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Article
Publication date: 16 September 2022

Xin Janet Ge, Vince Mangioni, Song Shi and Shanaka Herath

This paper aims to develop a house price forecasting model to investigate the impact of neighbourhood effect on property value.

Abstract

Purpose

This paper aims to develop a house price forecasting model to investigate the impact of neighbourhood effect on property value.

Design/methodology/approach

Multi-level modelling (MLM) method is used to develop the house price forecasting models. The neighbourhood effects, that is, socio-economic conditions that exist in various locations, are included in this study. Data from the local government area in Greater Sydney, Australia, has been collected to test the developed model.

Findings

Results show that the multi-level models can account for the neighbourhood effects and provide accurate forecasting results.

Research limitations/implications

It is believed that the impacts on specific households may be different because of the price differences in various geographic areas. The “neighbourhood” is an important consideration in housing purchase decisions.

Practical implications

While increasing housing supply provisions to match the housing demand, governments may consider improving the quality of neighbourhood conditions such as transportation, surrounding environment and public space security.

Originality/value

The demand and supply of housing in different locations have not behaved uniformly over time, that is, they demonstrate spatial heterogeneity. The use of MLM extends the standard hedonic model to incorporate physical characteristics and socio-economic variables to estimate dwelling prices.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 2
Type: Research Article
ISSN: 1753-8270

Keywords

Abstract

Details

A Neoliberal Framework for Urban Housing Development in the Global South
Type: Book
ISBN: 978-1-83797-034-6

Abstract

Details

A Neoliberal Framework for Urban Housing Development in the Global South
Type: Book
ISBN: 978-1-83797-034-6

Article
Publication date: 1 March 2024

Hon Chung Hui

The purpose of this paper is to examine the effects of financialisation on the changing structure of housing supply in Malaysia. The share of newly launched sub-MYR250,000 houses…

Abstract

Purpose

The purpose of this paper is to examine the effects of financialisation on the changing structure of housing supply in Malaysia. The share of newly launched sub-MYR250,000 houses has been decreasing continuously in the past decade. This implies that housing developers are launching more expensive houses. The greater focus on higher cost housing could be attributed to inflation. But while input cost is rising, the housing sector has also become increasingly financialised. This claim can be supported by the rising share of mortgage and real estate loans in gross domestic product. Financialisation is a process in which the financial sector becomes more dominant relative to the real sector. The extent to which this process is responsible for the changing structure of housing supply in Malaysia is investigated.

Design/methodology/approach

A survey of the literature suggested that the decreasing the proportion of newly launched sub-MYR250,000 housing could be result of rising input cost, greater degree of financialisation and changing market concentration. Thus, long-run cointegrating equations were formulated and estimated. These equations linked housing share with financialisation, market structure and input cost. The quantitative and qualitative impact of financialisation on the structure of housing supply is of interest.

Findings

The analyses of secondary data suggested that financialisation and input cost did indeed contribute to the decrease in proportion of newly launched sub-MYR250,000 housing. However, the impact of market concentration on housing share was ambiguous. This conclusion survived several robustness checks.

Practical implications

The financialisation of the housing sector implies that developers are increasingly building for profits instead of accommodating the social objective of providing shelter. This result is unsettling because access to adequate housing is a human right. The transformation of housing from the concept of a shelter to a tradable, money-making asset could be a major contributor to the declining housing affordability in the country. Thus, efforts to improve affordability must take account of the effects of financialisation.

Originality/value

An empirical framework for assessing the changes in the structure of housing supply was developed. Existing studies tended to focus only on the volume of housing supply. It is a comprehensive study on changes in the structure of housing supply. Second, while existing studies on the financialisation of housing are mostly qualitative in methodology, this paper offers a quantitative assessment of the financialisation in the housing sector.

Details

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

Keywords

Article
Publication date: 5 October 2022

Fredrick Otieno Okuta, Titus Kivaa, Raphael Kieti and James Ouma Okaka

This paper studies the dynamic effects of selected macroeconomic factors on the performance of the housing market in Kenya using Autoregressive Distributed Lag (ARDL) Models. This…

Abstract

Purpose

This paper studies the dynamic effects of selected macroeconomic factors on the performance of the housing market in Kenya using Autoregressive Distributed Lag (ARDL) Models. This study aims to explain the dynamic effects of the macroeconomic factors on the three indicators of the housing market performance: housing prices growth, sales index and rent index.

Design/methodology/approach

This study used ARDL Models on time series data from 1975 to 2020 of the selected macroeconomic factors sourced from Kenya National Bureau of Statistics, Central Bank of Kenya and Hass Consult Limited.

Findings

The results indicate that household income, gross domestic product (GDP), inflation rates and exchange rates have both short-run and long-run effects on housing prices while interest rates, diaspora remittance, construction output and urban population have no significant effects on housing prices both in the short and long run. However, only household income, interest rates, private capital inflows and exchange rates have a significant effect on housing sales both in the short and long run. Furthermore, household income, GDP, interest rates and exchange rates significantly affect housing rental growth in the short and long run. The findings are key for policymaking, especially at the appraisal stages of real estate investments by the developers.

Practical implications

The authors recommend the use of both the traditional hedonic models in conjunction with the dynamic models during real estate project appraisals as this would ensure that developers only invest in the right projects in the right economic situations.

Originality/value

The imbalance between housing demand and supply has prompted an investigation into the role of macroeconomic variables on the housing market in Kenya. Although the effects of the variables have been documented, there is a need to document the short-run and long-term effects of the factors to precisely understand the behavior of the housing market as a way of shielding developers from economic losses.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 2
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 12 March 2024

Aimin Wang, Sadam Hussain and Jiying Yan

The purpose of this study is to conduct a thorough empirical investigation of the intricate relationship between urban housing sales prices and land supply prices in China, with…

Abstract

Purpose

The purpose of this study is to conduct a thorough empirical investigation of the intricate relationship between urban housing sales prices and land supply prices in China, with the aim of elucidating the underlying economic principles governing this dynamic interplay.

Design/methodology/approach

Using monthly data of China, the authors use the asymmetry nonlinear autoregressive distributed lag (NARDL) model to test for nonlinearity in the relationship between land supply price and urban housing prices.

Findings

The empirical results confirm the existence of an asymmetric relationship between land supply price and urban housing prices. The authors find that land supply price has a positive and statistically significant impact on urban housing prices when land supply is increasing. Policymakers should strive to strike a balance between safeguarding residents’ housing rights and maintaining market stability.

Research limitations/implications

Although the asymmetric effect of land supply price has been identified as a significant contributor in this study, it is important to note that the research primarily relies on time series data and focuses on analysis at the national level. Although time series data offer a macroscopic perspective of overall trends within a country, they fail to adequately showcase the structural variations among different cities.

Practical implications

To ensure a stable housing market and meet residents’ housing needs, policymakers must reexamine current land policies. Solely relying on restricting land supply to control housing prices may yield counterproductive results. Instead, increasing land supply could be a more viable option. By rationally adjusting land supply prices, the government can not only mitigate excessive growth in housing prices but also foster the healthy development of the housing market.

Originality/value

First, the authors have comprehensively evaluated the impact of land supply prices in China on urban housing sales prices, examining whether they play a facilitating or mitigating role in the fluctuation of these prices. Second, departing from traditional linear analytical frameworks, the authors have explored the possibility of a nonlinear relationship existing between land supply prices and urban housing sales prices in China. Finally, using an advanced NARDL model, the authors have delved deeper into the asymmetric effects of land supply prices on urban housing sales prices in China.

Details

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

Keywords

Article
Publication date: 29 March 2024

Mohammed Basendwah, Suraiyati Rahman and Mohammed Alawi Al-Sakkaf

In the last decade, the concept of Islamic attributes of destination (IAD) has emerged due to Muslim tourists’ need to visit a destination that complies with Sharia law. Since…

Abstract

Purpose

In the last decade, the concept of Islamic attributes of destination (IAD) has emerged due to Muslim tourists’ need to visit a destination that complies with Sharia law. Since then, the IAD concept has been popular to increase the destination’s attractiveness and travel satisfaction for Muslim tourists. This concept evolved from evaluating the Muslim tourists’ perception of IAD to non-Muslim tourists and from assessing the Islamic attributes in Muslim-majority destinations to non-Muslim majority destinations. Furthermore, the literature showed several measurement scales to assess tourists’ satisfaction with IAD, and scholars were varied in the methods of analysis used to assess tourists’ satisfaction with IAD. The purpose of this study is to perform a systematic mapping study on satisfaction with IAD by answering five research questions.

Design/methodology/approach

This study used the preferred reporting items for systematic reviews and meta-analyses framework to guide the search process and search for relevant studies between 2012 and 2022 from two scientific databases, Scopus and Web of Science.

Findings

The search revealed 387 studies. In total, 31 articles met the eligibility criteria. This study indicates the journal considered research studies on tourists’ satisfaction with IAD the most, the method of analysis used in the previous studies, the Islamic destination attributes considered in the previous studies, the research distribution by counties, the research trend and the future direction.

Originality/value

To the best of the authors’ knowledge, this is the first systematic mapping study that delivers a summary of empirical research studies on tourists’ satisfaction with IAD.

Details

Journal of Islamic Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0833

Keywords

Abstract

Details

A Neoliberal Framework for Urban Housing Development in the Global South
Type: Book
ISBN: 978-1-83797-034-6

Article
Publication date: 14 March 2023

Titus Ebenezer Kwofie, Florence Akyaa Ellis, Michael Nii Addy, Samuel Amos-Abanyie, Clinton Aigbavboa and Samuel Owusu Afram

The link between relationship typologies and effectiveness of conflict resolution approaches remains to be tested despite its significance in conflict management in construction…

Abstract

Purpose

The link between relationship typologies and effectiveness of conflict resolution approaches remains to be tested despite its significance in conflict management in construction project delivery. By using the four relationships attributes based on the group attachment theory, the purpose of the study was to explore the cluster of relationships among project teams and organisations and the performance of conflict management strategies across these clusters in the Ghanaian construction industry.

Design/methodology/approach

Using a deductive questionnaire survey in the Ghanaian construction industry, a total of 137 responses were gathered and analyzed using cluster analysis, mean scores and ANOVA to reveal the relationship clusters and performance of conflict management strategies across these clusters.

Findings

The results revealed eight relationship clusters that exist among project teams and organisations with distinct influence of roles & tasks function, cognition, emotions and behavior attributes across the relationship clusters. In the aspect of the effectiveness of conflict management strategies, it was noted that the performance of these strategies were significantly different across the groups. For instance, integrating as a conflict management strategy was deemed to be effective in resolving conflict in unitary, adversarial, pluralist, mutuality, collaborative and partnering relationship clusters. In the case of coopetitive and coercive relationships, the performance of integrating as a conflict management strategy was less effective. This study thus has empirically proved that, different relationship clusters of teams and organizations exist within the Ghanaian construction industry, and that they perform different roles & tasks functions, cognition, emotions and behavioural attributes in their formation. Additionally, the performance effectiveness of conflict management strategies differed across the relationship clusters.

Originality/value

By aligning the relationship attributes to the dynamics of relationship clusters experienced in project teams and organisations, relationship quality, suitability and effectiveness of conflict management strategies can be optimized. The findings can inform project teams and stakeholders to develop fit-for-purpose relationship attributes among teams and organisations to enhance team effectiveness, relationship quality and conflict management in the industry.

Details

International Journal of Productivity and Performance Management, vol. 73 no. 3
Type: Research Article
ISSN: 1741-0401

Keywords

Article
Publication date: 14 March 2024

Safar Ghaedrahmati and Ebrahim Rezaei

This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive…

Abstract

Purpose

This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad.

Design/methodology/approach

This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad. For this purpose, the trend of housing price growth in Iran and Turkey was compared. The review of the 11-year trend of rates shows that housing prices in both countries have been continuously rising, and these prices have undoubtedly experienced increasing shocks in Iran. For further analysis, 13 main variables leading to the repulsion of investment in Iran's housing market and 15 variables shaping the attractiveness of investment in Turkey were identified in this sector. Thirty experts subsequently ranked the significant variables based on a closed-end questionnaire using quantitative strategic planning matrix. Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”

Findings

Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”

Originality/value

From a theoretical standpoint, foreign investment is in support of Turkey and harmful to Iran because the Turkish government is bolstering investment attractiveness to bring increased capital inflows into this country. Practically speaking, Turkey has aimed to create a rational framework for investors by strengthening and changing its economic system, as well as amending existing constitutions in this domain. Nevertheless, Iran resists any changes in its economic system and legislation. Therefore, a wide range of attractiveness and repulsion variables has led to the migration of Iranian investors to Turkey. In the present study, such variables are illuminated.

Details

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

Keywords

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