The Changing Real Estate Market Transparency in the European Real Estate Markets

Newell, Graeme; Pham, Anh Viet; Lee, Chyi Lin; Nguyen, Kim

doi:10.15396/eres2015_8

Cited by 11 publications

(15 citation statements)

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“…Key variables are the market transparency indices that are provided for this research by JLL and LaSalle Investment Management, a world consultancy company specializing in property services and investment management. This paper differs from other studies using the transparency index by JLL and LaSalle Investment Management (Eichholtz et al , 2011; Farzanegan and Fereidouni, 2014; Newell, 2016; Sharp, 2013) in that we use an updated transparency index constructing panel data with a longer time dimension, utilize multiple transparency indices instead of just an aggregate index to examine how the investment is attributed to different aspects of market transparency, and employ the augmented panel data method (or “correlated random effects approach” as in Wooldridge, 2015) for intra- and international investigations of the determinants of the investment.…”

Section: Introductioncontrasting

confidence: 61%

Market transparency and international real estate investment

Sadayuki¹,

Harano

Yamazaki

2019

JPIF

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Purpose The purpose of this paper is to provide new empirical evidence on the important role of market transparency in international real estate investment. Design/methodology/approach The authors apply the augmented panel regression method (or the correlated random effects approach) by using national panel data from 44 countries from 2004 to 2016. Findings Countries with better accessibility to market information and higher enforceability of regulations have less information asymmetry and attract more inward real estate investment. In contrast, the accounting quality of corporate governance is negatively correlated with investment, indicating the possibility that foreign investors enjoy high excess returns by investing in real estate in countries with poor accounting quality. Practical implications Countries lacking market transparency can increase inward investments by providing richer market information to foreign investors and by boosting enforceability of regulation to mitigate the uncertainty of returns on investment. Investors and public sectors in countries facing a saturated real estate market may expand investment by investigating less-explored markets and by seeking bilateral negotiations to secure higher predictability of return on investment in targeted countries. Originality/value The authors utilize updated multiple transparency indices instead of a conventional aggregate index to examine how the investment is attributed to different aspects of market transparency and employ the augmented panel regression method for investigation of the intra- and international determinants of the investment.

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Section: Introductioncontrasting

confidence: 61%

Market transparency and international real estate investment

Sadayuki¹,

Harano

Yamazaki

2019

JPIF

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“…Phrases like top and best use of real estate is often used in foreign literature. By design, such use identifies the most profitable, competitive use of the real estate (Dunn, 2010;Newell, 2016). Only then the property is properly supported, financially profitable, makes a contribution to objectives pursued for the community development and also benefits the owner (Tsai et al, 2015).…”

Section: Literature Reviewmentioning

confidence: 99%

The Impact of Professional and Economic Activity on the Development of Apartments Market

Wolniak¹,

Olkiewicz²,

Szymczewska³

2020

ERSJ

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The aim is to examine to what extent does the professional activity of the population and the economic activity of entrepreneurs affect the development of the apartments' market. The subject of the study are local real estate marketsthe sector of commercial investmentsresidential seaside apartments. Design/Methodology/Approach: We analysed data about real estate markets of Polish communes located in Central Pomerania. The values of the analysed indicators were calculated using Excel program and the results were presented in the form of Tables and Figures in Microsoft Excel and ArcMap. Findings: The results show that there is a relationship between the professional activity of the population and the economic activity of entrepreneurs in the tourist communes and the development of the primary and secondary real estate markets. The analysis shows that economic effects of tourism development can influence the income of the commune, an increase in local revenue achieved by entities that manage tourism, high professional activity of the population and economic activity of entrepreneurs as well as the diversification of the economy thus allowing to obtain independence from the economic instability. Practical Implications: The most important practical implication is the statements that there is a need to make new investments in seaside towns in which the tourist market is developing. Originality/Value: The analysis shows that economic effects of tourism development can influence the income of the commune with an increase in the local revenue achieved by entities that manage tourism.

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“…The real estate market has been defined and analysed by many researchers (Zhi and Tien, 2017;Wong, 2019;Ji et al,. 2018;Newell, 2016;Tsai et al, 2015), because it performs important functions for both the economic system (Kishor and Marfatia, 2017;Haran et al, 2016) and the quality of life. The development of the real estate market, which also fulfils residential and investment functions, depends on both macroeconomic and microeconomic factors.…”

Section: Literature Reviewmentioning

confidence: 99%

The Functioning of the Real Estate Market: Dynamics of Price Formation and the Sale of Apartments

Wolniak¹,

Szymczewska²,

Olkiewicz³

2020

ERSJ

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The aim of this publication is to analyse how the dynamics of apartments' price formation correlates with the development of the apartment market. Design/Methodology/Approach: We analysed data about real estate markets of Polish communes located in Central Pomerania. The values of the analysed indicators were calculated using Excel program and the results were presented in the form of Tables and Figures in Microsoft Excel and ArcMap. Findings: This publication focuses on issues related to price formation on the housing market with the objective to illustrate a correlation between the dynamics of price formation of apartments and the development of the apartment market. This study concentrates on the pricing behaviour of transactions in the primary and secondary real estate markets of apartments. Research results indicate that there is a relationship between the dynamics of price formation and the development of the apartment market in both the primary and secondary markets. The hypotheses have been positively verified. The analysis of the obtained data does not indicate the same tendencies in the transaction prices of the apartment properties in the researched seaside communes in the years 2014-2018. Practical Implications: The most important practical implication is that the analyzed seaside areas still have a large investment space for newer, more expensive and larger apartments. Originality/Value: Research analysis of the two markets shows that the primary market is characterised by a much greater volatility of the average transaction price per sqm of apartment's usable floor area, while the secondary market is much more stable in terms of the average transaction price. There is also a very large variation in the average price per sqm between the surveyed municipalities.

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The Changing Real Estate Market Transparency in the European Real Estate Markets

Cited by 11 publications

References 0 publications

Market transparency and international real estate investment

Market transparency and international real estate investment

The Impact of Professional and Economic Activity on the Development of Apartments Market

The Functioning of the Real Estate Market: Dynamics of Price Formation and the Sale of Apartments

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