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Open Access
Article
Publication date: 30 October 2023

Guido 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

1207

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.

Details

International Journal of Productivity and Performance Management, vol. 73 no. 11
Type: Research Article
ISSN: 1741-0401

Keywords

Content available
Article
Publication date: 9 March 2010

162

Abstract

Details

Journal of Corporate Real Estate, vol. 12 no. 1
Type: Research Article
ISSN: 1463-001X

Open Access
Article
Publication date: 25 June 2020

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…

4065

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.

Details

Journal of Property Investment & Finance, vol. 39 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

Content available
Article
Publication date: 20 April 2015

Dr Clive M.J. Warren

2136

Abstract

Details

Property Management, vol. 33 no. 2
Type: Research Article
ISSN: 0263-7472

Open Access
Article
Publication date: 9 April 2021

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…

1005

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.

Details

International Journal of Housing Markets and Analysis, vol. 14 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Open Access
Article
Publication date: 25 December 2023

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.

Details

Journal of Property, Planning and Environmental Law, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9407

Keywords

Open Access
Article
Publication date: 22 February 2021

Elisa Norio

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…

5442

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.

Details

Tourism Critiques: Practice and Theory, vol. 2 no. 1
Type: Research Article
ISSN: 2633-1225

Keywords

Open Access
Article
Publication date: 18 July 2023

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.

Details

Journal of European Real Estate Research, vol. 16 no. 2
Type: Research Article
ISSN: 1753-9269

Keywords

Content available
Article
Publication date: 18 July 2008

Nick French

301

Abstract

Details

Journal of European Real Estate Research, vol. 1 no. 2
Type: Research Article
ISSN: 1753-9269

Content available
Article
Publication date: 23 July 2020

Paloma Taltavull

248

Abstract

Details

Journal of European Real Estate Research , vol. 13 no. 2
Type: Research Article
ISSN: 1753-9269

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