R. Hill, R. Trojanek, Miriam Steurer, Norbert Pfeifer
There is a broad consensus in international statistical organizations such as Eurostat and the International Monetary Fund that house price indices (HPIs) should be constructed using transaction data. However, transaction data for newly-built properties lag behind actual market developments as prices are typically set months or years before transactions are finalized. We find that for two Polish cities (Warsaw and Poznan), HPIs for existing properties lead indices for new builds by up to two years. This lag can dramatically distort National HPIs. The lag also has implications for the flagship measure of inflation in Europe, the Harmonized Index of Consumer Prices (HICP), since it is planned to include owner-occupied housing in the HICP using a transactions HPI specifically for new builds. We show that the timeliness issue dis-appears when preliminary agreements on new builds are used instead of transactions in the compilation of an HPI. (JEL Codes: C43; E01; E31; R31)
{"title":"Warning: Some Transaction Prices can be Detrimental to your House Price Index","authors":"R. Hill, R. Trojanek, Miriam Steurer, Norbert Pfeifer","doi":"10.15396/eres2022_98","DOIUrl":"https://doi.org/10.15396/eres2022_98","url":null,"abstract":"There is a broad consensus in international statistical organizations such as Eurostat and the International Monetary Fund that house price indices (HPIs) should be constructed using transaction data. However, transaction data for newly-built properties lag behind actual market developments as prices are typically set months or years before transactions are finalized. We find that for two Polish cities (Warsaw and Poznan), HPIs for existing properties lead indices for new builds by up to two years. This lag can dramatically distort National HPIs. The lag also has implications for the flagship measure of inflation in Europe, the Harmonized Index of Consumer Prices (HICP), since it is planned to include owner-occupied housing in the HICP using a transactions HPI specifically for new builds. We show that the timeliness issue dis-appears when preliminary agreements on new builds are used instead of transactions in the compilation of an HPI. (JEL Codes: C43; E01; E31; R31)","PeriodicalId":381540,"journal":{"name":"28th Annual European Real Estate Society Conference","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115712063","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}
Clemens Kownatzki, Dongshin Kim, A. Park, Sunghoon Kwon
{"title":"REIT Sector Implied Volatility Index: Liquidity and Information of Option Trading","authors":"Clemens Kownatzki, Dongshin Kim, A. Park, Sunghoon Kwon","doi":"10.15396/eres2022_70","DOIUrl":"https://doi.org/10.15396/eres2022_70","url":null,"abstract":"","PeriodicalId":381540,"journal":{"name":"28th Annual European Real Estate Society Conference","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121151049","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}
PurposeThe aim of this study is to shed light on the relative importance of Chinese (Mainland China and Hong Kong: CH-HK) foreign direct investments (FDIs) in real estate (FDIRE) on the dynamics of Asia-Pacific (APAC) public real estate markets after the Global Financial Crisis.Design/methodology/approachUsing a parsimonious real estate asset-pricing model including macroeconomic risk factors, the authors develop a metric to measure FDIs in the real estate sector. The authors use a panel VAR approach based on robust econometric methodology (generalized method of moments) and deal with potential endogeneity and an eventual causality problem. The authors also compute multiple metrics to measure the Chinese, US and Japanese FDIs in the real estate sector.FindingsThe study results report a positive significant impact of CH-HK FDIRE on APAC public real estate returns, while FDIRE originating from outside China are not significant. The authors also show that Chinese investors use the channel of FDIs in Diversified Listed Property Companies (LPCs) and Hotel and Family LPCs to gain exposure to the APAC real estate markets. The study results suggest that APAC property markets are mainly impacted and emphasize the importance of an intercontinental diversification strategy for investors in LPCs in the APAC region.Practical implicationsContrary to Bond et al. (2003) who identified that APAC public real estate markets were overwhelmingly idiosyncratic in the decade preceding China's WTO membership (1990–2001), the study findings underline that Chinese FDIRE became a common factor affecting all eight markets in this study in the decade following the global financial crisis (2007–2017). The results emphasize the importance of an intercontinental diversification strategy for investors in LPCs in the APAC region.Originality/valueThe authors use a parsimonious model, introduce metrics to measure FDIRE and apply a panel VAR approach based on a robust econometric methodology to shed light on China's economic globalization strategy on Asia-Pacific public real estate markets after the GFC. The study results highlighting the major impact of CH-HK FDIRE on securitized real estate market returns dynamics, identify the existence of an Asian common factor driven by Chinese FDI inflows into neighbouring countries.
{"title":"Macroeconomic risk factors and Chinese FDIs in real estate: Evidence from the Asia-Pacific public real estate markets","authors":"A. Coën, P. Lecomte, Saadallah Zaiter","doi":"10.15396/eres2022_56","DOIUrl":"https://doi.org/10.15396/eres2022_56","url":null,"abstract":"PurposeThe aim of this study is to shed light on the relative importance of Chinese (Mainland China and Hong Kong: CH-HK) foreign direct investments (FDIs) in real estate (FDIRE) on the dynamics of Asia-Pacific (APAC) public real estate markets after the Global Financial Crisis.Design/methodology/approachUsing a parsimonious real estate asset-pricing model including macroeconomic risk factors, the authors develop a metric to measure FDIs in the real estate sector. The authors use a panel VAR approach based on robust econometric methodology (generalized method of moments) and deal with potential endogeneity and an eventual causality problem. The authors also compute multiple metrics to measure the Chinese, US and Japanese FDIs in the real estate sector.FindingsThe study results report a positive significant impact of CH-HK FDIRE on APAC public real estate returns, while FDIRE originating from outside China are not significant. The authors also show that Chinese investors use the channel of FDIs in Diversified Listed Property Companies (LPCs) and Hotel and Family LPCs to gain exposure to the APAC real estate markets. The study results suggest that APAC property markets are mainly impacted and emphasize the importance of an intercontinental diversification strategy for investors in LPCs in the APAC region.Practical implicationsContrary to Bond et al. (2003) who identified that APAC public real estate markets were overwhelmingly idiosyncratic in the decade preceding China's WTO membership (1990–2001), the study findings underline that Chinese FDIRE became a common factor affecting all eight markets in this study in the decade following the global financial crisis (2007–2017). The results emphasize the importance of an intercontinental diversification strategy for investors in LPCs in the APAC region.Originality/valueThe authors use a parsimonious model, introduce metrics to measure FDIRE and apply a panel VAR approach based on a robust econometric methodology to shed light on China's economic globalization strategy on Asia-Pacific public real estate markets after the GFC. The study results highlighting the major impact of CH-HK FDIRE on securitized real estate market returns dynamics, identify the existence of an Asian common factor driven by Chinese FDI inflows into neighbouring countries.","PeriodicalId":381540,"journal":{"name":"28th Annual European Real Estate Society Conference","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121097359","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}
L. Gabrielli, A. Oppio, M. Bottero, Federico Dell’Anna, Marta Dell’Ovo
{"title":"Does Urban Quality pay? How to assess the impact of accessibility, services and public spaces through a hybrid evaluation approach","authors":"L. Gabrielli, A. Oppio, M. Bottero, Federico Dell’Anna, Marta Dell’Ovo","doi":"10.15396/eres2022_239","DOIUrl":"https://doi.org/10.15396/eres2022_239","url":null,"abstract":"","PeriodicalId":381540,"journal":{"name":"28th Annual European Real Estate Society Conference","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123669554","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":"Measuring The Effects Of Brand Mix In Retail Rents","authors":"K. Arslanli, Gözde Karahan","doi":"10.15396/eres2022_217","DOIUrl":"https://doi.org/10.15396/eres2022_217","url":null,"abstract":"","PeriodicalId":381540,"journal":{"name":"28th Annual European Real Estate Society Conference","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123744342","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 new frontier of valuation challenges – climate change, emissions, and sustainability","authors":"G. Warren-Myers","doi":"10.15396/eres2022_47","DOIUrl":"https://doi.org/10.15396/eres2022_47","url":null,"abstract":"","PeriodicalId":381540,"journal":{"name":"28th Annual European Real Estate Society Conference","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116533006","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":"Purchase intention of sustainable housing and the moderating role of environmental awareness – an application of the theory of planned behavior","authors":"Andreas Pfnür, Yassien Bachtal, Kyra Voll","doi":"10.15396/eres2022_28","DOIUrl":"https://doi.org/10.15396/eres2022_28","url":null,"abstract":"","PeriodicalId":381540,"journal":{"name":"28th Annual European Real Estate Society Conference","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114469068","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":"An investigation of the role and significance of specialist land promoters in the housing land development market in the UK","authors":"P. Wyatt, E. Shepherd, P. Mcallister","doi":"10.15396/eres2022_253","DOIUrl":"https://doi.org/10.15396/eres2022_253","url":null,"abstract":"","PeriodicalId":381540,"journal":{"name":"28th Annual European Real Estate Society Conference","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122119509","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}
E. Onyekwelu, N. Ewurum, K. Ifeanacho, O. Akalemeaku
{"title":"Idiosyncratic Dynamic Capabilities and Institutional Blockchain-driven Land Information Management in Developing Countries","authors":"E. Onyekwelu, N. Ewurum, K. Ifeanacho, O. Akalemeaku","doi":"10.15396/eres2022_136","DOIUrl":"https://doi.org/10.15396/eres2022_136","url":null,"abstract":"","PeriodicalId":381540,"journal":{"name":"28th Annual European Real Estate Society Conference","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128254434","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":"Amenities and Housing Price Growth in Short-Term-Rental Target Cities","authors":"Paloma Taltavull de La Paz, Albert Saiz","doi":"10.15396/eres2022_135","DOIUrl":"https://doi.org/10.15396/eres2022_135","url":null,"abstract":"","PeriodicalId":381540,"journal":{"name":"28th Annual European Real Estate Society Conference","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123808413","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}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：