identify endogenous causes of cycles, though there are some possible candidates, notably technical progress.

The slump after 2008 has cost savers and taxpayers dear, so better means of predicting cycles so that policy makers can mitigate them is desirable.

The debate about whether property cycles result from exogenous shocks or endogenous causes is in danger of being lost sight of. If the former, then the property industry is a channel through which external factors feed through to the economy, albeit magnified by weak adjustment factors. If there are endogenous causes, then policy makers would be unwise to overlook their potential destabilising impact on the economy.

Presents an empirical investigation of office rental trends for some of the largest cities in Europe. Uses annual data for the period 1983‐91 to test the changes in rental values and fluctuations in economic activity. Includes a review of previous office market studies and an assessment of the research direction and information requirements of current European property research. Suggests that European rental values are determined by similar demand‐side variables and, in particular, real gross domestic product (GDP).

The purpose of this paper is to determine how much the lodging shared economy (LSE) utilizes minimum length of stay (MLOS) controls to maximize revenue and reduce housekeeping expense, since cleaning between guest visits represents a substantial variable cost for each guest’s stay. Hosts in the LSE are becoming increasingly perceptive in maximizing revenues.

Daily data for one year were collected for Vacation Rental by Owner properties in Hilton Head Island, SC and Orlando, FL. The collected data include daily vacancies for two different lengths of stay. Linear regression was used to explore the relationship between relative demand and vacancy length of stay differences.

During high-demand periods, there were few differences between the availability of short-term and longer-term reservation vacancies, which indicated hosts were not encouraging guests to stay longer during each visit. These results reveal differences in vacancies for three-night vs six-night reservations. A host can generate more revenue and decrease expenses by maximizing booked nights per visit.

Due to confidentiality issues, this study does not capture vacation bookings but instead captures vacancies. In addition, Average Daily Rate was not utilized in this study.

LSE hosts can maximize revenues using MLOS controls. Minimizing housekeeping costs boosts a host’s profitability.

Although this research has been conducted for hotel MLOS, there is a gap in the literature regarding LSE hosts’ use of MLOS.

The purpose of this paper is to investigate empirically the relationship between property‐liability insurance premiums and economic and financial development in the case of Portugal, assuming a supply‐leading causality pattern of development. In other words, the expansion of the financial system precedes the demand for services.

The paper conducts OLS estimations between premiums and the gross domestic product (GDP) in order to evaluate the economic growth, in addition to the ratio of the broader definition of money (M2) to GDP and the ratio of currency to demand deposits (M1/M2), in order to assess financial development.

The level of the gross domestic product is the only factor explaining the level of property‐liability insurance demand in Portugal.

To the best of the author's knowledge, this is the first attempt to examine determinants of property‐liability casualty insurance in Portugal, using time series data.

This paper aims to examine the influence of Covid-19, current war and other factors on the dynamics of real estate prices in Ukraine from 2019Q2 to 2022Q4. More specifically, the authors examine the extent of the influence of Covid-19 and war on the real estate market in Ukraine.

The authors monitor and accumulate information flows from the existing real estate market with their subsequent in-depth math-stat processing to examine dynamics and drivers of Ukrainian real estate prices evolution.

The study finds that the Ukrainian residential property market has experienced an average growing trend from June 2019 to December 2022, despite the strong influence of pandemic and war. The analysis shows that the impact of these factors varies across different regions and property types, with some areas and property types being more affected than others. The study also identifies the main drivers of the market evolution, including cost-sensitive factors such as floor level, overall area, housing conditions and geographical location.

This research is oriented to analyze evolution of residential property market in Ukraine in 2019–2022 years characterized by influence of such disturbing factors as pandemic and military actions.

Results gained are essential for any type of Ukrainian residential market analytics implementation including but not limited to investment analysis, valuation services, collateral, insurance and taxation purposes, etc. In broader sense, it can be also useful for comparison with same type market development in other geographical arears.

Initial data base collected and constantly monitored covers all different regions of the country that gives a broad view on the overall market development influenced by pandemic and war.

The lack of a reliable database of the purchase and sale of residential properties remains one of the biggest obstacles in obtaining reliable data on their market value. This considerably complicates the process of carrying out a valuation and reduces the accuracy and reliability of the results of such work. This is especially important for market which evolves in times of unrest being influenced by such strongly disturbing factors as pandemic and military actions. The originality of the study lies in the development of a complete probabilistic processing of the initial database, which provides a reliable and accurate assessment of the market evolution. The results achieved could be used by various stakeholders, such as property owners, investors, valuers, insurers, regulators and other interested customers, to make informed decisions and mitigate risks in the turbulent Ukrainian real estate market.