Pub Date : 2023-04-13DOI: 10.1108/ijhma-01-2023-0002
Purpose The purpose of this paper is to assess green marketing as an influential factor in the purchase of real estate. In this study, the consumer citizenship behaviour of young individuals will be studied with an assessment of real estate purchase intention, strategic green marketing orientation (GMO) and tactical GMO. Design/methodology/approach The sample frame consists of young consumers from India’s metropolitan cities. The respondents were in the range of 18 to 35 years of age. These cities provide a high standard of living, more career options and better educational opportunities. Five separate sections of a standardised questionnaire were used, and a structural equation model was used to assess a total of 393 valid replies. Findings Green marketing impacts the behaviour that influences the desire of young customer to buy green real estate. Research limitations/implications As the focus of this study is primarily on major cities, future research may study similar behaviour in non-metropolitan cities. The study can also be conducted among consumers of other age groups. Originality/value The originality, to the best of the author’s knowledge, exists in examining how young consumers’ opinions about green marketing impact their intentions to purchase green houses and real estate in India. This study will be accessible to all parties involved in the housing and real estate industries.
{"title":"Young consumers' green marketing orientation: role of customer citizenship behaviour in determining real estate purchase intention in India","authors":"","doi":"10.1108/ijhma-01-2023-0002","DOIUrl":"https://doi.org/10.1108/ijhma-01-2023-0002","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to assess green marketing as an influential factor in the purchase of real estate. In this study, the consumer citizenship behaviour of young individuals will be studied with an assessment of real estate purchase intention, strategic green marketing orientation (GMO) and tactical GMO.\u0000\u0000\u0000Design/methodology/approach\u0000The sample frame consists of young consumers from India’s metropolitan cities. The respondents were in the range of 18 to 35 years of age. These cities provide a high standard of living, more career options and better educational opportunities. Five separate sections of a standardised questionnaire were used, and a structural equation model was used to assess a total of 393 valid replies.\u0000\u0000\u0000Findings\u0000Green marketing impacts the behaviour that influences the desire of young customer to buy green real estate.\u0000\u0000\u0000Research limitations/implications\u0000As the focus of this study is primarily on major cities, future research may study similar behaviour in non-metropolitan cities. The study can also be conducted among consumers of other age groups.\u0000\u0000\u0000Originality/value\u0000The originality, to the best of the author’s knowledge, exists in examining how young consumers’ opinions about green marketing impact their intentions to purchase green houses and real estate in India. This study will be accessible to all parties involved in the housing and real estate industries.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49605038","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-13DOI: 10.1108/ijhma-11-2022-0172
Ian Lenaers, Kris Boudt, Lieven De Moor
Purpose The purpose is twofold. First, this study aims to establish that black box tree-based machine learning (ML) models have better predictive performance than a standard linear regression (LR) hedonic model for rent prediction. Second, it shows the added value of analyzing tree-based ML models with interpretable machine learning (IML) techniques. Design/methodology/approach Data on Belgian residential rental properties were collected. Tree-based ML models, random forest regression and eXtreme gradient boosting regression were applied to derive rent prediction models to compare predictive performance with a LR model. Interpretations of the tree-based models regarding important factors in predicting rent were made using SHapley Additive exPlanations (SHAP) feature importance (FI) plots and SHAP summary plots. Findings Results indicate that tree-based models perform better than a LR model for Belgian residential rent prediction. The SHAP FI plots agree that asking price, cadastral income, surface livable, number of bedrooms, number of bathrooms and variables measuring the proximity to points of interest are dominant predictors. The direction of relationships between rent and its factors is determined with SHAP summary plots. In addition to linear relationships, it emerges that nonlinear relationships exist. Originality/value Rent prediction using ML is relatively less studied than house price prediction. In addition, studying prediction models using IML techniques is relatively new in real estate economics. Moreover, to the best of the authors’ knowledge, this study is the first to derive insights of driving determinants of predicted rents from SHAP FI and SHAP summary plots.
{"title":"Predictability of Belgian residential real estate rents using tree-based ML models and IML techniques","authors":"Ian Lenaers, Kris Boudt, Lieven De Moor","doi":"10.1108/ijhma-11-2022-0172","DOIUrl":"https://doi.org/10.1108/ijhma-11-2022-0172","url":null,"abstract":"\u0000Purpose\u0000The purpose is twofold. First, this study aims to establish that black box tree-based machine learning (ML) models have better predictive performance than a standard linear regression (LR) hedonic model for rent prediction. Second, it shows the added value of analyzing tree-based ML models with interpretable machine learning (IML) techniques.\u0000\u0000\u0000Design/methodology/approach\u0000Data on Belgian residential rental properties were collected. Tree-based ML models, random forest regression and eXtreme gradient boosting regression were applied to derive rent prediction models to compare predictive performance with a LR model. Interpretations of the tree-based models regarding important factors in predicting rent were made using SHapley Additive exPlanations (SHAP) feature importance (FI) plots and SHAP summary plots.\u0000\u0000\u0000Findings\u0000Results indicate that tree-based models perform better than a LR model for Belgian residential rent prediction. The SHAP FI plots agree that asking price, cadastral income, surface livable, number of bedrooms, number of bathrooms and variables measuring the proximity to points of interest are dominant predictors. The direction of relationships between rent and its factors is determined with SHAP summary plots. In addition to linear relationships, it emerges that nonlinear relationships exist.\u0000\u0000\u0000Originality/value\u0000Rent prediction using ML is relatively less studied than house price prediction. In addition, studying prediction models using IML techniques is relatively new in real estate economics. Moreover, to the best of the authors’ knowledge, this study is the first to derive insights of driving determinants of predicted rents from SHAP FI and SHAP summary plots.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42526058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose This study aims to examine the interconnectedness between investors' perceptions of assets and their behavioral factors with investment decisions during the COVID-19 pandemic in the real estate business in Pakistan. In this regard, this study predicted investment decisions using individuals’ perceptions of the asset (perceived asset quality, perceived asset price and perceived asset value [PAV]),and behavioral biases (overconfidence [OC], herding [HD], disposition effect [DE] and risk aversion [RA]). Design/methodology/approach This study used a survey-based instrument to gather a total of 189 usable samples. The sample data were analyzed using partial least square structural equation modeling. Findings The findings of this study indicated that PAV, OC and HD significantly predicted the investment decision, whereas DE and RA had an insignificant impact on investment decisions in the real estate business. In addition, this study found that PAV is the most important factor to predict investment decisions in real estate during the COVID-19 crisis. Originality/value The authors are certain that the study findings reinforce policy implications for regulators, policymakers and financial institutions. The study findings are also useful and relevant if the real estate sector experiences a crisis in the future.
{"title":"Real estate investment decisions in COVID-19 crisis: the effect of perception and behavioral biases","authors":"Muhammad Ali, Leong Choi-Meng, Eugene Cheng-Xi Aw, Chin-Hong Puah, Abdulkadir Barut","doi":"10.1108/ijhma-12-2022-0173","DOIUrl":"https://doi.org/10.1108/ijhma-12-2022-0173","url":null,"abstract":"\u0000Purpose\u0000This study aims to examine the interconnectedness between investors' perceptions of assets and their behavioral factors with investment decisions during the COVID-19 pandemic in the real estate business in Pakistan. In this regard, this study predicted investment decisions using individuals’ perceptions of the asset (perceived asset quality, perceived asset price and perceived asset value [PAV]),and behavioral biases (overconfidence [OC], herding [HD], disposition effect [DE] and risk aversion [RA]).\u0000\u0000\u0000Design/methodology/approach\u0000This study used a survey-based instrument to gather a total of 189 usable samples. The sample data were analyzed using partial least square structural equation modeling.\u0000\u0000\u0000Findings\u0000The findings of this study indicated that PAV, OC and HD significantly predicted the investment decision, whereas DE and RA had an insignificant impact on investment decisions in the real estate business. In addition, this study found that PAV is the most important factor to predict investment decisions in real estate during the COVID-19 crisis.\u0000\u0000\u0000Originality/value\u0000The authors are certain that the study findings reinforce policy implications for regulators, policymakers and financial institutions. The study findings are also useful and relevant if the real estate sector experiences a crisis in the future.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49083497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-06DOI: 10.1108/ijhma-01-2023-0011
Ummer Farooque, M. Awan, Muhammad Imtiaz Shafiq
Purpose The purpose of this study is to develop a scale for measuring housing quality in the context of Pakistan. Design/methodology/approach The inductive and deductive approaches for item generation have been combined, and items have been purified using multistage expert review. Data was collected from a sizeable purposive sample of 445 respondents, and exploratory and confirmatory factor approaches used for assessing psychometric properties of the scale. Findings The result is a 21-item scale covering five dimensions, namely, Design and Construction Quality, Neighborhood Quality, Adequacy of Space, Quality of Institutional Services and Proximity of Basic Amenities. Originality/value This study contributes to housing quality literature by deepening our understanding of the concept of housing quality in the context of Pakistan, the world’s fifth most populous country. The findings of the study have important implications for both theory and practice.
{"title":"Development of a housing quality (HQ) scale in the context of Pakistan","authors":"Ummer Farooque, M. Awan, Muhammad Imtiaz Shafiq","doi":"10.1108/ijhma-01-2023-0011","DOIUrl":"https://doi.org/10.1108/ijhma-01-2023-0011","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is to develop a scale for measuring housing quality in the context of Pakistan.\u0000\u0000\u0000Design/methodology/approach\u0000The inductive and deductive approaches for item generation have been combined, and items have been purified using multistage expert review. Data was collected from a sizeable purposive sample of 445 respondents, and exploratory and confirmatory factor approaches used for assessing psychometric properties of the scale.\u0000\u0000\u0000Findings\u0000The result is a 21-item scale covering five dimensions, namely, Design and Construction Quality, Neighborhood Quality, Adequacy of Space, Quality of Institutional Services and Proximity of Basic Amenities.\u0000\u0000\u0000Originality/value\u0000This study contributes to housing quality literature by deepening our understanding of the concept of housing quality in the context of Pakistan, the world’s fifth most populous country. The findings of the study have important implications for both theory and practice.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46270343","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-06DOI: 10.1108/ijhma-12-2022-0181
Mohsen Bahaman-Oskooee, Hesam Ghodsi, Muris Hadzic, H. Marfatia
Purpose The purpose of this paper is to assess the possibility of asymmetric impact of monetary policy on housing permits issued in each state of the USA. Design/methodology/approach The methodology and approach are based on the linear ARDL and nonlinear ARDL approach to error-correction modeling and asymmetric cointegration. Findings The linear models predict that money supply impact housing permits in 28 states in the short run and only nine states in the long run. However, the asymmetric effects are far more pervasive, highlighting the restrictive nature of the linear model. The results from the nonlinear model show at least one lag of positive and/or negative changes in money supply significantly impacts housing permits in nearly all states. Even in the long run, housing permits in 32 states share a long-run relationship with positive and/or negative changes in money supply. The authors also find contractionary monetary policy has a greater influence on housing permits in most states compared to expansionary policy. Originality/value For the first time, the authors use state-level data and asymmetric approach to assess the impact of monetary policy on house permits issued in each state of the USA.
{"title":"Do expansionary and contractionary monetary policy have a symmetric impact on housing permits across the USA?","authors":"Mohsen Bahaman-Oskooee, Hesam Ghodsi, Muris Hadzic, H. Marfatia","doi":"10.1108/ijhma-12-2022-0181","DOIUrl":"https://doi.org/10.1108/ijhma-12-2022-0181","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to assess the possibility of asymmetric impact of monetary policy on housing permits issued in each state of the USA.\u0000\u0000\u0000Design/methodology/approach\u0000The methodology and approach are based on the linear ARDL and nonlinear ARDL approach to error-correction modeling and asymmetric cointegration.\u0000\u0000\u0000Findings\u0000The linear models predict that money supply impact housing permits in 28 states in the short run and only nine states in the long run. However, the asymmetric effects are far more pervasive, highlighting the restrictive nature of the linear model. The results from the nonlinear model show at least one lag of positive and/or negative changes in money supply significantly impacts housing permits in nearly all states. Even in the long run, housing permits in 32 states share a long-run relationship with positive and/or negative changes in money supply. The authors also find contractionary monetary policy has a greater influence on housing permits in most states compared to expansionary policy.\u0000\u0000\u0000Originality/value\u0000For the first time, the authors use state-level data and asymmetric approach to assess the impact of monetary policy on house permits issued in each state of the USA.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47162363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-04DOI: 10.1108/ijhma-01-2023-0004
Blesson Varghese James, David Joseph, N. Daniel
Purpose This study aims to recognize the role of information system (IS) model on young adults’ experience of housing and real estate chatbots. This model of IS takes into account the quality of information, the quality of system and the quality of service. Design/methodology/approach This study uses a sample frame for analysis which comprises young adult population in India, i.e. between the ages of 18 and 35. A questionnaire consisting of five components was used to collect information in a structured manner. The 386 responses thus collected were analysed using the structural equation model. Findings It was found that there is a significant influence of the quality of information, quality of system and quality of service on young adults’ experience of housing and real estate chatbots. The findings also showed that there is moderation role of effort expectancy between the quality parameters and young adults’ user experience of housing and real estate chatbots. Research limitations/implications This study focusses exclusively on the young adults from various parts of India. Future research can consider larger population categories across age groups and across sectors employing chatbots. Practical implications This study will enable in-depth understanding of IS model – quality dimensions’ relation with the user experience. In particular, housing and real estate organisations will profit from the expanded usage of artificial intelligence through chatbots for user correspondence and communication. Originality/value To the best of the authors’ knowledge, this study is first of its kind, as it investigates how IS model – quality dimensions affect the young adults’ experience of housing and real estate chatbots in India. This study also ventures into identifying the moderation role of effort expectancy between the quality dimensions as per IS model and young adults’ experience of housing and real estate chatbots. This study will be useful for the stakeholders of housing and real estate industry.
{"title":"Young adults’ experience of housing and real estate chatbots in India: effort expectancy moderated model","authors":"Blesson Varghese James, David Joseph, N. Daniel","doi":"10.1108/ijhma-01-2023-0004","DOIUrl":"https://doi.org/10.1108/ijhma-01-2023-0004","url":null,"abstract":"\u0000Purpose\u0000This study aims to recognize the role of information system (IS) model on young adults’ experience of housing and real estate chatbots. This model of IS takes into account the quality of information, the quality of system and the quality of service.\u0000\u0000\u0000Design/methodology/approach\u0000This study uses a sample frame for analysis which comprises young adult population in India, i.e. between the ages of 18 and 35. A questionnaire consisting of five components was used to collect information in a structured manner. The 386 responses thus collected were analysed using the structural equation model.\u0000\u0000\u0000Findings\u0000It was found that there is a significant influence of the quality of information, quality of system and quality of service on young adults’ experience of housing and real estate chatbots. The findings also showed that there is moderation role of effort expectancy between the quality parameters and young adults’ user experience of housing and real estate chatbots.\u0000\u0000\u0000Research limitations/implications\u0000This study focusses exclusively on the young adults from various parts of India. Future research can consider larger population categories across age groups and across sectors employing chatbots.\u0000\u0000\u0000Practical implications\u0000This study will enable in-depth understanding of IS model – quality dimensions’ relation with the user experience. In particular, housing and real estate organisations will profit from the expanded usage of artificial intelligence through chatbots for user correspondence and communication.\u0000\u0000\u0000Originality/value\u0000To the best of the authors’ knowledge, this study is first of its kind, as it investigates how IS model – quality dimensions affect the young adults’ experience of housing and real estate chatbots in India. This study also ventures into identifying the moderation role of effort expectancy between the quality dimensions as per IS model and young adults’ experience of housing and real estate chatbots. This study will be useful for the stakeholders of housing and real estate industry.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42273256","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-28DOI: 10.1108/ijhma-12-2022-0180
N. T. K. Truong, Susan J. Smith, G. Wood, W. Clark, W. Lisowski, Rachel Ong ViforJ
Purpose The purpose of this paper is to consider one test of a well-functioning housing system – its impact on wellbeing. Exploring one indicator of this, this study aims to track changes in mental and general health across a mix of tenure transitions and financial transactions in three jurisdictions: Australia, the UK and the USA. Design/methodology/approach Using matched variables from three national panel surveys (Household, Income and Labour Dynamics in Australia, British Household Panel Survey/Understanding Society and Panel Study of Income Dynamics) over 17 years (2000–2017) to capture the sweep of the most recent housing cycle, this study adopts a difference-in-difference random-effects model specification to estimate the mental and general health effects of tenure change and borrowing behaviours. Findings There is an enduring health premium associated with unmortgaged owner-occupation. Mortgage debt detracts from this, as does the prospect of dropping out of ownership and into renting. A previously observed post-exit recovery in mental health – a debt-relief effect – is not present in the longer run. In fact, in some circumstances, both mental and general health deficits are amplified, even among those who eventually regain homeownership. Though there are cross-country differences, the similarities across these financialised housing systems are more striking. Practical implications The well-being premium traditionally associated with owner occupation is under threat at the edges of the sector in all three jurisdictions. In this, there is cross-national convergence. There may therefore be scope to introduce policies to better support households at the edges of ownership that work across the board for debt-funded ownership-centred housing systems. Originality/value This paper extends the duration of a previous analysis of the impact of tenure transitions and financial transactions on well-being at the edges of ownership in the UK and Australia. The authors now track households over nearly two decades from the start of the millennium into a lengthy (post-global financial crisis) era of declining housing affordability. This study adds to the reach of the earlier study by adding a general health variable and a third jurisdiction, the USA.
{"title":"Mental and general health at the edges of owner occupation","authors":"N. T. K. Truong, Susan J. Smith, G. Wood, W. Clark, W. Lisowski, Rachel Ong ViforJ","doi":"10.1108/ijhma-12-2022-0180","DOIUrl":"https://doi.org/10.1108/ijhma-12-2022-0180","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to consider one test of a well-functioning housing system – its impact on wellbeing. Exploring one indicator of this, this study aims to track changes in mental and general health across a mix of tenure transitions and financial transactions in three jurisdictions: Australia, the UK and the USA.\u0000\u0000\u0000Design/methodology/approach\u0000Using matched variables from three national panel surveys (Household, Income and Labour Dynamics in Australia, British Household Panel Survey/Understanding Society and Panel Study of Income Dynamics) over 17 years (2000–2017) to capture the sweep of the most recent housing cycle, this study adopts a difference-in-difference random-effects model specification to estimate the mental and general health effects of tenure change and borrowing behaviours.\u0000\u0000\u0000Findings\u0000There is an enduring health premium associated with unmortgaged owner-occupation. Mortgage debt detracts from this, as does the prospect of dropping out of ownership and into renting. A previously observed post-exit recovery in mental health – a debt-relief effect – is not present in the longer run. In fact, in some circumstances, both mental and general health deficits are amplified, even among those who eventually regain homeownership. Though there are cross-country differences, the similarities across these financialised housing systems are more striking.\u0000\u0000\u0000Practical implications\u0000The well-being premium traditionally associated with owner occupation is under threat at the edges of the sector in all three jurisdictions. In this, there is cross-national convergence. There may therefore be scope to introduce policies to better support households at the edges of ownership that work across the board for debt-funded ownership-centred housing systems.\u0000\u0000\u0000Originality/value\u0000This paper extends the duration of a previous analysis of the impact of tenure transitions and financial transactions on well-being at the edges of ownership in the UK and Australia. The authors now track households over nearly two decades from the start of the millennium into a lengthy (post-global financial crisis) era of declining housing affordability. This study adds to the reach of the earlier study by adding a general health variable and a third jurisdiction, the USA.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45413931","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-27DOI: 10.1108/ijhma-12-2022-0176
Haobo Zou, Mansoora Ahmed, Q. Tariq, K. Khan
Purpose The real estate markets may be significantly influenced by the uncertainty in global economic policy. This paper aims to evaluate the time-varying connectedness between global economic policy uncertainty and regional real estate markets to understand how regional real estate markets and uncertainty in global economic policy are related throughout time. Design/methodology/approach The current study includes the monthly data from April 2007 to August 2022 of major regions (i.e. Asia Pacific, Europe, Africa, North America and Latin America). Moreover, the authors use the time-varying parameter vector auto-regression (TVP-VAR) approach for the analysis. Findings The finding revealed a significant level of connectedness among global economic policy uncertainty and selected regional real estate markets. The result highlights more than 80% connectivity between the two variables, which makes the current study valuable. Furthermore, results determine Africa and North America are the shock transmitters; thus, they are considered safe-haven for investors to invest in these markets. Originality/value The main novelty is that this research highlights the time-varying connectedness between global economic policy uncertainty and five regional real estate markets (Africa, Asian Pacific, Europe, Latin America and North America) using TVP-VAR. Furthermore, the authors used the standard and poor daily real estate investment trust (REIT) indices for the selected REIT markets. Finally, this research suggests practical implications for real estate investors, property developers, stakeholders, policymakers and managers to revise their current policies to maintain the real estate market stability during economic and political uncertainty or in other uncertain situations.
{"title":"Time-varying connectedness between global economic policy uncertainty and regional real estate markets: evidence from TVP-VAR extended joint connectedness approach","authors":"Haobo Zou, Mansoora Ahmed, Q. Tariq, K. Khan","doi":"10.1108/ijhma-12-2022-0176","DOIUrl":"https://doi.org/10.1108/ijhma-12-2022-0176","url":null,"abstract":"\u0000Purpose\u0000The real estate markets may be significantly influenced by the uncertainty in global economic policy. This paper aims to evaluate the time-varying connectedness between global economic policy uncertainty and regional real estate markets to understand how regional real estate markets and uncertainty in global economic policy are related throughout time.\u0000\u0000\u0000Design/methodology/approach\u0000The current study includes the monthly data from April 2007 to August 2022 of major regions (i.e. Asia Pacific, Europe, Africa, North America and Latin America). Moreover, the authors use the time-varying parameter vector auto-regression (TVP-VAR) approach for the analysis.\u0000\u0000\u0000Findings\u0000The finding revealed a significant level of connectedness among global economic policy uncertainty and selected regional real estate markets. The result highlights more than 80% connectivity between the two variables, which makes the current study valuable. Furthermore, results determine Africa and North America are the shock transmitters; thus, they are considered safe-haven for investors to invest in these markets.\u0000\u0000\u0000Originality/value\u0000The main novelty is that this research highlights the time-varying connectedness between global economic policy uncertainty and five regional real estate markets (Africa, Asian Pacific, Europe, Latin America and North America) using TVP-VAR. Furthermore, the authors used the standard and poor daily real estate investment trust (REIT) indices for the selected REIT markets. Finally, this research suggests practical implications for real estate investors, property developers, stakeholders, policymakers and managers to revise their current policies to maintain the real estate market stability during economic and political uncertainty or in other uncertain situations.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45322742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-27DOI: 10.1108/ijhma-11-2022-0166
Hongxia Tong, A. Khaskheli, Amna Masood
Purpose Given the evolving market integration, this study aims to explore the connectedness of 12 real estate investment trusts (REITs) during the COVID-19 period. Design/methodology/approach The connectedness of 12 REITs was examined by considering three sample periods: full period, COVID peak period and COVID recovery period by using the quantile vector autoregressive (VAR) approach. Findings The findings ascertain that REIT markets are sensitive to COVID, revealing significant connectedness during each sample period. The USA and The Netherlands are the major shock transmitters; thus, these countries are relatively better options for the predictive behavior of the rest of the REIT markets. In contrast, Hong Kong and Japan are the least favorable REIT markets with higher shock-receiving potential. Research limitations/implications The study recommends implications for real estate industry agents and investors to evaluate and anticipate the direction of return connectedness at each phase of the pandemic, such that they can incorporate those global REITs less vulnerable to unplanned crises. Apart from these implications, the study is limited to the global REIT markets and only focused on the period of COVID-19, excluding the concept of other financial and health crises. Originality/value This study uses a novel approach of the quantile-based VAR to determine the connectedness among REITs. Furthermore, the present work is a pioneer study because it is targeting different time periods of the pandemic. Additionally, the outcomes of the study are valuable for investors, policymakers and portfolio managers to formulate future development strategies and consolidate REITs during the period of crisis.
{"title":"Quantile connectedness among real estate investment trusts during COVID-19: evidence from the extreme tails of distributions","authors":"Hongxia Tong, A. Khaskheli, Amna Masood","doi":"10.1108/ijhma-11-2022-0166","DOIUrl":"https://doi.org/10.1108/ijhma-11-2022-0166","url":null,"abstract":"\u0000Purpose\u0000Given the evolving market integration, this study aims to explore the connectedness of 12 real estate investment trusts (REITs) during the COVID-19 period.\u0000\u0000\u0000Design/methodology/approach\u0000The connectedness of 12 REITs was examined by considering three sample periods: full period, COVID peak period and COVID recovery period by using the quantile vector autoregressive (VAR) approach.\u0000\u0000\u0000Findings\u0000The findings ascertain that REIT markets are sensitive to COVID, revealing significant connectedness during each sample period. The USA and The Netherlands are the major shock transmitters; thus, these countries are relatively better options for the predictive behavior of the rest of the REIT markets. In contrast, Hong Kong and Japan are the least favorable REIT markets with higher shock-receiving potential.\u0000\u0000\u0000Research limitations/implications\u0000The study recommends implications for real estate industry agents and investors to evaluate and anticipate the direction of return connectedness at each phase of the pandemic, such that they can incorporate those global REITs less vulnerable to unplanned crises. Apart from these implications, the study is limited to the global REIT markets and only focused on the period of COVID-19, excluding the concept of other financial and health crises.\u0000\u0000\u0000Originality/value\u0000This study uses a novel approach of the quantile-based VAR to determine the connectedness among REITs. Furthermore, the present work is a pioneer study because it is targeting different time periods of the pandemic. Additionally, the outcomes of the study are valuable for investors, policymakers and portfolio managers to formulate future development strategies and consolidate REITs during the period of crisis.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47619850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-27DOI: 10.1108/ijhma-10-2022-0153
Moslem Zarghamfard, M. Rezaei, Hassan F. Gholipour
Purpose The housing policies targeting low-income households have not been effective to address the housing needs of target groups in Iran over the past four decades. According to the World Bank’s data on population living in slums (% of urban population) in Iran in 2018 was 25% which is slightly higher than the rate 23% of upper-middle-income countries. This study aims to understand what major revisions are required in the process of housing policymaking to have more effective policies. Design/methodology/approach The authors conduct one-to-one interviews with 41 housing experts and apply discourse analysis and interpretive–structural modeling to achieve the goals. Findings The panel of experts argue that the success of housing policies in Iran depends on the following: all academic disciplines should be included in the process of housing policymaking process; land policymaking should be modified; housing policy is a regional issue, and it should be designed and implemented differently in each province; main modifications are required in the tax and tenancy system; and new policies are required to push vacant houses into the rental market. Originality/value This study is a prescriptive study based on a general trend (four decades).
{"title":"Low-income housing policy in Iran (1990–2020): lessons and modifications","authors":"Moslem Zarghamfard, M. Rezaei, Hassan F. Gholipour","doi":"10.1108/ijhma-10-2022-0153","DOIUrl":"https://doi.org/10.1108/ijhma-10-2022-0153","url":null,"abstract":"\u0000Purpose\u0000The housing policies targeting low-income households have not been effective to address the housing needs of target groups in Iran over the past four decades. According to the World Bank’s data on population living in slums (% of urban population) in Iran in 2018 was 25% which is slightly higher than the rate 23% of upper-middle-income countries. This study aims to understand what major revisions are required in the process of housing policymaking to have more effective policies.\u0000\u0000\u0000Design/methodology/approach\u0000The authors conduct one-to-one interviews with 41 housing experts and apply discourse analysis and interpretive–structural modeling to achieve the goals.\u0000\u0000\u0000Findings\u0000The panel of experts argue that the success of housing policies in Iran depends on the following: all academic disciplines should be included in the process of housing policymaking process; land policymaking should be modified; housing policy is a regional issue, and it should be designed and implemented differently in each province; main modifications are required in the tax and tenancy system; and new policies are required to push vacant houses into the rental market.\u0000\u0000\u0000Originality/value\u0000This study is a prescriptive study based on a general trend (four decades).\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43833922","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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