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This real estate insight provides a comprehensive analysis of the current state and future potential of tokenization in the real estate industry mentioning several challenges to overcome to take advantage of this technology. We highlight potential benefits, including enhanced liquidity, increased security and improved accessibility. Additionally, the real estate insight critically discusses potential drawbacks, such as regulatory challenges and technological risks, and explores the impact of tokenization on real estate prices.

This real estate insight employs a comprehensive literature review alongside a qualitative analysis of various case studies to explore current implementations of tokenization within the real estate industry. Multiple applications of tokenization in the real estate industry are examined, including fractional ownership, property management and transaction processes. The study investigates the optimization potential of tokenization for asset liquidity in the real estate area, transaction transparency and security. It also critically discusses potential challenges, such as regulatory compliance, security vulnerabilities and market adoption.

The future of real estate tokenization, driven by blockchain technology and smart contracts, offers significant potential for growth, enhancing liquidity and accessibility through fractional ownership. Smart contracts automate and secure transactions, while evolving standards and regulatory frameworks in regions like North America, Europe and Asia support market expansion. Since its initial implementation with the St. Regis Aspen Resort STO, a stream of successful projects has highlighted the viability of tokenization. However, challenges remain, including the need for regulatory clarity, industry and customer education, displacements of market participants and jobs and environmental impacts. Integrating advanced technologies like AI and IoT can further streamline property management and investment decisions.

The real estate insight’s practical implications extend to industry professionals, policymakers and technology developers. Professionals gain insights into how tokenization can enhance liquidity and security in the real estate sector, guiding strategic decision-making. For policymakers, understanding potential challenges like regulatory compliance and technological risks informs the development of supportive regulations. Technology developers can also benefit from understanding the sector-specific applications and concerns raised. Highlighting the need for robust security measures and regulatory compliance in tokenization systems may foster better design practices. Therefore, the real estate insight’s findings could significantly shape the future development of tokenization integration in the real estate industry.

This real estate insight offers original value through a comprehensive analysis of the current and future impacts of tokenization in the real estate industry. It examines various applications of tokenization and critically discusses the potential challenges. The focus on informing strategic decisions for professionals and policymakers enhances its utility as a resource. Additionally, by addressing both the benefits and drawbacks, this study contributes to the broader discourse on the societal implications of tokenization. In the context of rapid technological advancement, such thorough studies are rare, further underscoring the real estate insight’s originality.

The real estate industry has rapidly changed due to technological advances across residential and commercial real estate from the perspective of occupiers, investors, and service providers. Owners and buyers of properties have access to increasing information in the marketplace, including access to residential real estate platforms such as Zillow. Automated appraisals and artificial intelligence (AI) in the mortgage application process speed up home buying. Commercial real estate uses fintech to source deals, perform due diligence, and execute property management requests. This chapter includes a practitioner's view of the current and future information data needs, processes, and point solutions in the evolving technology landscape, including how tools such as ChatGPT apply. It concludes that the real estate fintech revolution has only begun, as data gaps in the real estate market require resolution before yielding better process automation and as the business model of real estate service providers shifts to strategic advisory roles.

This paper aims to examine the extent to which these reforms address the limitations of Saudi Arabia’s previous investment framework. Long viewed as a hostile environment in which to do business, the Saudi Government has enacted a broad sweep of measures aimed at restoring investor confidence in central aspects of the country’s evolving private law framework.

This paper offers a timely assessment of the raft of foreign investment reforms, both legislative and regulatory, that have been introduced in Saudi Arabia over the last decade.

The paper will proceed by outlining the perceived failings of the old investment regime before going on to reforms.

It will consider the remaining obstacles to the flow of foreign investment in Saudi Arabia in the context of the dual forces that have historically defined the Kingdom’s ambivalent investment law regime.

Blockchain technology and its applications have recently received the attention of practitioners and academics. Visualizing the full impact these technologies will have on the world is challenging since their adoption is still in the early stages. This chapter explores how blockchain can disrupt the general business and financial world. Blockchain offers information transparency, live data synchronization, and immutable records that prevent fraud. Digital contracts and digital asset management may heavily depend on the development of blockchain and the adoption of smart contracts. Smart contracts can execute financial transactions automatically and enforce all parties' obligations without needing an intermediary and its cost. They can increase speed and simplify processes, reducing licensing ticketing costs and overhead charges. Blockchain also offers technology adoption solutions, like fair payment, cloud storage, smart contracts for financial assets, and international transactions with bilateral double taxation. It has further facilitated the creation of decentralized finance.

This study aims to investigate the evolving concept of the metaverse and its implications for service innovation. It seeks to understand how integrating technologies such as extended reality, blockchain, artificial intelligence and non-fungible tokens enables companies to experiment and innovate.

Adopting a qualitative methodology, this investigation conducts an immersive netnography across more than 25 case studies spanning diverse industries such as gaming, retail, health care and education. The thematic analysis method is used to distill critical insights, providing a deep dive into the technological enablers, innovation processes and market adaptations within the metaverse.

The study addresses four main building blocks through which companies experiment with the metaverse to foster innovation: enabling virtual identities’ agency, developing non-fungible tokens, designing immersive paths and crafting phygital microworlds. They shape the metaverse by enacting actors, resources, processes and phygital ecosystems. Companies obtain learning outcomes from such experimentation and identify learning challenges.

This research contributes to the nascent body of knowledge on the metaverse and service innovation by providing a comprehensive framework that encapsulates the multifaceted ways companies experiment within the metaverse. It extends the understanding of digital-physical convergence in service research, offering theoretical and practical insights into the development of phygital service ecosystems.

Este estudio tiene como objetivo investigar el concepto en evolución del Metaverso y sus implicaciones para la innovación en servicios. Busca comprender cómo la integración de tecnologías como la realidad extendida, la cadena de bloques, la inteligencia artificial y los tokens no fungibles permite a las empresas experimentar e innovar.

Adoptando una metodología cualitativa, esta investigación realiza una netnografía inmersiva a través de más de 25 estudios de casos que abarcan diversas industrias como los juegos, el comercio minorista, la atención médica y la educación. Se emplea el método de análisis temático para destilar conocimientos críticos, brindando un profundo análisis de los habilitadores tecnológicos, los procesos de innovación y las adaptaciones al mercado dentro del Metaverso.

El estudio aborda cuatro bloques principales a través de los cuales las empresas experimentan con el Metaverso para fomentar la innovación: habilitar la agencia de identidades virtuales, desarrollar tokens no fungibles, diseñar senderos inmersivos y crear micromundos físico-digitales. Estos dan forma al Metaverso mediante la actuación de actores, recursos, procesos y ecosistemas físico-digitales. Las empresas obtienen resultados de aprendizaje de dicha experimentación e identifican desafíos de aprendizaje.

Esta investigación contribuye al cuerpo de conocimiento incipiente sobre el Metaverso y la innovación en servicios al proporcionar un marco integral que encapsula las diversas formas en que las empresas experimentan dentro del Metaverso. Amplía la comprensión de la convergencia digital-física en la investigación de servicios, ofreciendo ideas teóricas y prácticas sobre el desarrollo de ecosistemas de servicios físico-digitales.

这项研究旨在探讨元宇宙概念的演变以及其对服务创新的影响。其目标在于深入理解通过整合增强现实、区块链、人工智能以及非同质化代币等技术, 如何使企业得以进行实验和创新。

本研究利用定性研究方法, 进行了一项沉浸式网络民族志调查, 涵盖了跨越游戏、零售、医疗保健和教育等多个行业的25多个案例。通过主题分析方法, 提炼出关键见解, 深入探讨了元宇宙内的技术驱动因素、创新过程和市场适应性。

这项研究以四个主要方面为切入点, 探讨了企业在元宇宙中促进创新的方法：启用虚拟身份的代理、开发非同质化代币、设计沉浸式路径以及打造物理-数字微观世界。通过这些措施, 企业塑造了元宇宙, 涉及行动者、资源、过程和物理-数字生态系统的执行。在此类实验中, 企业积累了丰富的学习经验, 并面临了

本研究旨在建立一个全面的框架, 以拓展关于元宇宙和服务创新的新知识, 揭示企业在元宇宙中进行实验的多方面方式。它不仅扩展了服务研究领域中数字与物理融合的理解, 还提供了有关发展物理-数字服务生态系统的理论和实践见解。

In developing countries, including achieving Kingdom of Saudi Arabia’s (KSA) Vision 2030, housing loans for low-income employees are challenging and may thwart housing-related sustainable development goals (SDGs). Studies investigating housing finance inaccessibility for KSA Vision 2030 low-income earners and its impact on achieving housing-related SDGs are scarce. Hence, this study aims to investigate KSA housing financial inaccessibility and its effect on housing-related SDGs. Also, it offered suggestions for achieving housing provision in Vision 2030 and, by extension, improving housing-related SDGs.

The study adopted a virtual interview approach and covered Alqassim, Riyadh and Medina. The researcher engaged 24 participants who were knowledgeable about KSA’s housing finance and SDGs. They include selected low-income earners, academicians, financial operators and government ministries/departments/agencies. The study manually analysed the collated data through a thematic approach and presented the main themes.

Findings reveal that KSA’s low-income earners’ housing finance inaccessibility threatens Vision 2030 and housing-related SDGs. Inadequate funding of the Real Estate Development Fund, inability to make down payment, absence of collateral, insufficient household income and failure to recover the loan and associated charges from the auction were perceived major issues contributing to low-income earners’ house-loan rejection and recommended measures to improve achieving housing-related SDGs.

The study investigated the factors contributing to low-income earners’ housing loan rejection and its impact on achieving KSA’s Vision 2030 and housing-related SDGs from the participants’ perspective. The findings reveal that low-income earners’ housing finance accessibility has been compounded by the slow recovery from the post-COVID-19 pandemic.

The purpose of this research is to identify the most important attributes of metaverse influencers and examine their impact on customer engagement and social glue.

Three studies (one qualitative and two quantitative) were conducted to understand the phenomenon better. The qualitative study (Study 1) was conducted to identify the antecedents of the theoretical model, which was tested in Study 2 using the covariance-based structural equation modelling (CB-SEM) technique. Study 3 then divided the respondents based on the metaverse influencer attribute preferences.

Results of Study 1 revealed the six most influential attributes of metaverse influencers: physical attractiveness, social attractiveness, perceived credibility, metaverse-influencer fit, intimacy and attitude homophily. Further, Study 2 validated that attractiveness and perceived credibility enhance engagement. Also, the results revealed that intimacy, perceived credibility and homophily enhance social glue. Moreover, parasocial relationships mediate the association between intimacy, attitude homophily, perceived credibility and (engagement and social glue). The conditional indirect effect of physical attractiveness, social attractiveness and metaverse–influencer fit on (engagement and social glue) via parasocial relationships at different high and low levels of self-discrepancy was significant. Finally, Study 3 used latent class analysis to reveal different clusters of metaverse users.

This research enriches our understanding of metaverse influencers, contributing to the influencer marketing literature. It offers actionable insights for marketers by elucidating key influencer attributes, aiding in enhancing engagement and social glue.

Technological disruption has transformed the traditional ways of doing business in the real estate sectors. As a result of the new business realities, technology has become an integral part of the real estate business. However, due to the significant barrier to the incorporation of the technology among modern real estate start-ups, there is a need to assess the adoption and willingness to use property management software.

The study employed an exploratory research design. The study adopts a total enumeration of real estate start-up firms in Lagos, Nigeria, to ensure true representations among the respondents and reduce sampling errors. The data obtained were analyzed using descriptive and inferential statistics.

The study revealed that the majority of the respondents are aware of the identified property management software but tenant verification software recorded the highest level of awareness and usage. The finding also revealed that the association between the availability of staff competence, practicality of the software, ease of use, data ownership and copyright, financial resources, future-proof technology track, Internet connection, perceived benefits and productivity and branding are statistically significant in influencing the level of adoption among the respondents.

The researchers had initial challenges with the attitude of respondents to willingness and timely disbursement of information which was later resolved by explaining the significance for the study. The findings of the research will be useful and serve as an eye opener to practitioners, the conventional real estate surveying and valuation firms, to relevance of software technology in enhancing their operations and efficiency, while it can also boost the academic curriculum.

The knowledge about the adoption of property management software will equip real estate tech start-ups with the right information.

The paper is significant because the ultimate goal of this study is to document the empirical investigation on the level of adoption and application of emerging software among real estate tech start-ups in the Nigerian property market to facilitate the efficiency and delivery of property management services.

This study aims to provide a timely review concerning the determinants and economic consequences of fair value reporting in real estate industry, as these topics have been gaining momentum in accounting literature recently.

Diverse editorial sources (e.g. Elsevier, Emerald, Meridian Allenpress, Springer, Sage, Taylor & Francis and Wiley-Blackwell) were consulted to identify relevant studies for this review. Keywords used to collect studies include “fair value” and “IAS 40” or “investment property” and “fair value or “fair value and real estate.” This search yields 33 studies published between 2009 and 2023.

The synthesis of reviewed papers suggests that studies were mainly conducted in the European countries after the mandatory adoption of international financial reporting standards (IFRS) in 2005 and the Australian setting. The first stream of research deals with the choice of fair value approach. Reported empirical findings suggest that corporate size and market-to-book ratio are negatively associated with fair value choice, whereas ownership dispersion increases the likelihood of choosing fair value approach. The empirical evidence concerning the determinants of fair value magnitude suggests the type of appraiser represents a key predictor of the extent of fair value use. The second stream of research examines the impact of fair value reporting in real estate industry. Findings suggest that empirical evidence is still limited with respect to creditors, managers and financial analysts; fair value reporting is generally associated with higher level of value relevance for investors; and the use of Level 3 inputs in fair value estimates for investment properties is associated with high degree of estimation uncertainty for external auditors leading to increased audit risk and fees.

With respect to regulators, this review emphasizes that the beneficial impacts of fair value reporting are linked to institutional characteristics (e.g. legal system, the degree of market development), the reliability concerns regarding fair value estimates and the independence of appraiser. Because real estate industry is generally characterized by the lack of active market, regulators may adopt regulations requiring the independence external appraiser.

This literature review represents a historical record and an introduction for accounting scholars, in emerging economies and other settings, where fair value accounting has gained wide acceptance among the investment community. It also offers guidance for future research avenues.

Following the adoption of International Financial Reporting Standards (IFRS), firms are required to recognize gains or losses from investment property revaluation in the income statement, instead of equity in the balance sheet. This results in both a “materiality effect” (as auditors set a higher materiality level and require lower audit efforts) and a “cushion effect” (as revaluation gains serve as a cushion and reduce earnings manipulation incentives). Utilizing this unique setting, this study investigates whether the use of fair value measurement for investment property affects audit pricing before and after IFRS convergence in the Hong Kong real estate industry.

Using a sample of 78 real estate companies listed on the Hong Kong Stock Exchange in the pre-IFRS period (2001–2004) and the post-IFRS period (2005–2008), this study employs multivariate regression analyses to test the research hypotheses with respect to the association between investment property revaluation and audit fees and the role of corporate governance structures in the context of family control.

The empirical results suggest that audit fees decrease with revaluation gains or losses from investment property revaluation after IFRS convergence, but not before. Furthermore, the negative association is stronger in companies controlled by founders, with proportionally more independent directors on the board and with a smaller board size. This is consistent with the moderating effect of corporate governance.

The findings shed more light on the consequences of fair value accounting for non-financial assets and are of interest to regulators for assessing the benefits of the wide use of fair value measurement under IFRS in emerging markets, especially where the corporate ownership structure is typically controlled by founding families. This study also provides recommendations for the audit community to fully consider the impact of asset revaluation on audit procedures and audit pricing.