Abstract Taxes, particularly income tax, may affect how long investors decide to hold on to an investment property. There exists a research gap regarding the implications of a distributed profit-based taxation system for the holding period of an investment asset. As a distributed profit-based taxation system allows investors to postpone income tax liability, it creates an advantage for investors operating under such a system compared to investors operating under other systems of income taxation. In this paper we model optimal holding periods under different systems of income taxation using a specific type of discounted cash flow model. We show that, theoretically, under the distributed profit taxation system, an optimal holding period for an investment property for an individual investor is the longest (ceteris paribus). This is in concordance with the circumstance that the after-tax value of the property for the investor is highest under the distributed profit taxation system. The results suggest that investment and property development projects under distributed profit taxation are not to be treated in the same way as projects under other tax systems with respect to time. Limitations of the study are related to the deterministic setting of the model as well as some restrictive assumptions.
{"title":"Optimal Holding Period of an Investment Property Under Different Systems of Income Taxation – An Individual Investor’s Perspective","authors":"Mark Kantšukov, P. Sander","doi":"10.2478/remav-2022-0018","DOIUrl":"https://doi.org/10.2478/remav-2022-0018","url":null,"abstract":"Abstract Taxes, particularly income tax, may affect how long investors decide to hold on to an investment property. There exists a research gap regarding the implications of a distributed profit-based taxation system for the holding period of an investment asset. As a distributed profit-based taxation system allows investors to postpone income tax liability, it creates an advantage for investors operating under such a system compared to investors operating under other systems of income taxation. In this paper we model optimal holding periods under different systems of income taxation using a specific type of discounted cash flow model. We show that, theoretically, under the distributed profit taxation system, an optimal holding period for an investment property for an individual investor is the longest (ceteris paribus). This is in concordance with the circumstance that the after-tax value of the property for the investor is highest under the distributed profit taxation system. The results suggest that investment and property development projects under distributed profit taxation are not to be treated in the same way as projects under other tax systems with respect to time. Limitations of the study are related to the deterministic setting of the model as well as some restrictive assumptions.","PeriodicalId":37812,"journal":{"name":"Real Estate Management and Valuation","volume":"30 1","pages":"12 - 29"},"PeriodicalIF":0.8,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46889808","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}
Abstract The COVID-19 pandemic has created a lot of unexpected changes, but also provided a unique opportunity to study the rental behavior of students under specific conditions, as lockdowns and implemented restrictions have also reached the sphere of higher education. This article attempts to shed light on the impact of the COVID-19 pandemic on students’ rental behavior on the example of a university town. The main source of data were questionnaires, data from the Statistics Poland, public and private institutions involved in real estate market research, and professional media. As the survey was carried out directly among a group of student-tenants and was supplemented by a survey among landlords, it provided information on students’ behavior on the rental market. Students have proved to be extremely elastic tenants, though a clear difference in the behavior of first degree, second degree and unified masters students was observed.
{"title":"Students and the City: Student Rental Behaviour During COVID-19 in the Example University Town","authors":"Alina Źróbek-Różańska","doi":"10.2478/remav-2022-0024","DOIUrl":"https://doi.org/10.2478/remav-2022-0024","url":null,"abstract":"Abstract The COVID-19 pandemic has created a lot of unexpected changes, but also provided a unique opportunity to study the rental behavior of students under specific conditions, as lockdowns and implemented restrictions have also reached the sphere of higher education. This article attempts to shed light on the impact of the COVID-19 pandemic on students’ rental behavior on the example of a university town. The main source of data were questionnaires, data from the Statistics Poland, public and private institutions involved in real estate market research, and professional media. As the survey was carried out directly among a group of student-tenants and was supplemented by a survey among landlords, it provided information on students’ behavior on the rental market. Students have proved to be extremely elastic tenants, though a clear difference in the behavior of first degree, second degree and unified masters students was observed.","PeriodicalId":37812,"journal":{"name":"Real Estate Management and Valuation","volume":"30 1","pages":"98 - 111"},"PeriodicalIF":0.8,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46727193","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}
Abstract State intervention in the housing market can take many different forms. In Poland, in 2018, a lex specialis regulation was introduced to the general principles of spatial policy in terms of special privileges for developers operating in the housing market. As the entity responsible for local spatial policy, the municipality has been deprived of its decision-making power by granting developers who build residential buildings the right to act against local planning rules. The article aims to determine the preparation of the largest Polish cities to negotiate with developers through the adoption of local urban standards, the scale of use of lex developer solutions in these cities, and the analysis of the level of non-compliance in privileged investments with local planning rules. The study used desk research methods (critical literature analysis, source materials - texts of legal acts and statistical data), case studies, and comparative analysis. The conducted research allows for answering the research question posed in work: the level of completion of lex specialis purposes indicated by the legislator.
{"title":"“Lex Developer” in Practice - The Scale of Application in the Largest Polish Cities","authors":"M. Załęczna, Agata Antczak-Stępniak","doi":"10.2478/remav-2022-0023","DOIUrl":"https://doi.org/10.2478/remav-2022-0023","url":null,"abstract":"Abstract State intervention in the housing market can take many different forms. In Poland, in 2018, a lex specialis regulation was introduced to the general principles of spatial policy in terms of special privileges for developers operating in the housing market. As the entity responsible for local spatial policy, the municipality has been deprived of its decision-making power by granting developers who build residential buildings the right to act against local planning rules. The article aims to determine the preparation of the largest Polish cities to negotiate with developers through the adoption of local urban standards, the scale of use of lex developer solutions in these cities, and the analysis of the level of non-compliance in privileged investments with local planning rules. The study used desk research methods (critical literature analysis, source materials - texts of legal acts and statistical data), case studies, and comparative analysis. The conducted research allows for answering the research question posed in work: the level of completion of lex specialis purposes indicated by the legislator.","PeriodicalId":37812,"journal":{"name":"Real Estate Management and Valuation","volume":"30 1","pages":"86 - 97"},"PeriodicalIF":0.8,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42688713","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}
M. Hełdak, A. Stacherzak, K. Przybyła, Szymon Kupczak, L. Kucher
Abstract Since Poland’s accession to the European Union in 2004, a steady increase in transaction prices of agricultural property has been observed. Also in other countries, mainly in Eastern and Central Europe, there has been an ongoing increase in the prices of agricultural land. The situation on the agricultural land market is influenced not only by the market mechanisms, but also by the political decisions, including restrictions in the turnover of land properties. The purpose of the study is to analyze the agricultural land market in Poland and to determine the relationship of average land prices for housing, service and industrial purposes against the average prices of agricultural land in 2004-2019. In the course of the study, price changes on the discussed market were assessed, and forecasts and simulations concerning the prices of agricultural properties and land intended for selected investment purposes were prepared. It was established that the increase in agricultural property prices over the recent dozen or so years is inadequate to the increase in the average gross salary in Poland and the average income from work at individual farms. However, the increase in prices is almost parallel to the increase in average transaction prices of property intended for housing purposes.
{"title":"Agricultural Land Transaction Prices Against the Background of Property Intended for Investment Purposes in Poland","authors":"M. Hełdak, A. Stacherzak, K. Przybyła, Szymon Kupczak, L. Kucher","doi":"10.2478/remav-2022-0019","DOIUrl":"https://doi.org/10.2478/remav-2022-0019","url":null,"abstract":"Abstract Since Poland’s accession to the European Union in 2004, a steady increase in transaction prices of agricultural property has been observed. Also in other countries, mainly in Eastern and Central Europe, there has been an ongoing increase in the prices of agricultural land. The situation on the agricultural land market is influenced not only by the market mechanisms, but also by the political decisions, including restrictions in the turnover of land properties. The purpose of the study is to analyze the agricultural land market in Poland and to determine the relationship of average land prices for housing, service and industrial purposes against the average prices of agricultural land in 2004-2019. In the course of the study, price changes on the discussed market were assessed, and forecasts and simulations concerning the prices of agricultural properties and land intended for selected investment purposes were prepared. It was established that the increase in agricultural property prices over the recent dozen or so years is inadequate to the increase in the average gross salary in Poland and the average income from work at individual farms. However, the increase in prices is almost parallel to the increase in average transaction prices of property intended for housing purposes.","PeriodicalId":37812,"journal":{"name":"Real Estate Management and Valuation","volume":"30 1","pages":"30 - 44"},"PeriodicalIF":0.8,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41456976","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}
Abstract Generally, housing within the same area tends to share similar structural and locational characteristics as well as being characterized by the same homebuyers’ preferences. This information provides insight on the existence of housing submarkets. Thus, this study aims to identify the existence of housing submarkets in Johor Bahru and Kulai, Malaysia through principal component analysis and cluster analysis. A total of 29 housing attributes were included in the study. The results from the principal component analysis have successfully identified four principal components that represent the basic facility, main infrastructure, less common facility and housing quality characteristics. On the other hand, cluster analysis managed to identify the existence of four housing submarkets in Johor Bahru and Kulai, where three submarkets showed the characteristics of housing quality, whereas one submarket appeared to exhibit the characteristic of main infrastructure. The findings of this study provide valuable information on the existence of four housing submarkets in Johor Bahru and Kulai areas, which will benefit the city governments, real estate developers, mortgage lenders, non-profit organizations, as well as individual homeowners in making critical choices and developing market-appropriate strategies.
{"title":"Identifying Housing Submarkets in Johor Bahru and Kulai, Malaysia: A Data-Driven Method","authors":"N. A. M. Sairi, B. Burhan, Edie Ezwan Mohd Safian","doi":"10.2478/remav-2022-0009","DOIUrl":"https://doi.org/10.2478/remav-2022-0009","url":null,"abstract":"Abstract Generally, housing within the same area tends to share similar structural and locational characteristics as well as being characterized by the same homebuyers’ preferences. This information provides insight on the existence of housing submarkets. Thus, this study aims to identify the existence of housing submarkets in Johor Bahru and Kulai, Malaysia through principal component analysis and cluster analysis. A total of 29 housing attributes were included in the study. The results from the principal component analysis have successfully identified four principal components that represent the basic facility, main infrastructure, less common facility and housing quality characteristics. On the other hand, cluster analysis managed to identify the existence of four housing submarkets in Johor Bahru and Kulai, where three submarkets showed the characteristics of housing quality, whereas one submarket appeared to exhibit the characteristic of main infrastructure. The findings of this study provide valuable information on the existence of four housing submarkets in Johor Bahru and Kulai areas, which will benefit the city governments, real estate developers, mortgage lenders, non-profit organizations, as well as individual homeowners in making critical choices and developing market-appropriate strategies.","PeriodicalId":37812,"journal":{"name":"Real Estate Management and Valuation","volume":"30 1","pages":"1 - 11"},"PeriodicalIF":0.8,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41522264","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}
S. Pupentsova, N. Alekseeva, Natalia Antoshkova, Lyudmila Pshebel‘skaya
Abstract The relevance of the chosen topic is confirmed by the increased competition among the participants of the commercial real estate market, which is connected with the market saturation. The study aims to assess the impact of modern digital technologies on the performance of a shopping and entertainment center. Research was conducted using the example of a retail and entertainment center in Saint-Petersburg. The work proposes a “smart” approach to management, where additional investments are taken into account when the digital infrastructure is being created. The research shows that the transition from a traditional business management to a “smart” variant of property object‘s development, based on the active use of digital technologies, leads to a significant increase in its capitalization, traffic, average bill and occupancy by tenants. The novelty of the following work is to justify the economic efficiency of the application of digital technologies‘ in retail based on the calculation of the retail and entertainment center‘s capitalization value change under the influence of the implementation of automated accounting. The presented research can be used to develop a methodology for assessing the impact of the introduction of digital technologies on the efficiency of shopping and entertainment facilities.
{"title":"Digital Technologies as a Driver of Capitalization Growth in Shopping and Entertainment Centers","authors":"S. Pupentsova, N. Alekseeva, Natalia Antoshkova, Lyudmila Pshebel‘skaya","doi":"10.2478/remav-2022-0013","DOIUrl":"https://doi.org/10.2478/remav-2022-0013","url":null,"abstract":"Abstract The relevance of the chosen topic is confirmed by the increased competition among the participants of the commercial real estate market, which is connected with the market saturation. The study aims to assess the impact of modern digital technologies on the performance of a shopping and entertainment center. Research was conducted using the example of a retail and entertainment center in Saint-Petersburg. The work proposes a “smart” approach to management, where additional investments are taken into account when the digital infrastructure is being created. The research shows that the transition from a traditional business management to a “smart” variant of property object‘s development, based on the active use of digital technologies, leads to a significant increase in its capitalization, traffic, average bill and occupancy by tenants. The novelty of the following work is to justify the economic efficiency of the application of digital technologies‘ in retail based on the calculation of the retail and entertainment center‘s capitalization value change under the influence of the implementation of automated accounting. The presented research can be used to develop a methodology for assessing the impact of the introduction of digital technologies on the efficiency of shopping and entertainment facilities.","PeriodicalId":37812,"journal":{"name":"Real Estate Management and Valuation","volume":"30 1","pages":"47 - 60"},"PeriodicalIF":0.8,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46065155","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}
Abstract Real estate brokerage is the activity of matching parties to a real estate transaction. Due to the increasing ease of access to offers posted by sellers and landlords, various challenges in finding solutions that will attract potential customers have appeared before real estate brokers. Given the complexity of the processes in which brokers can participate, the use of modern technologies in real estate brokerage seems to be one way of maintaining and developing the broker industry. The COVID-19 pandemic has caused significant changes in the way brokers operate, forcing them to implement or accelerate the use of modern technologies in customer service. Therefore, the main goal of this article is an attempt to diagnose the use of modern technologies and the types of technologies used in customer service by real estate brokers as a result of the COVID-19 pandemic. The research was conducted in the form of a survey among representatives of the real estate brokerage industry. The answers obtained from the respondents have allowed us to state that real estate agencies use new technologies to a large extent. Over 40% of the interviewees stated that the real estate market has enormous potential for the application of modern technologies. Furthermore, over 70% of the respondents indicated a large or rather large impact of the COVID-19 on the application of modern technologies in the real estate industry. The restrictions related to the epidemic have forced companies to use modern technologies to replace direct contact between the seller and the customer. The research was conducted among real estate brokers in the period between June and October 2020.
{"title":"The Impact of Covid-19 on the Use of Modern Technologies By Real Estate Brokers","authors":"Katarzyna Kania, Łukasz Kmieć","doi":"10.2478/remav-2022-0015","DOIUrl":"https://doi.org/10.2478/remav-2022-0015","url":null,"abstract":"Abstract Real estate brokerage is the activity of matching parties to a real estate transaction. Due to the increasing ease of access to offers posted by sellers and landlords, various challenges in finding solutions that will attract potential customers have appeared before real estate brokers. Given the complexity of the processes in which brokers can participate, the use of modern technologies in real estate brokerage seems to be one way of maintaining and developing the broker industry. The COVID-19 pandemic has caused significant changes in the way brokers operate, forcing them to implement or accelerate the use of modern technologies in customer service. Therefore, the main goal of this article is an attempt to diagnose the use of modern technologies and the types of technologies used in customer service by real estate brokers as a result of the COVID-19 pandemic. The research was conducted in the form of a survey among representatives of the real estate brokerage industry. The answers obtained from the respondents have allowed us to state that real estate agencies use new technologies to a large extent. Over 40% of the interviewees stated that the real estate market has enormous potential for the application of modern technologies. Furthermore, over 70% of the respondents indicated a large or rather large impact of the COVID-19 on the application of modern technologies in the real estate industry. The restrictions related to the epidemic have forced companies to use modern technologies to replace direct contact between the seller and the customer. The research was conducted among real estate brokers in the period between June and October 2020.","PeriodicalId":37812,"journal":{"name":"Real Estate Management and Valuation","volume":"30 1","pages":"73 - 83"},"PeriodicalIF":0.8,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45516099","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}
Abstract Construction objects are subjected to aging processes and other changes and influences during their life cycle. The paper focuses on one of the stages of the life cycle of a developed property - the final part of the service life phase, which is referred to by the author as “the autumn years”. The paper analyses the problem of classifying a building object to an appropriate life cycle when conducting a real estate valuation. The author searched for the answers to the question of when the liquidation phase begins, because the decommissioning of a building affects the landscape and spatial heterogeneity. The reasons for demolishing buildings were analyzed, and are as follows: the poor technical condition of building objects; functional wear; difficulties in carrying out renovation or reconstruction works; and financial unprofitability, which takes into account the life phases of buildings. This paper aims to prove the following theses: - knowledge of the life cycle is the basis for the correct identification of a property’s condition, - the age of the elements of a building is not a fundamental quantity that determines the course of its physical depreciation, - the liquidation of a building has a big impact on ecological awareness.
{"title":"The Aging of a Building Versus Its Life Cycle with Regards to Real Estate Appraisal","authors":"M. Podwórna","doi":"10.2478/remav-2022-0016","DOIUrl":"https://doi.org/10.2478/remav-2022-0016","url":null,"abstract":"Abstract Construction objects are subjected to aging processes and other changes and influences during their life cycle. The paper focuses on one of the stages of the life cycle of a developed property - the final part of the service life phase, which is referred to by the author as “the autumn years”. The paper analyses the problem of classifying a building object to an appropriate life cycle when conducting a real estate valuation. The author searched for the answers to the question of when the liquidation phase begins, because the decommissioning of a building affects the landscape and spatial heterogeneity. The reasons for demolishing buildings were analyzed, and are as follows: the poor technical condition of building objects; functional wear; difficulties in carrying out renovation or reconstruction works; and financial unprofitability, which takes into account the life phases of buildings. This paper aims to prove the following theses: - knowledge of the life cycle is the basis for the correct identification of a property’s condition, - the age of the elements of a building is not a fundamental quantity that determines the course of its physical depreciation, - the liquidation of a building has a big impact on ecological awareness.","PeriodicalId":37812,"journal":{"name":"Real Estate Management and Valuation","volume":"30 1","pages":"84 - 95"},"PeriodicalIF":0.8,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44015625","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}
Abstract This article examines the spatial spillover effects of transport infrastructure in regions of Vietnam. We apply the spatial Durbin model to estimate the regional spillover of transport infrastructure to Vietnam’s economic growth from 2000-2019. The results show that positive evidence exists in each period due to the connective nature of the transport infrastructure at the national level. At the regional level, transport infrastructure spillover effects vary considerably over time among four macro-regions of Vietnam: the southern region always has a positive spillover effect; the Northern region had adverse spillover effects in the period 2000-2009 and positive in the period 2010-2019; the Central region had negative spillovers in both periods; in the case of the economic region of the Mekong Delta, negative spillovers can be observed after 2010. The analysis has shown that changes in spillover among regions are closely related to the shift of production factors in Vietnam over the past two decades.
{"title":"Spatial Spillover Effects of Transport Infrastructure on Economic Growth of Vietnam Regions: A Spatial Regression Approach","authors":"H. M. Nguyen","doi":"10.2478/remav-2022-0010","DOIUrl":"https://doi.org/10.2478/remav-2022-0010","url":null,"abstract":"Abstract This article examines the spatial spillover effects of transport infrastructure in regions of Vietnam. We apply the spatial Durbin model to estimate the regional spillover of transport infrastructure to Vietnam’s economic growth from 2000-2019. The results show that positive evidence exists in each period due to the connective nature of the transport infrastructure at the national level. At the regional level, transport infrastructure spillover effects vary considerably over time among four macro-regions of Vietnam: the southern region always has a positive spillover effect; the Northern region had adverse spillover effects in the period 2000-2009 and positive in the period 2010-2019; the Central region had negative spillovers in both periods; in the case of the economic region of the Mekong Delta, negative spillovers can be observed after 2010. The analysis has shown that changes in spillover among regions are closely related to the shift of production factors in Vietnam over the past two decades.","PeriodicalId":37812,"journal":{"name":"Real Estate Management and Valuation","volume":"30 1","pages":"12 - 20"},"PeriodicalIF":0.8,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46009576","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}
Abstract The land is a natural resource which is rich in diversity, and its value tends to increase over time. Therefore, compensation in cases when the State acquires land, is an issue of concern. Using data from 100 surveyed households and ten interviews (including 5 houesholds indirectly affected by land acquisition, 3 relevant experts, and 2 village headmen) in Da Nang, the article aims to answer two research questions: (1) assessment of landless households on land compensation policy, and (2) an assessment of outstanding issues in this policy in Vietnam. The results show that the local government has strictly followed the regulations and procedures of the State on land acquisition and compensation for economic development purposes under the 2013 Land Law. However, affected people feel dissatisfied with what they had received when they lost land. The first reason is the significant difference between the compensation prices households received and the market price, as determined by a real estate broker. Second, concerns about the future arise when a family’s means of production are acquired by the state. In addition, the policy also lacks support measures for households located in affected areas. These shortcomings lead to dissatisfaction among families.
{"title":"Land Compensation and Policy Enforcement in Vietnam: A Case Study in Danang","authors":"N. Tuan, G. Hegedűs","doi":"10.2478/remav-2022-0012","DOIUrl":"https://doi.org/10.2478/remav-2022-0012","url":null,"abstract":"Abstract The land is a natural resource which is rich in diversity, and its value tends to increase over time. Therefore, compensation in cases when the State acquires land, is an issue of concern. Using data from 100 surveyed households and ten interviews (including 5 houesholds indirectly affected by land acquisition, 3 relevant experts, and 2 village headmen) in Da Nang, the article aims to answer two research questions: (1) assessment of landless households on land compensation policy, and (2) an assessment of outstanding issues in this policy in Vietnam. The results show that the local government has strictly followed the regulations and procedures of the State on land acquisition and compensation for economic development purposes under the 2013 Land Law. However, affected people feel dissatisfied with what they had received when they lost land. The first reason is the significant difference between the compensation prices households received and the market price, as determined by a real estate broker. Second, concerns about the future arise when a family’s means of production are acquired by the state. In addition, the policy also lacks support measures for households located in affected areas. These shortcomings lead to dissatisfaction among families.","PeriodicalId":37812,"journal":{"name":"Real Estate Management and Valuation","volume":"30 1","pages":"34 - 46"},"PeriodicalIF":0.8,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47217749","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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