Internationally, Germany has a low owner-occupation rate of approximately 43%. Therefore, the rented apartment sector is traditionally of great importance. Nevertheless, only a limited number of empirical studies for the German apartment sector exist. This study provides insight into the rental dynamics of the market for newly built apartments by examining the factors that influence rental change. The empirical results show that the real rental growth of newly built apartments is influenced by income growth, migration patterns and past growth in real construction costs. The results also support the assumption of a backward looking expectation formation process from the developers when applying for a building permit and the structurally higher rental growth rate in southern Germany.
{"title":"The rental dynamics of the West German market for newly build apartments","authors":"Marcus Cieleback","doi":"10.15396/eres2004_577","DOIUrl":"https://doi.org/10.15396/eres2004_577","url":null,"abstract":"Internationally, Germany has a low owner-occupation rate of approximately 43%. Therefore, the rented apartment sector is traditionally of great importance. Nevertheless, only a limited number of empirical studies for the German apartment sector exist. This study provides insight into the rental dynamics of the market for newly built apartments by examining the factors that influence rental change. The empirical results show that the real rental growth of newly built apartments is influenced by income growth, migration patterns and past growth in real construction costs. The results also support the assumption of a backward looking expectation formation process from the developers when applying for a building permit and the structurally higher rental growth rate in southern Germany.","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2004-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89295866","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 : 2004-01-01DOI: 10.1080/10835547.2004.12090135
E. Mills
Abstract This article is a survey of the current state of urban spatial analysis; what has been learned in the past forty years and what interesting problems remain. Three topics are covered-reasons for the existence of urban areas, spatial organization of urban areas and their sizes. Introduction Urban areas have been the locus of most economic growth during the 200-300 years since there has been significant economic growth. Causation runs not only both ways but also between economic and urban growth as cause and effect of the most fundamental determinants of each. Of course, cities for defense and trade long predated the industrial revolution, not only in Europe but also in North Africa, West Asia, India, China and Central and South America. All great economists have speculated about urban areas, including not only Smith (1776), and others who were present at the creation, but also von Thunen (1866) and Marshall (1890) in the nineteenth century and a host of greats in the first half of the twentieth century, most notably Hoover (1948) and Losch (1954). Starting just after the mid twentieth century with Clark (1951), urban analysts began to multiply from backgrounds in geography and regional science, as well as economics. This paper is mostly about urban spatial analysis and the birth of that subject is arbitrarily placed with Alonso (1964). This paper is not intended to trace the development of urban spatial analysis. The best sources for that purpose, as well as for important original analysis, are: Fujita (1989), Fujita, Krugman and Venables (1999) and Fujita and Thisse (2002). These works have brought remarkable unity to the subject. Instead, this paper tries to describe the current state of urban spatial analysis: what has been learned during the last forty years and what interesting problems remain. The paper contains only scattered and inadequate references to the relevant literature. Specifically, this paper reviews three subjects: reasons for the existence of urban areas, their spatial organizations and their sizes. Why Urban Areas? This issue is about as well understood as any issue in urban economics. Abstract analysis starts with a featureless plain, any number of production sectors, all of which have constant returns production functions, and any number of households that supply labor and have well-behaved utility and demand functions. Households do not value proximity to other households, say for social reasons. Then if transportation of people and goods requires valuable inputs, there would be none in competitive equilibrium. Households would be uniformly distributed on the plain and each household's goods and services would be produced in a small area near the dwelling. There would be no transportation and no urban areas. This result was formalized in Starred. (1978), but was stated in Mills (1971), as a prelude to urban modeling. Of course, all economic activity is subject to scale (and or scope) economies at small, and in some
{"title":"Progress in Urban Spatial Analysis: Existence, Sizes and Spatial Organization of Urban Areas","authors":"E. Mills","doi":"10.1080/10835547.2004.12090135","DOIUrl":"https://doi.org/10.1080/10835547.2004.12090135","url":null,"abstract":"Abstract This article is a survey of the current state of urban spatial analysis; what has been learned in the past forty years and what interesting problems remain. Three topics are covered-reasons for the existence of urban areas, spatial organization of urban areas and their sizes. Introduction Urban areas have been the locus of most economic growth during the 200-300 years since there has been significant economic growth. Causation runs not only both ways but also between economic and urban growth as cause and effect of the most fundamental determinants of each. Of course, cities for defense and trade long predated the industrial revolution, not only in Europe but also in North Africa, West Asia, India, China and Central and South America. All great economists have speculated about urban areas, including not only Smith (1776), and others who were present at the creation, but also von Thunen (1866) and Marshall (1890) in the nineteenth century and a host of greats in the first half of the twentieth century, most notably Hoover (1948) and Losch (1954). Starting just after the mid twentieth century with Clark (1951), urban analysts began to multiply from backgrounds in geography and regional science, as well as economics. This paper is mostly about urban spatial analysis and the birth of that subject is arbitrarily placed with Alonso (1964). This paper is not intended to trace the development of urban spatial analysis. The best sources for that purpose, as well as for important original analysis, are: Fujita (1989), Fujita, Krugman and Venables (1999) and Fujita and Thisse (2002). These works have brought remarkable unity to the subject. Instead, this paper tries to describe the current state of urban spatial analysis: what has been learned during the last forty years and what interesting problems remain. The paper contains only scattered and inadequate references to the relevant literature. Specifically, this paper reviews three subjects: reasons for the existence of urban areas, their spatial organizations and their sizes. Why Urban Areas? This issue is about as well understood as any issue in urban economics. Abstract analysis starts with a featureless plain, any number of production sectors, all of which have constant returns production functions, and any number of households that supply labor and have well-behaved utility and demand functions. Households do not value proximity to other households, say for social reasons. Then if transportation of people and goods requires valuable inputs, there would be none in competitive equilibrium. Households would be uniformly distributed on the plain and each household's goods and services would be produced in a small area near the dwelling. There would be no transportation and no urban areas. This result was formalized in Starred. (1978), but was stated in Mills (1971), as a prelude to urban modeling. Of course, all economic activity is subject to scale (and or scope) economies at small, and in some ","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2004-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84990588","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}
This paper examines the literature to date on the benefits of diversifying property assets internationally. Currently, there is no consensus on how much benefit can be derived from diversifying property portfolios globally. This is contrary to other financial assets where there seems to be common ground supporting holding international assets. In the real estate literature, there are two contrasting opinions as to the level of integration global property markets have and the advantages there are from holding international property assets. Specifically, this paper shows there are mixed outcomes irrespective of whether direct or indirect property assets are being examined, and this often depends on what type of statistical procedures are being applied. This study also provides some insights into more recent developments in the literature that might explain some of the diverse opinions that have been formed, these primarily being the inter-temporal instability of correlation coefficients and the impact that structural breaks can have upon statistical analysis.
{"title":"International Diversification of Real Estate Assets - Is it Worth It? Evidence from the Literature","authors":"P. Wilson, R. Zurbruegg","doi":"10.2139/SSRN.882001","DOIUrl":"https://doi.org/10.2139/SSRN.882001","url":null,"abstract":"This paper examines the literature to date on the benefits of diversifying property assets internationally. Currently, there is no consensus on how much benefit can be derived from diversifying property portfolios globally. This is contrary to other financial assets where there seems to be common ground supporting holding international assets. In the real estate literature, there are two contrasting opinions as to the level of integration global property markets have and the advantages there are from holding international property assets. Specifically, this paper shows there are mixed outcomes irrespective of whether direct or indirect property assets are being examined, and this often depends on what type of statistical procedures are being applied. This study also provides some insights into more recent developments in the literature that might explain some of the diverse opinions that have been formed, these primarily being the inter-temporal instability of correlation coefficients and the impact that structural breaks can have upon statistical analysis.","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2003-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74556632","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 : 2002-01-01DOI: 10.4324/9780429261732-49
M. Brown
Charter of the New Urbanism, Congress of the New Urbanism, Edited by Michael Leccese and Kathleen McCormick, McGraw-Hill, 1999, 180 pages. Style and Moral Design Had he lived a few decades beyond his thirty-seven years, Andrew Jackson Downing would have had the satisfaction of seeing how pervasively influential his books had been. He would have visited places like Evanston, Illinois or the Hill District of St. Paul, where streets perpetually bloom with the kind of houses described and drawn in The Cottage Style and The Architecture of Country Houses. Within a surprisingly short time, his books, published from 1837 to 1850, revolutionized the design of the American house and how Americans would expect to live. For a time that lacked a massive real estate industry that could fill sections of a metropolitan Sunday newspaper with homes for sale, that most single-family houses built for the next four to five decades were in the Italianate, Gothic and Queen Anne forms that would today all be called Victorian testifies to the power of Downing's persuasive argument that the Greek Revival or neoclassical house was obsolete. Strung along the old two-lane highways in the Atlantic and Midwest states, the white, framed, neoclassical house identifies farmsteads and defines the antebellum character of many small towns. But, after the Civil War, few would be built again as the Victorian house now dominated house development. Yet, two generations after Downing, Victorian houses would be ridiculed for their florid excesses and give way in the early twentieth century to simpler, craftsman style dwellings. And again about two generations later, these craftsman dwellings would fade into a collection of post World War II forms called modern. Now, two generations later, pure and adulterated modern forms are be challenged by the New Urbanism. More than others, American cities show the outward accretions of style signaling the character of streets, neighborhoods and subdivisions as they sprawl into the countryside. Within each successive style is a covertly packaged moral design movement that defines a new way to live formed by the arrangement of interior and exterior spaces. Downing's was not merely an appeal for housing that was safer, better built, more sanitary or more spacious. It was a moral revolution; a call for a new way of living that he was convinced could not accommodated by the neoclassical style house, the ideal since the American Revolution. That the ideal of this earlier generation of houses would be Greek Revival, not the Georgian or medieval English built during the colonial period, indicates the American nation's desire to express its heroic democracy and underlying Athenian ideals. Yet, in Downing's view, these simple classical symmetries were ill-shaped to meet the needs of families and their relationship to the beauties and bounties that inhered in America's natural environment. Just like Downing, the advocates of each successive domestic building s
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Pub Date : 2002-01-01DOI: 10.1080/10835547.2002.12090109
G. Thrall
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Fundamentals of Investing, Lawrence J. Gitman and Michael D. Joehnk, Seventh Edition, Reading, MA: Addison Wesley, 1999. In a perfect world, real estate instructors would offer specialized courses to cover all aspects of real estate. In practice, most academic institutions offer few real estate courses, and these are often electives. If a real estate course is required, it is a fundamentals course, and not much time is devoted to real estate investments. More commonly, because of good enrollment, an investments course is required while real estate investments is an elective (if it is offered at all). Therefore, it would not be uncommon for a real estate instructor teaching a standard undergraduate investments course to look for some coverage of real estate investments. After teaching investments for the past three years with three different textbooks, I can confidently state that finding the right textbook for an undergraduate class has been a challenge. The seventh edition of Fundamentals of Investing has been the latest book that I have used in my undergraduate Investments course. I became interested in this book as these authors also have a Personal Financial Planning textbook, which I had used some years ago. Based on my own experience with their Fundamentals of Investing textbook and positive feedback from students, I can highly recommend this textbook for a typical undergraduate course. The book is well written, the questions and problems are appropriate for the level of textbook and the supplemental materials are helpful. The book has seventeen chapters, which is more than enough material for a onesemester course. The focus of the textbook is on the individual investor rather than the institutional investor. Undergraduate students seem to relate to that perspective well. The book is divided into six parts: (1) The Investment Environment; (2) Investing in Common Stock; (3) Investing in Fixed-Income Securities; (4) Derivative Securities; (5) Other Popular Investment Vehicles; and (6) Investment Administration. The textbook is current (considering the lag in publishing) with most examples, tables and figures updated through late 1997 or mid-1998. Each chapter begins with a real-world situation, issue or company; in Chapter 14, Real Estate and Other Tangible Investments, it is about Starwood Lodging's holdings and REIT status. After each section in a chapter, the Concepts in Review tests the knowledge acquired by a student. Normally, each chapter has two or more Investing in Action vignettes, which offer real world insights. In Chapter 14, one vignette discusses evaluating REITs as an investment and the other vignette is an overview of collectibles as an investment. A chapter summary concludes each chapter. Discussion questions and problems are labeled by chapter section identification to help students find answers. A good assortment of end-of-chapter problems is provided. Most of these problems are linked to the software, but using the softwa
《投资基础》，Lawrence J. Gitman和Michael D. Joehnk，第七版，Reading, MA: Addison Wesley, 1999。在一个完美的世界里，房地产讲师会提供涵盖房地产各个方面的专业课程。实际上，大多数学术机构开设的房地产课程很少，而且通常都是选修课。如果需要一门房地产课程，这是一门基础课程，不会花太多时间在房地产投资上。更常见的情况是，由于招生人数多，投资课程是必修课，而房地产投资是选修课(如果有的话)。因此，对于教授标准本科投资课程的房地产讲师来说，寻找一些房地产投资的报道并不罕见。在过去的三年里，我用三种不同的教科书教授投资，我可以自信地说，为本科生找到合适的教科书是一个挑战。《投资基础》第七版是我在本科投资课程中使用的最新一本书。我之所以对这本书感兴趣，是因为这些作者也有一本我几年前用过的《个人理财规划》教科书。根据我对他们的《投资基础》教材的亲身体验和学生们的积极反馈，我可以强烈推荐这本典型的本科课程。这本书写得很好，问题和问题适合教科书的水平，补充材料很有帮助。这本书有17章，对于一个学期的课程来说是绰绰有余的。这本教科书的重点是个人投资者，而不是机构投资者。本科生似乎很能理解这种观点。全书共分为六个部分:(1)投资环境;(二)投资普通股;(三)投资固定收益证券;(四)衍生证券;(5)其他热门投资工具;(六)投资管理。这本教科书是最新的(考虑到出版的滞后)，大多数例子、表格和数字是在1997年底或1998年中期更新的。每一章都以一个现实世界的情况、问题或公司开始;在第14章，房地产和其他有形投资，是关于喜达屋住宿的控股和房地产投资信托基金的地位。在每一章的每一部分之后，概念复习测试学生所学的知识。通常情况下，每一章都有两个或两个以上的投资行动小插曲，提供真实世界的见解。在第14章，一个小插曲讨论评估房地产投资信托基金作为一种投资，另一个小插曲是收藏品作为一种投资的概述。每章都有一个小结。讨论问题和问题都有章节标识，以帮助学生找到答案。书中提供了各种各样的章末问题。这些问题大多与软件有关，但使用软件是可选的。问题的难度水平与大多数本科生的能力相适应。事实上，我曾经让学生独立学习，他们已经能够自己做课本上的问题。这些问题的难度通常都差不多，如果有更多的困难问题供学生练习是有益的。难度等级应该清楚地标明，这样教师就可以决定是否布置这样的题目。在每一章的末尾都提供了一两个案例问题，这些问题更像是长问题而不是案例。尽管如此，它们通常非常实用，学生们似乎很喜欢在课堂上复习这些内容。然而，它们的细节还不足以使它们成为一个完整的讲座;作者可能会考虑将其扩展到完整的讲座，然后提供ppt幻灯片用于课堂演示。首页练习是每章最后的作业。…
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Pub Date : 2001-01-01DOI: 10.1080/10835547.2001.12090095
K. Chau, Vincent Ma, Danny Ho
Abstract Previous study (Ma and Chau, 1998) suggests that superstition and taboo affect property price. People are willing to pay a premium for a 'lucky' property. In a Cantonese prevailing society such as Hong Kong, many people regard the number ‘8’ as lucky since '8' has similar pronunciation as prosperity in Cantonese. Therefore lucky floor number is a valuable attribute. Although not all Cantonese are superstitious about the luckiness of the number ‘8’, this is an added benefit that no Cantonese will reject. However such attribute of the property is intangible, as it does not carry any tangible benefit to the owner or tenant. This attribute has the characteristics of luxury goods, which are more volatile than other tangible attributes such as floor area and age. The price of such attribute is higher when the market is booming. A hedonic price model is estimated using transaction data during boom and slump of the property market. The results show that, flats with lucky floor numbers are sold at a significantly higher price during property booms but does not command a premium during property slump.
先前的研究(Ma and Chau, 1998)认为迷信和禁忌会影响房地产价格。人们愿意为一处“幸运”的房产支付溢价。在香港这样一个粤语盛行的社会，许多人认为数字“8”是幸运的，因为“8”在粤语中与“繁荣”的发音相似。因此，幸运的楼层号码是一个有价值的属性。虽然不是所有广东人都迷信数字“8”的幸运，但这是一个没有广东人会拒绝的额外好处。然而，财产的这种属性是无形的，因为它没有给业主或租户带来任何有形的利益。这一属性具有奢侈品的特点，比其他有形属性(如占地面积和年龄)更不稳定。当市场繁荣时，这种属性的价格更高。利用房地产市场繁荣和萧条时期的交易数据，估计了享乐价格模型。结果显示，拥有幸运楼层号码的公寓在房地产繁荣时期的售价要高得多，但在房地产低迷时期却没有溢价。
{"title":"The Pricing of 'Luckiness' in the Apartment Market","authors":"K. Chau, Vincent Ma, Danny Ho","doi":"10.1080/10835547.2001.12090095","DOIUrl":"https://doi.org/10.1080/10835547.2001.12090095","url":null,"abstract":"Abstract Previous study (Ma and Chau, 1998) suggests that superstition and taboo affect property price. People are willing to pay a premium for a 'lucky' property. In a Cantonese prevailing society such as Hong Kong, many people regard the number ‘8’ as lucky since '8' has similar pronunciation as prosperity in Cantonese. Therefore lucky floor number is a valuable attribute. Although not all Cantonese are superstitious about the luckiness of the number ‘8’, this is an added benefit that no Cantonese will reject. However such attribute of the property is intangible, as it does not carry any tangible benefit to the owner or tenant. This attribute has the characteristics of luxury goods, which are more volatile than other tangible attributes such as floor area and age. The price of such attribute is higher when the market is booming. A hedonic price model is estimated using transaction data during boom and slump of the property market. The results show that, flats with lucky floor numbers are sold at a significantly higher price during property booms but does not command a premium during property slump.","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89163960","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 : 2000-01-01DOI: 10.1016/b978-0-12-689340-3.x5000-2
M. Allen
{"title":"Water Use, Management, and Planning in the United States","authors":"M. Allen","doi":"10.1016/b978-0-12-689340-3.x5000-2","DOIUrl":"https://doi.org/10.1016/b978-0-12-689340-3.x5000-2","url":null,"abstract":"","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83527557","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}
{"title":"The Determination of Rent in Shopping Centers: Some Evidence from Hong Kong","authors":"R. Tay, C. Lau, M. S. Leung","doi":"10.1023/A:1008704604930","DOIUrl":"https://doi.org/10.1023/A:1008704604930","url":null,"abstract":"","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1999-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79606843","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}
{"title":"Demographic Ring Study Reports with GIS Technology","authors":"G. Thrall","doi":"10.1023/A:1008708705839","DOIUrl":"https://doi.org/10.1023/A:1008708705839","url":null,"abstract":"","PeriodicalId":35888,"journal":{"name":"Journal of Real Estate Literature","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1999-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78633936","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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