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1 – 10 of over 9000The purpose of this paper is to explore, from the view of buyers and sellers, the relationship between the blockchain technology and various important aspects of real estate…
Abstract
Purpose
The purpose of this paper is to explore, from the view of buyers and sellers, the relationship between the blockchain technology and various important aspects of real estate transactions such as transparency, security and cost reduction.
Design/methodology/approach
The present study uses a quantitative research method. For the purpose of this study, a questionnaire with close-ended questions is used. The questionnaire was distributed to both buyers and sellers alike. The study included 1,000 people using the stratified probability sampling. The study uses factor analysis to analyze the relationship between the blockchain technology and other research variables such as such as transparency, security and cost reduction.
Findings
The findings of this study indicate that the buyers and sellers perceive that the transparency and cost reduction have the highest influence on the intention to adopt blockchain technology in a real estate transactions system, followed by the security of transactions.
Practical implications
The study has great implications for the real estate transactions system in Kosovo and society in general. The study shows that the blockchain technology can provide for a transparent and errorless interaction between buyers and sellers of real estate. Since smart contracts eliminate the need for third parties in real estate transactions, the cost of transactions shall be considerably reduced due to elimination of intermediaries and due to process speed and efficiency. Finally, the blockchain technology can increase the trust between parties and shall serve as a means to fight corruption and money laundering in real estate investments.
Originality/value
The study is the first quantitative study that studies the causal link between the blockchain technology and important aspects of real estate transactions system such as transparency, security and transaction costs.
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A new e‐business model for implementing complex business transactions via the Internet has been created. The model involves search, negotiation, and legal closing, and its…
Abstract
A new e‐business model for implementing complex business transactions via the Internet has been created. The model involves search, negotiation, and legal closing, and its implementation, as described here, is able to: quantitatively evaluate preferences of potential customers (tenants and landlords), and define permissible search areas and allowable ranges for bargaining; search all publicly available databases and generate a statistical model of the current market situation and future tendencies as they relate to the customer's preferences; and organise interactive multi‐party negotiations pertaining to the information received, and formulate suggestions that will establish the basis for a compromise.
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Visar Hoxha and Emblema Zeqiraj
The purpose of this paper is to identify the impact that Generation Z has on the real estate industry of Kosovo. By studying the behaviors and characteristics of Gen Z the…
Abstract
Purpose
The purpose of this paper is to identify the impact that Generation Z has on the real estate industry of Kosovo. By studying the behaviors and characteristics of Gen Z the stakeholders in the real estate industry can gain advantages and opportunities in getting to comprehend their preferences, their perspective and their decision to buy real estate in Kosovo.
Design/methodology/approach
The present study used a quantitative research method. For the purpose of this study a questionnaire with close-ended questions is used. The questionnaire used for this study is a self-evaluation and self-administrated questionnaire. The study included 200 people, mainly Albanian speakers who participated in the questionnaire. All participants of the questionnaire were strictly members of Generation Z that were born in the time period of 1995–2012. In this questionnaire the participants were provided with full anonymity, since none of their identity data were requested during this process.
Findings
The findings of this study indicate that Gen Z and their different characteristics will have an impact on the real estate industry.
Research limitations/implications
This study can be utilized as a landmark for agents of real estate on understanding how they can use the characteristics and behaviors of Gen Z in their favor, by pointing out the prominence of those characteristics and behaviors in realizing the needs and desires of the potential buyers and the influence they have on the decision to buy property. Furthermore, through this study, the real estate agencies will be provided with multiple reasons that substantiate the necessity to perform the proper research about differences between generations.
Originality/value
The study is the first quantitative study that studies the linkage between behaviors and characteristics of Generation Z and their intention to purchase real estate.
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Frances Plimmer, William McCluskey and Owen Connellan
Since 1993 the UK has used a “banded” property tax as opposed to discrete values for the assessment of residential property. Explains both the advantages and disadvantages of the…
Abstract
Since 1993 the UK has used a “banded” property tax as opposed to discrete values for the assessment of residential property. Explains both the advantages and disadvantages of the system. In addition, summarises the main results of empirical research into the use of banded property values which have been unaltered for ten years. In summary, aims to present findings on the continued operation of this unique system, highlighting strengths and weaknesses and its viability/applicability in other countries and jurisdictions in the light of empirical evidence based on the analysis of open market transactions. Discusses both the assessment and administration process and, with the analysis of sales data, demonstrates the importance of regular and frequent revaluations of the tax base in order to ensure a reasonable level of both vertical and horizontal equity. Speculates on the potential application of a banded system of property values in other countries, in the light of the advantages of the banded system which could lend themselves to jurisdictions where an ad valorem system of land taxation is inappropriate; where resources are limited in terms of experienced valuers, or where the availability of technology to undertake mass appraisal would provide added advantages. Concludes by drawing together recommendations in relation to how the system in the UK can be improved and makes recommendations for policy‐makers in other jurisdictions.
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Andrew Saull, Andrew Baum and Fabian Braesemann
This study presents a structured investigation of the most important causes for delay in commercial real estate transactions. It assesses the potential of digital technologies…
Abstract
Purpose
This study presents a structured investigation of the most important causes for delay in commercial real estate transactions. It assesses the potential of digital technologies such as “Blockchain”, “Property Passports” or “Automated Valuation Models” to make transactions faster and cheaper.
Design/methodology/approach
The authors conduct a focus group interview to identify the individual steps and the parties involved in real estate transactions. Subsequently, the authors discuss the prospects of digital technologies based on semi-structured interviews with real estate professionals and PropTech executives, and a comprehensive screening of technological solutions offered by PropTech firms.
Findings
The lack of an up-to-date, single pool of standardised property information turns out to be the most critical cause for delay in real estate transactions. However, the most promising technologies to mitigate this problem, in particular digital property passports summarising all relevant building information, face substantial barriers to adoption. The real estate industry has so far not been willing to more openly share data, which is a pre-requiste for the successful introduction of property passports. In addition, the principle of caveat emptor makes a lengthy due diligence process essential for buyers.
Practical implications
The authors conclude that industry-wide collaborations are necessary to help major efficiency gaining technologies to break through. Insurance products should accompany property data log books to guarantee the quality of data provided.
Originality/value
This study considers the potential impact of technologies in the wider context of the complete real estate transaction process. It identifies the major phases of that process and the associated bottlenecks. The authors gather evidence both from industry experts and PropTech executives and contrast their views regarding the potential of digital technologies to remove those bottlenecks.
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Hao Wang, Shuyan Wei, Bo-sin Tang, Junhua Chen and Wenbin Li
The purpose of this paper is to review land/real estate registration practice in Hong Kong, and make an in-depth comparison with Mainland China and finally provide helpful…
Abstract
Purpose
The purpose of this paper is to review land/real estate registration practice in Hong Kong, and make an in-depth comparison with Mainland China and finally provide helpful suggestions for the government.
Design/methodology/approach
Research methods including document analysis/review and comparative study are used in this paper.
Findings
The main findings focus on the problems existing in the mainland, including narrow query subject, single way of query, limited query time, and lacking of incentive mechanism. Helpful suggestions for real estate registration system in Mainland China are offered based on the comparative study.
Practical implications
The unified registration system can improve the efficiency of administrative institutions to ensure an open and transparent environment of property right registration, which helps prevent the relevant departments from abusing administrative power and harming the interests of obligees. The findings of this research can serve as a useful reference for policy makers to improve the unified registration system in China.
Originality/value
The registration system/mechanism determines the efficiency and effectiveness of real estate/land market. However, land registration and query in some countries such as Mainland China have institutional problems which hinder the sustained and healthy development of the real estate industry. The value of this paper is to propose constructive suggestions for such countries/regions by comparing and learning from a good model.
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Abstract
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Blockchain, which was originally created to enable peer-to-peer digital payment systems (bitcoin), is considered to have several benefits for different sectors, such as the real…
Abstract
Purpose
Blockchain, which was originally created to enable peer-to-peer digital payment systems (bitcoin), is considered to have several benefits for different sectors, such as the real estate one. In a standard European-wide real estate transaction, several intermediaries are involved. As a consequence, these agreements are usually time-consuming and involve extra difficulties to cross-border operations. As blockchain, combined with smart contracts, may have an important role in these transactions, this paper aims to explore its prospective challenges, limitations and opportunities in the real estate sector and discover how the traditional intermediaries have to face a possible implementation of this technology.
Design/methodology/approach
This paper analyses the current intermediaries in the real estate sector in European Union (EU), their functions and how can blockchain strengthen the security of these transactions while reducing their time. The author uses a legal methodology to approach it.
Findings
Blockchain, combined with smart contracts, has both challenges and opportunities for the real estate sector. On the one hand, it may improve procedures, allow EU transactions and the interconnection between public administration. However, to not reduce parties rights, this blockchain should have some special features, such as the possibility of being amended.
Originality/value
This paper provides a valuable overview of all the intermediaries that could be affected by blockchain protocols. It is of interest of blockchain developers, public administrations and researchers who are working on blockchain and property conveyancing.
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Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management…
Abstract
Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.
Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18;…
Abstract
Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.