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1 – 10 of 812Guido Migliaccio and Andrea De Palma
This study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real…
Abstract
Purpose
This study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real estate companies divided into the three macro-regions: North, Centre and South, in the period 2011–2020. In this way, it is also possible to verify the responsiveness to the 2020 pandemic crisis.
Design/methodology/approach
The analysis uses descriptive statistics tools and the ANOVA method of analysis of variance, supplemented by the Tukey–Kramer test, to identify significant differences between the three Italian macro-regions.
Findings
The study shows the increase in profitability after the 2008 crisis, despite its reverberation in the years 2012–2013. The financial structure of companies improved almost everywhere. The pandemic had modest effects on performance.
Research limitations/implications
In the future, other indices should be considered to gain a more comprehensive view. This is a quantitative study based on financial statements data that neglects other important economic and social factors.
Practical implications
Public policies could use this study for better interventions to support the sector. In addition, internal management can compare their company's performance with the industry average to identify possible improvements.
Social implications
The research analyses an economic field that employs a large number of people, especially when considering the construction and real estate services covered by this analysis.
Originality/value
The study contributes to the literature by providing a quantitative analysis of industry dynamics, with comparative information that can be deduced from financial statements over the years.
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Chiara Tagliaro, Stefano Bellintani and Gianandrea Ciaramella
Due to the young age of proptech, little is known about the dynamics of its expansion. In particular, there is limited agreement about a definition of “proptech,” while different…
Abstract
Purpose
Due to the young age of proptech, little is known about the dynamics of its expansion. In particular, there is limited agreement about a definition of “proptech,” while different categorizations are popping up. A severe lack of information emerges for the proptech scenario in Italy. The goal of this paper is to systematize multiple proptech maps in the attempt to create a framework for comparison of country-specific trends and an overarching definition of proptech. The research examines the evolutionary stage of the Italian digital real estate sector and compares it to the international context.
Design/methodology/approach
An in-depth analysis of 12 proptech maps at both national and international level was conducted based on online research. A list of Italian proptech companies was composed through multiple methods. A map was built for a cross-country comparison.
Findings
Each country or organization tends to develop its own categorization. This creates a multifaceted context where comparison and analysis are challenging. The Italian proptech sector seems underdeveloped compared to neighboring countries. Big room for improving the proptech business in this country still exists.
Practical implications
The results are valuable for proptech start-ups, business investors and well-established real estate actors to build on new entrepreneurial initiatives. The opportunity to advance proptech mapping and categorization emerges as a prospect for future research.
Originality/value
This research adds an overview of cross-country proptech categories and proposes the first analysis of Italian proptech. This will contribute to support entrepreneurial opportunities.
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Rosane Hungria-Gunnelin, Fredrik Kopsch and Carl Johan Enegren
The role of list price is often discussed in a narrative describing sellers’ preferences or sellers’ price expectations. This paper aims to investigate a set of list price…
Abstract
Purpose
The role of list price is often discussed in a narrative describing sellers’ preferences or sellers’ price expectations. This paper aims to investigate a set of list price strategies that real estate brokers have available to influence the outcome of the sale, which may be many times self-serving.
Design/methodology/approach
By analyzing real estate brokers’ arguments on the choice of the list price level, a couple of hypotheses are formulated with regard to different expected outcomes that depend on the list price. This study empirically tests two hypotheses for the underlying incentives in the choice of list price from the real estate broker’s perspective: lower list price compared to market value leads to the higher sales price, lower list price compared to market value leads to a quicker sale. To investigate the two hypotheses, this paper adopts different methodological frameworks: H1 is tested by running a classical hedonic model, while H2 is tested through a duration model. This study further tests the hypotheses by splitting the full sample into two different price segments: above and below the median list price.
Findings
The results show that H1 is rejected for the full sample and for the two sub-samples. That is, contrary to the common narrative among brokers that underpricing leads to a higher sales price, underpricing lower sales price. H2, however, receives support for the full sample and for the two sub-samples. The latter result points to that brokers may be tempted to recommend a list price significantly below the expected selling price to minimize their effort while showing a high turnover of apartments.
Originality/value
Although there are a large number of previous studies analyzing list price strategies in the housing market, this paper is one of the few empirical studies that address the effect of list price choice level on auction outcomes of non-distressed housing sales.
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Vicki Catherine Waye, Collette Snowden, Jane Knowler, Paula Zito, Jack Burton and Joe McIntyre
The purpose of this paper is to examine whether mandatory disclosure of information accompanying the sale of real estate achieves its aim of informed purchasers.
Abstract
Purpose
The purpose of this paper is to examine whether mandatory disclosure of information accompanying the sale of real estate achieves its aim of informed purchasers.
Design/methodology/approach
Using a case study approach focused on mandatory disclosure in South Australia data was collected from interviews and focus groups with key personnel in the property industry involved in the production of information required to fulfil vendors’ disclosure obligations.
Findings
The authors found that purchasers are ill-served by a long and complex form of mandatory disclosure with a short time frame that prevents the use of the information provided. Without good form design and increased digital affordances provided by the cadastral and conveyancing systems, mandatory disclosure is insufficient to ensure minimisation of information asymmetry between vendor and purchaser.
Originality/value
To the best of the authors’ knowledge, this is the first Australian qualitative study that examines the utility of mandatory vendor disclosure in real estate sales and the first to consider the impact of the digitalisation of cadastral and conveyancing systems upon the efficacy of mandatory disclosure regimes.
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The relationships between tourist resorts and transnational crime are rarely analyzed systematically. This paper begins to fill this gap by examining how organized crime groups…
Abstract
Purpose
The relationships between tourist resorts and transnational crime are rarely analyzed systematically. This paper begins to fill this gap by examining how organized crime groups and individuals linked to them can take advantage of tourist resorts to commit crimes.
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Berndt Allan Lundgren, Cecilia Hermansson, Filip Gyllenberg and Johan Koppfeldt
The purpose is to increase knowledge of rent negotiations by investigating differences in beliefs held by property landlords and retailers on factors that they deem important in…
Abstract
Purpose
The purpose is to increase knowledge of rent negotiations by investigating differences in beliefs held by property landlords and retailers on factors that they deem important in rent negotiation.
Design/methodology/approach
This study investigates differences in subjective beliefs held by landlords and retail trade tenants on factors that affect rent levels during the rent negotiation process using a factor analysis approach. Semi-structured interviews were made with seven large real estate owners/landlords and retailers and eight experts in negotiating retail rent to elicit variables that have an impact on retail rent. Thereafter, a web-based survey was sent to 421 respondents who had experience in rent negotiation. Several factors were extracted using factor analysis. The data collection was made in Sweden during the coronavirus disease 2019 (COVID-19) pandemic in late spring 2021
Findings
Significant differences are found in beliefs held by landlords and retail trade tenants in four out of seven-factor: regional growth, e-commerce, customer focus and trust. Landlords rate these factors higher than retailers do. There are also systematic differences between landlords and retailers depending on their education levels on the following factors: rent and vacancies, e-commerce and customer focus. The number of years of experience did not prove to be significant instead differences are found to exist in factors
Research limitations/implications
Not only do traditional factors of importance, such as lease structure, the effect of location, size and anchor or non-anchor tenants, have an effect on negotiated rent levels. Differences in other factors also exist, such as regional growth, e-commerce, customer focus and trust factors that may play an important role in the negation of retail rent.
Practical implications
The findings provide new insights into the different views on factors that affect rent negotiations between landlords and retail tenants. Knowledge of such differences may increase the overall transparency in the negotiation process. Transparency may be increased by putting forward information on these factors before a negotiation takes place, in order to smooth differences in their beliefs.
Social implications
If transparency in the negotiation process of retail rent increases, time to reach an agreement, stress and anxiety can be reduced by putting forward information on factors where differences exist between landlords and retailers
Originality/value
New insights on retail rent negotiation have been put forward in this research paper. Not only do traditional factors such as lease structure matters, but subjective beliefs on factors such as regional growth and the level of education are also important, as this study has shown using a factors analysis approach.
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