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Article
Publication date: 1 September 1995

Piet M.A. Eichholtz, Martin Hoesli, Bryan D. MacGregor and Nanda Nanthakumaran

Analyses data from the USA and UK to determine whetherdiversification within a region by property type is better thandiversification between regions within a property type

5461

Abstract

Analyses data from the USA and UK to determine whether diversification within a region by property type is better than diversification between regions within a property type. Compares both strategies to full diversification by both property type and region. Calculates and compares property type and regional correlation matrices. Produces efficient frontiers and calculates principal components to determine if there are dominant property type or regional dimensions to real estate returns. Suggests that for the USA a purely retail portfolio diversified over all regions would have been almost as effective as a fully diversified portfolio. In the UK, there is less diversity across regions within retail property. Overall, there is no simple conclusion applicable to all regions and all property types in either country.

Details

Journal of Property Finance, vol. 6 no. 3
Type: Research Article
ISSN: 0958-868X

Keywords

Article
Publication date: 8 January 2024

Morteza Mohammadi Ostani, Jafar Ebadollah Amoughin and Mohadeseh Jalili Manaf

This study aims to adjust Thesis-type properties on Schema.org using metadata models and standards (MS) (Bibframe, electronic thesis and dissertations [ETD]-MS, Common European…

Abstract

Purpose

This study aims to adjust Thesis-type properties on Schema.org using metadata models and standards (MS) (Bibframe, electronic thesis and dissertations [ETD]-MS, Common European Research Information Format [CERIF] and Dublin Core [DC]) to enrich the Thesis-type properties for better description and processing on the Web.

Design/methodology/approach

This study is applied, descriptive analysis in nature and is based on content analysis in terms of method. The research population consisted of elements and attributes of the metadata model and standards (Bibframe, ETD-MS, CERIF and DC) and Thesis-type properties in the Schema.org. The data collection tool was a researcher-made checklist, and the data collection method was structured observation.

Findings

The results show that the 65 Thesis-type properties and the two levels of Thing and CreativeWork as its parents on Schema.org that corresponds to the elements and attributes of related models and standards. In addition, 12 properties are special to the Thesis type for better comprehensive description and processing, and 27 properties are added to the CreativeWork type.

Practical implications

Enrichment and expansion of Thesis-type properties on Schema.org is one of the practical applications of the present study, which have enabled more comprehensive description and processing and increased access points and visibility for ETDs in the environment Web and digital libraries.

Originality/value

This study has offered some new Thesis type properties and CreativeWork levels on Schema.org. To the best of the authors’ knowledge, this is the first time this issue is investigated.

Details

Digital Library Perspectives, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2059-5816

Keywords

Article
Publication date: 15 June 2022

Matthew Moorhead, Lynne Armitage and Martin Skitmore

The purpose of this study is to analyse the current relationships between developer characteristics in terms of dominant property type (residential, commercial, retail…

Abstract

Purpose

The purpose of this study is to analyse the current relationships between developer characteristics in terms of dominant property type (residential, commercial, retail, industrial, tourism, “other”), ownership (publicly listed, publicly unlisted, private, government), organisational structure (speculative-trader, investor developers, development managers) and size (small, medium, large) in the frequency of use and required minimum value of hurdle rate metrics.

Design/methodology/approach

A questionnaire survey of 225 Australian and New Zealand trader developers, development managers, investors, valuers, fund managers and government/charities/other relating to the feasibility practices of different types of Australia/New Zealand property development companies.

Findings

(1) Residential dominant developers are more likely to use margin on development cost (MDC) required to have a higher minimum internal rate of return (IRR) percentage; (2) investor developers are more likely to use the payback period as a hurdle rate, and specific hurdle rates as a part of a go/no-go decision; (3) trader developers adopt a higher percentage of IRR and deviate further from accepted financial theory in hurdle rate selection; and (4) national property development organisations in multiple geographic regions use qualitative frameworks more as a decision-making process and use MDC less as a hurdle rate.

Practical implications

The study is limited to a sample of property practitioners working in Australia/New Zealand at the time of data collection in 2016 and, further empirical research is needed spatially and temporally to determine the extent of the findings. Further research is also needed with small- to medium-sized development organisations' on the extent to which they should use different metrics in project selection and for an improved understanding of the technical and attitudinal difficulties facing their current adoption.

Originality/value

First study to examine the feasibility practices of different types of Australia/New Zealand property developers.

Details

Journal of Property Investment & Finance, vol. 41 no. 1
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 20 November 2017

Moloud Abdar and Neil Y. Yen

This research intends to look at the regional characteristics through an analysis of crowd preference and confidence, and investigates how regional characteristics are going to…

Abstract

Purpose

This research intends to look at the regional characteristics through an analysis of crowd preference and confidence, and investigates how regional characteristics are going to affect human beings at all aspects in a scenario of sharing economy. The purpose of this paper is to introduce an approach to provide an understandable rating score. Furthermore, the paper aims to find the relationships between different features classified in this study by using machine learning methods. Furthermore, due to the importance of performance of methods, the performance of the features is also improved.

Design/methodology/approach

The Rating Matching Rate (RMRate) approach is proposed to provide score in terms of simplicity and understandability for all features. The relationships between features can be extracted from accommodation data set using decision tree (DT) algorithms (J48, HoeffdingTree, and REPTree). Usability of these methods was evaluated using different metrics. Two techniques, “ClassBalancer” and “SpreadSubsample,” are applied to improve the performance of algorithms.

Findings

Experimental outcomes using the RMRate approach show that the scores are very easy to understand. Three property types are very popular almost in all of selected countries in this study (“apartment”, “house”, and “bed and breakfast”). The findings also indicate that “Entire home/apt” is the most common room-type and 4.5 and 5 star-rating are the most given star-rating by users. The proposed DT algorithms can find the relationships between features significantly. In addition, applied CB and SS techniques could improve the performance of algorithms efficiently.

Originality/value

This study gives precise details about the guests’ preferences and hosts’ preferences. The proposed techniques can effectively improve the performance in predicting the behavior of users in sharing economy. The findings can also help group decision making in P2P platforms efficiently.

Details

Library Hi Tech, vol. 35 no. 4
Type: Research Article
ISSN: 0737-8831

Keywords

Article
Publication date: 1 January 2006

Björn‐Martin Kurzrock and Michael Roth

Only a small amount of research is available as yet on the performance of property developments. This article seeks to analyse the performance of property developments in…

1258

Abstract

Purpose

Only a small amount of research is available as yet on the performance of property developments. This article seeks to analyse the performance of property developments in institutional property investors' portfolios over four European countries – France, Germany, Sweden, and the UK – based on property level data submitted to the IPD property databank. The study also aims to consider total returns of standing investments as a benchmark for property developments.

Design/methodology/approach

Performance data over the period 1998 to 2002 are analysed by means of a multi‐factor analysis of variance where the factors are the country, property use type, year of completion, duration and capital value groups of property developments. As property developments usually carry higher risks, one would expect total returns of developments to be higher than for standing investments. By comparing weighted total returns of property developments with those of standing investments, support was found for this assumption in most cases.

Findings

Only in Germany did property developments perform even worse than the standing investments. Country and capital value were found to be the key performance drivers for property developments in the four countries. Interestingly, property use type does not yield a significant impact on performance.

Originality/value

As a first contribution, the findings of the study are supposed to be valuable for European institutional property investors in their asset allocation decision processes.

Details

Journal of Property Investment & Finance, vol. 24 no. 1
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 10 May 2022

Sotiris Tsolacos and Nicole Lux

This paper offers empirical evidence on factors influencing credit spreads on commercial mortgage loans. It extends existing work on the pricing of commercial mortgage loans. The…

Abstract

Purpose

This paper offers empirical evidence on factors influencing credit spreads on commercial mortgage loans. It extends existing work on the pricing of commercial mortgage loans. The authors examine the relative significance of a range of factors on loan pricing that are lender, asset and loan specific. The research explores and quantifies the sources of spread differentials among commercial mortgage loans. The paper contributes to a limited literature on the subject and serves the purpose of price discovery in commercial property lending. It offers a framework to compare actual pricing with fundamental-based estimates of loan spreads.

Design/methodology/approach

Panel analysis is deployed to examine the cross-section and time-series determinants of commercial mortgage loan margins and credit spreads. Using an exclusive database of loan portfolios in the United Kingdom (UK), the panel analysis enables the authors to analyse and quantify the impact of a number of theory-consistent and plausible factors determining the cost of lending to commercial real estate (CRE), including type and origin of lender, loan size, loan to value (LTV) and characteristics of asset financed – type, location and grade.

Findings

Spreads on commercial mortgages and, therefore, loan pricing differ by the type of lender – bank, insurance company and debt fund. The property sector is another significant risk factor lenders price in. The LTV ratio has increased in importance since 2012. Prior to global financial crisis (GFC), lenders made little distinction in pricing different LTVs. Loans secured in secondary assets command a higher premium of 50–60bps. The analysis establishes an average premium of 35bps for loans advanced in regions compared to London. London is particularly seen a less risky region for loan advancements in the post-GFC era.

Research limitations/implications

The study considers the role of lender characteristics and the changing regulation in the pricing of commercial mortgage loans and provides a framework to study spreads or pricing in this market that can include additional fundamental influences, such as terms of individual loans. The ultimate aim of such research is to assess whether mortgage loans are correctly priced and spotting risks emanating from actual loan spreads being lower than fundamental-based spreads pointing to tight pricing and over-lending.

Practical implications

The analysis provides evidence on lender criteria that determine the cost of loans. The study confirms that differences in regulation affect loan pricing. The regulatory impact is most visible in the increased significance of LTV. In that sense, regulation has been effective in restricting lending at high LTV levels.

Originality/value

The paper exploits a database of a commercial mortgage loan portfolio to make loan pricing more transparent to the different types of lender and borrowers. Lenders can use the estimates to assess whether commercial loans are fairly priced. Borrowers better understand the relative significance of risk factors affecting margins and the price they are charged. The results of this paper are of value to regulators as they can assist to understand the determinants of loan margins and gauge conditions in the lending market.

Details

Journal of European Real Estate Research, vol. 15 no. 3
Type: Research Article
ISSN: 1753-9269

Keywords

Article
Publication date: 9 April 2018

John C. Alexander and Thomas M. Springer

Merging two real estate investment trusts (REITs) consolidates two real estate portfolios. The purpose of this paper is to provide further evidence on the market’s valuation of…

Abstract

Purpose

Merging two real estate investment trusts (REITs) consolidates two real estate portfolios. The purpose of this paper is to provide further evidence on the market’s valuation of property type and geographic diversification of REITs by looking at the diversification impact of mergers involving domestic REITs in the Modern REIT era (post 1992).

Design/methodology/approach

The authors classify equity REIT mergers according to whether they maintain portfolio focus or alter their focus with respect to the geography and property type distribution of the underlying real estate. Then, using a domestic REIT index, the authors examine abnormal returns around the merger announcement to ascertain how portfolio changes affect value.

Findings

Although the results show no abnormal returns to the combined REIT for the 126 mergers in the sample, mergers that maintain geographic focus and alter the property focus contribute positively to the abnormal returns. Acquiring REITs show negative abnormal returns for mergers that either diversify geography or maintain property focus. Target REITs earn positive abnormal returns no matter the diversification impact of the merger.

Research limitations/implications

The results suggest that changes to the composition of the REIT’s property portfolio have valuation implications. The results suggest that during the modern REIT Era, property diversification created positive wealth effects for the acquirer.

Originality/value

This research adds to the evidence on how REIT investors value changes in the diversification of the underlying properties, and implies that the investor perception of portfolio effects from mergers may vary over time as the REIT industry expands and consolidates.

Details

Managerial Finance, vol. 44 no. 4
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 7 August 2021

Philip Inyeob Ji and Seema Bogati Bhandari

The aim of this paper is to examine dynamic linkages between price and rent and between property types. Intuition suggests that housing market segments experience different market…

Abstract

Purpose

The aim of this paper is to examine dynamic linkages between price and rent and between property types. Intuition suggests that housing market segments experience different market cycles in response to macroeconomic shocks. However, they may be dynamically interlinked in urban areas because of substitutability. The linkage may even change, if preference weakens for multiple occupancies. A sudden reduction in apartment demand may create repercussions to other housing segments. Past analyses, despite their contributions, are static and do not consider possible linkages between property types. To fill this void, this paper investigates the price-rent dynamics for urban homes by adopting the case of Singapore.

Design/methodology/approach

This paper applies a methodology from Phillips et al. (2015) to Singaporean housing (price and rent) data. Phillips et al. (2015) recently proposed a test for an explosive root in time series data and has spurred several empirical applications in the bubble literature.

Findings

This paper finds for Singapore that the markets were subjected to explosive growth (where rents grew at a higher rate than prices did) during the Global Financial Crisis. Also, the results suggest that rent drives price and that non-landed housing (offices in central areas) leads to other residential housing (non-residential housing) in both price and rent.

Practical implications

Overall, the present findings suggest that rent drives price, while property types are interlinked. Non-landed homes and offices in central areas are the sources of repercussions. Under normal circumstances, rental shocks may be propagated positively from nonlanded housing (central offices) to the other residential (non-residential) property types as the present findings suggest, which enables us to infer that a decrease in non-landed housing (central offices) rent may lead to an increase in rent on other property types because pandemic shocks only shift demand fromone property type to another, unlike typical macroeconomic shocks.

Originality/value

Urban homes are faced with uncertainty arising from the COVID-19 outbreak for which city residents have a stronger incentive to exile to suburbs. Urban life may no longer be attractive because of social distancing and work from home policy. This has implications for urban home demands that are closely linked to urban house price and rent. In the present study, the paper set out to investigate the price-rent and property-type dynamics for urban homes in Singapore.

Details

International Journal of Housing Markets and Analysis, vol. 15 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 8 February 2021

Benjamin Gbolahan Ekemode

This study reinvestigates the short-run and long-run inflation-hedging attributes of residential property assets in the Nigerian property market, based on variations in property

Abstract

Purpose

This study reinvestigates the short-run and long-run inflation-hedging attributes of residential property assets in the Nigerian property market, based on variations in property types and location.

Design/methodology/approach

Data used for this study comprised the holding period returns of three residential property types, namely bungalow, block of flats and detached house during 1999–2018. These were obtained from property practitioners in Lagos, Abuja and Port Harcourt, respectively. The inflation values obtained from the National Bureau of Statistics were split into actual, expected and unexpected components. Fama and Schwert’s (1977) ordered least square (OLS) regression was used to assess the short-term inflation hedging efficacy. Afterwards, the long-run link between residential property and inflation was examined using the Johansen and Juselius cointegration test.

Findings

The results showed that despite the variations in hedging behaviour across property types in the three locations, residential property assets significantly provided protection over actual, expected and unexpected inflation in the short run based on the OLS regression analysis. The result of the Johansen and Juselius cointegration test also established a long-term link between the residential property assets and actual inflation. However, mixed results were found on the link between residential property and expected and unexpected inflation, as some of the assets did not effectively hedge these inflation components in the long run.

Practical implications

The study implied that the differences in property types and geographic locations are crucial in establishing the short-run and long-run inflation-hedging attributes of residential property assets and should be factored into consideration.

Originality/value

The paper complements the existing body of knowledge on the inflation-hedging attributes of residential property in emerging markets by determining the effects of variation in house types and geographic differences on the analysis.

Details

Property Management, vol. 39 no. 3
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 21 October 2021

Olatoye Ojo, Daniel Ibrahim Dabara and Michael Tolulope Adeyemi Ajayi

This study examined the performance of commercial and residential real estate investments in the Ibadan property market to provide information for investment decisions.

Abstract

Purpose

This study examined the performance of commercial and residential real estate investments in the Ibadan property market to provide information for investment decisions.

Design/methodology/approach

The study used a mixed research design (qualitative and quantitative). Data were obtained employing in-depth interviews with randomly selected sixteen estate surveyors and valuers practising in the Ibadan property market. Data for the study were analysed using the phenomenological thematic content analysis. Similarly, data on rental and capital values were translated to income, capital and holding period returns. The Kwiatkowski–Phillips–Schmidt–Shin (KPSS) and Philip–Perron (PP) models were used for unit root analysis. Ordinary least square (OLS) regression model was used to test for inflation-hedging characteristics, and the Granger causality tests were carried out to analyse the causal relationship between the variables.

Findings

The study revealed that the Ibadan property market is still immature. For the return components, the study found that the Ibadan property market provided mean holding period returns of 10.82%, 14.31 and 8.29% for office, shop and residential property types, respectively. The study also revealed that the selected property types are perverse hedges against inflation. Similarly, the study showed a unidirectional causal relationship between inflation and returns on the selected property types.

Practical implications

Results of this study revealed the peculiar nature of the Ibadan property market; findings from the survey can be used as a guide for investment decisions by foreign and domestic investors. Shrewd investors can take advantage of the high returns provided by the real estate assets in the Ibadan property market (by investing in the property market) to obtain high returns and expand their investment portfolio.

Originality/value

This study is the first to examine, in an eclectic and comparative context, the performance of commercial and residential properties in the Ibadan property market from the perspective of its market maturity level, returns profile, as well as its inflation-hedging characteristics. Findings from the study will equip both individual and institutional investors with valuable information for investment decisions.

Details

Property Management, vol. 40 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

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